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Regulating the Core of Crypto – Will MiCAR Also Regulate DeFi Soon?
Currently, DeFi falls outside the scope of MiCAR, which is why interactions with DeFi protocols are largely unregulated. However, that could change soon if ESMA and the ECB have their way.
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BNPL and CCD2 – When Do Merchants Become Loan Brokers?
The new consumer credit law will be significantly tightened and will also impose additional obligations on online marketplaces and e-commerce retailers regarding the design of their payment methods. Anyone who doesn’t pay close attention could quickly end up being classified as a lender or a loan broker requiring a license.
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The New Consumer Credit Directive—Who Is Affected by the New CCD2 Rules?
The provisions of CCD2 will take effect in Germany on November 20, 2026. Who is affected by the new regulations, and what specific steps must be taken?
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Strong Customer Authentication – Does SCA Really Prevent Agentic Payments?
Major payment providers are calling on lawmakers to amend payment services regulations to resolve the conflict between SCA and agentic payments. But is this problem actually unresolved?
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Regulation of Finfluencers—What Should Be Considered?
The phenomenon of finfluencers has become an integral part of social media. What regulatory rules apply to them, and how can they conduct their activities in compliance with the legal requirements?
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Shopping Budget for the AI Agent – Do Agentic Payments Require Authorization Under the ZAG?
Agentic Payments are not only transforming marketing approaches in e-commerce but also changing the rules of the game in the payments sector. Are AI agents that process payments subject to licensing requirements under the ZAG, and how can such business models be designed to comply with regulatory requirements?
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Payment Services Using E-Money Tokens – What Exceptions Should Be Provided for Under PSD3/PSR?
The final drafts of PSD3/PSR provide for new exemptions to incorporate the EBA’s interpretations regarding the interaction between payment services supervisory law and MiCAR into written law. If the texts are adopted as proposed, many scenarios will continue to require dual authorization.
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New BaFin Circular – Can Asset Investments Still Be Packaged Products Under the PRIIPs Regulation?
On July 27, 2026, BaFin published a circular regarding the classification of asset investments under the Asset Investment Act as packaged products under the PRIIPs Regulation. Can asset investments still be offered with a key information document?
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Streamlining Prospectus Regulations – What Changes Will the EU Listing Act Bring in June 2026?
On June 5, 2026, the final provisions of the EU Listing Act will take effect. What opportunities and challenges will this present for issuers?
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Social Trading and Signal Following – What Regulatory Considerations Do Providers Need to Keep in Mind?
Social trading and signal following are becoming increasingly popular on trading platforms. But how should these phenomena be classified from a regulatory perspective, and what obligations must the parties involved fulfill?
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Raising Capital Through a Public Offering
Startups and SMEs, in particular, often have difficulty obtaining bank loans to finance their ventures for a variety of reasons. In such cases, investment products available on the capital market often offer an attractive alternative. When is the requirement to prepare a prospectus triggered, and when might a private placement be considered?
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Are Prediction Market Shares Binary Options?
To date, the GGL is the only authority in Germany to have commented on the regulatory classification of shares on prediction markets. Could the shares offered on prediction market platforms qualify as financial instruments and, in this context, also as binary options?
