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With the introduction of the European Market Abuse Regulation (MAR), which is directly applicable in the member states without transposition, in July of 2016 the regulations for securities trading with regards to insider trading, market manipulation and the publication of insider information are harmonized within the EU. The national capital markets regulations of the member […]

Tokenizing is one of the hottest topics at the capital markets right now and with the authorization of the first security token offerings by the national supervising authorities the subject is picking up speed. BaFin, the competent authority in Germany, already approved two security prospectuses for security token offerings and it is just a matter […]

Security Tokens of German issuers so far have been issued solely as securities according to the German Securities Prospectus Act respectively the EU Prospectus Regulation. They are designed as identical and freely tradable blockchain tokens that grant its owners certain investor rights such as a return on investment and a repayment claim. Security tokens can […]

This year, BaFin already approved two securities prospectuses for security token offerings. In July of 2019 it approved a prospectus concerning the offering of token based subordinated bonds in the form of profit participation certificates and in January of 2019 a prospectus concerning a security token in the form of a registered bond. The approval […]

In less than six month the new financial service of crypto custodian services will be introduced to the German banking regulatory law unless the German legislator does not change his mind. The decision to subject crypto custodians to BaFin authorization is currently being criticized and discussed massively. Especially the proposed introduction of section 32 subsection 1g into […]

On 29th of July the German federal government resolved its draft proposal for the transposition of the provisions of the 5. European AML Directive into national law. It can be expected that this draft in its current form will be passed into law by the end of 2019. As of 1st of January 2020, crypto assets will be included […]

The German Ministry of Finance caused a stir to the German cypto community in May 2019 with its first draft for the transposition of the provisions of the 5. European AML Directive into national law. The ministries draft would not only implement the mandatory regulations from the directive to the German Anti Money Laundering Act […]

On 30th September 2019 Lutz Auffenberg, LL.M. will inform about the regulatory obligations of BaFin-regulated institutions and possible pitfalls regarding virtual currecnies and crypto assets in a daytime seminar of Forum Institut für Management GmbH in Jumeirah Hotel in Frankfurt on Main. Next to the current state of regulation on basis of the EU’s fourth […]

Decentralization was one of the main motivations of the authors of the Bitcoin whitepaper in 2008. The Bitcoin ecosystem was supposed to enable payments between the users without the necessity of intermediaries such as payment processors or banks. While the possibility of peer-to-peer payments is an inherent use case with all cryptocurrencies the trading of […]

The approval of the first security prospectus for a security token offering by BaFin at the beginning of this year came like a thunderbolt to German capital markets regulation. The Authority proved itself open for innovations. At the same time, the German legislator is laying the groundwork for facilitating the emission of security tokens in […]

Mitigating money laundering and terrorist financing are tasks that can only be addressed with internationally coordinated actions because of their global context. The Financial Action Task Force (FATF) is since its establishment in 1989 the driving force of these agendas. Even though the Paris based institution as an intergovernmental organization does not hold legislative powers […]

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