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In principle, a WIB can be prepared instead of a securities prospectus for securities issues with smaller volumes in Germany. In certain cases, however, a BIB must be prepared instead of the WIB. What are the differences between the various information sheets and what advantages are associated with each of them?

ESMA has been tasked with providing guidelines by the end of the year to facilitate the legal assessment of the legal nature of tokens as crypto assets under MiCAR and as financial instruments under MiFID2. ESMA has already published an initial draft of the guidelines.

In addition to the crowdfunding regulated in the ECSPR, there are also national regulations for this in Germany in the Asset Investment Act. What are the differences and when is which regulation actually applicable?

Under MiCAR, it will be practically impossible for crypto service providers from the USA, Switzerland or other third countries to serve European customers without a MiCAR license on the grounds of passive freedom to provide services. What exceptions will remain?

The EU Growth Prospectus is intended to make it easier for certain companies to comply with their obligation to publish a prospectus for capital market issues. Are only SMEs affected by these facilitations and what content-related facilitations are there at all?

Under the regime of the new MiCAR, crypto advice will be subject to authorization. However, this includes not only advice on transactions with crypto assets, but also advice on the use of crypto services. What are the implications for referrers?

MiCAR will to full extent enter into effect at the end of this year. Then, also the provisions on crypto asset whitepapers of MiCAR will become applicable. But what consequences will then have the publication of an incorrect whitepaper?

At the beginning of April 2024, the Federal Ministry of Finance published two new regulations for consultation, the MiCAR-TransitV and the MiCAR-AntragsV, which are intended to regulate the transition to the MiCAR-regime for CASPs. as of when can applications be submitted to BaFin?

Subordinated loans granted by companies to other companies do not generally fall under the definition of lending business. However, there are exceptions to this rule. What are these?

The issuance and public offering of E-Money Tokens will soon only be possible in compliance with MiCAR regulations. What do issuers of E-Money Tokens then have to consider?

On December 30 of this year, MiCAR comes into force in its entirety and with it the regulations on crypto asset whitepapers. Under what circumstances may the operators of trading platforms be obliged to produce such a MiCAR whitepaper?

From June 30, 2024, the public offering of stable coins in the EU will be strictly regulated. What requirements does MiCAR actually place on issuers and providers of ART?