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DORA obliges financial institutions to manage the ICT third-party risk through appropriate contract design. To this end, DORA specifies minimum content that is intended to strengthen the position of the financial institution and increase security. But what consequences does this have for future and existing contracts?

In a few months, all MiCAR provisions will be legally effective. This also includes the new rules on the prevention and prohibition of market abuse and insider trading. But which market participants must comply with the new strict obligations?

The drafting of contracts for software products in accordance with German law is often complex, which leads many providers to use sample contracts from the Internet or translated contracts from other jurisdictions. However, this approach harbors risks, as such contracts are often largely ineffective under German law or contain provisions that can lead to undesirable results in the event of a dispute.

DORA requires the financial companies affected to carry out regular tests of their digital operational resilience. But what do these tests actually involve and do all financial firms have to carry out the same tests?

BaFin already supervises a large number of financial companies and imposes a number of requirements on the IT used. DORA is now about to come into force. In future, the use of information and communication technology (ICT) will be governed by the requirements of DORA. But to what extent does DORA differ in its requirements from those already demanded by BaFin?

Asset investments under the German Asset Investment Act are not considered financial instruments under MiFID2 because they are based on national regulation. Can they therefore be subject to both German regulation as an asset investment and MiCAR regulation and what are the implications of this?

DORA imposes a number of new obligations on financial companies. This can be particularly burdensome for small companies. But who actually falls within the scope of the regulation and are the rules the same for everyone affected?

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?