BaFin

Raising capital through securities offerings can be an attractive alternative to traditional bank financing for companies. Is it generally required to prepare a securities prospectus for such an offering, and are there any exceptions to this rule?

ESMA is already having a significant impact on MiCAR supervisory practice through numerous guidelines. The EU Commission is considering transferring supervision of CASPs entirely to ESMA in the future. BaFin would then lose its supervisory mandate with regard to CASPs.

The new PSD3 aims to transfer the regulation of the e-money business to the supervisory regime for payment services. However, the new term “e-money services” poses some difficulties of interpretation. Which specific activities will it cover in future?

DORA implementation: BaFin specifies requirements for simplified ICT risk management framework: BaFin provides financial companies with an overview of documentation, security measures, and processes for the simplified ICT framework, but emphasizes that the content must be tailored to each individual case in accordance with the principle of proportionality.

Since the beginning of the year, crypto custody has been regulated by MiCAR, and the German regulation of crypto custodians according to the KWG has been replaced. However, a small sub-area remains at the national level and in individual cases this can affect NFT.

Die DORA gilt seit dem 17. Januar 2025 und schon bis zum 11. April 2025 müssen Finanzunternehmen ihre Informationsregister gemäß DORA-Vorgaben bei der BaFin einreichen. Finanzunternehmen sollten sich frühzeitig vorbereiten und sicherstellen, dass die Register formgerecht eingereicht werden.

How are wrapped tokens and token bridges regulated under MiCAR? What obligations apply to providers and issuers and are there possibilities to realize a token bridge outside the scope of MiCAR?

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?

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?

If BaFin publishes public warnings about companies, this can have a negative impact on the companies. How can affected companies defend themselves in such cases?

MiCAR will set different requirements for crypto asset service providers when applying for a license. Companies that are already supervised will benefit from simplified procedures.

Bafin publishes details of its administrative practice in relation to crypto securities and the management of a crypto securities register. Which tokens does the authority classify as crypto securities?