The Listing Act – What is Changing for Smaller Securities Issuances in European Prospectus Law?
The EU Listing Act aims to increase the harmonization and attractiveness of the European capital market and remove barriers for smaller companies raising capital. What does this mean in concrete terms for issuers of small-volume capital market issues? In which cases can the obligation to prepare a prospectus be omitted?
Securities Information Sheet (WIB) for Security Tokens – Can BaFin Delay the Approval Until the Start of the Token Sale?
Occasionally, BaFin refuses to approve WIBs until shortly prior to the start of the public offering, arguing that approval should be granted close in time to the start of the offering in order to ensure that the WIB is up-to-date. Is this administrative practice legally tenable?
