STO

  • Prospectus, WIB or Nothing at All – Which Documentation is Required for Which Security Token Offering?
    Security token offerings generally require an officially approved security prospectus. But the entire prospectus is not required in each and every case.
  • STO with a Security Information Sheet – A Chance for SMEs?
    According to the requirements of the EU-prospectus directive, companies intending to procure funds from the European capital markets by offering securities to investors need to compile and publish a comprehensive security prospectus that must be approved by the competent capital markets supervisory authority. The same rules apply to the public offering of security tokens, that […]
  • European Market Abuse Regulation – What do STO Issuers Have to Consider?
    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 […]
  • Security Tokens Always Securities – What are the Implications of the New Administrative Practice of BaFin for STO Emitters?
    BaFin expressed its new, general administrative practice concerning the qualification of security tokens in an article in the BaFin journal of April 2019. Under this new administrative practice security tokens, meaning all tokens granting its owner membership or equity-like rights and that are freely tradable and transferable will be qualified as securities sui generis. This qualification by […]
  • STO Without Prospectus – What Are the Possibilities?
    Security tokens are blockchain tokens that are issued via smart contracts and that grant to their owner certain monetary rights like e.g. an interest rate or a participation right on the issuing companies’ profit. In this respect the security token differs from the utility token which grants its holder access to or benefits within the […]
  • Valid Transfer Mechanism for Security Tokens
    Besides of the regulatory qualification of security tokens as security, shares in investment funds or alternative investment assets quite a number of private law issues are raised when conducting securities token offerings. The most prominent pitfall when it comes to private law and security tokens is the fact that the German Civil Code BGB in […]
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