Germany: Securities

Germany's transition period for Payment for Order Flow (PFOF) has ended, and BaFin has issued detailed supervisory guidance outlining prohibited circumvention structures and expectations for PFOF-free business models. The regulator applies an economic substance test that looks beyond mere form, requiring firms to justify fees in vertically integrated groups and trace orders through intermediary chains back to retail clients.

European financial regulators are reshaping the landscape for investment firms, crypto-assets, and fund management through new guidance on MiFID passporting arrangements, digital asset oversight...

Germany's transitional exemption from the EU-wide Payment for Order Flow (PFOF) ban expired on 1 July 2026, and BaFin has issued detailed supervisory guidance outlining impermissible circumvention structures...

On 1 April 2026, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin)...

The European Commission's proposal to revise the Sustainable Finance Disclosure Regulation (SFDR) is advancing through EU institutions with broad support for its core architecture, though critical technical questions remain unresolved.

On 19 February 2026, the European Securities and Markets Authority (ESMA) published a consultation proposing amendments to the guidelines on delays in the disclosure of inside information under the Market Abuse Regulation (MAR).

On 10 April 2025, the European Securities and Markets Authority (ESMA) published its Final Report and (in Annex II thereto) the Final Draft regulatory technical standards...

On 7 May 2025, the European Securities and Markets Authority (ESMA) published its Final Report on, among other things, technical advice concerning EU Market Abuse Regulation...

On 14 March 2025, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) published a draft Guidance Note...