Germany: Financial Services

Die Europäische Bankenaufsichtsbehörde (EBA) und das Europäische System der Zentralbanken (ESCB) haben ihre Antworten zum MiCAR-Review vorgelegt – mit teils unterschiedlichen Positionen zu Stablecoin-Reserven, Signifikanzkriterien und globalen Multi-Issuer-Modellen. Der neue EU RegCORE Client Alert analysiert die divergierenden Standpunkte und zeigt auf, welche Vorbereitungen Banken, Stablecoin-Emittenten, CASPs, Asset Manager und Marktinfrastrukturen jetzt treffen sollten.

Germany's financial regulator Bafin has published new risk management requirements specifically designed for small and medium-sized investment firms, marking a significant shift from the previous practice of applying credit institution rules. The WpI-MaRisk framework, effective January 2027, provides tailored supervisory expectations that better align with the unique characteristics and business models of investment firms. Investment firms now face the critical task of conducting gap analyses and restructur

Germany is implementing a stricter licensing regime for consumer credit brokers starting November 2026, requiring proof of expertise and prohibiting sales-based compensation. The new rules expand requirements for intermediaries while exempting small and medium-sized enterprises that finance their own sales, fundamentally reshaping how credit brokerage operates in the German market.

Die Europäische Kommission hat einen Fahrplan zur Stärkung der Wettbewerbsfähigkeit des europäischen Bankensektors vorgelegt, der auf gezielte Vereinfachung statt Deregulierung setzt. Der Fokus liegt auf dem Abbau regulatorischer Komplexität, effizienterer Kapital- und Liquiditätsnutzung sowie der Frage, wie Banken wieder stärker zur Finanzierung von Wachstum und Transformation beitragen können.

Die Bundesbank hat ihre Erläuterungen zum außenwirtschaftlichen Meldewesen aktualisiert und dabei wichtige Klarstellungen zur Meldepflicht für Kryptowerte vorgenommen. Welche praktischen Anforderungen ergeben sich für Unternehmen und Privatpersonen bei grenzüberschreitenden Kryptotransaktionen? Die neuen Regelungen konkretisieren insbesondere die Behandlung von Börsen- und Plattformgeschäften sowie die Abgrenzung meldepflichtiger Übertragungen.

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.

Germany's financial regulator Bafin is undertaking a major structural reorganization to intensify supervision of anti-money laundering, counter-terrorism financing, and cyber risks across the financial sector. The authority is creating a new specialized Anti-Financial-Crime division and reallocating approximately 30 additional positions to high-risk areas, signaling heightened scrutiny for financial institutions. What does this mean for compliance frameworks and audit preparedness in the German banking sect

The European Securities and Markets Authority has published a consultation paper proposing significant amendments to guidelines governing post-trade communication between investment firms and professional clients under the Central Securities Depositories Regulation. These changes mandate electronic standardised machine-readable messaging protocols, eliminate oral communication from regular workflows, and align regulatory expectations with the EU's transition to a T+1 settlement cycle taking effect in Octobe

The European Banking Authority and New York State Department of Financial Services have signed a groundbreaking Memorandum of Understanding establishing a formal framework for transatlantic supervisory cooperation on stablecoin regulation. This agreement enables structured information exchange, cross-border inspections, and emergency coordination between EU and US regulators overseeing entities engaged in stablecoin activities under MiCAR and New York's regulatory framework.