Annabelle Rau

Annabelle Rau focuses on banking and financial services law, European financial supervisory law, and corporate law. Her advisory practice ranges from issues related to the regulation of traditional financial services to new FinTech business models, including crypto regulation. In addition, Annabelle Rau advises several listed companies on their general meetings and ongoing capital markets legal obligations.

Are You Ready for MiCAR? – Webinar on the Introduction to the new EU Crypto Regulation


Von and am Feb 9, 2024
Gepostet In Crypto Regulation, MiCAR

We are pleased to invite you to our webinar on March 5 on the new regulation of crypto-assets in the EU (Markets in Crypto-Assets Regulation (MiCAR)), with a focus on the scope of MiCAR, licensing requirements and procedures, and obligations for crypto-asset service providers in the EU. Our experts who concentrate on Financial Regulatory Law with a focus on the current crypto regulation want to discuss with you the upcoming changes due to MiCAR in 2024. The seminar is aimed at all those who are (or are aiming for) doing business in the crypto scene or offer any services in...

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FinmadiG and KMAG – Implementation of European crypto-financial market regulation in Germany


Von am Jan 29, 2024
Gepostet In Crypto Regulation, Financial Services

The German legislator has responded to the harmonization of European financial market regulations: In October 2023, the Federal Ministry of Finance published the draft bill for the Act on the Digitization of the Financial Market (Finanzmarktdigitalisierungsgesetz – “FinmadiG“), followed by the publication of the government draft of the FinmadiG just one month later. MiCAR, DORA and money transfers – what does the FinmadiG implement? The FinmadiG is intended to implement the following EU regulations on digital financial market regulation: Markets in Crypto-Assets Regulation (“MiCAR”): The first EU-wide uniform set of rules for markets in crypto assets (we provided information here, for example) The EU DORA...

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Update for securities institutions: German Securities Institutions Owner Control Ordi-nance published


Von am Jan 17, 2024
Gepostet In Banking Law, Financial Services

On January 15, 2024, the German Securities Institutions Owner Control Ordinance was published in the Federal Law Gazette and thus entered into force today, January 16, 2024. Owner control procedures for securities institutions The Securities Institutions Owner Control Ordinance regulates the material and formal requirements for the acquisition of a significant shareholding in a regulated securities institution (so-called owner control procedure). A significant or qualified shareholding is defined as the direct or indirect holding of shares in a company that represents at least 10% of the capital or voting rights of this company or that otherwise enables the exercise of...

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What To Expect From The EU’s New PSD3, PSR AND FIDA Regulations


Von and am Nov 8, 2023
Gepostet In EU

The Payment Services Directive II (PSD2) has changed the payment services industry in Europe. However, many details remain open and impractical and the implementation of the directive and the administrative practices of local financial supervisory authorities differ greatly in some cases. A reform is now pending with PSD3, which aims for a higher degree of harmonization and will bring with it many new requirements for payment service providers.What are the most important changes and challenges facing the industry? How can payment service providers prepare? Read the article by Renate Prinz and Annabelle Rau to find out how the planned PSD...

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United Kingdom’s digital pound meets public backlash – Why?


Von am Jul 17, 2023
Gepostet In Financial Services

It’s not only the EU with its plans for a digital Euro that’s addressing the matter of Central Bank Digital Currency (“CBDC“). The UK has also unveiled an ambitious roadmap for the introduction of a ‘Britcoin’ by 2030. In a conversation with Cointelegraph, Annabelle Rau sheds light on the impacts of CBDCs on privacy, financial inclusion, and the risks of bank runs. Follow this link to the full version of the article on Cointelegraph.

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ESG, home office and real estate transactions – BaFin publishes 7th MaRisk amendment


Von am Jul 6, 2023
Gepostet In Banking Law

The German Federal Financial Supervisory Authority (“BaFin“) published the seventh amendment to the Minimum Requirements for Risk Management of Banks (“MaRisk“) on June 29, 2023. The MaRisk codify BaFin’s administrative practice on risk management for German banks, in particular with respect to business organization and outsourcing, and in doing so substantiates the statutory requirements of Section 25a of the German Banking Act (“KWG“). The amendments range from requirements of the European Banking Authority (“EBA“) for lending and monitoring to exceptions for securities trading in the home office and the managing of ESG and real estate risks. Loans: New stricter requirements...

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ESG query obligation will also apply to German investment intermediaries (Finanzanlagenvermittler)


Von am Feb 3, 2023
Gepostet In Financial Services, Financial situation intermediary

ESG is also coming to German investment intermediaries! On November 11, 2022, the German Federal Ministry of Economics presented a draft bill for a Regulation Amending the Trade Notification Regulation and the Financial Investment Intermediaries Regulation. As a result of the amendment, German investment intermediaries licensed under Section 34f of the German Trade Regulation Act (Gewerbeordnung – „GewO“) will have to ask their customers about their sustainability preferences in the context of investment advice and take these into account in a suitability test. Alignment of the ESG query obligation with the European regulatory standard Since August 2022, investment advisors and...

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BaFin considers dark patterns in trading apps and trading portals to be unlawful


Von am Nov 24, 2022
Gepostet In Securities Service Providers

On November 21, 2022, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin“) clarified in a statement that investment firms are not allowed to use dark patterns in trading apps or trading portals. Against this background, BaFin also published two new FAQs on the conduct of business rules for investment firms. In BaFin’s opinion, dark patterns in digital decision worlds (“choice architecture“) violate the ban of misleading information and the principle of fairness and are therefore unlawful. What are dark patterns? Dark patterns are when individual buttons in apps or on websites have a significantly lower contrast, are...

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McDermottTech 2022 – Recap


Von and am Oct 21, 2022
Gepostet In Crypto Regulation, Events

From crypto, NFTs and blockchain technologies, to ethics in artificial intelligence, outsourcing and cloud deals, to trends in IP protection and enforcement in the metaverse: Together, we discussed some of the latest global trends in the technology industry at this year’s McDermottTech. Interested in the content of our panels? Click here for the videos of our panels. You can also download the PowerPoint presentation here.

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ESG risks & Co. in the 7th MaRisk update


Von am Oct 14, 2022
Gepostet In Banking Law, Sustainability Risks

On September 26, 2022, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin“) published an amended draft of its circular “Minimum Requirements for Risk Management” (Mindestanforderungen an das Risikomanagement – “MaRisk“), which is now open for consultation. MaRisk codifies BaFin’s administrative practice on risk management for German banks, particularly with regard to business organization and outsourcing, and in doing so specifies the statutory requirements of Section 25a of the German Banking Act (Kreditwesengesetz – „KWG“). The draft of the 7th MaRisk amendment includes, among other things the implementation of the European Banking Authority (“EBA”) guidelines on credit allocation...

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