The following represents a carefully curated selection of our recent Thought Leadership contributions:
ECB-SSM's supervisory "Guides"
The ECB-SSM's release of its final supervisory "Guides", which read like rulebooks, on licencing of credit institutions as well as "FinTech" credit institutions mark a welcome step to definitively harmonise existing concepts but also expand these further to new/FinTech business models in specifying the steps, the detail and the approach that applicant firms and the professional advisers supporting them will need to take to apply for authorisation or a variation of permission. Our Client Alert, which is available here and part of a series of Alerts and Background Briefings on how to be authorised and regulated in the Banking Union highlights developments in an area that has largely been left unharmonized in the EU's Single Rulebook for financial services.
Supervisory fees
Supervisory fees matter both in terms of what they cost and what firms can expect in terms of what is paid. With the ECB-SSM moving into its fifth year at the helm of the Banking Union's Single Supervisory Mechanism, fees and what this means for firms and how one might be able to make changes are discussed in this Client Alert available here.
MaComp
The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) has recently updated its Circular on Minimum Requirements on the Compliance Function and further Conduct of Business, Organizational and Transparency Requirements for Investment Firms (MaComp) (Rundschreiben zu den Mindestanforderungen an die Compliance-Funktion und weitere Verhaltens-, Organisations- und Transparenzanforderungen für Wertpapierfirmen – MaComp).
The MaComp further specify EU and German MiFID II implementing law. The Circular is in particular, but not exclusively, addressed to credit institutions and financial services institutions providing investment services in Germany. This Client Alert is the first part of an English and German language series on changes to conduct of business rules affecting firms operating in or from Germany. Click herefor the first part of the Series and an analysis under a local law angle (in German).
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