Federal Financial Supervision Authority (BaFin)

January 2, 2023

BaFin publishes circular on notifications of persons under the KAGB

BaFin published circular 01/2023, which enables companies under BaFin’s direct supervision to submit certain notifications of persons pursuant to the German Investment Code (KAGB) via its reporting and publication platform (MVP) as of January 2, 2023. This primarily relates to the appointment of members of administrative and supervisory bodies. For the future, it is planned to expand the MVP to include other notifications of persons, such as the notification of the intention to appoint and the resignation of managing directors.

More information(in German) is available here and here.

Federal Financial Supervision Authority (BaFin)

December 16, 2022

EU Disclosure Regulation: Starting signal for more transparency

From January 1, 2023, the Regulatory Technical Standards (RTS) on the EU Disclosure Regulation, which had entered into force in March 2021, will apply to financial market participants and financial advisors. The aim is to make it easier for private and institutional investors to see how sustainable the investments underlying a financial product are. The RTS specify the EU Disclosure Regulation’s requirements for disclosures on how investment decisions made by the financial market participant adversely affect environmental, social and governance issues. BaFin answers national questions and application questions from supervised entities regarding the EU Disclosure Regulation itself and submits other questions on the RTS to the Joint Committee of the ESAs.

More information (in German) is available here.

Federal Financial Supervision Authority (BaFin)

December 7, 2022

BaFin publishes translation of EIOPA guidelines

EIOPA published a nonbinding guide on sustainability-related advisory duties in July 2022. These apply to, among other things, the sale of insurance investment products, where intermediaries have been obliged since August 2, 2022, to ask customers about their sustainability preferences and to take these into account in product selection and advice. The aim of the EIOPA guide is to promote a better understanding of the new regulations and to support market participants in correctly implementing the legal requirements. Due to the particular relevance of the topic, BaFin has therefore published a German-language translation of the guide.

More information (in German) is available here.