German Capital Markets and Securities Law

The financial sector is a sensitive and at the same time highly dynamic industry. Challenging legal issues are the rule and not surprisingly given the great number and complexity of legal provisions in Germany and Europe. A certified capital markets law specialist, who has proven theoretical and practical knowledge in that field, will be best placed to provide a comprehensive and up-to-date overview of this complex subject matter.

Nowadays, there are almost no investment areas left that do without governmental supervision or regulation. Therefore, the key component of our advisory services in capital markets law will always be to ensure that the license required to carry on the envisaged activity on the market is granted by the Federal Financial Supervisory Authority BaFin. If necessary, we prepare an application for a license from BaFin (a.k.a. BaFin-license) on a short-term basis.

In addition, we offer professional project support to companies planning to issue securities and other investment products. This includes drafting contracts in the context of mid-cap issues and preparing legally compliant prospectuses (under the German Investment Products Act (Vermögensanlagengesetz) and the German Securities Prospectus Act (Wertpapierprospektgesetz), which calls for particular attention to prevent a possible liability based on incorrect information.

Our lawyers and certified capital markets law specialists are also ready to help and advise you on OTC transactions. We assist initiators of investment funds or other special funds designed for investment purposes in ensuring compliance with legal regulations. In this context, new hurdles keep cropping up: The AIFM Directive, which was recently implemented by the German parliament (Bundestag) and the related newly introduced German Capital Investment Act (Kapitalanlagegesetzbuch; "KAGB") have strengthened the requirements once again. First, because hardly any providers of investment funds or other special funds designed for investment purposes remain exempt from the obligation to obtain a license from German BaFin. Second, because the so-called UCITS Directive and its additions impose high requirements on providers of these forms of investment in terms of risk management and compliance.

You need specialized advice on how to operate within the German capital market? You want to develop your business or create a legally compliant prospectus? Your experts for the German capital market and for issues concerning the emission of securities are Attorney Dr. Annette Wagemann and Attorney Sebatian Förste (both specialized in banking & capital markets law). Please contact us by e-mail (info@winheller.com) or by phone (+49 (0)69 76 75 77 80).