Regulation 1114/2023 (the Markets in Crypto-Assets Regulation, or MiCA) became fully applicable in January 2025. Since then, many businesses have successfully received authorization from national competent authorities to...more
The Federal Financial Supervisory Authority has announced that it intends to restrict trading in so-called "turbo certificates", i.e. MiFID bonds that leverage the performance of an underlying asset and expire immediately...more
On 21 May 2025 the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) has launched a consultation (GZ: WA 35-Wp 5427/00001#00554; available here (in German only)) prior to...more
This practical note was originally published by Practical Law Capital Markets. A practice note setting out top tips from German counsel for doing capital markets deals in Germany. It highlights issues of which lawyers from...more
The Morgan Lewis Takeover Monitor documents public tender ofers in Germany for Morgan Lewis clients and interested persons. This issue covers published and announced current offers as of November 23, 2022. PUBLIC TENDER...more
U.S. Developments - Telegram Submits Answer to SEC Complaint Regarding TON Blockchain Network - On November 12, Telegram Group Inc. (Telegram) submitted its answer and affirmative defenses to a complaint filed against...more
The Court Decision: On September 25, 2018, the Higher Regional Court of Berlin held that bitcoins would not qualify as financial instruments for the purposes of the German Banking Act (Kreditwesengesetz, "KWG"), thus...more
The Situation: In February 2018, Germany's Federal Financial Supervisory Authority ("BaFin") published an advisory letter on the classification of tokens as financial instruments, which was widely criticized for being too...more