Working Groups

Regulation of Investment Funds

Current topics

• Regulatory practice regarding the Capital Investment Code (KAGB)
• Market access for foreign funds
• Alternative Investment Funds Manager Directive (AIFMD)
• EU management company passport
• UCITS review and implementation (UCITS V, VI)
• Remuneration policy

Compliance in Securities Trading

Current topics

• Implementation of MiFID II
• Rules of Good Conduct and Organisational Duties under the Securities Trading Act (Minimum Requirements for Compliance)
• Regulatory framework for investment advice
• Product information/PRIIP Regulation
  

Legal and Practical Aspects of Data Protection

Current topics

• GDPR
• German Data Protection Act-new (BDSG-neu)
• International data transfer
• Exchange of experiences among foreign banks

Market Access for Global Custodians
Regulation of Depositaries

Current topics

• AIFMD Review
• Model agreements
• Tasks of depositaries (Verwahrstellenrundschreiben)
• UCITS V/VI

Capital Markets and Capital Markets Supervision

Current topics

• Markets in Review of Financial Instruments Directive (MiFID II)
• Market Abuse Directives
• Product preventions by BaFin
• Disclosure of voting rights
• European Markets Infrastructure Regulations (EMIR)
• Packaged Retail Investment Products Regulation
  

Minimum Requirements for Risk Management

Current topics

• Implementation of MaRisk amendments
• Requirements for outsourcing
• Risk management/risk tolerance and controlling
• Compliance function
• ICAAP/SREP
  

Labour Law
Staff Management

Current topics

• Remuneration systems
• International assignments
• Current issues in labour law
  

Banking Supervisory Law
Contract Law

Current topics

• EU-Banking Regulation (CRR II, CRD V, BRRD, …)
• Large exposures/upstream loans
• Implementation and reform of Basel II/Basel IV
• Deposit guarantee schemes
• Cross-border market access

Supervisory Law of Investment Firms

Current topics

• Implementation of IFD and IFR
• Application of the Investment Firms Act (WpIG)
• Governance, MaRisk and Compliance
• Reporting for Investment Firms

Regulatory and Statistical Reporting Requirements
Disclosure Obligations
Requirements for the Internal Audit
Business Organisation

Current topics

• Reporting acc. to the CRR and ITS on Reporting
• Reporting of financial information to the ECB (SSM-FINREP)
• Modernisation of national reporting requirements (German Banking Act, Large Exposure Regulation, Regulation on Financial and Risk Information)
• Reporting regarding the financing of residential property
• Statistical reporting to the Bundesbank (inter alia AnaCredit)
• Reporting acc. to the Foreign Trade Regulation (AWV)
• Notifications for supervisory purposes (CRR and German Banking Act)
• Regulatory disclosure requirements (Pillar III)
• Procedure for collecting the bank levy
• Sustainability-related disclosures in the financial sector

Implementation Requirements

Current topics

• Common Reporting Standard (CRS)
• Act for the automatic exchange of information on financial accounts for tax purposes
• Intergovernmental FATCA Agreement Germany/USA
• FATCA USA Implementation Regulation
• Implementation Decree on the exchange of information for tax purposes
• AIA contact points
  

Legal and Practical Aspects of Anti Money Laundering

Current topics

• Drafts for an EU AML regulation and for a 6^th EU Anti Money Laundering Directive
• Review of the EU Regulation on Transfer of Funds
• BaFin’s supervisory practice – implementation guidance to the German AML Act: general part (AuA AT) and special part for credit institutions (AuA BT)
• EBA Risk Factors Guidelines
• Exchange of experiences among foreign banks and foreign financial sector operators
• Embargo and Compliance with financial sanctions and dealing with embargo provisions
• Fraud prevention (§ 25h Banking Act)
• Criminal offence of money laundering (EU Directive on combating money laundering by criminal law)

Regulatory Requirements for IT Infrastructure in Banks
IT and Information Security

Current topics

• German IT Security Act/BSI Act
• Draft of a EU regulation on IT security in financial sector operators (DORA)
• EU Directive in security of network and information systems (NIS)
• Supervisory requirements for IT in banks (BAIT)
• ICT Guidelines of EBA
• LSI IT/ICT SREP
• Strategy on Cybersecurity – Protection of critical infrastructures (UP KRITIS)

Accounting

Current topics

• Accounting and balance sheet management at foreign banks according to German Commercial Code (HGB/RechKredV)
• Accounting requirements at group level: IAS/IFRS
• Impact of IFRS 9 and regulatory interactions
• Disclosure obligations under the Commercial Code and other external reporting

National and International Processing of Payments
Issues on Cross-Border Payments

Current topics

• Implementation of the second Payment Services Directive (PSD II)
• Target2/Target2Securities (T2S) Consolidation
• SEPA and EU Regulation on fees for cross-border Payments
• Statistics on payments
• National Payments Agreements
  

Investment Funds Taxation
Audit of Fiscal Documentation of Foreign Investment Funds by the Federal Tax Office (BZSt)

Current topics

• New Investment Tax Act 2018
• Paying agents and Depositaries in the context of fund taxation
• Cross-border Mergers of foreign investment funds
• Income equalization
• Funds subject to withholding tax
• VAT treatment of fund administration, (sub-)transfer and outsourcing
• Treaty entitlement of funds
• AIFM Directive: tax treatment of AIF
• Tax Refund (Federal Central Tax Office)
• Foreign Transactions Tax Act

Income Tax Act (EStG)
Current Issues of Payroll Tax Audits at Foreign Institutions

Current topics

• § 37b Income Tax Act (lump sum taxation of non-cash benefits)
• Taxation of expatriates
• Taxation of (company) pension schemes
• Secondment of employees
• Travel expenses
  
• Mobile Working
• Income tax aspects around Corona

Tax Law

Current topics

• Disclosure obligations for tax arrangements
• Documentation of transfer pricing
• Trade tax for foreign banks
• Electronic invoice (VAT)
• VAT on stock exchange trading services
• Value added tax for asset management
• VAT Group
• Bank key (input tax)
• Reporting requirements for payment service providers (Central Electronic System of Payment information – CESOP, VAT)
• Add-back taxation (Foreign Transactions Tax Act)
• Global minimum tax
• Withholding tax and church tax on investment income
• MiKaDiv (electronic tax certificate and reporting) and TRACE
• Refund of withholding tax in accordance with § 50c Income Tax Act
• Loss offsetting restrictions (Income Tax Act)
• Tax Haven Defense Act
• Taxation of crypto assets
• Principles for the proper keeping and storage of books, records and documents in electronic form
• Tax Compliance