Securities Trading & Investment Services Law
German/EU law firm for advice on MiFID/MiFIR, MAR, T&C law & more – structuring of service and trading models in the securities business.
Securities trading law and securities services law are shaped by complex regulatory frameworks (WpIG/MiFID II, MiFIR, MAR, EMIR, SFTR, CSDR, PRIIPs, etc.) as well as the practice of BaFin, ESMA and the stock exchanges. In addition, the area is embedded in closely interlinked trading, post-trading and distribution structures.
As a German law firm specialising in financial markets law, we advise banks, investment firms, market makers and issuers on securities, derivatives and crypto trading as well as on post-trade processes. The firm assesses projects and business models, examines structuring options and handles the legal implementation.
Kronsteyn is deeply rooted in securities services law and has already implemented numerous projects: from supporting authorisation procedures and drafting outsourcing and cooperation arrangements to developing general terms and conditions for mass retail business, remuneration models for managing directors and employees, and compliance policies (MaComp, Short-Selling Regulation, etc.), through to the assessment of specific legal issues in stock exchange, securities and settlement law.
Systematic internaliser (SI) structures
Distribution and marketing compliance
Provision of GTC for retail client business
Direct / Delegated Electronic Access (DEA/DMA)
Insider law and market manipulation
Representation in court proceedings
Publications Relating to German/EU Securities Trading & Investment Services Law
Müller-Lankow/Kollmer, Defence strategies for banks providing investment advice in relation to open-ended property funds with incorrect risk categorisations (German: Verteidigungsstrategien für anlageberatende Banken bei falschen Risikoklassen offener Immobilienfonds), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2025, pp. 721-730. Müller-Lankow, Comment on the decision of the German Federal Court of Justice (BGH) of 18 March 2025 (XI ZR 59/23) – Blocking of securities accounts due to U.S. sanctions (German: Anmerkung zum Urteil des BGH v. 18.03.2025 (XI ZR 59/23) – Sperrung von Depotbeständen aufgrund von US-Sanktionen), in: Entscheidungsanmerkungen zum Wirtschafts- und Bankrecht (WUB) 2025, pp. 193-197. Müller-Lankow, Legality of Stock Exchange Short Selling Bans (German: Rechtmäßigkeit börslicher Leerverkaufsverbote), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2025, pp. 433-440. Müller-Lankow, Disruptions in securities transactions and their regulation under CSDR, SSR, stock exchange law, ICMA and BGB (German: Leistungsstörungen bei Wertpapiergeschäften und deren Regulierung nach CSDR, SSR, Börsenrecht, ICMA und BGB), in: Wertpapier-Mitteilungen (WM) 2024, pp. 1641-1649. Müller-Lankow, Market-making in the scope of collective asset management – a paradox? – At the same time comment on the judgement of the VGH Kassel of 21.11.2023 - 6 A 1658/18 (German: Market-Making im Rahmen der kollektiven Vermögensverwaltung – Ein Widerspruch? – Zugleich Anmerkung zum Urteil des VGH Kassel v. 21.11.2023 – 6 A 1658/18), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2024, pp. 601-607. Müller-Lankow, How the regulation of settlement delays is putting securities trading to the test (German: Wie die Regulierung von Lieferverzögerungen den Wertpapierhandel auf die Probe stellt), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2024, pp. 567-568. Müller-Lankow/Liebscher, Legal differences between e-money and asset-backed tokens (German: Rechtliche Unterschiede zwischen E-Geld- und vermögenswertereferenzierten Token), in: Wertpapier-Mitteilungen (WM) 2024, pp. 1152-1160. Kumpan/Müller-Lankow, Commentary on § 26b (Tick size) and 26c (Market making systems) of the German Stock Exchange Act (BörsG), in: Eberhard Schwark / Daniel Zimmer (eds.), Kapitalmarktrechts-Kommentar, 5th ed., München (C.H. Beck) 2020. Kumpan/Müller-Lankow, The Multilateral Single-dealer System – An Oxymoron under MiFID II?, in: Journal of International Banking Law and Regulation 34 (2019), issue 9, pp. 301-310. Müller-Lankow, Market-making: A regulatory analysis of market-making in multilateral and bilateral systems (German: Market-Making: Eine aufsichtsrechtliche Analyse des Market-Makings im Rahmen multilateraler und bilateraler Systeme), Baden-Baden (Nomos) 2018. Müller-Lankow, Differentiation between proprietary trading by market makers and proprietary trading by other liquidity providers (German: Abgrenzung des Eigenhandels durch Market-Maker vom Eigengeschäft durch sonstige Liquiditätsgeber), in: Wertpapier-Mitteilungen (WM) 2017, pp. 2335-2345. Kumpan/Müller-Lankow, Single-market maker systems in the new capital market regulation – differentiation between multilateral and bilateral systems (German: Ein-Market-Maker-Systeme in der neuen Kapitalmarktregulierung – Abgrenzung zwischen multilateralen und bilateralen Systemen) (together with Prof Dr Christoph Kumpan), in: Wertpapier-Mitteilungen (WM) 2017, pp. 1777-1786.
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