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Legal Excellence
Posts – Sound Knowledge for Sound Decisions
In the Kronsteyn knowledge section, we provide analyses, guides, and up-to-date assessments on German and European financial markets law – from EMIR/MiFIR to MiCAR and the KAGB/AIFMD, as well as sanctions and AML law. Precise, practice-oriented, and continuously updated.
Active Account Requirement: Key Innovation of the EMIR 3 Reform
EMIR 3 requires certain Market Participants to maintain an active EU CCP account. Overview of obligations, thresholds, reporting and implementation.
Sep 296 min read
Post-Trade Risk Reduction Services (PTRR) under EMIR 3.0 and the MiFIR Review – Overview & New Obligations
Learn how EMIR 3.0 and the MiFIR review are changing the rules for Post-Trade Risk Reduction Services (PTRR). An overview of new requirements, exemptions, and opportunities for market participants.
Sep 166 min read
Intra-group Transactions under EMIR 3: New Regulatory Requirements at a Glance
EMIR 3 introduces new rules for intra-group derivative transactions: changes to clearing exemptions, reporting obligations and risk mitigation. Overview and legal assessment. KRONSTEYN Germany.
Sep 113 min read
Requirements and Procedures for Obtaining a German Banking Licence
Overview of the requirements for a German banking licence under the KWG: procedures before BaFin and the ECB, distinction from WpIG/ZAG/MiCAR and key strategic considerations for foreign institutions.
Sep 29 min read
BaFin Practice for License Holiday in Germany
BaFin's supervisory practice for granting license exemption for providing cross-border banking and financial services in Germany.
Jan 265 min read
Legal Action Against the Decision of a German Stock Exchange Sanctions Committee
Gegen den Beschluss eines Sanktionsausschusses kann mit einer Frist von einem Monat Klage beim Verwaltungsgericht erhoben werden.
Sep 26, 20242 min read
CSDR Cash Penalties for Settlement Fails
Fines (also referred to as penalties or cash penalties) under the CSDR may be incurred in the settlement of securities transactions.
Apr 23, 20245 min read
German Market Access for Non-EU/EEA Trading Venues – Special Licence Requirement Soon to be Abolished
Non-EU/EEA trading venues currently need a special BaFin licence for direct market access in Germany – but this requirement is set to be abolished under the Standortförderungsgesetz.
Jan 24, 20242 min read
How do Tick Sizes Affect Stock Exchange Trading?
"Tick size" refers to the possible interval between two price levels (limit levels) of orders on stock exchange system.
Nov 14, 20224 min read
The Multilateral Single-Dealer System ‒ an Oxymoron Under MiFID II?
We argue that the wording of MiFIR disguises the true legal intention, which allows market operators to structure a regulated market as a single-dealer system.
Aug 6, 20195 min read
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