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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.
Systematic Internalisers (SI): Current State of Regulation under the MiFID II/MiFIR Review and BaFin Practice
Key Changes for SIs: From a revised SI definition to the removal of pre-trade transparency for non-equity instruments and adjustments to the quoting obligation.
Sep 295 min read
State Liability for Unlawful Decisions of a German Stock Exchange Sanctions Committee
A state liability claim due to a decision by a German stock exchange sanctions committee must be asserted against the federal state.
Mar 192 min read
Extraterritorial Application of the EU Short Selling Regulation to German Shares and Government Bonds for Third-Country Firms
The EU Short Selling Regulation also applies to trading firms and investment funds located outside the EU/EEA (third-country firms).
Feb 195 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 24, 20245 min read
Make-Whole Clauses under German Law - Legal Issues of Application (As at: Dec. 2023)
For bonds with make-whole clauses, it is unclear under German law whether a key information document (KID) under the PRIIPS is required
Feb 3, 20237 min read
BaFin License Requirement for Non-EU Firms for Banking and Financial Services in Germany
Kronsteyn Law Firm supports you to obtain a BaFin licence for providing banking and investment services in Germany under MiFID/CRD.
Dec 16, 202214 min read
What is a Market Maker?
Market makers add liquidity to the stock exchange by being continuously available to other trading participants for executions.
Nov 15, 202211 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 7, 20195 min read
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