Latest Articles

As it stands, the UK will cease to be a member state of the European Union (EU) as of 30 March 2019. On 24 November 2018, the UK and the EU agreed to enter into a Withdrawal Agreement (the Withdrawal Agreement). The Withdrawal Agreement provides in Article 127 (6) that during a transition period from 30 March 2019 to 31 December 2020 (the Transition Period), any reference in EU law to a member state of…
On 12 March 2018 the European Commission published a proposal for a Regulation to govern the law applicable to the third-party effects of assignments of claims (the “Assignment Regulation”). The proposal of the Assignment Regulation adopted by the European Commission deals with which law applies to determine the effectiveness and perfection of the transfer of title – and the creation of other rights like pledges and charges – in relation to claims and receivables vis-a-vis…
Blockchain involves various computers that are located in different states around the world so that the jurisdictions and applicable laws are questionable and assumingly not known to the parties using the blockchain technology. In principle a blockchain is a distributed ledger, that can be defined as a replicated, shared, and synchronized digital data structure maintained by consensus algorithm and spread across multiple locations, countries, and/or institutions. In the blockchain digitally recorded data are stored in…
The revised EU’s Payment Services Directive (PSD2) and EU’s General Data Protection Regulation (GDPR) will both come in force in 2018. Seemingly unconnected, these two regulatory initiatives share a common goal– putting customers in control of their own personal data and keeping that personal data safe. PSD2  is an update to the original Payment Service Directive, which was adopted in 2007.  The original Directive was implemented to make cross-border payments as easy, efficient and secure…
In the context of German restructuring, bridge loans (Überbrückungskredite) are loans that are granted to financially distressed companies until a restructuring plan is formulated in order to avoid the company’s insolvency. In most cases, such loans are granted for a limited timeframe. After the restructuring plan has been finalized, renegotiations are usually required, in particular between the company, the lender and the company’s other creditors. On 7 March 2017, the German Federal Supreme Court (Bundesgerichtshof, Az. XI ZR…
The European Central Bank (ECB) has launched a public consultation on its guidance to banks on handling non-performing loans (NPLs), which is open until 15 November 2016. The ECB has also published the first stocktake of national supervisory practices and legal frameworks concerning NPLs. The draft NPL guidance to banks, which is available on the ECB Banking Supervision website, addresses recommendations regarding strategy, governance and operations, which are key to handling NPLs and sets out a number…
On 29 July 2015, the German government introduced a legislative initiative with the aim of fighting corruption in the healthcare sector. On 4 June 2016, the German Act on Fighting Corruption in the Healthcare Sector (Gesetz zur Bekämpfung der Korruption im Gesundheitswesen – Act) entered into effect under which the criminal offences of taking and giving bribes in the healthcare sector were incorporated into the German Criminal Code (StGB) as sections 299a and 299b. These…
As we predicted  last week, the European Commission has moved swiftly to issue an adequacy decision that formally adopts an agreement finalized with the US Department of Commerce in June concerning arrangements to legitimize the transfer of EU personal data to the US. The much anticipated “EU-US Privacy Shield” arrangements will replace the Safe Harbor regime, which was invalidated by the EU Court of Justice (CJEU) in October 2015. Please see our alert for details…
Maple Bank GmbH (“Maple”) has operated in Frankfurt, Germany since 1994. The bank acted in the business areas of equity and fixed income trading, repos and securities lending, deposits, structured products and institutional sales. Maple has branches in Germany, Netherlands and Canada and subsidiaries in U.S., U.K. and the Cayman islands. It is part of the Maple Financial Group Inc., a privately held, global financial organisation based in Canada. The German Financial Supervisory Authority (“BaFin”) filed…