Securities Trading and Services
Legal Excellence
Over the last decade, the law governing securities institutions has grown into a jungle of laws, regulations, official interpretations and court decisions that is difficult to keep track of. Kronsteyn offers comprehensive legal advice for securities institutions in all areas of securities services, such as proprietary trading, financial commission business, issuing and placement business, investment and acquisition brokerage and portfolio management. The law firm supports you in questions relating to the optimal structuring of business models, in the support of authorisation procedures, in the drafting of contractual documents or general terms and conditions in the mass customer business as well as accompanying information documents, in the design of remuneration and reimbursement models as well as in the conduct of official and court proceedings. With the German law firm Kronsteyn, you have an experienced partner at your side who will assist you in all matters relating to securities trading and securities services law.
Kronsteyn is your partner for legal advice and representation in German securities trading and services law.
Publications Relating to German Securities Trading Law
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.
Legal Services
The law firm advises on German securities trading and securities services law. The range of services includes
-
Drafting and preparation of contracts (e.g. outsourcing and co-operation agreements) as well as general terms and conditions (GTC) and accompanying documents in the mass customer business
-
Preparation of statements and legal opinions on complex legal issues
-
Coordination with BaFin, the Bundesbank and the ECB
-
Representation in civil and administrative court proceedings
-
Compliance audits and training
