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Monthly Dose of Germany
January
We would like to share some interesting insights into the German Legal market and recent developments as well as interesting events and publications with you. This January edition of our "Monthly Dose of Germany" is presented by our Czech Desk, headed by Peter Karmann.
Statement Bundesrat: Product Liability Directive Proposal
Indications of the national legislator regarding the implementation
Last year, the EU-Commission presented a proposal for a new product liability directive (COM(2022) 495 final) on 28 September 2022 (hereinafter: “Directive-Proposal”), which should replace the current product liability directive 85/374/EEC, which was passed in 1985 (hereinafter: “Product Liability Directive”). The German Bundesrat has now made an official statement on this, which is likely to be an important indication of the position of the German legislator on the planned changes related to the new product liability directive. In the following, the most important provisions of the proposed directive on which the Bundesrat makes an official statement are briefly outlined.
The legal basis for cross-border divisions and changes of legal form is coming soon!
German Parliament (Bundestag) passes law to implement the EU Mobility Directive (UmRUG)
"UmRUG" nearly passes the finish line: After a tough legislative process, the German Parliament (Bundestag) passed the draft bill of the UmRUG introduced by the German government on January 20, 2023 (and thus shortly before the end of the implementation period expiring on January 31, 2023). Prior to this, the bill had been amended by the responsible Legal Affairs Committee (Rechtsausschuss). The promulgation of the Act, which is expected in February 2023, will (finally) create the legal prerequisites for cross-border reorganization transactions in the form of a division and a change of legal form involving German legal entities. Cross-border reorganization processes will thus be significantly facilitated.
Five steps to turn your new procurement software into a success for Legal
The introduction of a new procurement system is a chance to optimize processes and reduce workload not only on the procurement side but also for the legal department.
Legal and procurement departments are closely connected and benefit greatly from a shared understanding of each other’s needs and ways of working, and from clearly established processes and areas of responsibility. The implementation of a new procurement solution is a powerful moment for improving the relationship between Legal and Procurement. These five steps will help Legal own this moment of change and make the most out of it.
Regulation of E-Money and E-Money Tokens under MiCAR
MiCAR defines e-money tokens as crypto assets
Digital money comes in many forms today, from bitcoin to e-money at PayPal. MiCAR defines and regulates e-money tokens as a new class of crypto assets. This article explains which rules will apply to e-money tokens, what they have in common with e-money, and how they differ.
Digital money - Current and Future Regulation of E-Money and E-Money Tokens under ZAG and MiCAR.
The bankruptcy of the crypto exchange FTX affects millions of customers who fear for their money. According to newspaper reports, FTX owes the 50 largest creditors more than 3 billion euros. At the same time, significant opinions, e.g. the Bank of England, are calling for tighter regulation of crypto assets to protect investors. Investor protection seems particularly important when it comes to digital money. After all, these electronic assets are not only acquired as an investment, where realistically every chance of return comes with a risk of loss but are also intended to serve as payment instruments with stable value. That's why it's worth looking at the current regulation for digital money in Germany and in the EU, and at the changes the Markets in Crypto Assets Regulations (MiCAR) will bring.
People News
We are delighted to welcome a new partner in our Cologne Office, who joined Deloitte Legal in January 2023:
Deloitte Legal has strengthened its cross-location team in the area of Dispute Resolution & Litigation as well as the Government & Public Sector at the Cologne office with a new addition: Corporate lawyer Dr. Martin Wittmann (43) has been appointed as a partner at Deloitte Legal as of January 1, 2023.
Wittmann has been representing clients in litigation, arbitration and mediation proceedings for around 14 years. His work focuses on advising and representing the public sector and its companies. Most recently, he was a partner in a large commercial law firm, where he assisted municipalities in setting up and financing joint ventures for broadband expansion. Wittmann is also an expert in M&A projects including post-merger disputes. He regularly advises board members on their rights and obligations and represents them in defending themselves against claims. At the federal level, he most recently appeared as a representative of a federal ministry in connection with pandemic measures. Martin joins Deloitte Legal together with Dr. Christian Rath and Philipp Weis, who both join as senior associates.
Transaction News
We at Deloitte Legal Germany are constantly advising on numerous complex transactions and challenging projects.
We would be delighted to explain our services portfolio to you and discuss with you how we at Deloitte Legal Germany can assist you with your projects, whether in the field of Corporate Reorganizations, M&A transactions, including carve-outs, general commercial, employment law, IT/IP or LMC/LMS. Just reach out to us!
In order for you to better understand how we have helped other clients, we would like to hereinafter showcase information on a project that our teams have recently advised on.
Deloitte Legal assists Main Capital Partners in successful exit by way of sale of Onventis to Keensight
A Deloitte Legal team co-led by Max Lüerßen and Felix Felleisen have acted as legal advisors to Main Capital Partners on their sale of Onventis to Keensight Capital. The transaction marks another highly successful exit for Main Capital Partners and further enhances Deloitte Legal’s extensive track record and expertise in transactions in the software industry.
Deloitte Legal Webcast Series
In our German language Deloitte Legal Update webcast series, we address current legal issues and developments that are important for corporate practice.
In our upcoming "Legal Update" webcast in February 2023 we will discuss:
The UmRuG is here: More flexibility for cross-border corporate reorganizations - What options does the new law create? | Wednesday, 15 Febraury 2023 | 11:00 - 11:45 a.m.
Register here (Webcast in German language)
You can download the presentation of our recent webcasts here:
- Employment law update: Selected rulings at the beginning of the year here (in German language)
- How M&A can help to repair crumbling supply chains - What to watch out for? here (in English language)
In our Webcast Archive, you can find a list of previous webcasts and also download the corresponding presentations.
Should you be interested in topics discussed during one of our German language webcasts, do not hesitate to contact the respective presenters – they will be delighted to provide you with additional information in the English language.
