Monthly Dose of Germany

Disclosure of Remuneration Policy and Remuneration Systems Reloaded

The modified requirements for the disclosure of the remuneration policy and the remuneration systems in CRR II and in Sec. 16 of the Remuneration Ordinance for Institutions (Institutsvergütungsverordnung, “InstitutsVergV”).

For the first time when disclosing their remuneration policy for the reporting year 2021 institutions must comply with the modified requirements of Art. 431 et seq. Regulation (EU) 2019/876 (CRR II), as well as Section 16 of the revised version of the Remuneration Ordinance for Institutions (IVV 4.0), which came into force on September 25, 2021. We discuss the revised regulatory requirements and our initial practical experience with their implementation in this Client Alert.

AIFMD II

On November 25th, 2021, the EU Commission published a proposal "COM(2021)721 final" to amend Directive 2011/61/EU on Alternative Investment Fund Managers (the "AIFMD II").

We have summarized for you the main changes proposed by the European Commission to revise the Alternative Investment Fund Managers Directive 2011/61/EU (the "AIFMD", the "AIFMD II"), which will be relevant for alternative investment fund managers (the "AIFM").

ATAD III (Shell Companies)

Potential impact on fund structures:
At the end of 2021, the European Commission published a proposal to prevent the abuse of shell companies for tax purposes in the form of a proposed EU Directive called "Anti- Tax Avoidance Directive III" (the "ATAD III"), which is scheduled to enter into force on January 1st, 2024.

EU Platform published its proposals for taxonomy

The EU Sustainable Finance Platform published two reports at the end of March 2022 with proposals to further develop the European Sustainable Taxonomy Framework.

• Report on taxonomy extension options supporting a sustainable transition
  
• Report on the concretization of the EU taxonomy for environmental objectives 3 to 6
  

Transactions News

We at Deloitte Legal Germany have had the opportunity to advise on quite a few transactions and would be happy to discuss opportunities that we see and services that we can offer in the field of M&A, including carve-out transactions, with you. Hereinafter, we would like to provide an overview on a recent transaction that our teams have advised on.

Telefónica Tech | Acquisition of BE-terna:
Deloitte Legal advises Telefónica Tech on the acquisition of BE-terna
More info

Deloitte Legal Webcast Series

In our German language Deloitte Legal Update webcast series, we address current legal issues - both in dealing with COVID-19 and the consequences of the Pandemic, as well as other legal trends and developments that are important for corporate practice.

Topics recently featured in our Webcast Series included, by way of example:

• Digitization and platform regulation: Our experts gave an insight about new unfair competition and data regulations for online business transactions.
• Pensions Run Off@Rentnergesellschaft: Current developments and structuring options. Wednesday, 29 June 2022 | 11:00 - 11:45 a.m. Register here (Webcast in German language)

A list of all the webcasts we have already held, including downloads of the German language presentations, can be found here.

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.

Legal on Air Podcasts

This year, we will continue our podcast "Legal on Air summer trip" during the summer months. Our country desk representatives will discuss topics such as supply chains, mobility guidelines and much more with their international colleagues.

The first episode will be available by the middle of July 2022. You can listen to all episodes here:

Podcasts: Legal on Air