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Monthly Dose of Germany: October 2023
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 edition of our "Monthly Dose of Germany" is presented by our Czech Desk, headed by Peter Karmann.
Federal Ministry of Finance publishes draft of new Financial Crime Combating Act (Finanzkriminalitätsbekämpfungsgesetz, FKBG)
The German Federal Ministry of Finance has published a comprehensive draft law to improve the fight against financial crime, including the bundling of competencies under a new federal authority and numerous legislative amendments to implement the recommendations of the Financial Action Task Force (FATF) and the results of the 2022 audit of Germany. Within this framework, it is planned to establish a Federal Office for Combating Financial Crime (Bundesamt zur Bekämpfung von Finanzkriminalität, BBF). The two relevant existing units, the Financial Intelligence Unit (FIU) and the Central Office for Sanctions Enforcement (Zentralstelle für Sanktionsdurchsetzungen, ZfS), are supposed to be subordinated to this authority in the future. There will also be significant changes regarding the Anti Money Laundering Act (Geldwäschegesetz, GwG) and those subject to anti-money laundering obligations. Some regulations are scheduled to come into force as early as April 1, 2024.
The article covers these topics, among others:
- Overview of the relevant changes for obliged entities under the Money Laundering Act
- "Super money laundering authority": bundling key competencies in the new BBF
- "Heart" of the BFF: Money Laundering Investigation Center
- Supervision and administrative investigation: FIU, ZfS, ZfG
- Better Registers: The New Real Estate Transaction Register and Higher Data Quality in the Transparency Register
"Monthly Dose" Employment Law: October 2023
Current case law in employment law
The October 2023 edition of our Monthly Dose Employment Law on current case law summarizes the judgments
- of the German Federal Labour Court (Bundesarbeitsgericht, BAG) dated 30 March 2023, on the liability of a Managing Director of a GmbH in the event of failure to pay the minimum wage,
- of the BAG dated 29 June 2023 on the use of recordings from open video surveillance in dismissal lawsuits at labour court,
- of the European Court of Justice (ECJ) dated 22 June 2023 on the compability of public sector’s temporary work (Personalgestellung) with EU-directive on temporary work,
- of the Higher Labour Court (Landesarbeitsgericht, LAG) Hamm dated 15 May 2023 on the possibility of restricting the employer's directive right (Weisungsrecht) in the context of the titling of a (continued) employment claim, and
- of the LAG Munich dated 22 May 2023 on the scope of the works council's imitative right when introducing a working time recording system.
Article by Anna Mafalda Bock, Frauke Heudtlass, Dr. Lars Hinrichs, Dr. Theresa Kohl and Elisa Ultsch.
Read full article here.
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 advises Panaria Group on the acquisition of significant parts of insolvent Steuler Fliesengruppe
With a cross-location team led by partners Dr Michael von Rüden (Corporate/M&A, Düsseldorf), Frank Tschentscher, LL.M. (Business Recovery, Hamburg), Dirk Hänisch, LL.M. (Corporate/M&A, Düsseldorf) and Dr Charlotte Sander (Employment, Hanover), Deloitte Legal provided comprehensive transaction and insolvency law advice to the Italian Panaria Group on the acquisition of significant units of Steuler Fliesengruppe.
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 we will discuss:
Credit Sales as a Portfolio Management Tool
Current developments in the financial markets suggest that loan sales (both NPL and PL) are once again becoming more of a focus of banks' portfolio management. Funds and other financial market participants have significant investment interest and are on the lookout for corresponding opportunities. At the same time, the draft of the Secondary Credit Market Act contains numerous requirements that already have to be taken into account in current credit trading transactions.
Dr. Simon Grieser and Nils-Alexander Berent take a closer look at the developments in the market and the (future) legal framework in this multidisciplinary webcast.
Thursday, 2 November 2023 | 11:00 - 11:45 a.m.
Register here (Webcast in German language)
You can download the presentation of our recent webcast here:
- Sound Compensation Update 2023: Employment law and regulatory update for remuneration systems of institutes here (in English language). Dr Lars Hinrichs and Carsten Auel gave an update on employment law and regulatory aspects for remuneration systems of institutes.
- Update on the Social Partner Model (SPM) here (in English language). Dr Lars Hinrichs, Dr Klaus Friedrich and Elisa Ultsch discussed the question: "SPM: Pure defined contribution pension commitment before the breakthrough in practice?"
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.
Japanese Services Group Academy: Cyber Security
The JSG Academy is a newly established series of seminars, which will give you a guidance about selected hot topics based on our experiences on projects for Japanese clients which helps you accelerate your business in Germany/EU. In the upcoming seminar, Dr Till Contzen and experienced team members for Cyber Security are going to introduce major considerations on this topic.
Wednesday, 22 November 2023
Duesseldorf office, Germany
Register here (Seminar in English language)
If you wish to attend, please register by 8th November.
