Capital market - Compliance

The implementation of regulations such as the Market Abuse Regulation (MAR) or MiFID II/MiFIR has led to a considerable increase in the complexity of the regulations to be complied with for market participants. Investment firms must comply with the organisational requirements for financial institutions and, in particular, set up a permanent and effective compliance function.

The appropriateness and effectiveness of the measures taken must be monitored and regularly assessed - measures must also be taken to remedy any shortcomings. Special requirements apply to the outsourcing of activities and processes.

Supervisory law provides for comprehensive documentation obligations, accompanied by recording and retention obligations.

In addition, there are closely regulated transparency provisions, be it insider and ad hoc law for issuers, the law on director's dealings and voting rights, or for multilateral trading systems and for systematic internalisers, the regulatory regime for pre- and post-trade transparency. Finally, all measures must comply with the requirements for preventing market manipulation.