Financial Regulation International
Germany
Memorandum concerning the proposed new provision of the German Banking Act (Kreditwesengesetz – “KWG”) on licence requirements
Frank M Herring. Norton Rose, Frankfurt. +44 (0)69 505 0960
The Federal Government recently published the draft of the Fourth Act on Further Development of the Financial Market in Germany
(4.
Finanzmarktförderungsgesetz
– “4.FMG”). This Act fundamentally changes, amongst other things, the requirements for obtaining a licence for the carrying
out of banking and financial services business in Germany.