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Federal Government adopts draft law for the implementation of the Second Payment Services Directive (PSD II)

Federal Government adopts draft law for the implementation of the Second Payment Services Directive (PSD II)

The law makes payment initiation services and account information services subject to regulatory supervision by the Federal Financial Supervisory Authority (BaFin). Furthermore, there will be stricter authentication requirements when making online payments. On February 8, 2017, the federal government adopted a bill to implement the Second Payment Service Directive. It ... Read More »

Large companies must now report comprehensively on social aspects – sustainability reporting is mandatory from 2017

Large companies must now report comprehensively on social aspects – sustainability reporting is mandatory from 2017

Companies with more than 500 employees must report now not just on financial matters. They must now also report on how they respect the rights of their workers, protect the environment and fight corruption. The law on the Implementation of the Corporate Social Responsibility Directive (CSR) came into force on ... Read More »

Following long debates: the government enacts the law promoting transparency in remuneration structures

Following long debates: the government enacts the law promoting transparency in remuneration structures

Following the introduction of the statutory minimum wage (01/01/2015), the additional parental benefits (01/01/2015) and the gender balance for management positions (01/01/2016), which also serve to reduce the differences in remuneration between women and men, it is now the intention that an act promoting transparency in remuneration structures (EntgTranspG) will ... Read More »

Restructuring and notification of mass dismissals with regard to labor law

Restructuring and notification of mass dismissals with regard to labor law

“Fear, paranoia, insecurity.” With this apocalyptic triangle, Rose Beauchamp, Stephen Heidari-Robinson and Suzanne Heywood describe in their article Reorganization without Tears the environment in which the reorganization of companies takes place. And in this article they are only referring to the non-legal aspects of change processes. A quick glance at ... Read More »

The European Company (SE)

The European Company (SE)

Societas Europaea (“SE”) A legal form that’s also for the Mittelstand! The European company, also referred to as “SE” because of its Latin name “Societas Europaea,” is a relatively new legal form that is gaining popularity among German companies. After large Dax companies such as Allianz, BASF, Fresenius and Porsche ... Read More »

GmbH or AG – what are the differences?

GmbH or AG – what are the differences?

Many foreign entrepreneurs establish a subsidiary in Germany, frequently choosing a Kapitalgesellschaft (company) for liability and tax reasons. The most familiar forms of company in German law are the Aktiengesellschaft (AG), or public limited company and the Gesellschaft mit beschränkter Haftung (GmbH), or limited liability company. Both are autonomous legal ... Read More »

Dutch civil-law notary cannot execute a deed under German law

Dutch civil-law notary cannot execute a deed under German law

On the basis of two rulings by the German Bundesgerichtshof from 1981 and 1989, the belief arose that deeds under German law can be executed by civil-law notaries not practising in Germany. In particular, it would be possible to transfer shares in German companies or incorporate legal entities under German ... Read More »

Online traders take note: the EU Commission’s online dispute resolution platform

Online traders take note: the EU Commission’s online dispute resolution platform

Online dispute resolution platform Regulation (EU) No. 524/2013 on online dispute resolution for consumer disputes has directly applied in all EU Member States, including Germany, since January 2016. The Regulation applies only to online trade with consumers by companies headquartered in Europe (i.e. not in Switzerland, China or the USA). ... Read More »

Negotiated contract clause and General Terms and Conditions of Business

Negotiated contract clause and General Terms and Conditions of Business

National legal systems routinely contain special provisions to be used for evaluating General Terms and Conditions of Business (GTC), and German law is no exception. Clauses that qualify as general terms and conditions of business are automatically subject to this rigorous scrutiny. If they do not withstand scrutiny, they are ... Read More »

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