On 16 October 2015, the German Federal Ministry of Finance (Bundesministerium der Finanzen) published an initial draft (Referentenentwurf) of an act amending financial markets rules based on European legislation. The financial markets rules amendment act shall implement the guidlines set out by the revised Markets in Financial Instruments Directive (MIFID II, Directive 2014/65/EU) and the related regulation (MiFIR, Regulation (EU) 600/2014), the Market Abuse Directive (CSMAD, Directive 2014/57/EU) and and the related regulation (MAR, Regulation (EU) 596/2014), the regulation on improving securities settlement in the European Union and on central securities depositories (CSDR, Regulation (EU) 909/2014) and the regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs, Regulation (EU) 1286/2014) into national law and makes the necessary adjustments in this context which remained with the national legislator. This requires inter alia amendments to the Securities Trading Act (Wertpapierhandelsgesetz, WpHG), the Banking Act, the Stock Exchange Act, the Capital Investment Act and the Insurance Supervision Act.
With respect to the WpHG the implemantion of MiFID II and CSMAD require extensive changes necessary, for example in relation to the regulatory constraints of trading venues, the increased monitoring of derivatives, the stengthening of investor protection and abuse prevention on derivative markets. In the light of these changes, the WpHG will also be renumbered.