Albert Regulatory Consultant Piispankatu 12 B 46, 20500 Turku, Finland

Banking and capital market law

With the wide range of legal obligations in the various areas of entrepreneurial activity, it is not surprising that coping with the legal requirements is becoming an ever greater challenge, especially for medium-sized companies and financial service providers. The government controls the money. They cannot control bitcoin, but they can control financial institutions and that is you in case you want to get legally on the market with your financial service.

Until a few years ago, regulatory compliance was an important issue, especially in the area of ​​regulated companies (especially in the financial industry). This meant, above all, compliance with various regulatory requirements of the Banking Act (KWG) or other provisions of the financial market (e.g. according to the Money Laundering Act).

However, compliance is now a cross-industry challenge that almost every company has to face, in particular all enterprises in the cryptocurrency space. Starting with labor law requirements (working hours, occupational safety), through imprint obligations on the homepage to the currently particularly relevant new requirements according to the General Data Protection Regulation (GDPR).

Hardly any company can avoid the introduction of control and monitoring systems to ensure compliance with the regulations. We help you to identify the compliance areas relevant to your company and to keep the associated liability risks manageable, also for the board and management. We can work out the essential duties and provide management and employees with guidelines and checklists.

Such a compliance system must therefore be individually tailored to the respective company and the relevant branch and only properly if it takes your concerns and risks into account and minimizes them. These efforts can also not be avoided insofar as compliance with legal requirements is always a “top priority” and cannot be sat out. Because according to the jurisprudence of the BGH, many regulations, insofar as they serve to protect customers and business partners, are to be regarded as “third-party protective”.

However, violations not only lead to a claim for damages against the company, but also against the acting bodies personally. For this reason alone, at least in your area, every manager should take compliance seriously and recognize the resulting risks. So take your time on this topic as soon as any need for action becomes apparent.

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