30 April 2009
Germany's new Mortgage Bond Act came into force on March 26, 2009 and it will be accompanied by a series of changes to other legislation governing the capital markets.
In addition to the comprehensive changes introduced by the Mortgage Bond Act, the German Banking Act (or KWG) will also be amended to take into account changes to the regulation of the Refinance Register. The legislative amendments will expand on the Refinance Register provisions which were introduced into the KWG in 2005 and will enable German credit institutions to use the Register to strengthen their international standing in the market. Credit institutions will also have the option to use the amended German supervisory law as an alternative to English Trust Law.
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For inquiries related to this Client Alert, please contact:
Dr. Simon Grieser, Partner, +49 69 79 41 1301,
Dr. Ralf Hesdahl, Partner, +49 69 79 41 1171,
Dr. Jörg Wulfken, Partner, + 49 69 79 41 2951,