Bafin threatens centuries of stability with SSD reclassification

Bafin, the German financial regulator, is seriously considering reclassifying Schuldscheine from loans to securities as the market pushes towards digitisation, according to a senior German debt banker. Such a move would have far-reaching consequences on demand for the product, which has allowed the market to blossom over the past two years, writes Silas Brown.

  • By Silas Brown
  • 08 Nov 2018

Under the German Civil Code — the legal basis of a Schuldschein contract — the product is characterised as a loan, and thus sidesteps the complexities of MiFID II and other regulations that affect securities. 

The market enjoys lighter documentation as a consequence, which draws many borrowers to ...

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