Germany's Federal Financial Supervisory Authority (BaFin) has opened a written consultation on a draft circular setting out its administrative practice under takeover law, intended to make takeover-related procedures easier to run and BaFin’s approach in such proceedings more transparent. The draft is presented as a consolidation of existing practice and previously published materials, and it is not intended to introduce new requirements for market participants. The circular brings together recurring questions and BaFin’s established positions, including prior guidance such as its published interpretation of section 35(3) WpÜG. BaFin intends to publish consultation submissions on its website unless respondents object to publication or onward sharing. Comments on the draft are due by 20 March 2026; the consultation will be conducted exclusively in writing with no oral hearing.
BaFin 2026-02-20
Germany's Federal Financial Supervisory Authority launches consultation on draft circular consolidating its takeover law administrative practice
The Federal Financial Supervisory Authority (BaFin) has launched a written consultation on a draft circular consolidating its administrative practice under takeover law to simplify procedures and increase transparency, without introducing new requirements for market participants. The circular compiles recurring questions and BaFin’s established positions, including its interpretation of section 35(3) WpÜG, and BaFin plans to publish consultation submissions unless respondents object.