Germany's Federal Financial Supervisory Authority (BaFin) has issued a draft circular for consultation setting out its administrative practice in takeover law, aiming to help market participants run takeover procedures by addressing recurring questions and improving transparency around BaFin’s approach in takeover proceedings. The draft describes existing practice and consolidates previously published takeover-law materials, including guidance on BaFin’s interpretation of section 35(3) of the German Securities Acquisition and Takeover Act (WpÜG). BaFin states the circular does not create new requirements for market participants. Comments are due by 20 March 2026, with the consultation conducted exclusively in writing. BaFin intends to publish received submissions on its website unless respondents object to publication or onward disclosure.
BaFin 2026-02-20
Germany's Federal Financial Supervisory Authority launches consultation on circular consolidating takeover law administrative practice
Germany's Federal Financial Supervisory Authority (BaFin) has released a draft circular for consultation detailing its administrative practice in takeover law to enhance transparency and address recurring questions. The circular consolidates existing materials and clarifies BaFin's interpretation of section 35(3) of the German Securities Acquisition and Takeover Act, without imposing new requirements.