The free capital market tightened regulations in capital market issues more in the cards will have to be located in the future look. On October 25, 2011, the Finance Committee released its recommendation and the report on the draft of law on the amendment of the financial investment intermediaries and investment law. The draft envisages extensive changes, that have the aim to increase investor protection in the unregulated capital markets, primarily through greater regulation. In the run-up to the decision-making, much about the impact of the coming law on the financial intermediaries and investment adviser business was discussed. Alone the question agitated the minds after an “old hares scheme” for long-time established agents. Far less of the discourse or a comment worth, published the planned changes for the sales prospectus law. While issuers face soon increased requirements, when they consider the publication of a prospectus. In the course of the revision is the still existing sales prospectus Act entirely lifted.

Its rules are included in the new law on investments (VermAnlG). This was accompanied by go not merely an adaptation of the prospectus liability and statute of limitations rules, but also increased future prospectus content requirements. The amendment of regulation through assets sales literature changed in many parts leads to an extended obligation of transparency and the bid of a more comprehensive education about risks of capital investment in the issuer. In addition, the competence of the Federal Agency for financial services supervision (BFin) be expanded. So far, their role in the issuance of assets out to check the prospectus to create on its integrity and confined.

In future, inspecting the coherence and comprehensibility of the brochure content is whether BFin. That remains, but accuracy still sidelined, but given the increased obligations, arising from the regulation through assets sales prospectuses in-depth insights for the financial service authority. Coherence and comprehensibility could develop there for some brochures to veritable hurdles. Companies that plan to acquire capital for their business, about the issue of participatory rights or Kommanditbeteiligungen should take advantage of the opportunity and now use the currently favourable legal position in terms of capital investment. In the next year, increased requirements and it is also expected that BFin takes a stricter look at the prospectus presented to her. Who will now act, should contact specialized lawyer a in questions of the capital market and investment legislation, who also has experience in the prospecting. But also for companies who only dare an issue in the coming year, more need for consultation arises from the 2012 coming into effect Act on assets. Contact: Bernd Rechtsanwaltsgesellschaft mbH Wilhelm-Weber-str. 39 D-37073 Gottingen phone: + 49 (0) 551 495 669 0 fax: + 49 (0) 551 495 669 19 E-Mail: Internet: