Financial Services

How can you quickly obtain a banking license?
Is the investment strategy of your fund consistent?
Do your customer agreements comply with the current regulations?

Both supervisory law and tax law: for banks, insurers and investment companies these are two sides of the same coin. That’s why PwC Legal and PwC offer you an excellent combination of lawyers and tax experts – an unmatched combination in the world of finance that provides our clients with prompt and comprehensive advice.

For banks and financial services providers

Would you like to enter the German financial market or to expand your business? Let us work together. We know what matters when preparing the license procedure and we support you in the thorough documentation as well as the negotiations with the Federal Financial Supervisory Authority (BaFin). To ensure a focused, individual and transparent set up of your institution we have developed the „SmartFormationManager” – an IT solution that has been specifically designed for the formation of banks. Furthermore, we cooperate with the specialists of PwC to develop consistent business models for you that meet the various challenges of licensing procedures

PwC Legal can also assist you should your company seek to acquire an already existing institution. Foreign or domestic banks all benefit from our interdisciplinary competencies regarding the German Banking Act (KWG), licenses, existing authorisations or expertise on new financial products. We are also familiar with very specific areas such as Islamic finance.

Here’s how PwC Legal assists you

Our lawyers

  • advise you on how to thoroughly prepare and document the licensing procedure through the Federal Financial Supervisory Authority (BaFin)..
  • support you in establishing EU branches in Germany and abroad.
  • assist you in acquiring shares in domestic banks.
  • provide guidance during the due diligence process, contract negotiations and ownership control procedures before supervisory authorities should your company seek to acquire an already existing institution..
  • assist you in restructuring and outsourcing measures.
  • advise you on compliance, money laundering, consumer protection, data protection and risk management issues.
  • analyse structured finance products and innovations.
  • advise you on supervisory law issues regarding commodity trading and on capital market and stock exchange law.
  • review existing agreements with customers and competitors and elaborate new agreements.

For insurers

Insurance companies constantly need to adapt to changing regulations regarding supervisory, insurance agreements and corporate law issues. Let PwC Legal support you and, thus, benefit from our outstanding technical expertise and swiftness.

Many insurers approach PwC Legal in order to have their set of contracts or their tariff system updated in accordance with the current legal requirements or they seek advice on the reliability of their investments. Of course, we also deal with all your legal aspects regarding the formation of a new company or the reorganisation of a corporate group.

Here’s how PwC Legal assists you

in insurance contract law issues

Our lawyers

  • elaborate and review contract documentation of insurance products.
  • optimise your application documentation
  • develop products while taking tax requirements into account through cooperating with PwC’s tax experts.
  • advise you on variable annuities.
  • support you in the field of group insurance policies.

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in insurance sales law issues

Our lawyers

  • elaborate and amend insurance agency agreements.
  • address your trade law issues regarding insurance sales, liability law, sales compliance and online insurance policy offers.
  • elaborate forms and checklists for the advisory documentation.
  • structure multilevel sales models for you.
  • develop commission models.
  • address your issues regarding the freedom to provide services and the freedom of establishment.

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in corporate supervisory law issues

Our lawyers

  • support you in obtaining the authorisation to conduct business.
  • appoint managing directors
  • advise you on business plan amendments, portfolio transfers and the directives Solvency I and II.
  • assess investment products for their compliance with supervisory law aspects.
  • advise you on compliance regarding the cooperation with insurance intermediaries.
  • address financial conglomerates issues.
  • take specific aspects regarding mutual insurance societies (VVaG) into account..
  • support you regarding branch offices/provision of services, run-off of insurance portfolios as well as outsourcing projects.
  • provide on-going advice on supervisory law issues for insurers.

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as a foreign insurer and pension fund entering the German market

We

  • support you in the formation of branch insurance offices, the provision of services and the coordination with the supervisory authority BaFin.
  • advise you on the development of products, including tax requirements in cooperation with PwC’s tax experts.
  • elaborate and review contract documentation.

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in insurance sales law issues

Our lawyers

  • elaborate and amend insurance agency agreements.
  • address your trade law issues regarding insurance sales, liability law, sales compliance and online insurance policy offers.
  • elaborate forms and checklists for the advisory documentation.
  • structure multilevel sales models for you.
  • develop commission models.
  • address your issues regarding the freedom to provide services and the freedom of establishment.

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in the legal advice for corporate pension fund providers

We

  • offer a comprehensive or specific legal compliance review, including optimisation support regarding
    • insurance supervisory law,
    • insurance contract law,
    • accounting and
    • employment and social law.
  • provide on-going advice on the legal practice areas mentioned above.
  • assist you in restructuring processes.

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in the development of modern finance and insurance concepts (alternative risk transfer)

Our lawyers

  • provide support regarding captives (primary insurers or re-insurers).
  • develop protected cells.
  • design finite solutions.
  • share their know-how on risk securitisation with you.

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in claims assessment and litigation

We

  • assist you in liability and coverage litigation and arbitration (D&O, liability insurance, etc.).

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For investment companies

For investment companies

In the international finance business legal certainty is essential when entering markets or dealing with product issues. If you wish to enter the German market as an investment company you also need approval by BaFin. We shall be pleased to clarify for you whether the new products your fund managers and marketing experts have developed are permissible beyond doubt. We shall also inform you about the documentation regulations you need to comply with so that you can launch your marketing activities.

Here’s how PwC Legal assists you

Our lawyers

  • review the legal certainty of investment instruments.
  • advise you on structuring products.
  • analyse fund characteristics and real estate investment trusts (REITs).
  • elaborate legally certain sales advertisements.
  • advise you on alternative investments.

Contacts

Dr. Jörg Wulfken

Financial Services

Tel: +49 69 9585-2447