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Clifford Chance

Clifford Chance


German draft law clarifies licence requirements for own account trading

12 September 2019

On 5 September 2019, the German Federal Government has proposed an amendment to the German Banking Act (KWG) which clarifies German licence requirements for cross-border own account trading (Eigengeschäft) by non-EEA entities. As such, the proposal is in particular relevant for UK entities in case of a no-deal Brexit."

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