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Germany’s new coalition agreement: Change is afoot for the financial services industry? | Allen & Overy LLP

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The three political parties set to form the next German government published a coalition agreement on 24 November. Its part on the German and European financial market in most respects seems to indicate only modest changes to the current policy. Its spirit is rather “industry and innovation friendly” in that the financial industry is seen as a partner rather than as an adversary: It backs the key European reform proposals, including the review of MiFID/MiFiR, promotion of sustainable finance, anti-money laundering and Basel III/IV implementation. EU Member States and its credit institutions will also take particular note of the commitment to complete the Banking Union involving a compromise position on the much debated European deposit insurance scheme.

1. Banking Union: Commitment to completion, but no mutual risk sharing

In terms of its commitment to the Banking Union, the new government seeks to strike a delicate balance. While it highlights…

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