| 9:00 - 9:10 a.m. | Opening Remarks Anna de Waele, Consultant Law and Regulation, BAI e.V. |
| 9:10 - 9:55 a.m. | Keynote: „Saxony-Anhalt Goes Crypto – How Saxony-Anhalt Is Building the Bridge Between Sovereign Issuance and the Digital Future of Capital Markets“ - A German State’s First Crypto-Securities: Detailed Insights into the Background, Drivers, and Challenges of the First Digital State Issuance Under the eWpG
- Technology Meets Tradition: How Blockchain/DLT Infrastructures Are Transforming the Settlement and Administration of Government Financial Instruments.
- More Than a Flash in the Pan: What strategic implications DLT infrastructure holds for Saxony-Anhalt’s capital market strategy.
Markus Krause, Head of the Capital Markets Division, Ministry of Finance of the State of Saxony-Anhalt |
| 9:55 - 10:20 a.m. | „Crypto Exposure in a Private Equity Fund – Indirect Investments via ETPs and Custody Considerations“ - Objective: Establishing a small tactical crypto allocation for diversification purposes within a closed-ended AIF
- Implementation Approaches: ETPs versus direct token allocations; advantages and disadvantages within AIF structures
- Role of the Depositary, Custodian Bank and Crypto Custodian: Asset segregation, safekeeping arrangements and liability considerations
- Portfolio- and Liquidity Management: Valuation, pricing feeds and stress-testing methodologies
- AML- and Travel Rule Framework: Compliance requirements for crypto asset transfers
- KAGB/AIFMD Considerations: Investment restrictions, depositary obligations, delegation and outsourcing requirements relating to crypto assets
- MiCAR Interface: Product and service regulations applicable to crypto assets and crypto ETPs
Dr. Kati Beckmann, Partner, Greenberg Traurig and Carsten Kociok, Partner, Greenberg Traurig |
| 10:20 - 10:45 a.m. | „DeFi Tokens – Accessing DeFi Strategies through Digital Securities: How investors can gain exposure to various DeFi strategies through crypto securities issued under Germany’s Electronic Securities Act (eWpG)“ - What is Decentralised Finance (DeFi) and what new investment opportunities does this market offer?
- Why has direct access to DeFi so far been hampered by technical and legal hurdles for many investors?
- How can DeFi strategies be translated into a familiar and legally structured investment product?
- How to make DeFi investable by issuing crypto-securities in accordance with the eWpG.
Dr. Robert Oppenheim, Partner, Osborne Clarke
Marcel Uhlmann, CIO and Managing Director, Tradevest Markets |
| 10:45 - 11:20 a.m. | Coffee break |
| 11:20 - 12:05 a.m. | Panel Discussion: „Regulatory Challenges of DLT-based Securities“ Dr. Dr. Johannes Blassl, Partner, HEUKING
Friederike Burckhardt, Head of Digital Assets Capital Markets, LBBW
Nadja Reiß, Senior Associate, Annerton
Dr. Miguel Vaz, Managing Director, Hauck Aufhäuser Digital Custody
Moderation: Sina Nennstiel, Consultant Law, Regulation and Taxation, BAI e.V. |
| 12:05 a.m. - 12:30 p.m. | „DLT Pilot Regime, Market Integration Package and eWpG: Current Developments for Custodians and German Management Companies (KVGs)“ - New perspectives for depositaries: DLT notarial services and DLT central account management
- Securities settlement and finality in times of DLT
- The enhanced DLT Pilot under the Market Integration Package
Dr. Alexander Glos, Partner, Freshfields
Dr. Theresa Kreft-Tönningsen, Principal Associate, Freshfields |
| 12:30 - 12:55 p.m. | Impulse Lecture: „Securities Tokenisation – accelerating Europe’s ambitions“ Thilo Derenbach, Head of Sales & Business Development, Clearstream Banking - Deutsche Boerse Group |
| 12:55 - 2:00 p.m. | Lunch |
| 2:00 - 2:40 p.m. | „DLT-Based Capital Markets: From Proof-of-Concepts to Scaling“ - An overview of KfW’s DLT activities
- Insights into KfW’s third DLT bond
- Analysis of the current state of maturity of the DLT-based financial market & next steps
Tim Meirer, Senior Manager Capital Market Innovation, KfW Bankengruppe |
| 2:40 - 3:05 p.m. | „AI Agents in Fund Operations & Finance – how investor onboarding, asset screening and KYC/AML/tax compliance are undergoing fundamental change“ - Onboarding Without Media Breaks: What happens when agents independently research and verify register documents, ownership structures, FATCA/CRS self-certifications and TIN validations? Where is human approval still required?
- Perpetual KYC Instead of Periodic Reviews: The AMLR will change the review cycle from 2027 onwards. Are agents the answer to automated risk scoring and continuous monitoring of PEP status, sanctions lists, ownership structures and registry data, with escalation only when a material change is detected? Does this improve compliance while reducing costs?
- The Reality Check: Hallucinations in the AML context, audit trails, auditability by the CSSF/BaFin, and the question: Who is liable if an agent gets it wrong? Which processes are already production-ready, and which are not?
Ivo Schmiedt, Founder and CEO, Vestlane |
| 3:05 - 3:30 p.m. | Coffee break |
| 3:30 - 4:10 p.m. | Panel Discussion: „Between automation and judgement: AI as a new co-pilot for investors and fund managers“ Dr. Lina Boecker, Partner, Osborne Clarke
Marius Raetz, Counsel, Linklaters
Moderation: Prof. Dr. Reiner Braun, Holder of the Chair in Entrepreneurial Finance, Technische Universität München (TUM) |
| 4:10 - 4:55 p.m. | Keynote: „Beyond the NAV: What Fund Managers Really Communicate in Their Quarterly Reports“ - How AI Can Be Used to Automatically Analyze the Qualitative Sections of GP Reports
- The Additional Predictive Signals Hidden in Fund Managers’ Language
- What This Means for Investors’ Valuation, Monitoring, and Investment Decisions
Prof. Dr. Reiner Braun, Holder of the Chair in Entrepreneurial Finance, Technische Universität München (TUM) |
| Starting 4:55 p.m. | Closing Remarks & Get-Together |
