Bundesverband Alternative Investments e.V. (BAI)

Further Financial Market Regulation

In addition to the specific and direct regulation of the fund industry through AIFM Directive, UCITS Directive, ELTIF Regulation, EuVECA Regulation, and EuSEF Regulation, there are a multitude of other regulatory areas relevant to this industry, e.g. related to market infrastructure, trading and distribution activities or related services.

These include, in particular, the European financial markets directive MiFID II (together with the MiFIR Regulation), which also contains the relevant regulations on algorithmic or high frequency trading, the European market infrastructure regulation EMIR, which deals with requirements for the parties to derivative transactions, the regulation of securities financing transactions through the SFTR Regulation, the CSDR Regulation for the organisation and supervision of central securities depositories, or of course the European short selling regulation, which came back into focus in the Corona crisis.


Directive - Text
ESMA’s interactive MiFID II page with links

Regulation - Text
ESMA’s interactive MIFIR page with links

Short Selling


EU Regulation on short selling

Leerverkaufs-Anzeigeverordnung (LAnzV)

Weitere Informationen

ESMA page on short selling

ESMA Decision of September 17 2020
Decision requiring net short position holders to report positions of 0.1% and above

BaFin FAQ zu Leerverkäufen

Algorithmic trading and high frequency trading


Art. 4 MiFID II text
ESMA’s interactive MiFID II page with links

Art. 17 MiFID II text
ESMA’s interactive MiFID II page with links

Weitere Informationen

BaFin FAQ zum algorithmischen Handel und Hochfrequenzhandel

BaFin Webseite



Regulation text
ESMA’s interactive SFTR homepage with links

Weitere Informationen

ESMA theme page on SFTR-Reporting

BAI feedback statements

Stellungnahme zum Referentenentwurf eines Gesetzes zur Einführung von elektronischen Wertpapieren
14. September 2020


Response form for the Joint Consultation Paper concerning ESG disclosures
23. April 2020


Stellungnahme zur BaFin-Konsultation 16/2019, QIN 2017-2019-0001 - Merkblatt der BaFin zum Umgang mit Nachhaltigkeitsrisiken
3. November 2019


Stellungnahme zur Konsultation zum Eckpunktepapier des BMF und des BMJ über elektronische Wertpapier und Krypto-Token
12. April 2019


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