Annerton Rechtsanwaltsgesellschaft mbH successfully advised PAIR Finance on applying for a license under the new Credit Secondary Market Act.
The Secondary Credit Market Act (Kreditzweitmarktgesetz, KrZwMG) came into force on December 31, 2023, putting pressure on the affected companies and the German Federal Financial Supervisory Authority (BaFin), because the necessary permit applications had to be submitted by April 2024.
In particular, collection agencies that collect non-performing loans now require a permit under the Credit Secondary Market Act. This brings companies previously registered only under the Legal Services Act under the supervision of BaFin.
Daniela Gaub, General Counsel at PAIR Finance, sums up: “The application process was new, and the regulatory requirements were still unfamiliar, but we had to get the application ready in record time. We did this in a team with Annerton and we are proud of the result.”
Annerton partner Dr. Susanne Grohé took the lead on the application for the licensing procedure and successfully completed it. The necessary and complex ownership control procedure was carried out with the support of Annerton partner Anh-Vu Tran.
Dr. Susanne Grohé, lawyer and partner at Annerton: “We are delighted and would like to thank the PAIR Finance team for the trust they have placed in us and for the excellent cooperation. Together, we broke new ground in the application process and were able to clarify some fundamental questions with BaFin and Bundesbank.”
About PAIR Finance
PAIR Finance is a leading fintech for digital debt collection and claims management. The company is changing the debt collection industry with its sustainable digital, efficient and customer-oriented approach. Using artificial intelligence, behavioral psychology and data science, PAIR Finance is setting a new standard in debt collection that supports business customers and consumers alike. More than 500 companies in a range of sectors are already successfully using the debt collection solution for the digital age. Founded in Berlin in 2016, the fast-growing company has a renowned private equity investor at its side in Pollen Street. PAIR Finance has more than 270 experienced employees at its company locations in Berlin, Vienna, Amsterdam, Zurich and Stockholm and is managed by founder and CEO Stephan Stricker.
Further information: https://pairfinance.com
About Annerton
Annerton is an independent law firm specializing in regulatory law in the financial sector. Since 2020, Annerton Rechtsanwaltsgesellschaft mbH in Germany and Annerton S.A. in Luxembourg have been advising established international institutions and corporations as well as innovative start-ups in the banking, financial services and digital economy sectors. Annerton currently has 26 lawyers, two tax advisors and other team members at its four offices in Berlin, Frankfurt am Main, Munich and Luxembourg.
Further information: www.annerton.com