Munich \u2014 For the first time, Siemens AG has issued a crypto secu\u00adrity under the Elec\u00adtro\u00adnic Secu\u00adri\u00adties Act in the amount of \u20ac60 million in a decen\u00adtra\u00adli\u00adzed manner on a public block\u00adchain. Hauck Aufh\u00e4u\u00adser Lampe acted as regis\u00adtrar and paying agent in the tran\u00adsac\u00adtion. Deka\u00adBank, DZ Bank and Union Invest\u00adment inves\u00adted in the bearer bond. GSK Stock\u00admann advi\u00adsed Siemens AG on the legal struc\u00adtu\u00adring and issu\u00adance of the crypto secu\u00adri\u00adties bond under the German Elec\u00adtro\u00adnic Secu\u00adri\u00adties Act (eWpG). This is the first issu\u00adance of a crypto secu\u00adrity by a DAX-40 company in the millions.<\/p>\n
New oppor\u00adtu\u00adni\u00adties for elec\u00adtro\u00adnic securities<\/strong><\/p>\n The eWpG, which has been in force since June 2021, has made it possi\u00adble for the first time in Germany to issue elec\u00adtro\u00adnic secu\u00adri\u00adties in fully digi\u00adtal form, i.e. without a physi\u00adcal global certi\u00adfi\u00adcate. The distinc\u00adtive feature of crypto secu\u00adri\u00adties is that they are kept in a block\u00adchain-based regis\u00adtry. To date, 20 such secu\u00adri\u00adties have been issued. With Siemens AG, one of Germany\u2019s largest compa\u00adnies is now taking advan\u00adtage of this oppor\u00adtu\u00adnity on a substan\u00adtial scale for the first time.<\/p>\n The parties have thus set a mile\u00adstone in the deve\u00adlo\u00adp\u00adment of digi\u00adtal secu\u00adri\u00adties in Germany in terms of the form and amount of the issue.<\/strong> The paper was regis\u00adtered in a decen\u00adtra\u00adli\u00adzed regis\u00adtry on a public block\u00adchain in accordance with the legal frame\u00adwork for elec\u00adtro\u00adnic secu\u00adri\u00adties. The private keys are secu\u00adred by Hauck Aufh\u00e4u\u00adser Lampe Privat\u00adbank AG\u2019s in-house crypto custo\u00addian, Hauck Aufh\u00e4u\u00adser Digi\u00adtal Cust\u00adody (HADC). This struc\u00adture meant that sett\u00adle\u00adment via a central secu\u00adri\u00adties depo\u00adsi\u00adtory or a market maker was not neces\u00adsary. The parties could thus deal directly with each other bila\u00adte\u00adrally and settle the paper through the register.<\/p>\n GSK Stock\u00admann and a team led by Frank\u00adfurt part\u00adner Dr. Tobias Rieth\u00adm\u00fcl\u00adler advi\u00adsed Siemens AG on the capi\u00adtal markets and banking regu\u00adla\u00adtory aspects of the issue. Among other things, the advice rela\u00adted to support in the draf\u00adting and nego\u00adtia\u00adtion of the requi\u00adred contrac\u00adtual docu\u00adments (bond terms and condi\u00adti\u00adons, issu\u00adance agree\u00adment, crypto secu\u00adri\u00adties regis\u00adtra\u00adtion agree\u00adment, paying agent agree\u00adment) as well as compli\u00adance under the eWpG.<\/p>\n GSK Stock\u00admann was able to draw on expe\u00adri\u00adence in the project, among other things, from advi\u00adsing on one of the first ever block\u00adchain secu\u00adri\u00adties tran\u00adsac\u00adtions in Germany, which also invol\u00adved Siemens AG in 2019. Most recently, GSK Stock\u00admann advi\u00adsed Deut\u00adsche Finance Group on the issu\u00adance of an elec\u00adtro\u00adnic secu\u00adrity in Novem\u00adber 2022, also led by Dr. Tobias Riethm\u00fcller.<\/p>\n Advi\u00adsors to Siemens AG: GSK Stockmann<\/strong> Heuking advi\u00adsed Hauck Aufh\u00e4u\u00adser Lampe Privat\u00adbank AG on the first crypto secu\u00adri\u00adties issue of Siemens AG, led by Frank\u00adfurt part\u00adner Dr. Dr. Johan\u00adnes Blassl. Also advi\u00adsing on various aspects of the tran\u00adsac\u00adtion were part\u00adner Dr. Anne de Boer, part\u00adners Dr. Thors\u00adten Kuthe and Dr. Chris\u00adtoph Grin\u00adgel, and asso\u00adcia\u00adtes Linda Karl, Mich\u00e8le von Lewin\u00adski and Lena Wagner.<\/p>\n The compa\u00adnies invol\u00adved have thus set a mile\u00adstone in the deve\u00adlo\u00adp\u00adment of digi\u00adtal secu\u00adri\u00adties in Germany in terms of the form and amount of the issue. The paper was regis\u00adtered in a decen\u00adtra\u00adli\u00adzed regis\u00adtry on a public block\u00adchain, in accordance with the legal frame\u00adwork for elec\u00adtro\u00adnic secu\u00adri\u00adties. The private keys were secu\u00adred by Hauck Aufh\u00e4u\u00adser Lampe Privat\u00adbank AG\u2019s in-house crypto custo\u00addian, Hauck Aufh\u00e4u\u00adser Digi\u00adtal Cust\u00adody (HADC).<\/p>\n As part of the tran\u00adsac\u00adtion, various contracts had to be drawn up. In parti\u00adcu\u00adlar, new regu\u00adla\u00adti\u00adons such as the new Regu\u00adla\u00adtion on Requi\u00adre\u00adments for Elec\u00adtro\u00adnic Secu\u00adri\u00adties Regis\u00adtries (eWpRV) require crypto secu\u00adri\u00adties regis\u00adtrars to adhere to high regu\u00adla\u00adtory stan\u00addards for such tran\u00adsac\u00adtions. For Dr. Dr. Johan\u00adnes Blassl, who has been advi\u00adsing Hauck Aufh\u00e4u\u00adser Lampe on various projects for quite some time, this is his first tran\u00adsac\u00adtion as a Part\u00adner at Heuking. The crypto and compli\u00adance expert had only joined Heuking in mid-January.<\/p>\n Advi\u00adsors to Hauck Aufh\u00e4u\u00adser Lampe: Heuking K\u00fchn L\u00fcer Wojtek Munich \u2014 For the first time, Siemens AG has issued a crypto secu\u00adrity under the Elec\u00adtro\u00adnic Secu\u00adri\u00adties Act in the amount of \u20ac60 million in a decen\u00adtra\u00adli\u00adzed manner on a public block\u00adchain. Hauck Aufh\u00e4u\u00adser Lampe acted as regis\u00adtrar and paying agent in the tran\u00adsac\u00adtion. Deka\u00adBank, DZ Bank and Union Invest\u00adment inves\u00adted in the bearer bond. [\u2026]<\/p>\n","protected":false},"author":2,"featured_media":47924,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"footnotes":""},"categories":[886,1364,1366,1367,1368,1369,1372,1386,1389],"tags":[],"class_list":["post-47925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-en","category-featured-en","category-news-en","category-lawyers-tax-advisors-auditors-en","category-lawyers-tax-consultants-auditors","category-investors","category-consultant","category-capital-market-advisor","category-private-debt-mezzanine-financing-en"],"yoast_head":"\n
\nDr. Tobias Rieth\u00adm\u00fcl\u00adler (Lead Part\u00adner, Banking and Capi\u00adtal Markets), Dr. Timo Patrick Bernau (Banking and Finan\u00adcial Regu\u00adla\u00adtory Law); Asso\u00adcia\u00adtes: Patrick Wambold (Banking and Capi\u00adtal Markets, Digi\u00adtal Finan\u00adcing Plat\u00adforms), Dr. Martin Frey\u00adtag (Banking and Finan\u00adcial Regu\u00adla\u00adtory Law)<\/p>\n
\n<\/strong>
\nDr. Dr. Johan\u00adnes Blassl (lead), Frank\u00adfurt; Dr. Anne de Boer, LL.M., Stutt\u00adgart; Dr. Thors\u00adten Kuthe, Colo\u00adgne; Dr. Chris\u00adtoph Grin\u00adgel, Mich\u00e8le von Lewin\u00adski, Linda Karl, Lena Wagner, (all Capi\u00adtal Markets), all Frankfurt.<\/p>\n","protected":false},"excerpt":{"rendered":"