Law for Urgent Changes in the Financial Markets and Tax Sector

The "Law for Urgent Changes in the Financial Markets and Tax Sector" has been proposed by the German Parliament on 2024-12-17. This law aims to align German financial regulations with EU directives, promote financial market stability, and reduce administrative burdens. Key changes include dissolving the FMSA, introducing ESAP as a central access point for financial information, and updating tax laws to exempt certain public institutions. The estimated implementation costs of ESAP are around 15 million euros, primarily affecting businesses in the financial sector.