New NPL Law In Germany - Financial Services

New NPL Law in Germany: German Secondary Credit Market Act– Revitalization of the Non-Performing Loans Market and Creating New Market Opportunities?

On 30 December 2023 the German Secondary Credit Market Promotion Act (Kreditzweitmarktförderungsgesetz) entered into force, which simplifies dealing in non-performing loans ("NPLs") by introducing a new law, the German Secondary Credit Market Act (Kreditzweitmarktgesetz).

The Secondary Credit Market Act transposes EU Directive 2021/2167 on credit servicers and credit acquirers of 24 November 2021 ("Credit Servicer Directive") into German law.

This new law could significantly change the market for NPLs.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers s،uld seek specific legal advice before taking any action with respect to the matters discussed herein.

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Please find attached the monitoring report for the period 1 November to 30 November 2023.