Annerton supports PAVIS Payments with successful application for a licence as a payment institution
Munich, 12 February 2020 – Annerton Rechtsanwaltsgesellschaft mbH has successfully supported PAVIS Payments GmbH with the application for a licence pursuant to Section 10 para. 2 sentence 1 No. 1 of the German Payment Services Supervision Act (ZAG), Guideline 3 of the EBA Guidelines. As a result, PAVIS Payments GmbH is permitted, with immediate effect, to provide the payment service of money remittance business in accordance with Section 1 para. 1 sentence 2 No. 6 ZAG.
“The fact that PAVIS Payments GmbH was the first company active in the area of property rights rather than active in the payment industry to apply for a licence as a payment institution, made the whole application process a special and new challenge for all those involved” states Christian Walz, founding partner and managing director of Annerton Rechtsanwaltsgesellschaft mbH, who was the leading lawyer providing advice regarding the supervisory aspects of the licence application process. “We are proud to have successfully concluded the licence application process for PAVIS Payments GmbH with our new law firm Annerton.”
PAVIS Payments GmbH is a subsidiary of PAVIS GmbH. The Starnberg-based service provider supports companies worldwide with the extension of patents and trademarks. PAVIS Payments GmbH was founded with the aim to bundle the group‘s IP related payment services which require a licence.
Annerton provided comprehensive and all-encompassing advice to PAVIS Payments GmbH with respect to the licence application, from the preparation of the application documents, including the drawing up of the detailed description of the business model, to structuring the business and IT processes, all the way to creating an anti-money laundering and risk handbook, an anti-money laundering risk analysis as well as other work instructions.
In addition to providing legal advice, Dr. Steffen Rapp, who is a founding partner of Annerton and a tax adviser, also advised regarding accounting law and earnings issues as well as the VAT structuring and outsourcing the operations of a payment institution, including binding information. With respect to the structuring of the IT processes, Annerton instructed Marcus Nasarek of etonec GmbH as an external adviser to the team dedicated to PAVIS Payments GmbH.
“Annerton supported us in the licence application process from the first to the last step and therefore went way beyond legal advice”, states Michael Jung, managing director of PAVIS Payments GmbH. “As a company active in a different industry, we chose Annerton based on a number of market recommendations and we were able to completely rely on the team and Christian Walz throughout the whole project.”
Annerton lawyers and tax advisers involved
- Nasim Jenkouk, lawyer (IT and supervisory law)
- Frank Müller, LL.M., founding partner and managing director (anti-money laundering law)
- Dr. Steffen Rapp, founding partner, tax adviser (accounting and tax law)
- Stephanie Wagner, lawyer (anti-money laundering law) and
- Christian Walsilviaz, founding partner and managing director (leading role; supervisory law)
Frank Müller, LL.M.
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