German Secondary Credit Markets Act (Kreditzweitmarktgesetz) Implementing New EU Legislation for NPL and Distressed Debt Transactions.

Until 29 December 2023 new miles on non-performing loans * PLs) and distressed debt trades had to be introduced into the local laws of all Member States of the EU. Such new rules establish new procedures for the servicing and collection of NPLs and distressed debt acquired after 29 December 2023 as well as new obligations for sellers and purchasers of NPLs and distressed debt, irrespective of whether the purchasers are resident in the EU. the UK, the US or elsewhere in the world. Purchasers of NPLs and distressed debt now need to appoint a licensed credit servicing institution for the acquired portfolios. Such new EU rules have been implemented in Germany through the German Secondary Credit Markets Act *reditzweitmarktgesetz) which came intoforce on 30 December 2023. [ABSTRACT FROM AUTHOR]