From growth to promotion law - changes to the interest barrier now in the Secondary Credit Market Promotion Act
In our beinformed dated October 4, 2023, we presented the intended changes to the previous interest rate cap regulations and the introduction of the so-called interest rate cap through the Act to Strengthen Growth Opportunities, Investment and Innovation as well as Tax Simplification and Fairness (Growth Opportunities Act). The Growth Opportunities Act was ultimately not passed, but some of the regulations on the interest rate cap have made it into the Act to Promote Orderly Secondary Credit Markets and to Implement Directive (EU) 2021/2167 on Credit Service Providers and Credit Purchasers and to Amend Other Provisions of Financial Market Law (Secondary Credit Market Promotion Act), which has now been passed. The anti-fragmentation regulation (amendment to the regulation of exemption limits) and the interest rate cap still provided for in the Growth Opportunities Act were not included in the Secondary Credit Market Promotion Act.
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