Heuking advises Hauck Aufhäuser Lampe as registrar on Siemens AG’s first crypto securities issue

Led by Frankfurt-based Partner Dr. Dr. Johannes Blassl, Heuking advised Hauck Aufhäuser Lampe Privatbank AG on the first crypto securities issue by Siemens AG. Partner Dr. Anne de Boer, Partners Dr. Thorsten Kuthe and Dr. Christoph Gringel, and Associates Linda Karl, Michèle von Lewinski, and Lena Wagner also advised on various aspects of the transaction.

On February 13, 2023, Siemens AG issued its first digital bond, in accordance with Germany’s Electronic Securities Act, in the amount of EUR 60 million in a decentralized manner on a public blockchain. Hauck Aufhäuser Lampe acted as registrar and paying agent for the transaction. DekaBank, DZ Bank, and Union Investment invested in the bearer bond.

In terms of form and amount of the issue, the companies set a milestone in the development of digital securities in Germany. In accordance with the legal framework for electronic securities, the bond was registered in a decentralized register on a public blockchain. The private keys were secured via Hauck Aufhäuser Digital Custody (HADC), Hauck Aufhäuser Lampe Privatbank AG’s in-house crypto custodian.

Various legal agreements had to be drawn up as part of the transaction. New legislation, in particular the new Regulation on Requirements for Electronic Securities Registries, obligate crypto securities registrars to comply with high regulatory standards for such transactions.

Dr. Dr. Johannes Blassl, who has been a long-standing advisor to Hauck Aufhäuser Lampe on various projects, concluded his first transaction as a Partner at Heuking. The crypto and compliance expert had only joined Heuking in mid-January.

Counsel to Hauck Aufhäuser Lampe
Heuking Kühn Lüer Wojtek:

Dr. Dr. Johannes Blassl (Lead), Frankfurt,
Dr. Anne de Boer, LL.M., Stuttgart,
Dr. Thorsten Kuthe, Cologne,
Dr. Christoph Gringel,
Michèle von Lewinski,
Linda Karl,
Lena Wagner (all Capital Markets), all Frankfurt

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