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FinHand Blog
08/14/2023
LegalTech in focus: Why data protection and confidentiality play a central role
At a time when the digitalization and automation of processes is continuing to advance and is slowly but surely having a lasting impact on the legal sector, LegalTech companies are becoming increasingly important. They offer innovative solutions to make the work of lawyers easier and faster. Data protection and confidentiality play a crucial role here, as highly confidential information is exchanged and processed on a daily basis in the legal sector. In this article, we take a look at how data protection and confidentiality can be adequately protected within LegalTech systems.
07/10/2023
Innovation meets law: How LegalTech and AI are revolutionizing the legal sector
LegalTech companies are on the rise and have the potential to fundamentally change work processes in the legal sector. Through the application of technology and innovation, they are making the work of lawyers, legal professionals and other players in the legal sector easier. Artificial intelligence (AI) in particular can be used effectively in the LegalTech sector.
06/08/2023
Smart contracts: More than just a blockchain phenomenon
Smart contracts are described as computer-based contracts that are automatically executed when certain pre-programmed conditions are met. Smart contracts were originally developed for use on blockchain platforms, as they work particularly well there due to their decentralization, security and resistance to manipulation.
05/08/2023
Digital contract conclusion via smart contract and data protection
The advancing digital networking of almost all areas of life highlights the enormous importance of protecting the digital identity of all users of various digital platforms. Personal, confidential data in particular is especially worth protecting in digital exchanges, as these are largely based on a constant exchange of data. Accordingly, the exchange of data between the contracting parties concerned is also essential for purely digital contract processing via smart contract via FinHand.
05/04/2023
Bundling of voting rights of (minority)shareholders in startups
In order for a startup to succeed in establishing itself as a steadily growing company on the domestic and foreign market, it must first go through several (development) phases. Whether and how a startup then develops is largely determined by decisions made at the shareholders' meeting according to the majority principle. The shareholders involved influence the development of the startup by exercising the voting rights granted to them through their shareholder position. However, a rapidly increasing participation of mainly (minority) shareholders, which is particularly typical for startups, sometimes results in considerable difficulties. It is then necessary to reconcile the different opinions or voices of the individual shareholders and, if necessary, to find compromises.
05/02/2023
How does FinHand's Use of Funds Control work?
In the case of certain investments, investors run the risk that the whereabouts of their invested funds (in whole or in part) may be difficult to trace. In order to protect funders in the case of less transparent investments and to ensure the necessary transparency regarding the whereabouts of the funds, a neutral controller of the use of funds must be appointed as a supervisory body. FinHand takes on this task and, as part of the digital application of funds control, checks whether the issuer's intended disbursement of investor funds is in line with the application of funds agreed between the parties involved. In this way, FinHand succeeds in creating transparency about the whereabouts of the invested funds and, in addition, in maintaining compliance with the statutory provisions with regard to investor protection.
05/02/2023
More Transparency with FinHand's Use of Funds Control
FinHand's monitoring of the use of funds is a fully digitalized product that not only fully complies with the statutory protection of funders as defined by the German Investment Act. Other parties involved in an asset investment, such as fund users or potential target customers, also benefit from FinHand's digital control of the use of funds.
05/02/2023
Benefits of FinHand's Digital Use of Funds Control
An application of funds control is an indispensable protective instrument for the investors of certain investments. Especially in the case of investments where the whereabouts of the invested funds are difficult to trace, the appointment of an independent controller of the use of funds and the performance of a control of the use of funds are prescribed by law and are therefore mandatory. As a controller of the use of funds, FinHand not only fulfills the legal requirements for the protection of donors, but also offers advantages for other parties involved, such as the user of the funds. At FinHand, paper-based processes are replaced with digital processes, which makes the implementation of the application of funds control more efficient.
04/08/2023
Conclusion and settlement of contracts at the click of a mouse or Smart Contract
As a digital trustee platform, FinHand offers its users numerous features to simplify and accelerate transactions in legal matters involving asset rights. Users can conclude contracts conveniently with a click of the mouse or with the smart contract function via FinHand's integrated rights register. In principle, for a contract to be concluded, the contracting parties involved must express their agreement to a specific contract being concluded. This is done by submitting two concurrent declarations of intent aimed at the concrete conclusion of the contract (offer and acceptance).
01/02/2023
Connection of Investment Products with Acquisitions of Material Goods - Prerequisites of a Duty to Have the Use of Funds Controlled
As a component of successful investor protection, use of funds controls serve to ensure transparency regarding the correct use of investor funds on the grey capital market. This gives investors the opportunity to track the entire path of their investment from the initial investment to the underlying asset.
11/08/2022
Obligations to Control the Use of Funds for Investments in a Real Estate Loan Financing
There are statutory obligations to appoint an independent controller of the use of funds or to carry out a use of funds control if the scope of application of Section 5c of the German Investment Act (GIA) is applicable. From the following considerations it becomes clear that according to the purpose pursued by the legislator with the GIA it is to be assumed that also in the case of a refinancing of an investment in kind a control of the use of funds has to be carried out.
09/12/2022
When is an Offer of an Investment Product Subject to a Use of Funds Control Obligation?
Use of funds controls create transparency within the grey capital market and are thus of enormous importance for the protection of investors. In the course of a use of funds control, the use of funds controller checks before disbursement of the investor funds whether they are used by the person who raised the funds as agreed with the investor. There is a statutory obligation to carry out a use of funds control by an independent use of funds controller under German law if the asset investment in question falls within the scope of application of Section 5c of the German Investment Act (GIA).
07/19/2022
Content Requirements for a Use of Funds Control Report
FinHand is the only digital use of funds control platform with a tool that enables fund managers and use of funds controllers to create use of funds control reports in a largely automated way. In this blog post, users can find out what information is provided in a use of funds report.
05/13/2022
Compliance With Formal Requirements When Concluding Contracts Digitally via FinHand
As a digital platform with an integrated Rights Register, FinHand offers its users an access to retrieve and view all transmitted data on their asset rights at any time. Existing contractual relationships and rights derived from them can also be entered into the Rights Register after the conclusion of a contract at the instigation of the relevant rights holder or debtor. When a contract is concluded via the platform, the rights are automatically entered in the Register by FinHand.
03/18/2022
Fulfilment of AML Prevention Requirements for Fiduciary Services via FinHand
As a platform specialising in fiduciary transactions, FinHand has designed all its business processes with the help of risk management tools in such a way that both money laundering risks and the administrative effort required to meet money laundering requirements by users on the FinHand platform are minimised.
