BaFin, Germany's financial regulator, has been posting guidance about changes to rules on speculative trading of government debt and naked short selling of certain shares. The move has forced lawyers to scramble to make sure their companies are complying with the rules. "The situation has been tough for all of us, lawyers and regulators alike," said Jochen Kindermann, a lawyer for capital markets at Simmons & Simmons. "The step was dropped on us like a bomb, and no one really had any time to prepare."

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