Clifford Chance
Marketing AIF in Germany
28 May 2013
The new German Capital Investment Act (Kapitalanlagegesetzbuch, KAGB) provides for the implementation of the Alternative Investment Fund Managers Directive (AIFM-Directive) and a number of modifications to the regime of marketing and distribution of units in funds in Germany.
On 16 May 2013, the German Federal Parliament (Bundestag) adopted the AIFM Implementation Act (AIFM-Umsetzungsgesetz) that provides for the replacement of the German Investment Act (Investmentgesetz) by the German Capital Investment Act (Kapitalanlagegesetzbuch, KAGB). On 7 June 2013, the AIFM Implementation Act will be on the agenda of the Second Parliamentary Chamber, the Federal Council (Bundesrat). If the AIFM Implementation Act passes the Federal Council, the Act will come into force on 22 July 2013.
Our latest briefing covers the topics of marketing of AIF in Germany, marketing related duties of AIFM in Germany, the German system of the EU Passport regarding the distribution of units in AIF (both outgoing and incoming) and grandfathering rules.
