Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset management centres and fund domiciles: Germany: BaFin Guidance on Closed-Ended Blind Pool Funds

In November 2014, the German Financial Supervisory Authority, BaFin, issued a guidance notice with regard to the minimum investment criteria of German retail closed-ended funds, with a view to avoid so-called blind pool funds. Accordingly as of the end of the investment period of such a fund, at least 60% of its assets need to comply with specific and detailed investment criteria to be set out in the fund rules. The guidance notice is available here (in German).

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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