Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles: Germany

Dechert LLP
Contact

BaFin Issues New Guidance on Debt Funds

The German Financial Supervisory Authority, BaFin, made a significant change to its administrative practice on 12 May 2015 regarding loan originating and loan restructuring activities of German investment funds. This change is highly welcomed by the fund industry and investment managers since German funds were previously prohibited from originating loans notwithstanding the existence of national initiatives in various other EU member states that have created legal frameworks for loan origination funds in the recent years. Moreover, investment managers struggled with the fact that they were even restricted to restructure or extend loans acquired in the secondary market for German funds, even if such restructuring activities would have been in the best interest of investors. The former administrative practice caused many managers to abstain from purchasing loans in relation to their investment management mandates for German funds.

Read previous Dechert updates on this topic:


Read the full BaFin guidance (German)


German Bourse Agrees JV for Access to Chinese Shares and ETFs

On 27 May 2015, Deutsche Börse has published that it agreed with the Shanghai Stock Exchange and the Chinese Financial Futures Exchange to launch a joint venture that will facilitate European investors’ access to Chinese shares and exchange traded funds.

The joint venture, the Frankfurt-based China Europe International Exchange, will enable international investors later this year to trade in a range of renminbi-denominated products.

Read the press release "Shanghai Stock Exchange, China Financial Futures Exchange und Deutsche Börse gründen Joint Venture" (27 May 2015)


German Investment Fund Statistics

In May 2015, the German Investment Fund Association BVI has issued its latest investment statistics report as of 31 March 2015, giving an overview of the net assets and net sales within the German investment fund and asset management markets. The statistics are broken down by asset class and provider. They provide information on net assets and net inflows of investment funds and assets outside investment funds.

View the full set of statistics

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.

© Dechert LLP | Attorney Advertising

Written by:

Dechert LLP
Contact
more
less

Dechert LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide