The German Implementing Act for the AIFM Directive: A Critical Survey of the Draft Bill

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In This Issue:

- p1 Introduction

- p3 Hedge Funds

- p4 Private Equity Funds

- p6 (Open-ended) Real Estate Funds

- p7 Closed-ended Real Asset Funds (Closedended Mutual Fund AIFs, Special Investor Fund AIFs)

- p8 Investment Limited Partnership (Pension Pooling)

- p9 Investment Stock Corporations

- p10 Marketing of Funds

- p11 Licensing Issues (Especially Outsourcing)

Excerpt from Introduction:

Implementation of the AIFM Directive: Approach Taken by the German Legislature

Legal Basis - The German Ministry of Finance (BMF) on 20 July 2012 published the draft of a bill (Draft AIFM-Act) to implement the Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD) into German law. Within the framework of implementing the AIFMD, the Draft AIFM Act provides, in particular, for the repeal of the German Investment Act (Investmentgesetz – InvA), which implemented the UCITS Directive 2009/65/EC (UCITSD) among other things. In addition, 26 other acts and regulations have also been amended and/or adjusted. To replace the InvA, which is being repealed, the draft provides for the creation of the “German Investment Code” (Kapitalanlagegesetzbuch – GIC), which will comprise the future legal framework for all investment funds in Germany. The AIFMD, which took effect on 21 July 2011, must be implementedinto national law by 22 July 2013. Numerous provisions in the draft of the GIC refer to the implementing Regulation for the AIFMD (version of July 2012) (AIFMR), previously only existing in draft form.

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