On 25 February 2015, the Federal Cabinet passed an amendment to the Investment Regulation and the Pension Fund Investment Regulation. After the Capital Investment Code (Kapitalanlagegesetzbuch, KAGB) came into force on 22 July 2013, now the Investment Regulation (AnlV) has also been adjusted to the KAGB. With this, a legislative process that has dragged on for 19 months has finally come to an end, and with it the uncertainty regarding the investment guidelines for the whole investment sector and its institutional investors has now ended.

The last draft of an amended AnlV—published in the context of the consultations in the legislative process—dates back to May 2014. This draft had been highly criticized by the funds industry, including associations, market participants, and ourselves. Some of the comments have now been addressed by the law maker and included in the version of the AnlV, which has now come into force.