Key Facts at a glance
- The BEG IV replaces existing written form requirements in various laws with text form, including for onboarding semi-professional investors under the KAGB.
- The retention period for accounting documents under commercial and tax law is reduced from ten to eight years.
- In future, AIF managers with full authorization must ensure compliance with DORA as part of their audit.
- Ongoing obligations must continue to be observed, starting with the AIFMD reporting due on January 31.
Simplification Through Text Form
Until now AIF managers onboarding semi-professional investors under the KAGB have been required to obtain a written declaration of the investor’s risk awareness. Starting January 1, 2025, this declaration may be submitted digitally without requiring a physical signature (§ 1 para. 19 no. 33(a)(bb) KAGB).
Text form will also suffice for other scenarios, including voting at GmbH shareholder meetings (§ 48 para. 2 GmbHG) and notifications under the Stock Corporation Act (§§ 20, 21 AktG).
From January 1, 2026, administrative acts within the meaning of the Fiscal Code can be issued by making them available for digital retrieval (§ 122a AO).
Shorter Retention Periods
The retention period for accounting documents is generally reduced from ten to eight years (§ 257 para. 4 HGB, § 147 para. 3 sentence 1 AO, § 26a para. 2 no. 2 UStG). This shorter retention period also applies to documents for which the ten-year period under the previous law is still ongoing.
For documents from credit and securities institutions as well as insurance companies, the shortened retention period will only take effect starting January 1, 2026.
Digital Operational Resilience Act (DORA)
Starting January 17, 2025, higher and standardized requirements are introduced for digital operational resilience to address cyber risks in the financial market and ensure the stability and security of IT systems. BaFin circulars on IT supervision are replaced accordingly.
For AIF managers with full authorization, compliance with DORA must be confirmed by their auditor starting with the fiscal year 2025 (§ 38 para. 3 sentence 2 no. 9 KAGB).
Ongoing Obligations for AIF Managers
- AIFMD reporting by January 31
- Bundesbank reporting (monthly)
- BaFin’s new Interpretation and Application Guidance in relation to the German Money Laundering Act will come into force on February 1.
- The transitional period for existing funds to comply with the ESMA Guidelines on funds’ names using ESG or sustainability-related terms expires on May 21.
- Submission of the AIF annual report to BaFin, generally by June 30
- FATCA and CRS reporting by July 31
- Annual audit of AIF managers, generally by September 30