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Fund Management 2023 – German law at a glance

Learn more about the regulatory framework in fund management in Germany with a focus on fund authorisation and licensing, fund marketing, the different types of funds as well as the current trends in the industry.

Private Funds

by Tarek Mardini, POELLATH, Dr. Matondo Cobe, POELLATH, Antonia Nabavi, POELLATH
10 August 2023
  • fund management
  • German Regulatory Law
  • fund regulation
fund management 2023
Source: Michael Gaida/Pixabay

Regulatory framework and authorities

How (in very general terms) is fund management regulated in your jurisdiction? Which authorities have primary responsibility for regulating funds, fund managers and those marketing funds?

Fund management is regulated in Germany by the German Capital Investment Code (KAGB). The KAGB implements the EU Undertakings for Collective Investment in Transferable Securities (UCITS) Directive (2009/65/EC) and the Alternative Investment Fund Managers Directive (AIFMD). The Federal Financial Supervisory Authority (BaFin) is responsible for regulating funds, fund managers and those marketing funds.

Fund administration

Is fund administration (support services provided to funds such as book-keeping, preparing reports, trade settlement, etc) regulated in your jurisdiction?

Fund administration is not regulated per se in Germany. The regulation depends on whether the services fall within a specifically regulated environment. As a rule, general assistance in fund administration is not regulated, such as the preparation of reports or distribution notices.

Certain administrative services are regulated by professional services laws. Before offering bookkeeping services on the market, a minimum of three years’ professional experience is required. Trade settlement is typically licensable as the financial service of the execution of orders on behalf of clients or the banking activity of trading on behalf of others.

Authorisation

What is the authorisation or licensing process for funds? What are the key requirements that apply to managers and operators of investment funds in your jurisdiction?

Regulation of funds is primarily exercised through regulation of managers. It requires that the manager is either fully licensed or registered with BaFin under the KAGB. If a fund is internally managed it needs a licence or registration.

 

Read this article in full:
Lexology_Getting the Deal through_Fund Management 2023_Chapter Germany

This article is an excerpt from: Lexology, Getting the deal through, Fund Management 2023 (generated 04 July 2023)

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Tarek Mardini

POELLATH

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The author

Dr. Matondo Cobe

POELLATH

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Antonia Nabavi

POELLATH

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