GERMAN: German Federal Parliament enacts amendments to German Capital Investment Act

Tuesday July 1 2014

The German Federal Parliament, the Bundestag, has approved the Financial Market Adaption Law (Finanzmarktanpassungsgesetz). The law amends the German Capital Investment Act (Kapitalanlagegesetzbuch, KAGB), which implemented the Alternative Investment Fund Managers Directive (AIFMD) into German Law, effective 14th July 2014.

The KAGB amends the definitions for open-ended and closed-ended AIFs in line with the provisions of the EU Commission Delegated Regulation (EU) 694/2014 of 17 December 2013 on types of alternative investment fund managers. Per the revisions, an AIF will only be considered to be a closed-ended AIF if it does not allow for redemption or repurchase of shares prior to its liquidation phase or wind-down.

Click on the above link for further details (Only available in German)