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ARTICLE · 01 OCTOBER 2025

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K&L Gates
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On 9 September 2025, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin)...

GermanyCorporate/Commercial Law
Philipp Riedl
Philipp Riedl
Hilger Von Livonius
Hilger Von Livonius

BaFin Consults on Draft Guidance Note on the Authorisation Procedure for AIF Capital Management Companies

On 9 September 2025, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) published a draft revised guidance note on the authorisation procedure for AIF management companies. The amendments are intended to simplify and accelerate the authorisation procedure under § 22 of the German Capital Investment Code (Kapitalanlagegesetzbuch, KAGB).

The draft provides further details on the assessment of the professional suitability of managing directors in the context of an authorisation procedure. While managing directors must have a basic understanding of portfolio management, risk management and the regulatory framework of the AIF capital management company, it should be sufficient if specific knowledge of portfolio management is only available in relation to the assets for which the respective managing director

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