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ARTICLE · 26 JULY 2012

BMF Publishes First Draft Of A German Transposition Law Of AIFMD

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Today, the German federal ministry of finance ("BMF") issued a discussion draft of a law to transpose the Directive on Alternative Investment Fund Managers ("AIFMD" or the "Directive") which includes a draft Capital Investment Act ("KAGB-E").

GermanyFinance and Banking
Dr. Andreas Rodin
Dr. Andreas Rodin
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Today, the German federal ministry of finance ("BMF") issued a discussion draft of a law to transpose the Directive on Alternative Investment Fund Managers ("AIFMD" or the "Directive") which includes a draft Capital Investment Act ("KAGB-E").

The KAGB-E is supposed to replace the Investment Act – which currently is only applicable to German open-ended funds that have a specific investment focus – and will become the legal framework for all future German fund structures.

The AIFMD entered into force already on July 21, 2011. By July 22, 2012 it must be transposed into national law. The Directive provides a harmonized European legal framework for fund managers, including private equity fund managers. This includes inter alia, license requirements, minimum capital requirements, depositary requirements, provisions on remuneration systems and disclosure obligations (see client information of July 2, 2011). If the fund is marketed only to professional clients

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