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ARTICLE · 09 JANUARY 2017

Draft Circular On Investments Of German Pension Funds

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In summary, the draft provides alterations for investments in alternative investment funds for affected investors as follows.

GermanyFinance and Banking
Uwe Bärenz
Uwe Bärenz
Jens Steinmüller
Jens Steinmüller
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The German Federal Financial Services Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) published a draft circular concerning investments of German regulated pension funds for consultation on Dec. 21, 2016 (consultation 16/2016, reference VA 25-I 3201-2016/0002, Internet: https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Konsultation/2016/
kon_1616_kapitalanlagerundschreiben_va.html). The draft addresses the regulator's views on important aspects of the German Investment Ordinance (Anlageverordnung) which contains the material regulatory rules for investments of German pension funds.

The draft is of particular importance for investments of affected investors in alternative investment funds, i.a., as it contains concretions with regard to the investment procedure. According to the draft, investments in funds require scrutiny with regard to the qualification for the guarantee assets (Siche­rungsvermögen) as well as to legal risks prior to the

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