Fund Marketing In Germany—BaFin FAQ Receives An Update

Key takeaways:

• On 5 July 2022, BaFin published an update on their FAQ paper providing guidance on their approach to the marketing provisions.
• As far as marketing to (semi-)professional investors is concerned, the updates are mainly concerned with establishing the procedural aspects of pre-marketing notifications but also clarify certain aspects of fund marketing.

Shortly after implementation of the AIFMD Directive (Directive 2011/61/EU), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) published an FAQ paper providing guidance on their approach to the marketing provisions (the "FAQ Paper"). On 5 July 2022, in the wake of the Cross Border Distribution of Funds Directive (2019/1160/EU), the FAQ Paper received an overdue do-over.