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ARTICLE · 01 MAY 2025

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Investment Management Update Germany–April 2025

K&L Gates
K&L Gates
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On 14 March 2025, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) published a draft Guidance Note...

GermanyFinance and Banking
Philipp Riedl
Philipp Riedl
Hilger Von Livonius
Hilger Von Livonius

BaFin Publishes Draft Guidance Note on the Influence by Investors

On 14 March 2025, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) published a draft Guidance Note on the possibility of investors taking influence on investment funds. The draft contains explanations and potential concerns regarding investor influence or input on investment decisions by third-party managers to investment funds. BaFin emphasizes the principle of third-party management, according to which the final decision rests with the management company (KVG) or a portfolio manager (in the case of outsourcing). BaFin views instructions as well as approval and veto rights of investors regarding individual transactions critically with regard to the principle of third-party management. BaFin also takes a critical view of acquisition initiatives (recommendations) essentially originating from the investors if the KVG no longer carries out its

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