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ARTICLE · 16 JULY 2009

Moving towards regulating Closed-End Funds in Germany?

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The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) submitted a report on the “Grey Capital Market” to the German parliament’s finance committee on June 10, 2009.

GermanyFinance and Banking
Dr. Benedikt Weiser
Dr. Benedikt Weiser
Dr. Hendrik Otto
Dr. Hendrik Otto
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Originally published July 8, 2009

Keywords: German Federal Financial Supervisory Authority, Grey Capital Market, BaFin-report, German Securities Trading Act, WpHG, German, foreign corporate entity

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, "BaFin") submitted a report on the "Grey Capital Market" to the German parliament's finance committee on June 10, 2009. The BaFin-report makes several proposals aimed at improving investor protection in the Grey Capital Market (the "BaFin-report").

The BaFin-report targets the regulation of a market segment subject to a fairly low level of regulation in Germany while, at the same time, the European Union is launching an initiative for a new regulatory framework regarding the same subject matter.

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