On 25 February 2015, the German Federal Cabinet adopted a
regulation to amend the Insurance Ordinance
("AnlV-E") and the Pension Fund Capital
Ordinance. We informed about the initial draft published on 23 May
2014 in our
client information of 27 May 2014. The regulation will enter
into force on the day after its promulgation in the Federal Law
Gazette (Bundesgesetzblatt).
The final version contains some of the hoped for improvements
compared to the problematic draft of May 2014. The new regulation
includes necessary adjustments due to the replacement of the German
Investment Act (Investmentgesetz) by the German Capital
Investment Code (Kapitalanlagegesetzbuch,
"KAGB"), but in general is oriented to a
large extent on the status quo of the current Insurance Ordinance
and the administrative practice of the German Federal Financial
Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht,
"BaFin"). In addition, it also contains
pleasant amendments
