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ARTICLE · 01 OCTOBER 2012

The German Implementation Act For The AIFM Directive – Potential Effects On Real Estate Funds

Mayer Brown
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The discussion draft of the Capital Investment Act (Kapitalanlagegesetzbuchs, KAGB-E), through which the German legislator intends to implement the AIFM Directive.

GermanyReal Estate and Construction
Thorsten Voss
Thorsten Voss
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Keywords: German Implementation Act, Capital Investment Act, Kapitalanlagegesetzbuchs, KAGB-E, investment funds

The discussion draft of the Capital Investment Act (Kapitalanlagegesetzbuchs, KAGB-E), through which the German legislator intends to implement the AIFM Directive, exceeds European rules in respect to many issues. This may have massive effects particularly on closed real estate funds.

FACTS

On July 20, 2012, the German Ministry of Finance (BMF) published the discussion draft of an Act for the Implementation of Directive 2011/61/EC on Alternative Investment Fund Managers (AIFM-UmsG). Directive 2011/61/EC of the European Parliament and of the Council of June 8, 2011 on Alternative Investment Fund Managers (AIFM Directive) stipulates common requirements for and the supervision over the mangers of alternative investment funds (AIF).

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