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ARTICLE · 07 NOVEMBER 2013

New Fund Distribution Rules Introduced In Germany

Mason Hayes & Curran LLP
Mason Hayes & Curran LLP
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With the introduction of the new German Capital Investment Code (the "KAGB") all marketing activity or distribution of funds in Germany now requires registration with the German Federal Financial Supervisory Authority.

IrelandFinance and Banking
Fionán Breathnach
Fionán Breathnach
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With the introduction of the new German Capital Investment Code (the "KAGB") all marketing activity or distribution of funds in Germany now requires registration with the German Federal Financial Supervisory Authority (the "BaFin").

The KAGB came into effect on 22 July 2013 and follows the implementation of the Alternative Investment Fund Managers Directive (the "AIFMD"). As a result, Irish funds must now asses their activities in Germany in order to determine if steps need to be taken to register with BaFin.

Exemptions from the Requirement to Register with the BaFin

In carrying out an analysis of their activities in Germany, Irish funds should take note that the following activities are subject to an exemption from the need to register with the BaFin:

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