Search
Contact
30.09.2015 | KPMG Law Insights

Alternative Investments Legal – Alternative Investments Legal | Issue 8/2015

Dear Readers,

In September, the legislative process for the UCITS V implementation law, which has been followed with great excitement on all sides, got moving again. It contains innovations for AIFs, including with regard to the granting of shareholder loans by closed-end AIFs to special purpose vehicles.

At the beginning of the month, there were difficulties in data transmission during the start of AIFMD reporting. In the meantime, BaFin has commented on how to deal with incomplete or late reports.

Progressive fund regulation is increasingly making itself felt in the U.S. as well. Recently, the SEC proposed a set of measures that would increase regulation of asset managers.

Also: EIOPA has published a Final Report on the identification and calibration of risk categories for infrastructure investments. The establishment of a new asset class for high-quality infrastructure investments under Solvency II is recommended.

We wish you a good end of the month.

With best regards

Dr. Ulrich Keunecke

Federal Cabinet adopts UCITS V Implementation Act

On September 23, 2015, the German Federal Government adopted the draft law on the implementation of the UCITS Directive (UCITS V Implementation Act). The draft contains several changes compared to the draft bill of July 3, 2015, among others regarding the granting of shareholder loans by closed-end AIFs to special purpose vehicles. The draft has been forwarded to the Federal Council for comment, and the parliamentary procedure will begin in December.

The changes regarding the granting of shareholder loans relate to the following points:

  • The granting of shareholder loans is possible both by closed-end public AIFs and by open-end special AIFs, whereby the provisions on the granting of shareholder loans by closed-end special AIFs apply accordingly to the latter.
  • The loan amount is generally limited to 30 percent of the contributed or committed capital less costs, fees and expenses.
  • The mandatory limitation of the loan amount to the acquisition costs of the investment in the special purpose entity does not apply if the special purpose entity is either a subsidiary of the AIF or if it is a subordinated loan.
  • If loans are only taken out for the AIF up to the 30 percent limit, subordinated loans can be made above the 30 percent limit.
  • The 50 percent restriction on the acquisition of unsecuritized loan receivables by open-ended special AIFs with fixed investment conditions was lifted.
  • The conditions for granting loans to third-party contractors pursuant to. § 285 para. 2 KAGB-E (“loan funds”) have only been editorially adjusted compared to the draft bill.

According to EU requirements, the national implementation procedure must be completed by March 18, 2016.

AIFMD reporting with hurdles

At the beginning of AIFMD reporting, there are technical teething problems.

ESMA has analyzed the cause of the CAF-202 and CAF-008 error codes. The source of the error is expected to be fixed with the next release of the ESMA system. This release is expected to be available from September 18, 2015. Any files that have been rejected by ESMA under CAF-202 or CAF-008 must be re-posted to the production system.

BaFin changes reporting requirement for funds raised

Against the background of the abolition of the exemption amount regulation, BaFin has adjusted the reporting requirements for public real estate investment funds. Due to the current volume of funds, KVGs will only have to report to BaFin on a monthly basis (instead of daily) until further notice.

SEC regulates ASSET MANAGER

On September 22, 2015, the U.S. Securities and Exchange Commission (SEC) published a set of liquidity risk monitoring measures that are currently under consultation.

Accordingly, fund companies are to submit detailed plans for managing potential liquidity risks. In addition, an existing guideline on the cap on illiquid assets is to be adjusted and funds are to be allowed to use so-called “swing pricing”.

The SEC intends to stress test asset managers as well to uncover any systemic risks.

Related links

Please read the SEC’s press release dated September 22, 2015.

ESMA finalizes technical standards for MIFID II, MAR AND CSDR

The European Securities and Markets Authority (ESMA) published the final technical standards on the revised Markets in Financial Instruments Directive (MiFID II), the Market Abuse Regulation (MAR) and the Central Securities Depository Regulation (CSDR) on September 29, 2015.

In the area of MiFID II, these are some of the significant new contents:

  • Tests to determine whether speculative investment activities by so-called “non-financial” entities should be covered under MiFID II due to their size;
  • Ranges for the new EU-wide commodity derivatives restriction regimes;
  • Regulations on high-frequency trading;
  • Rules for non-discriminatory access to CCPs, trading venues and benchmarks;
  • new trading obligations for shares and derivatives traded only on regulated platforms;
  • a double volume cap mechanism to limit dark trading.

The technical standards on MAR strengthen the regulatory framework against market abuse. They contain prohibitions on insider trading and market manipulation.

The CSDR standards include organizational rules and conduct requirements for CSDs as well as a regulatory framework for settlement reporting.

The European Commission now has three months to approve the drafts.

 

EIOPA publishes second set of Solvency II guidelines in all official EU languages

EIOPA published the second set of Solvency II guidelines in all official EU languages on September 14, 2015. Within two months, national authorities can declare whether they will comply with these guidelines.

Related links

EIOPA’s press release can be found at this link. At this point you will find the guidelines in English with the official translations.

Explore #more

30.10.2026 | Unkategorisiert

New Podcast in the Packaging Journal: PWR in Practice—Who Is Liable, Who Pays, and What Are the Current Rules?

The core obligations of the PPWR have been in effect since August 12, 2026. In the Packaging People podcast, Dr. Simon Meyer of KPMG Law…

29.10.2026 | In the media

KPMG and KPMG Law Article in *Betriebs-Berater*: Pitfalls in Customs Law

In light of geopolitical changes, new trade barriers, and more rigorous audits, customs and foreign trade law are increasingly becoming a focus for companies. The…

27.10.2026 | In the media

Op-Ed in Versicherungsmonitor: The Environment Is Finally Becoming a Compliance Risk

With the implementation of the new EU Environmental Criminal Law Directive, the environment is becoming a core area of managerial liability. Managers face reputational damage,…

27.10.2026 | KPMG Law Insights

Federal Court of Justice on the Summary Report: Tax-Exempt but Still a Criminal Offense

Can someone be punished for sales tax evasion even if the sales were subsequently deemed tax-exempt? Yes, says the Federal Court of Justice (BGH) in…

23.10.2026 | KPMG Law Insights

PHP2Shell may trigger legal obligations for companies

Two critical vulnerabilities in the PHP programming language are threatening web applications and digital products worldwide. The Federal Office for Information Security (BSI) has warned…

20.10.2026 | In the media

KPMG Law Guest Column in it daily: The Business Judgment Rule and the Use of AI

The rapid advancement of artificial intelligence presents corporate leadership with diverse and far-reaching decisions. These decisions concern not only the selection and deployment of appropriate…

19.10.2026 | In the media

New articles have been published in PERSONALFÜHRUNG

The current issue of PERSONALFÜHRUNG (10–11/2026) features two articles by female experts from KPMG and KPMG Law. In the article “Will AI Save the Day?…

15.10.2026 | KPMG Law Insights

Faster Building Permits – Legal Options for Businesses

Planning and permitting procedures do not always have to delay construction projects. The law provides several options for expediting the process. To take advantage of…

09.10.2026 | KPMG Law Insights

Claims Management for Cyber Incidents: How Insurers Actively Manage Claims

Cyber incidents are among the most complex claims scenarios for insurers. Ransomware attacks, in particular, can paralyze entire IT infrastructures—with enormous financial consequences. Insurers for …

08.10.2026 | In the media

KPMG Law Guest Column in AUTOHAUS: Consumer Credit Directive: Sales Under New Circumstances

Car dealerships should use the time remaining before the new Consumer Credit Directive takes effect to systematically review their financing and sales processes for regulatory…

Contact

Dr. Ulrich Keunecke

Partner
Leiter Sector Legal FS Asset Management
Leiter Sector Legal FS Insurance

Heidestraße 58
10557 Berlin

Tel.: +49 30 530199 200
ukeunecke@kpmg-law.com

© 2026 KPMG Law Rechtsanwaltsgesellschaft mbH, associated with KPMG AG Wirtschaftsprüfungsgesellschaft, a public limited company under German law and a member of the global KPMG organisation of independent member firms affiliated with KPMG International Limited, a Private English Company Limited by Guarantee. All rights reserved. For more details on the structure of KPMG’s global organisation, please visit https://home.kpmg/governance.

KPMG International does not provide services to clients. No member firm is authorised to bind or contract KPMG International or any other member firm to any third party, just as KPMG International is not authorised to bind or contract any other member firm.

Scroll