Alternative investments are playing an increasing role on both the financing and investor sides. Against this background, we would like to inform you in the future with this newsletter about important legal and regulatory developments in the field of Alternative Investments Legal.
On February 25, 2015, the German Federal Cabinet passed a new investment ordinance that provides for adjustments to the KAGB as well as some investment facilitations.
One focus of this issue is on current BaFin publications. BaFin concretizes its supervisory practice regarding the KAGB.
There are also many new developments at the European level. For example, on February 18, 2015, the EU Commission published a Green Paper with the aim of creating a Capital Markets Union by 2019.
With best regards
Dr. Ulrich Keunecke
On January 20, 2015, BaFin published for consultation revised drafts of the leaflets “on the examination of the professional suitability, reliability and availability of time of business managers” and “on the control of members of administrative and supervisory bodies”.
BaFin intends to publish separate fact sheets in the future for the scope of the KWG, ZAG and KAGB on the one hand and the VAG on the other. This is intended to take better account of the different legal requirements for managing directors and administrative and supervisory bodies.
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You can find the current draft together with the comments received here
On February 13, 2015, BaFin published a draft of a “Circular on the Tasks and Duties of Depositaries” for consultation. The consultation period ends on March 27, 2015. It is intended to replace “Circular 6/2010 (WA) on the Tasks and Duties of the Custodian”.
Related links
The draft of the new depositary circular can be found here.
On February 4, 2015, BaFin amended the “Merkblatt zu den Meldepflichten von AIF-Verwaltungsgesellschaften nach § 35 KAGB” of July 16, 2014. The fact sheet explains the reporting procedure, in particular the format, the reporting route and the start of the transmission of the reports.
There is expected to be a test run of the system from February 9, 2015 through February 28, 2015, which will allow test reports to be submitted to the Federal agency through the MVP portal.
Related links
You can find the BaFin fact sheet here.
In its statement of February 6, 2015 on the Federal Government’s draft bill for a Small Investor Protection Act, the Bundesrat proposes to include cooperatives that are already subject to a mandatory audit pursuant to §§ 53 et seq. GenG and whose main activity does not consist of managing one or more AIFs, to be included in the exemption clause of § 2 para. 1 KAGB to be included.
Related links
Here you can find the draft bill for the Small Investor Protection Act of December 29, 2014 and here the statement of the Bundesrat of February 6, 2015 (BR-Drs. 638/14). You can access the draft bill introduced in the German Bundestag on February 11, 2015, taking into account the proposal of the Bundesrat, here.
ESMA published technical proposals to the EU Commission for delegated acts on the regulations for European Social Entrepreneurship Funds (EuSEF) and Venture Capital (EuVECA) in its Final Report dated February 3, 2015. The proposals refer to what types of goods and services constitute production methods as well as what forms of financial support are a social objective
On February 18, the EU Commission published a consultation paper on the review of the Prospectus Directive 2003/71/EC and its implementing legislation. The preparation of brochures is sometimes perceived as too complex, expensive and time-consuming. One of the main reasons for this is that the supervisory authorities in the EU member states apply the requirements differently. The aim of the consultation is to simplify the prospectus regime while ensuring effective consumer protection.
The consultation period ends on May 13, 2015.
Related links
The consultation document can be found here.
On February 18, 2015, the EU Commission published a Green Paper with the aim of creating a Capital Markets Union by 2019. The Green Paper is a consultation paper designed as a questionnaire. The aim is to strengthen the capital markets in Europe in order to reduce dependence on the banking system for investment and growth. The consultation period ends on May 13, 2015.
Related links
You can access the entire Green Paper here.
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