22.01.2016 | KPMG Law Insights

Alternative Investments Legal – Alternative Investments Legal | Issue 1/2016

Dear Readers,

The new year is starting with a large number of regulatory innovations.

BaFin has published a fact sheet on managing directors in accordance with the KWG, ZAG and KAGB, which explains the professional and personal requirements for managing directors.

Just in time for the launch of Solvency II, BaFin has also published a large number of interpretative letters on Solvency II and an overview of the applicable regulations.

The EU Commission has asked ESMA to consider the following jurisdictions for a possible extension of the AIFMD passport to non-EU AIFMs and AIFs currently still subject to the respective national private placement regimes by 30.06.2016: USA, Hong Kong and Singapore, Japan, Isle of Man, Cayman Islands, Bermuda and Australia.

We wish you a good and successful year 2016!

With best regards

Dr. Ulrich Keunecke


BaFin publishes information sheet on managing directors pursuant to the German Banking Act (KWG), the German Securities Supervision Act (ZAG) and the German Investment Code (KAGB)

On January 4, 2016, BaFin published an “Instruction Sheet on Business Managers pursuant to the German Banking Act (KWG), the German Securities Supervision Act (ZAG) and the German Capital Investment Act (KAGB)”. The fact sheet explains the professional and personal requirements for persons appointed as managing directors under the respective supervisory laws. It provides an overview of the related notification requirements, including the documents that must be submitted. The fact sheet is dedicated in detail to the extended requirements for business managers resulting from the amendments to the German Banking Act (Kreditwesengesetz). For the first time, the requirements for managing directors within the scope of the German Investment Code (Kapitalanlagegesetzbuch) are also the subject of the information sheet. In addition to the fact sheet, BaFin provides a number of forms and checklists on its homepage that are to be used immediately to facilitate the filing of notifications.

Related links

The fact sheet and forms can be found at this link.


Draft Investment Tax Reform Act

On December 18, 2015, the German Federal Ministry of Finance published a draft bill for an investment tax reform act (Investmentsteuerreformgesetz – InvStRefG).

The bill proposes to introduce a new taxation system for mutual investment funds, which is to be much simpler, easier to administer and more structurally sound. For special investment funds, the previous semi-transparent taxation system is to be continued in principle.

In order to prevent arrangements to avoid dividend taxation (so-called cum/cum transactions), the draft law makes the creditability of capital gains tax levied on dividends dependent on the taxpayer holding the share for a minimum period of time and thereby bearing a minimum economic risk.

Related links

You can access the draft bill here.


First Financial Market Amendment Act passed

On 6 January 2016, the German Federal Cabinet adopted the First Financial Market Amendment Act (“FimanoG“). The Act serves to implement the Market Abuse Directive (“MAD“), the Market Abuse Regulation (“MAR“), the EU Regulation on Central Securities Depositories (“CSDRegulation”) as well as the EU Regulation on Key Information Documents for Packaged Retail Investment Products and Insurance Products (“PRIIP Regulation“).

In the course of this implementation, the WpHG, KWG, KAGB, VAG, GewO and other laws will be amended. Among other things, uniform requirements are to apply in the future throughout Europe to the information that must be provided to retail investors when selling “packaged” investment products.

Related links

You can find the adopted draft here.


BaFin info page on Solvency II

After several years of preparation, Solvency II came into force on January 1, 2016. The new risk-based European supervisory standard was introduced in Germany through the amendment of the Insurance Supervision Act (VAG). BaFin has compiled an overview of the legal basis of Solvency II and the underlying legislative process on a website. In addition, you can find out more about the delegated act, the technical standards and the EIOPA guidelines on Solvency II here.

Related links

You can find the page at this link.


BaFin publishes further interpretative decisions on Solvency II

The German Federal Financial Supervisory Authority (BaFin) published the following interpretative decisions in connection with Solvency II on December 21, 2015:

  • Capital requirements and governance system
  • Interpretative decision on the examination of professional competence and reliability
  • Interpretative Decision on the Prudent Person Principle
  • Interpretative Decision on Internal Controls and Internal Audit in Insurance Companies
  • Interpretative decision on risk management in insurance companies
  • Interpretative decision on outsourcing in insurance companies
  • Interpretative decision on general governance requirements for insurance companies.

Related links

The letters can be found on BaFin’s website at the following link.

European Market Surveillance

ESMA publishes letter from the EU Commission on the AIFMD Passport

ESMA has published the EU Commission’s response letter of 17.12.2015 to its recommendation regarding the application of the AIFM passport to non-EU AIFMs and the application of national private placement regimes (“NPPR”).

As reported in our July newsletter, the ESMA recommendation refers to a possible extension of the AIFMD passport to non-EU AIFMs and AIFs that are currently still subject to the respective national private placement regimes. The AIFMD passport is currently only available for EU AIFMs/AIFs.

The EU Commission has now asked ESMA to consider the following jurisdictions for passport expansion by June 30, 2016: USA, Hong Kong and Singapore, Japan, Isle of Man, Cayman Islands, Bermuda and Australia. Furthermore, the EU Commission agrees with ESMA’s proposal to issue a further opinion once the AIFM Directive is fully implemented. ESMA had complained that it was not possible to issue a final opinion and recommendation by July 2015 – as envisaged by the AIFMD – due to delays in the introduction and implementation of the directive.

Related links

You can find more information here.


Criticism of planned UCITS-V implementation with regard to the granting of money loans

In a letter dated December 11, 2015 to the Finance Committee of the German Bundestag, the Association of Foreign Banks (“VAB”) criticized the planned implementation of the UCITS-V Directive. Based on the second half of the sentence in § 20 para. 9 sentence 2 KAGB-E that special AIFs should not have the option of prolongation and restructuring when granting money loans – unlike closed-end special AIFs. This different treatment was not objectively comprehensible.

Explore #more

08.12.2023 | PR Publications

Payout can be risky

In the current issue of Personalwirtschaft from 30.11.2023, there is a guest article by Stefan Middendorf and Gracjan Modrzyk. Some companies are once again…

07.12.2023 | PR Publications

Institutional Money – It’s all in the mix

Institutional Money 04/2023 discusses the opportunities offered by the Neighborhood Fund. The fund is ideal for real estate investors, as it is not limited to

01.12.2023 | PR Publications

WiWo: Best of Legal Awards – Philipp Glock Leader of the Year

On Thursday evening, WirtschaftsWoche honored outstanding projects and minds from consulting firms and law firms in Düsseldorf and celebrated the second Best of Professional Night…

29.11.2023 | KPMG Law Insights

Energy transition also opens up business opportunities

The energy industry’s complex, capital-intensive transformation process offers investors and banks a great deal of potential By Lars Christian Mahler and Marc Goldberg for Börsen-Zeitung,…

29.11.2023 | KPMG Law Insights

Guest article in ZURe – AI and the legal department of tomorrow

The current issue of ZURe (p. 48 ff.) contains a guest article by KPMG Partner Sina Steidel-Küster (Regional Director Southwest, Head of Stuttgart office) and…

29.11.2023 | KPMG Law Insights, KPMG Law Insights

Key Facts about the new draft of the “Data Act

On February 23, 2022, the EU Commission presented the new draft of the so-called Data Act, the “Regulation on harmonized rules for fair access to…

21.11.2023 |

Guest article in ZURe on the implementation of CSRD reporting in SMEs

The current issue of ZURe (p. 34 ff.) contains a guest article by Lena Plato (Director Legal & Compliance, FLABEG Automotive Group GmbH), KPMG Law…

20.11.2023 | Press releases

Statement by KPMG Law experts in Handelsblatt on the topic of sustainability cooperation in antitrust law

In the Handelsblatt, KPMG Law expert Jonas Brueckner is quoted in detail on the subject of cooperation in terms of sustainability. Until this summer, there…

15.11.2023 |

Legal 500 – Country Comparative Guide Germany

Gerrit Rixen and Jonas Brueckner provide an overview of the relevant legal regulations in the area of Competition & Litigation in a practical guide on…

14.11.2023 | Press releases

Tax and Law at a glance – New issue of the digital magazine “Talk

“Talk” stands for Tax and Law Compass, because that’s what the digital magazine wants to be: a navigation aid to the legal and tax aspects…


Dr. Ulrich Keunecke

Leiter Sector Legal FS Insurance

THE SQUAIRE Am Flughafen
60549 Frankfurt am Main

tel: +49 69 951195-075

© 2023 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

 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.