31.01.2017 | KPMG Law Insights

Alternative Investments Legal – Alternative Investments Legal | Issue 1/2017

Dear Readers,

We hope that you have had a good start to 2017 and, as usual, we would like to provide you with an overview of current developments in the field of alternative investments.

One of the most important innovations in January concerns the publication of a new BaFin circular on the minimum requirements for the risk management of capital management companies (KAMaRisk). BaFin has also published a revised draft of the new Remuneration Ordinance for Institutions (InstitutsVergV), which is expected to come into force on March 1, 2017.

We wish you an insightful reading and remain
With best regards

Dr. Ulrich Keunecke


BaFin publishes circular on minimum requirements for the risk management of capital management companies (KAMaRisk)

BaFin published Circular 01/2017 (WA) on the Minimum Requirements for the Risk Management of Capital Management Companies (KAMaRisk) on January 10, 2017. In terms of content, this is a revision of InvMaRisk.

The KAMaRisk specify certain requirements of the “Delegated Regulation (EU) No. 231/2013 (“AIFM Level 2 Regulation”)”. on organization, risk management and outsourcing. They also set out the minimum risk management requirements for AIF management companies that grant money loans or invest in unsecuritized loan receivables for the account of an AIF. These requirements are essentially based on the requirements for lending business in the Minimum Requirements for the Risk Management of Banks (MaRisk) and have been adapted to the special features of lending and investing in the context of collective portfolio management.

Related links

Information on Circular 01/2017 (WA) – KAMaRisk can be accessed here.

The circular itself is available here.


BaFin publishes revised draft of the Remuneration Ordinance for Institutions

BaFin published the revised draft of the new Remuneration Ordinance for Institutions (InstitutsVergV) on January 19, 2017. The new InstitutsVergV is expected to be issued in February and enter into force on 01.03.2017. The main topics of the new regulation are a sharper contouring of the types of compensation as well as a greater differentiation in the treatment of the various manifestations of variable compensation. Other key points are the specification of risk adjustment and the now mandatory clawback clauses, which allow the recovery of variable compensation components already paid out, the payment of variable compensation in bail-in eligible instruments and the Group-wide compensation strategy including Group risk carriers.

Related links

You can find all the information about the consultation at this

PRIIPs Regulation

Regulation postponing the date of application of the PRIIPs Regulation by one year announced in the EU Official Journal

The effective date of the PRIIPs Regulation has been postponed by one year to 01.01.2018. The corresponding “Regulation (EU) 2016/2340 of the European Parliament and of the Council of 14.12.2016 amending Regulation (EU) No 1286/2014 on key information documents for packaged retail investment products and insurance investment products as regards the date of application” has now been published in the EU Official Journal of 23.12.2016.

Related links

The aforementioned ordinance can be viewed here, the December newsletter here, and the one from November here.


EU regulators publish response to EU Commission proposals to amend RTS on PRIIPs

The European Supervisory Authorities (ESAs) published a letter to the European Commission on Dec. 23, 2016, regarding the newly submitted amendments to the Level 2 measures of the PRIIPs regime. EBA, ESMA and EIOPA were not able to agree on a unified opinion and therefore do not see themselves in a position to send a unified vote to the Commission.

Related links

The letter from the three EU regulators can be viewed here.


Corrigendum to the German version of Delegated Regulation (EU) 2015/35 supplementing Solvency II published in the EU Official Journal

The German version of the “Delegated Regulation (EU) 2015/35 supplementing Directive 2009/138/EC of the European Parliament and of the Council with respect to the taking-up and pursuit of the business of insurance and reinsurance (Solvency II)” has been corrected by “Delegated Regulation (EU) 2016/2283”, published in the EU Official Journal of 20.12.2016). The corrections concern the German language version, primarily with regard to incorrect translations or incorrect cross-references.

Related links

The ordinance can be viewed here.


Statements by DK and VAB on the draft bill for an act implementing the Fourth EU Money Laundering Directive

The German Banking Industry (DK) and the Association of Foreign Banks (VAB) have published comments on the draft bill of 15.12.2016 on the implementation of the Fourth Money Laundering Directive (EU) 2015/849.

DK points out, among other things, the disproportionate nature of the planned tightening of fines and the need for a more precise definition of who is meant by “beneficial owner” and who is meant by “member of the management level” in the new Money Laundering Act (AMLA), as well as the need for the new transparency register to be reliable for credit institutions.

With regard to the identification and identity verification of foreign contracting parties and beneficial owners, the VAB proposes in particular a clarification that other types of documents may be used in addition to passport and identity documents if the former do not contain all the required information. In addition, the VAB believes that the requirements that go beyond what is stipulated in the Directive should be reconsidered, such as the submission of original (instead of copy) founding documents of legal entities.

Related links

DK’s statement and related attachments can be viewed here, and the VAB’s statement can be viewed here.


Official translations of the final guidelines on commodity derivatives under MAR published in all official EU languages

On 17/01/2017, ESMA published the translations of the “MAR Guidelines – Information on Commodity Derivatives Markets or Related Spot Markets with Regard to the Definition of Inside Information on Commodity Derivatives” into all official EU languages. Within two months of the publication of the official translations, the national supervisory authorities must indicate whether they will comply with the guidelines on the Market Abuse Regulation (MAR).

Related links

All translations of the MAR guidelines can be accessed here.


FSB publishes recommendations to address structural vulnerabilities caused by asset management activities

The Financial Stability Board (FSB) published the “Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities” on Jan. 12, 2017. The document contains 14 final recommendations to avoid structural vulnerabilities that may cause risks to the stability of the financial system.

Related links

You can find the recommendations at this link.

Explore #more

27.05.2024 | KPMG Law Insights

Agreement on ecodesign regulation: products to become more sustainable

After lengthy negotiations, the Council and Parliament of the European Union reached a provisional agreement on the Ecodesign Regulation on the night of December 5,…

22.05.2024 | KPMG Law Insights

The AI Act is coming: EU wants to get a grip on AI risks

For many people, artificial intelligence (AI) is the great hope for business, healthcare and science. But there are also plenty of critics who fear the…

17.05.2024 | KPMG Law Insights

Podcast series “KPMG Law on air”: When the family business is to be sold

Around 38,000 family businesses are currently handed over each year. In most cases, the change of ownership takes place within the family. But more and…

03.05.2024 | KPMG Law Insights

Doubts about inability to work? What employers can do

The certificate of incapacity for work (AU certificate) serves as proof of incapacity for work due to illness. However, only if the certificate meets certain…

27.03.2024 | KPMG Law Insights

EU Buildings Directive: life cycle greenhouse potential becomes relevant

On March 12, 2024, the EU Parliament approved the amendment to the EU Buildings Directive. The directive obliges member states and, indirectly, building owners and…

19.03.2024 | Business Performance & Resilience, KPMG Law Insights

CSDDD: Provisional agreement on the EU Supply Chain Directive

The EU member states agreed on the CSDDD, the EU Supply Chain Directive, on March 15, 2024. Germany abstained from the vote. Negotiators from the…

21.02.2024 | KPMG Law Insights, KPMG Law Insights

The Digital Services Act – what does it mean for companies?

The Digital Services Act (DSA) is a key component of the EU’s digital strategy and came into force on November 16, 2022. As a regulation,…

15.02.2024 | KPMG Law Insights

Data compliance management: How to implement it in practice

Part 3 of the article series “Professional tips for data compliance management”   The third part of this series of articles deals with data compliance

14.02.2024 | Business Performance & Resilience, PR Publications

Guest article in ZURe: Monitoring the implementation of the LkSG

The current issue of ZURe (p. 20 ff.) contains a guest article by KPMG Law Partner Thomas Uhlig (Head of General Business and Commercial Law),…

09.02.2024 | KPMG Law Insights

Podcast series “KPMG Law on air”: The employment law function

In almost all German companies, the employment law function is located in the HR department and not in the legal department. One of the reasons…


Dr. Ulrich Keunecke

Leiter Sector Legal FS Insurance

THE SQUAIRE Am Flughafen
60549 Frankfurt am Main

tel: +49 69 951195-075

© 2024 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.