31.05.2017 | KPMG Law Insights

Alternative Investments Legal – Alternative Investments Legal | Issue 5/2017

Dear Readers,

Everything is new in May, as the saying goes. Following this, there were again numerous news around the topic of alternative investments, which we would like to present to you in this issue.

Among other things, the Federal Council renewed financial market regulations based on EU provisions with the Second Financial Market Amendment Act.

The BMF has presented two draft bills – for the Securities Services Conduct and Organization Ordinance (WpDVerOV) and for the Third Ordinance Amending the Securities Trading Notification and Insider List Ordinance (WpAIV).

We wish you an insightful reading and remain

With best regards

Dr. Ulrich Keunecke

Federal Council

Bundesrat approves “Second Financial Market Amendment Act

In its meeting on May 12, the Bundesrat approved the “Second Act to Amend Financial Market Regulations Based on European Legal Acts” (2nd FiMaNoG). The Act enshrines in German law a number of European legal acts adopted in the aftermath of the financial crisis to improve the integrity and transparency of financial markets and investor protection. Among others, the WpHG, the KWG, the KAGB, the VAG and the HGB are amended.

After being issued by the Federal President and promulgated, the 2nd FiMaNoG can now enter into force as resolved by the Bundestag.

Related links

The printed resolution BR-Drs. 291/17 (B) can be found
can be accessed here. All information on this law can be found under ITEM 6 of the full agenda of the BR meeting of May 12, 2017, which can be found here accessed here.


Updated catalog of questions and answers on the application of the AIFMD

ESMA updated the catalog of questions and answers on the application of the AIFMD on May 24, 2017. Among other things, ESMA comments on the information that AIFMs wishing to use the EU passport must provide on the AIFs they manage. If no specific AIFs can be named yet, it is sufficient according to ESMA if reference is made to the intended investment strategy.

Related links

You can find the updated Q&As


Corrigendum to the Delegated Regulation supplementing PRIIPs

On May 11, a corrigendum to Commission Delegated Regulation (EU) 2017/653 of March 8, 2017, “Supplementing the PRIIPs Regulation (EU) No 1286/2014 with regulatory technical standards regarding the presentation, content, review and revision of these key information documents and the conditions for fulfilling the obligation to provide them” has been published in the Official Journal of the EU. Corrected i two formulas in Annex II (items 13 and 17).

In this context, we also refer to the article “Basic Information Sheet: Applicability of the PRIIPs Regulation from the beginning of 2018 now certain” by Ursula Gerold (BaFin Department for Consumer Protection International), which was published in the current BaFin Journal (pp. 36 – 40).

Related links

The correction can be

The current issue of the BaFin Journal can be downloaded here can be accessed here.


Consultation on the Regulation Specifying the Rules of Conduct and Organizational Requirements for Investment Services Companies (WpDVerOV)

The German Federal Ministry of Finance has submitted a draft bill on the Ordinance on the Specification of the Rules of Conduct and Organizational Requirements for Securities Services Companies (Securities Services Conduct and Organization Ordinance – WpDVerOV).

Due to the amendments of the WpHG in the course of the implementation of MiFID II by the Second Financial Market Amendment Act (2. FiMaNoG) as well as the issuance of formative regulations of the European Commission, in particular the Delegated Regulation (EU) 2017/565 and the Delegated Directive (EU) 2017/593, a far-reaching revision of the WpDVerOV is necessary. In particular, the Regulation transposes the parts of Delegated Directive (EU) 2017/593 that have not yet been implemented by the 2nd FiMaNoG into national law.

For KVGs, among other things, the included regulations for conceptors of financial instruments are relevant with regard to the requirements for the product release procedure (target market determination), § 11 WpDVerOV.

Related links

The draft bill can be here can be accessed here.


Draft of the Third Ordinance Amending the German Securities Trading Notification and Insider List Ordinance (Wertpapierhandelsanzeige- und Insiderverzeichnisverordnung – WpAIV) presented

Also on May 9, 2017, the Federal Ministry of Finance presented the draft bill for the Third Ordinance Amending the Securities Trading Notification and Insider List Ordinance (WpAIV).

A revision of the WpAIV is necessary due to the amendments of the WpHG by the First and Second Financial Market Amendment Act. In addition, the WpHG was renumbered by the 2nd Financial Market Amendment Act, so that the references in the WpAIV must be adjusted accordingly. Furthermore, due to EU regulations in the Market Abuse Regulation (MAR) and its subordinate Level 2 legal acts, which take precedence, individual regulations of the WpAIV must be repealed.

Related links

The draft bill can be here can be accessed here.


Public Statement” on information in sales prospectuses of investment companies

BaFin has published an English version of the “Public statement regarding the inclusion of information in the prospectuses of collective investment undertakings”.

Related links

The public statement can be found at this link.

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