31.08.2015 | KPMG Law Insights

Alternative Investments Legal – Alternative Investments Legal | Issue 7/2015

Dear Readers,

after the launch was postponed several times, the system has been available for productive AIFM reporting since August 10, 2015.

BaFin has also published a model notification letter for KVGs that intend to manage EU AIFs in other EU member states.

ESMA has published a consultation paper on remuneration policy, including changes for group AIFMs. In the future, the guidelines are also to be fully applicable to AIFMs that belong to a banking or insurance group, for example.

The BaFin website now provides details on the procedure for identifying small insurance companies as well as comments on the EIOPA consultation regarding infrastructure investments under SolV II.

We wish you an informative start to the week.

With best regards

Dr. Ulrich Keunecke


Start of the productive system for AIFMD reporting

The system for productive reporting in accordance with the AIFMD has been available since August 10, 2015. BaFin requests all participants to enter all reports due to date into the productive system within 14 days. Any error messages sent by the system following a successful upload after checking the content are to be resolved by August 31, 2015.

BaFin publishes model for a notification acc. § 53 KAGB

BaFin published a model letter for a notification pursuant to Section 53 KAGB on August 5, 2015. The model can be used by KVGs that wish to manage EU AIFs in other EU member states on a cross-border basis, either directly or through a branch.

Related links

You can find the sample form at this link.

ESMA Consultation Paper on Draft Guidelines on Sound Remuneration Policies and Practices

ESMA issued a consultation paper on July 24, 2015. In it, it presents for discussion a draft of the guidelines on remuneration policies required under the UCITS V Directive as well as a revision of the previously applicable “Guidelines on sound remuneration policies taking into account the AIFMD” (ESMA/2013/232 of July 3, 2013).

The changes for AIFM relate to group companies to which the remuneration guidelines are to apply in full in the future. There should be no exemptions for AIFMs that are part of a banking, insurance or other group or financial conglomerate.

The comment period expires on October 23, 2015.

Related links

You can access ESMA’s consultation paper here.


CSSF defines the marketing of AIF

On August 10, 2015, the Luxembourg Financial Supervisory Authority (CSSF) published an addendum to its Q&A on the AIFM Implementation Act. Entries on the terms “distribution” and “reverse solicitation” are now also included.

Related links

You can access the CSSF’s FAQs here.


Consultation paper on ELTIFS

ESMA published a consultation paper on regulatory technical standards for the uniform application of the European Long-Term Investment Funds Regulation (“ELTIFs”) on July 31, 2015. The regulatory standards put out for consultation concern technical issues relating to the use of derivatives, among other things. The deadline for comments is October 14, 2015.

Related links

The consultation paper is available here.

BaFin publishes information on the changes resulting from the German Retail Investor Protection Act (Kleinanlegerschutzgesetz)

Since the German Small Investor Protection Act (Kleinanlegerschutzgesetz) came into force on July 10, 2015, a stricter prospectus requirement has applied to providers of financial products pursuant to Section 1 para. 2 VermAnlG. The amendments do not apply to shares, bonds and investment funds. For

However, the prospectus requirement will be introduced for the first time for providers of participatory loans and subordinated loans. BaFin provides an overview of the changes brought about by the Small Investor Protection Act on its website.

Insurance Europe and bsi on the technical discussion paper of the European supervisory authorities on the PRIIPs Regulation

The European Insurance Association and the Bundesverband Sachwerte und Investmentvermögen e.V. (bsi) have published comments on the European Supervisory Authorities’ (ESAs) technical discussion paper on the EU regulation on key information documents for packaged retail investment products and insurance investment products (PRIIPs).

Comments on EIOPA’s consultation on risk categories under Solvency II

Several comments have been received on the proposals by the EU Commission and EIOPA to provide for lower capital requirements for infrastructure investments by insurance companies under Solvency II. The EIOPA consultation paper provides for privileged treatment of infrastructure assets in the form of debt or equity. This is welcomed in principle. However, among other things, a relaxation of the narrow conditions is proposed to remove barriers to infrastructure investment.

Procedure for the identification of small insurance companies

On August 19, 2015, BaFin published details of the procedure for determining small insurance undertakings within the meaning of Section 211 VAG 2016 on its website. Under this provision, small insurance companies are not subject to the requirements of the Solvency II Directive applicable from 2016. The determination shall be made ex officio, provided that BaFin has the information required for this purpose.

Related links

You can find a full description here.

Retirement provision product information sheet

The ordinance on the product information sheet and other information requirements for certified retirement provision and basic pension contracts was published in the Federal Law Gazette on July 31, 2015. The regulation comes into force on January 1, 2017.

Related links

The regulation is available as a “read-only” version here

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Dr. Ulrich Keunecke

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