30.05.2018 | KPMG Law Insights

Alternative Investments Legal | Issue 05/2018

Dear Readers,

As we all know, everything new comes in May – accordingly, there have been some news around the topic of alternative investments in the past weeks, which we would like to present to you in this issue.

Among other things, the EU Commission has published a package of legislative proposals to promote a sustainable financial system. BaFin has published a circular on the minimum requirements for complaint management.

You will find a compilation of current developments in this issue.

We wish you an insightful reading and remain

With best regards
Dr. Ulrich Keunecke


Circular 06/2018 (BA and WA): Minimum requirements for complaint management.

BaFin published a circular on the minimum requirements for complaint management on 04.05.2018.

The purpose of the circular is, in particular, to describe the minimum requirements for complaints management for capital management companies and thus to ensure uniform handling of customer and investor complaints. The Circular also serves to implement the Guidelines on Complaint Handling for Securities Trading and Banking issued by the Joint Committee of European Supervisory Authorities.

For complaint management in securities services companies, corresponding explanations can be found in module BT 12.1 of the recently published BaFin circular on the minimum requirements for the compliance function and the further conduct, organization and transparency obligations for securities services companies (MaComp).

The circular can be viewed here.


Publication of comments received on Consultation 3/2018 – Amendment of the model building blocks for cost clauses of open-end public investment funds.

In February 2018, BaFin published for consultation the draft of the revised model modules for cost clauses of open-ended public investment funds (excluding real estate investment funds) and draft of the revised model modules for cost clauses of real estate investment funds. After the consultation period had expired, BaFin published the comments received from DK, BVI and the Association of Independent Asset Managers, which were approved for publication.

All further information can be found on the BaFin website at this link.


Application of the ESMA Guidelines on Money Market Funds

At the end of March 2018, ESMA issued the German version of its guidelines on stress test scenarios for money market funds. These provide common reference parameters for the scenarios underlying the stress tests to be conducted under Article 28 of the Money Market Regulation. The purpose of the guidelines is to ensure common, uniform and consistent application of these provisions.

On 07.05.2018, BaFin declared that it will apply the guidelines issued by the European Securities and Markets Authority (ESMA) on the implementation of stress test scenarios in its supervisory practice.

ESMA will update the guidelines at least annually, taking into account the latest market developments.

The declaration can be viewed here.

EU Commission

Package of legislative proposals to promote a sustainable financial system

The EU Commission has published a package of legislative proposals to promote a sustainable financial system. The package includes regulations for the classification of sustainable activities, transparency requirements for fund companies and asset managers, and an integration of customers’ sustainability wishes into the suitability test of investment and insurance advisors and asset managers.

Specifically, the package includes the following bills:

  • Ordinance on the Establishment of a Regulatory Framework for the Promotion of Sustainable Investments (Taxonomy Ordinance)
  • Transparency Ordinance
  • Level 2 Texts of MiFID II and the Insurance Distribution Directive IDD
  • Benchmark Ordinance

All detailed information on the Commission’s “legislative proposal on sustainable finance” can be found under this link.


Opinion on “solvency position of insurance and reinsurance undertakings in light of the withdrawal of the United Kingdom from the European Union”.

EIOPA published an opinion on May 18, 2018, on the regulatory impact on the solvency position of insurance companies when the United Kingdom becomes a third country as a result of leaving the European Union.

The opinion can be found on EIOPA’s website at this link.


Consultation on recommendations for the reporting of compensation information with regard to a risk of misconduct

The Financial Stability Board provides “Recommendations for consistent national reporting of data on the use of compensation tools to address misconduct risk” for consultation. The regular collection and evaluation of compensation data can provide important insights regarding the effectiveness of compensation programs and potential weaknesses in these systems. The recommendations are intended to help national regulators in all financial sectors evaluate this data and monitor the effectiveness of compensation tools, support positive mechanisms, and address misconduct incentives.

All relevant details on the consultation can be found on the FSB website at this link.


Publication of information on the EU Fund Data Sheet and on the composition of investment fund portfolios.

The EU fund data sheet (Tripartite Template – TPT) developed by the BVI in cooperation with the European fund association EFAMA and other national fund associations (e.g. France, Great Britain, Italy, Luxembourg, the Netherlands, Austria) is used for the exchange of data between capital management companies and insurance companies on the composition of the portfolios of investment assets. The fund data sheet provides a uniform standardized basis for the transmission of data. Insurers need this information of their indirectly held assets to meet regulatory requirements.

The EU Fund Data Sheet is currently available to the market in version 4.0. Version 4.0 contains important new regulations to be observed by capital management companies.

The publication on the information can be viewed here.

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Dr. Ulrich Keunecke

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