03.01.2015 | KPMG Law Insights

BaFin comments on approval procedure for investment terms and conditions of UCITS

Dear Readers,

a year ago we launched our monthly newsletter

Investment | Law | Compact

launched. We hope to have provided you with useful information and suggestions this year. By the way, we are always happy to receive feedback on our newsletter.

Looking back, it was a year of many regulatory measures. A similar development is emerging for 2016. A lot of work awaits UCITS capital management companies in the coming months. UCITS V must be implemented by March 2016. In addition, the implementation of MiFID II still entails some effort.

But first, we wish you happy holidays and a prosperous new year!

With warm regards

Henning Brockhaus

BaFin comments on approval procedure for investment terms and conditions of UCITS

In a letter to the investment industry, the German Federal Financial Supervisory Authority (BaFin) has commented on the conversion procedure of the UCITS investment conditions to the KAGB as amended by the UCITS V Conversion Act (OGAW V-UmsG). The background is the very short conversion period until March 18, 2016. On this date, the adjusted UCITS investment conditions must enter into force.

In the government draft of the UCITS V Conversion Act, the legislator has provided for the transitional provision of section 355 (5) KAGB draft. The reasons are the tight implementation deadline and the expected number of amendments. According to this regulation, only those amendments to the investment conditions may be applied for which are mandatory for the adaptation to the version of the KAGB applicable as of March 18, 2016.

BaFin now provides details of its administrative practice with regard to the amendments. The terms and conditions of investment shall first be agreed electronically with the supervisor. Subsequently, the capital management companies must submit written applications for approval. However, these are not to be submitted until February 22, 2016. Applications received by BaFin before this deadline would have to receive a negative decision from the supervisory authority. They would otherwise be deemed approved after four weeks (approval fiction, Section 163 (2) Sentence 5 KAGB), but there is no corresponding legal basis until March 18, 2016.

By this date, the sales prospectuses and key investor information of all UCITS must then also be revised and subsequently submitted to BaFin.

EU Parliament and EU Commission Consider Postponement of MiFID II

European lawmakers are considering postponing the planned introduction of MiFID II and MiFIR on January 3, 2017. The main reason for this is the costly implementation of the IT infrastructure. However, no final decision has been made yet.


Update of the Q&A catalog on the application of the AIFMD

On December 2, 2015, ESMA amended its Q&A catalog on the application of the AIFM Directive to include additional questions and answers on reporting.

You can find the updated Q&A catalog here.


Explore #more

13.06.2024 | Press releases

Handelsblatt and Best Lawyers honor KPMG Law Experts

Best Lawyers has once again identified the best commercial lawyers in Germany for 2024 exclusively for Handelsblatt. A total of 28 lawyers were honored by…

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),…


Henning Brockhaus


THE SQUAIRE Am Flughafen
60549 Frankfurt am Main

tel: +49 69 951195061

© 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.