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Topic Investment funds Authorisation and marketing

Supervision of asset management companies (Kapitalverwaltungsgesellschaften) and investment funds

Reg­is­tered of­fice and head of­fice in Ger­many

Companies wishing to manage investment funds as German asset management companies with their registered office and head office in Germany need written authorisation from BaFin or must register with BaFin. Such activity is considered management of an investment fund when the company provides at least portfolio management or risk management.

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What is an investment fund?

An investment fund is any collective investment undertaking which raises capital from a number of investors, with a view to investing it in accordance with a defined investment strategy for the benefit of those investors, and which is not an operating company outside the financial sector.

Further information on the term "investment fund" (only available in German):

Branch in Ger­many (EU pass­port)

Management companies with their registered office in a Member State of the EU or the EEA wishing to manage investment funds via a branch or by providing cross-border services in Germany need an EU passport.

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Mar­ket­ing in Ger­many

Companies wishing to market shares or units in investment funds must first undergo a marketing notification procedure at BaFin. The type and scope of the necessary documentation depends on where the (asset) management company has its registered office and where the investment fund is situated/where the latter has its registered office.

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Publications on this topic

“We need last­ing trans­paren­cy”

A new study from BaFin reveals that many asset management companies (Kapitalverwaltungsgesellschaften) are not satisfied with the ESG data and ESG ratings currently available on the market. Dr Thorsten Pötzsch, BaFin’s Chief Executive Director for Securities Supervision and Asset Management, explains in an interview why reliable sustainability data are important for green investments and which …

In­di­rect in­vest­ments in spe­cial funds: BaFin has in­vestor pro­tec­tion con­cerns about prod­uct de­signs that cir­cum­vent re­quire­ments

Many financial services providers are advertising opportunities to “invest like a professional”. Consumers can supposedly do this by investing indirectly in special funds referred to as special AIFs (Spezial-AIF). BaFin is keeping a close eye on these offers. If the risks are too great, BaFin is able to intervene and, in extreme cases, even ban products.

Note con­cern­ing fund-re­lat­ed at­tes­ta­tions

The BaFin issues fund-related attestations (e.g. so-called UCITS attestations) that are to be submitted to domestic or foreign authorities, companies or other institutions in digital form only. Such attestations are no longer signed, sealed or stamped.

In­vest­ment funds: liq­uid­i­ty man­age­ment tools in prac­tice

(BaFinJournal) Liquidity management tools (LMTs), which were made available to German asset managers for liquidity management in the spring of 2020, are now being used by some of the asset managers. This is one of the findings of a survey conducted by the Federal Financial Supervisory Authority (BaFin).

Pre­vent­ing green­wash­ing

BaFin’s Guidelines on sustainable investment funds are to ensure better protection for consumers

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