Topic Investment funds Asset management companies and investment funds

BaFin supervises German asset management companies (Kapitalverwaltungsgesellschaften) and investment funds offered by such companies under the German Investment Code (KapitalanlagegesetzbuchKAGB).

Investment funds include funds complying with the UCITS Directive, real estate funds, mixed funds, old-age provision funds, infrastructure funds, special funds and hedge funds, i.e. funds with additional risks.

In­vest­ment funds

Investment funds within the meaning of the KAGB include open-ended and closed-ended investment funds. While open-ended investment funds generally invest in financial instruments (with an exception being open-ended real estate funds), closed-ended investment funds tend to invest in physical assets.

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Hedge funds

Authorised German asset management companies may establish single hedge funds and funds of hedge funds in Germany. Funds of hedge funds may be approved as retail or special funds, while single hedge funds may only be approved as special funds.

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updated on 16.02.2017

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BaFin com­pletes clos­et in­dex­ing in­ves­ti­ga­tion

The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has completed its investigation into closet indexing having identified deficiencies in transparency. It therefore plans to increase transparency obligations for the investment fund industry and also published a consultation on the matter yesterday (only available in German). Furthermore, at present


Cross-ref­er­ence ta­ble on the ba­sis of sec­tion 331 of the In­vest­ment Code (Kap­i­ta­lan­lagege­set­zbuch – KAGB)

Marketing of units or shares of EU AIFs in Member States other than in the home Member State of the AIFM pursuant to section 331 of the KAGB

Check list of doc­u­ments to be sub­mit­ted (KAGB)

Check list of documents to be submitted for notification of an appointment of a member of an administrative or supervisory body of an undertaking which is covered by the German Capital Investment Code (Kapitalanlagegesetzbuch – KAGB)

Guid­ance No­tice on Mem­bers of Ad­min­is­tra­tive and Su­per­vi­so­ry Bod­ies pur­suant to KWG and KAGB

Guidance Notice on Members of Administrative and Supervisory Bodies pursuant to the German Banking Act (Kreditwesengesetz – KWG) and the German Capital Investment Code (Kapitalanlagegesetzbuch – KAGB)

Guid­ance No­tice on the re­port­ing obli­ga­tions of AIF-Man­age­ment Com­pa­nies pur­suant to sec­tion 35 of the Ger­man In­vest­ment Code (Kap­i­ta­lan­lagege­set­zbuch - KAGB)

The reporting obligations set out in section 35 of the KAGB include both reports on the level of the AIF management company itself (AIFM reports pursuant to section 35 (1) of the KAGB) and on the level of the individual investment funds (AIF reports pursuant to section 35 (2) and (4) of the KAGB). In addition, the precise specifications of the reporting obligations pursuant to section 35 (8) …

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