Alternative investment funds: scope of implementation of the AIFM directive in national law

On 8 June 2011, the European Parliament and the Council of the European Union passed the directive on Alternative Investment Fund Managers (2011/61/EU) (AIFM-D). The scope of the AIFM-D comprises the regulation of alternative investment fund managers and the marketing of alternative investment funds within the European Union to professional investors. The Member States have to implement the AIFM-D in national law until 22 July 2013. On 12 December 2012 the Federal Government of Germany adopted the draft of a federal law on the implementation of the AIFM-D, at the center of which is the government draft of a Capital Investment Act (Kapitalanlagegesetzbuch) (Draft KAGB). The Draft KAGB has passed through the Financial Committee of the Bundestag on 24 April 2013, and has been adopted by the Bundestag on 16 May 2013. Even though the KAGB as such does not require the consent of the Bundesrat, the latter could refer the entire implementation package to the Conciliation Committee for further consideration. At the end of the conciliation procedure, the Bundesrat may raise an objection against the KAGB. Such objection may then be outvoted by the Bundestag. The final parliamentary adoption of the KAGB is still expected in time before the implementation deadline ends on 22 July 2013…

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