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The German Implementing Act for the AIFM directive: a critical survey of the draft Bill

The German Ministry of Finance on 20 July 2012 published the draft of a bill to implement the Directive 2011/61/EU on Alternative Investment Fund Managers into German law. Within the framework of implementing the AIFMD, the Draft AIFM Act provides, in particular, for the repeal of the German Investment Act, which implemented the UCITS Directive 2009/65/EC among other things. In addition, 26 other acts and regulations have also been amended and/or adjusted. To replace the InvA, which is being repealed, the draft provides for the creation of the “German Investment Code”, which will comprise the future legal framework for all investment funds in Germany.

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