AIFM — status quo and options for action

The Euro­pean AIFM Direc­tive regu­la­tes the mana­gers of alter­na­tive invest­ment funds (AIFMD; Alter­na­tive Invest­ment Fund Mana­gers Direc­tive). This affects all mana­gers of open-ended and closed-end funds, unless they are alre­ady regu­la­ted by the UCITS Direc­tive. The AIFM Tax Adjus­t­ment Act is inten­ded to adapt various tax regu­la­ti­ons in Germany to the German Invest­ment Code. In Germany, as part of the imple­men­ta­tion of the AIFM Direc­tive, the exis­ting Invest­ment Act is to be repea­led and the regu­la­ti­ons contai­ned ther­ein inte­gra­ted into a new Capi­tal Invest­ment Code (KAGB). — What is the status quo?