Impact of the AIFM Directive

The Capi­tal Invest­ment Code (“KAGB”) propo­sed as part of the imple­men­ta­tion of the AIFM Direc­tive is likely to have a drastic impact on the entire German fund indus­try — espe­ci­ally that of closed-end funds. In Decem­ber, the German govern­ment adopted the draft AIFM Imple­men­ta­tion Act (“Govern­ment Draft”). As reques­ted by the indus­try, the govern­ment draft conta­ins a number of chan­ges compared to the discus­sion draft of July 20, 2012, both with regard to the requi­re­ments for the capi­tal manage­ment compa­nies (Alter­na­tive Invest­ment Fund Mana­gers = AIFM) and in the area of product rules for the funds (Alter­na­tive Invest­ment Fund = AIF) them­sel­ves. What will happen in summer 2013?