{"id":44212,"date":"2017-08-01T04:15:36","date_gmt":"2017-08-01T02:15:36","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/regulation-light-under-the-german-investment-code-a-new-map-for-managers-of-small-funds\/"},"modified":"2017-08-01T04:15:36","modified_gmt":"2017-08-01T02:15:36","slug":"regulation-light-after-the-capital-investment-code-a-new-map-for-managers-of-small-funds","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/regulation-light-after-the-capital-investment-code-a-new-map-for-managers-of-small-funds\/","title":{"rendered":"Regulation light under the German Investment Code \u2014 A new map for managers of \u201csmall\u201d funds"},"content":{"rendered":"

Prof. Dr. Andreas Nelle<\/strong> \u2014 Lawyer and Part\u00adner RAUE LLP, Berlin<\/p>\n","protected":false},"excerpt":{"rendered":"

The AIFM Direc\u00adtive (AIFM-RL), which has been discus\u00adsed in the private equity and venture capi\u00adtal indus\u00adtry for years, was imple\u00admen\u00adted on time in July 2013 with the Capi\u00adtal Invest\u00adment Code (KAGB). This will subject many invest\u00adment fund mana\u00adgers to compre\u00adhen\u00adsive regu\u00adla\u00adtion for the first time. Howe\u00adver, to the extent that the assets under manage\u00adment are below certain size thres\u00adholds, only a portion of these provi\u00adsi\u00adons is appli\u00adca\u00adble. This crea\u00adtes a sepa\u00adrate, reshaped regu\u00adla\u00adtory envi\u00adron\u00adment for \u201csmall\u201d fund mana\u00adgers and their inves\u00adtors to grasp. \u2014 The follo\u00adwing article draws a map of \u201cregu\u00adla\u00adtion light\u201d and the design alter\u00adna\u00adti\u00adves that the KAGB opens up espe\u00adci\u00adally for the mana\u00adgers of \u201csmall\u201d funds.<\/strong><\/p>\n

First-time regu\u00adla\u00adtion of many fund managers<\/strong><\/p>\n

Alre\u00adady with the adop\u00adtion of the AIFM Direc\u00adtive (AIFM-Direc\u00adtive) it was clear that regu\u00adla\u00adtory requi\u00adre\u00adments for private equity funds, venture capi\u00adtal funds, family offices and other asset mana\u00adgers will play an incre\u00adasing role in the future. With the entry into force of the German Invest\u00adment Code (Kapi\u00adtal\u00adan\u00adla\u00adge\u00adge\u00adsetz\u00adbuch, KAGB) on July 22, 2013, the German legis\u00adla\u00adtor has now trans\u00adpo\u00adsed the AIFM Direc\u00adtive into German law on sche\u00addule. On this occa\u00adsion, it also refor\u00admed the alre\u00adady exis\u00adting natio\u00adnal regu\u00adla\u00adti\u00adons and combi\u00adned them with the provi\u00adsi\u00adons from the AIFM Direc\u00adtive in a uniform, but not always catchily worded code of 227 pages.<\/p>\n

The KAGB is likely to have a signi\u00adfi\u00adcant impact on the fund land\u00adscape in the future and change it consider\u00ada\u00adbly in some areas. This is because it comple\u00adtes a para\u00addigm shift in line with the AIFM Direc\u00adtive: In the future, a \u201cmate\u00adrial\u201d concept of fund and mana\u00adger will apply, and thus a compre\u00adhen\u00adsive regu\u00adla\u00adtory approach. Whereas previously the formal cate\u00adgo\u00adries of the UCITS Direc\u00adti\u00adves or the Invest\u00adment Act deter\u00admi\u00adned whether a fund mana\u00adger was subject to regu\u00adla\u00adtion, now the mate\u00adri\u00adally prono\u00adun\u00adced defi\u00adni\u00adtion of invest\u00adment assets in Section 1 (1) is decisive. 1 KAGB5. All invest\u00adment assets that do not meet the formal crite\u00adria of the UCITS direc\u00adti\u00adves are now recor\u00added as alter\u00adna\u00adtive invest\u00adment funds (AIF) whose mana\u00adger (AIFM) requi\u00adres a permit.<\/p>\n","protected":false},"featured_media":41326,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2602,2606],"product_tag":[1920,1929,2142,2151,2339],"class_list":{"0":"post-44212","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2014-en","8":"product_cat-prof-dr-andreas-nelle-en","9":"product_tag-aifm-directive","10":"product_tag-german-investment-code","11":"product_tag-nelle-en","12":"product_tag-andreas-en","13":"product_tag-ucits-guidelines","14":"pa_sprache-english-3","15":"pa_sprache-german","17":"first","18":"outofstock","19":"taxable","20":"shipping-taxable","21":"purchasable","22":"product-type-variable"},"yoast_head":"\nRegulation light under the German Investment Code - A new map for managers of "small" funds - FYB Financial Yearbook<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fyb.de\/en\/produkt\/regulation-light-after-the-capital-investment-code-a-new-map-for-managers-of-small-funds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Regulation light under the German Investment Code - A new map for managers of "small" funds - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"The AIFM Directive (AIFM-RL), which has been discussed in the private equity and venture capital industry for years, was implemented on time in July 2013 with the Capital Investment Code (KAGB). This will subject many investment fund managers to comprehensive regulation for the first time. However, to the extent that the assets under management are below certain size thresholds, only a portion of these provisions is applicable. This creates a separate, reshaped regulatory environment for "small" fund managers and their investors to grasp. - The following article draws a map of "regulation light" and the design alternatives that the KAGB opens up especially for the managers of "small" funds. First-time regulation of many fund managers Already with the adoption of the AIFM Directive (AIFM-Directive) it was clear that regulatory requirements for private equity funds, venture capital funds, family offices and other asset managers will play an increasing role in the future. With the entry into force of the German Investment Code (Kapitalanlagegesetzbuch, KAGB) on July 22, 2013, the German legislator has now transposed the AIFM Directive into German law on schedule. On this occasion, it also reformed the already existing national regulations and combined them with the provisions from the AIFM Directive in a uniform, but not always catchily worded code of 227 pages. The KAGB is likely to have a significant impact on the fund landscape in the future and change it considerably in some areas. This is because it completes a paradigm shift in line with the AIFM Directive: In the future, a "material" concept of fund and manager will apply, and thus a comprehensive regulatory approach. Whereas previously the formal categories of the UCITS Directives or the Investment Act determined whether a fund manager was subject to regulation, now the materially pronounced definition of investment assets in Section 1 (1) is decisive. 1 KAGB5. All investment assets that do not meet the formal criteria of the UCITS directives are now recorded as alternative investment funds (AIF) whose manager (AIFM) requires a permit.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fyb.de\/en\/produkt\/regulation-light-after-the-capital-investment-code-a-new-map-for-managers-of-small-funds\/\" \/>\n<meta property=\"og:site_name\" content=\"FYB Financial Yearbook\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fyb.de\/wp-content\/uploads\/2017\/08\/Nelle-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"334\" \/>\n\t<meta property=\"og:image:height\" content=\"298\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.fyb.de\/en\/produkt\/regulation-light-after-the-capital-investment-code-a-new-map-for-managers-of-small-funds\/\",\"url\":\"https:\/\/www.fyb.de\/en\/produkt\/regulation-light-after-the-capital-investment-code-a-new-map-for-managers-of-small-funds\/\",\"name\":\"Regulation light under the German Investment Code - 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