{"id":44239,"date":"2017-08-01T04:15:36","date_gmt":"2017-08-01T02:15:36","guid":{"rendered":"https:\/\/newserver.fyb.de\/produkt\/introduction-of-the-german-investment-code-by-the-aifm-directive-implementation-act-requirements-for-the-depositary-and-criteria-for-a-depositary-selection\/"},"modified":"2017-08-01T04:15:36","modified_gmt":"2017-08-01T02:15:36","slug":"introduction-of-the-capital-investment-code-by-the-implementation-law-of-the-aifm-directive-requirements-for-custodians-and-criteria-for-selection-of-custodians","status":"publish","type":"product","link":"https:\/\/www.fyb.de\/en\/produkt\/introduction-of-the-capital-investment-code-by-the-implementation-law-of-the-aifm-directive-requirements-for-custodians-and-criteria-for-selection-of-custodians\/","title":{"rendered":"Introduction of the German Investment Code by the AIFM Directive Implementation Act \u2014 Requirements for the Depositary and Criteria for a Depositary Selection"},"content":{"rendered":"

Kurt Zeimers<\/strong> \u2014 Product Mana\u00adger Asset & Fund Services BNP Pari\u00adbas Secu\u00adri\u00adties Services, Frankfurt\/Main<\/p>\n

Ingo Bier\u00admann<\/strong> \u2014 Head of Sales & Rela\u00adti\u00adonship Manage\u00adment, Asset Owners, Asset Mana\u00adgers, Corpo\u00adra\u00adtes, Germany, Central Europe and CIS BNP Pari\u00adbas Secu\u00adri\u00adties Services, Frankfurt\/Main<\/p>\n","protected":false},"excerpt":{"rendered":"

As a result of the finan\u00adcial crisis, nume\u00adrous legis\u00adla\u00adtive initia\u00adti\u00adves have been laun\u00adched at the inter\u00adna\u00adtio\u00adnal, Euro\u00adpean and natio\u00adnal levels to contain syste\u00admic risks. One of these initia\u00adti\u00adves is the regu\u00adla\u00adtion of products offe\u00adred in the gray capi\u00adtal market. The German private equity and venture capi\u00adtal indus\u00adtry is also facing drastic deve\u00adlo\u00adp\u00adments. In July 2011, the EU Commis\u00adsion issued a direc\u00adtive to regu\u00adlate the mana\u00adgers of previously unre\u00adgu\u00adla\u00adted invest\u00adment funds by, among other things, intro\u00addu\u00adcing a depo\u00adsi\u00adtary. Imple\u00admen\u00adta\u00adtion in Germany will lead to lasting struc\u00adtu\u00adral chan\u00adges in the industry.<\/strong><\/p>\n

Howe\u00adver, inves\u00adtee compa\u00adnies should not view the tigh\u00adter regu\u00adla\u00adtion as merely a neces\u00adsary evil, but should also actively exploit the oppor\u00adtu\u00adni\u00adties presen\u00adted by the new regu\u00adla\u00adtion. Some insti\u00adtu\u00adtio\u00adnal inves\u00adtors, who today prefer to invest in regu\u00adla\u00adted (e.g. Luxem\u00adbourg) private equity funds due to, among other things, natio\u00adnal finan\u00adcial services super\u00advi\u00adsion and control by a depo\u00adsi\u00adtary, may soon also be inte\u00adres\u00adt\u00ading capi\u00adtal provi\u00adders for German invest\u00adment companies.<\/p>\n

The status of the legis\u00adla\u00adtive process, the natio\u00adnal imple\u00admen\u00adta\u00adtion of the Direc\u00adtive and, in parti\u00adcu\u00adlar, the role of the depo\u00adsi\u00adtary for private equity funds are exami\u00adned in more detail in the follo\u00adwing article.<\/p>\n

We would like to conclude the article with an over\u00adview of the crite\u00adria that an invest\u00adment company should consider when selec\u00adting a depositary.<\/p>\n

Emer\u00adgence of the AIFM Directive<\/strong><\/p>\n

Since 2009, the Euro\u00adpean Commis\u00adsion has pursued the ambi\u00adtious goal of subjec\u00adting all actors and acti\u00advi\u00adties that are subject to signi\u00adfi\u00adcant risks to appro\u00adpriate regu\u00adla\u00adtion and super\u00advi\u00adsion. Trading of unre\u00adgu\u00adla\u00adted products on the finan\u00adcial market should no longer be possi\u00adble. With regard to the regu\u00adla\u00adtion of alter\u00adna\u00adtive invest\u00adment fund mana\u00adgers, this has been imple\u00admen\u00adted at Euro\u00adpean level through the so-called AIFM Directive1.<\/p>\n

The Euro\u00adpean Direc\u00adtive 2011\/61\/EU2 on Alter\u00adna\u00adtive Invest\u00adment Fund Mana\u00adgers (AIFM Direc\u00adtive) was published in the EU Offi\u00adcial Jour\u00adnal on July 1, 2011. Then, in early June 2012, an unof\u00adfi\u00adcial draft of the EU Commis\u00adsi\u00adon\u2019s so-called Level 2 imple\u00admen\u00adting measu\u00adres was released to the public.3 The draft conta\u00adins requi\u00adre\u00adments for the trans\u00adpo\u00adsi\u00adtion of the AIFM Direc\u00adtive into the law of the EU member states.<\/p>\n","protected":false},"featured_media":41456,"comment_status":"open","ping_status":"closed","template":"","meta":{"wp_typography_post_enhancements_disabled":false},"product_brand":[],"product_cat":[2452,2604,2616,2618],"product_tag":[1545,1920,2369,2372,2385,2391,2399,2405],"class_list":{"0":"post-44239","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-ebook-en","7":"product_cat-fyb-2013-en","8":"product_cat-kurt-zeimers-en","9":"product_cat-ingo-biermann","10":"product_tag-financial-crisis","11":"product_tag-aifm-directive","12":"product_tag-zeimers-en","13":"product_tag-kurt-en","14":"product_tag-biermann-en","15":"product_tag-ingo-en","16":"product_tag-structural-changes","17":"product_tag-financial-services-supervisory-authority","18":"pa_sprache-english-3","19":"pa_sprache-german","21":"first","22":"outofstock","23":"taxable","24":"shipping-taxable","25":"purchasable","26":"product-type-variable"},"yoast_head":"\nIntroduction of the German Investment Code by the AIFM Directive Implementation Act - Requirements for the Depositary and Criteria for a Depositary Selection - 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\/introduction-of-the-capital-investment-code-by-the-implementation-law-of-the-aifm-directive-requirements-for-custodians-and-criteria-for-selection-of-custodians\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Introduction of the German Investment Code by the AIFM Directive Implementation Act - Requirements for the Depositary and Criteria for a Depositary Selection - FYB Financial Yearbook\" \/>\n<meta property=\"og:description\" content=\"As a result of the financial crisis, numerous legislative initiatives have been launched at the international, European and national levels to contain systemic risks. One of these initiatives is the regulation of products offered in the gray capital market. The German private equity and venture capital industry is also facing drastic developments. In July 2011, the EU Commission issued a directive to regulate the managers of previously unregulated investment funds by, among other things, introducing a depositary. Implementation in Germany will lead to lasting structural changes in the industry. However, investee companies should not view the tighter regulation as merely a necessary evil, but should also actively exploit the opportunities presented by the new regulation. Some institutional investors, who today prefer to invest in regulated (e.g. Luxembourg) private equity funds due to, among other things, national financial services supervision and control by a depositary, may soon also be interesting capital providers for German investment companies. The status of the legislative process, the national implementation of the Directive and, in particular, the role of the depositary for private equity funds are examined in more detail in the following article. We would like to conclude the article with an overview of the criteria that an investment company should consider when selecting a depositary. Emergence of the AIFM Directive Since 2009, the European Commission has pursued the ambitious goal of subjecting all actors and activities that are subject to significant risks to appropriate regulation and supervision. Trading of unregulated products on the financial market should no longer be possible. With regard to the regulation of alternative investment fund managers, this has been implemented at European level through the so-called AIFM Directive1. The European Directive 2011\/61\/EU2 on Alternative Investment Fund Managers (AIFM Directive) was published in the EU Official Journal on July 1, 2011. 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