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Bailey McCann, Opalesque New York: The German Ministry of Finance has issued a draft bill of its proposal for implementing the Alternative Investment Fund Managers Directive (AIFMD) in the country. The AIFMD is a broad based set of financial regulations implemented by the European Commission in an effort to provide more proactive supervision over financial activities within the European Union in the wake of the 2008 crisis and subsequent Eurozone debt crisis. The draft bill was issued at the end of July.

According to a critical review of the bill by global law firm, Dechert, the draft bill will repeal the German Investment Act which implemented the 2009 UCITS directive. In addition 26 other acts have either been amended or adjusted in order to bring the country in line with AIFMD requirements. As part of the new bill, the draft provides for the creation of the "German Investment Code" (Kapitalanlagegesetzbuch – GIC), which will comprise the future legal framework for all investment funds in Germany.

New fund designations are also on the table - various provisions of the draft GIC distinguish between funds that only allow for non-individual investors, so-called "Special Investor Funds" (Spezialfonds), and funds that also allow for individual investors (Mutual Funds). There are several of these new fund designations, effecti......................

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