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Alternative Market Briefing

Germany changes investment rules in anticipation of AIFMD regime

Monday, July 08, 2013

Precy Dumlao, Opalesque Asia:

Germany’s market regulator BaFin has issued changes to its private placement rules for marketing alternative investment funds in anticipation of the full implementation of the Alternative Investment Fund Managers Directive (AIFMD) on July 22.

International law firm Akin Gump issued an alert to its clients on the changes stating that the new rules distinguish three categories of investors when marketing AIFs.

The categories are: (1) professional investors which include banks, investment firms, insurance companies, national and regional governments and large corporate entities; (2) semi-professional investors, which include investors who invest at least EUR 10,000,000, or at least EUR 200,000 (if they also meet the suitability test), or executives and employees of the relevant AIF or its manager (AIFM); and (3) retail investors.

Distribution to professional investors by AIFMs established in countries outside the European Union (e.g. U.S. managers) is subject to the following conditions:

  • The non-EU AIFM must notify BaFin of its intention to market in Germany. The notification must include a comprehensive list of information and documents. BaFin will then have up to two months (from the date of submission of complete docum......................

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