Focus on regulation – Lawyers Dechert explain how AIFMD is being tweaked in Germany
International law firm Dechert LLP has released a legal update explaining how the implementation of the Alternative Investment Fund Managers Directive (AIFMD) is being tweaked in Germany, following last month’s publication of a draft bill by the German Ministry of Finance.
The directive is the European Commission’s effort to regulate previously unregulated alternative funds, including hedge funds, private equity and real estate funds, by creating a common legal framework.
By and large the directive should be incorporated into German law unchanged, Dechert says, but there will be some minor differences.
On several points the German Ministry of Finance proposes imposing a more stringent legal framework on the German investment fund sector than that stipulated by the European legislation.
Dechert’s publication explains the changes affecting various parts of the industry in Germany, including amendments to the use of terminology, the impact on taxation and the effects on the various fund types that fall under the directive’s jurisdiction.
To view the paper entitled “The German Implementing Act for the AIFM Directive: A Critical Survey of the Draft Bill” click here.