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UCITS IV implementation: Ministry of Finance starts consultation of new draft Investment Act
Practical Law Legal Update 1-503-4928 (Approx. 2 pages)
UCITS IV implementation: Ministry of Finance starts consultation of new draft Investment Act
by Sandra Pfister, Simmons & Simmons
| Published on 01 Oct 2010 • Germany |
This article is part of the PLC Global Finance September 2010 e-mail update for Germany.
Speedread
The Federal Ministry of Finance started a consultation of the "discussion draft" of the amended Investment Act (the Draft InvG). The Draft InvG contains the implementation of the new European Investment Funds Directive 2009/65/EC, as well as a partial implementation of the four implementation measures enacted in the course of the UCITS IV implementation.
UCITS IV implementation: Ministry of Finance starts consultation of new draft Investment Act
The Federal Ministry of Finance started a consultation of the "discussion draft" of the amended Investment Act (the Draft InvG). The Draft InvG contains the implementation of the new European Investment Funds Directive 2009/65/EC, as well as a partial implementation of the four implementation measures enacted in the course of the UCITS IV implementation. The following measures shall be implemented by the Draft InvG:
- Introduction of the possibility of cross-border collective portfolio management by extending the European Passport for management companies.
- Facilitation of cross-border fund mergers.
- Introduction of Master-Feeder-Structures.
- Introduction of "key investor information".
- Facilitation of the notification procedure mandatory for UCITS compliant investment funds prior to cross-border distribution.
- Improvement of co-operation of the authorities which are in charge of supervision and approval.
Moreover, the Draft InvG shall improve the framework conditions for so-called micro-finance funds and eliminate existing inhibition thresholds.