The European Commission’s aim: To facilitate the cross-border distribution of investment funds. The result: Pre-marketing will be allowed in all member states, but the consequences are severe. Pre-marketing is to be regulated uniformly throughout the EU by a directive and a regulation. In the future, subscriptions will be possible only after the marketing notification procedure has been completed.

With the expiry of March 29, 2019 the United Kingdom of Great Britain and Northern Ireland's membership of the EU will expire unless the EU and the United Kingdom agree on an extension of this deadline. After leaving the EU, or, if applicable, after expiry of a transitional period, the United Kingdom shall be treated as a third country also for the purposes of financial markets law. This affects, among other things, the eligibility of British investment funds for German regulated investors. By the Act on Tax Implications of the Brexit (Brexit-Steuer­begleit­gesetz), there is now grand­fathering for such invest­ments in British funds which were made prior to the key date.

On 5 March 2019 the Luxembourg government filed the new finance bill n° 7450 with the Luxembourg parliament. One of the most important corporate tax measures concern the reduction of the maximum corporate income tax rate from the current 26.01 percent to 24.94 percent as of 2019. Thus, Luxembourg corporate holding companies qualify as low-taxed entities within the meaning of the German controlled foreign company rules as of 2019 with a potential filing obligation for German investors.