In October, the EU Parliament, the Council and the Commission concluded the trilogue negotiations on the AIFMD review. The negotiated text of the draft directive amending the AIFMD and the UCITS Directive is expected to be adopted by the EU Parliament and the Council in the first quarter of 2024. We present the new regulations for loan-originating AIFs ("debt funds").

In August, the Federal Cabinet passed the government draft of the Act on the Financing of Future-Proof Investments (Financing for the Future Act). Among other things, the Act was intended to amend the German Investment Code in order to create certainty, at least under supervisory law, for the handling of investments in connection with renewable energies. However, these amendments did not survive the subsequent legislative process and were deleted from the Financing for the Future Act without replacement.

The extensive draft (just under 280 pages) for a law to strengthen growth opportunities, investment and innovation as well as tax simplification and tax fairness (Growth Opportunities Act) contains a number of changes that are important for the real estate industry. We had presented the adjustments envisaged for real estate funds in the Investment Tax Act as a result of the Growth Opportunities Act in our beinformed dated July 27, 2023. Today, we would like to highlight the - in implementation of the ATAD - planned, far-reaching changes to the previous interest barrier regulation as well as the additional introduction of a so-called interest rate cap (Zinshöhenschranke) by the Growth Opportunities Act.