Newsletters

04.08.2015

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EU–passport for Non–EU fund manager

The European Securities and Markets Authority (ESMA) has published its Advice in relation to the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs). ESMA’s Advice addresses only six jurisdictions. ESMA does not currently advise the application of the EU passport for US AIFs and US AIFMs.

Note: This newsletter is also available in German language:
The next reform of the German law on the taxation of investment funds

It has now been two years since the last substantial amendments of the German tax rules for investment funds. Now again everything is on the table, this time it goes to the heart of the matter. What the fiscal authority is asking for is a fundamental change of fund taxation: taxation at fund level on the basis of a source historically used for non-residents, however, plus the traditional taxation based on residence for German investors in the fund. Thus, conflicts with souvereignty of taxation between Member States of the European Union are resolved to the advantage of the national tax authorities instead of supporting a European-wide solution regarding the question of whether to base fund taxation either on the source or on the residence principle.

Note: This newsletter is only available in German language.
The New Investment Regulation

The new Investment Regulation allows investments in new funds: closed-ended real estate funds, infrastructure funds and other alternative investment funds as well as debt funds. The granting of loans has also become more attractive and is no longer slavishly tied to the rating agencies.

The new Investment Regulation and the Pension Fund Capital Investment Regulation have been updated to reflect the amended German investment laws following the repeal of the German Investment Act and the entry into force of the German Capital Investment Code. The German legislator's explicitly stated goal is to facilitate German insurance companies' investments in potentially more profitable investments.

The classification of investment funds into one of the categories depends once again primarily on the assets in which a fund invests. The catalogue of investment funds distinguishes between private equity funds, real estate funds, securities funds and other funds. For this purpose, the new Investment Regulation refers to assets that can be acquired in accordance with the provisions of the German Capital Investment Code.

Note: This newsletter is only available in German language.
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