In January of this year, we had reported on the draft of the equitable/fairness and simplification regulation of the German Federal Ministry of Finance with regard to investment funds that segregate illiquid assets into so-called side pockets (our beinformed dated January 17, 2023). On August 25, the Federal Ministry of Finance published the final version. The inherent problem of the draft being too narrow in scope has been remedied.

In April, the draft bill of the Act on the Financing of Investments for the Future (Future Financing Act) had been published. We had reported on the amendments to the German Investment Code envisaged therein, which, at least with regard to supervisory law, are intended to create security for the handling of investments in connection with renewable energies (see our beinformed dated June 15, 2023). Last week, the German cabinet approved the draft with in so far only a few changes.

On July 14, 2023, the draft bill for an act to strengthen growth opportunities, investments and innovations as well as tax simplification and tax fairness (Growth Opportunities Act) was published. The draft for this omnibus bill, which is just under 280 pages long, also contains some important changes to the German Investment Tax Act for real estate funds, which we would like to highlight for you.