The Federal Ministry of Finance has published guidance on what is entrepreneurial activity under the German Investment Tax Act. The guidance, dated 3rd March, explains what activity an investment fund needs to refrain from to keep its status.

On March 6, 2015, the amendments of the Regulation on the Investment of Restricted Assets of Insurance Undertakings (“Investment Regulation“) were published in the Federal Law Gazette (Bundesgesetzblatt). The amendments were necessary to adapt the Investment Regulation to the new fund regulation, which entered into effect following the transposition of the AIFM Directive.

On February 12, 2015, the German Federal Ministry of Finance published a Decree which clarifies unclear issues for closed end alternative investment funds set up as partnerships, so-called Investment Partnerships. In particular, the Decree clarifies which entities qualify as Investment Partnerships and are therefore tax transparent and also addresses uncertainties in relation to the filing requirements for such Investment Partnerships.