On 17 June 2014, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht or “BaFin”) published an amended version of its “Guidance Notice on the notification of the intended marketing of EU AIF or foreign AIF to private investors in the Federal Republic of Germany pursuant to section 320 of the Investment Code”.

The German fiscal authorities have published guidance on investment vehicles' eligibility as an investment for investment funds within the meaning of the German Investment Tax Act.

Up to now, two different grandfathering regimes exist for the application of the German Investment Tax Act (“GITA“) to foreign investment funds. The German Federal Ministry of Finance has now aligned both regimes in an Ordinance dated May 22, 2014. This is particularly important for certain foreign real estate funds.