News from the regulatory world include two innovations and one standstill: On 27 March 2014, the European Commission presented its proposal for a revision of the Institutions for Occupational Retirement Provision Directive. On 1 April 2014, the European Parliament and the European Council agreed upon the key issues regarding the realization of the PRIPs initiative; endowment life insurance contracts are finally within the scope of application. The revision of the Investment Ordinance for German insurance companies does not make any progress.

Repayments from the contribution account for tax purposes (sec. 27 of the German Corporate Tax Act) can be received tax-neutral at the investor's level if the requirements of sec. 27 of the German Corporate Tax Act are met. This regulation does not include any rules for repayments from companies established in non-EU countries. The Finance Court Nürnberg decided that repayments of capital commitments from companies established in non-EU countries can be received free of tax if the respective national law qualifies those payments as repayments of capital contributions.

Following the proposed amendment of the German Investment Code, newly set-up AIFs will be qualified as open-ended AIFs if shares or units are repurchased or redeemed at the request of  its shareholders or unitholders, prior to the commencement of its liquidation phase or wind-down. The amendment also affects the AIFs established prior to the amendment.