June 2008 - On June 9th, 2008 the German Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht “BaFin”) published a draft circular (“Circular”) on its interpretation of the scope of the German Investment Act (Investmentgesetz – “InvA”) as amended on December 21st, 2007. The Circular has been posted publicly on the BaFin website for consultation with interested parties.