13 January 2009 - On December 22nd, 2008 the German Financial Supervisory Authority (Bundesanstalt für die Finanzdienstleistungsaufsicht “BaFin”) published circular 14/2008 (WA) (“Circular”) on its interpretation of the scope of the German Investment Act (Investmentgesetz – “InvA”) as amended on December 21st, 2007.