The new German Capital Investment Act (Kapitalanlagegesetzbuch, “KAGB”) enters into force on July 22, 2013. The KAGB will replace the Investment Act (Investmentgesetz, “InvG”) and is supposed to regulate, for the first time, the entire German investment law. While the AIFM Directive (“AIFMD”) aims at creating a harmonized regulatory framework and an internal market for the managers of alternative investment funds, the German legislator implemented the AIFMD in the KAGB thereby creating a cohesive set of rules for all open- and closed-end funds and their managers in Germany.
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