BaFin publishes new circular for investments of German Insurers

As of 12 December 2017 and after a long consultation period, BaFin has published its new Circular 11/2017 (Hinweise zur Anlage des Sicherungsvermögens von Erstversicherungsunternehmen, auf welche die Vorschriften für kleine Versicherungsunternehmen (§§ 212 bis 217 VAG) Anwendung finden, sowie von inländischen Pensionskassen und Pensionsfonds (Kapitalanlagerundschreiben)), which was enacted to provide further interpretation of the German Investment Ordinance of 2016 (Anlageverordnung – „AnlV“).

The new Circular supersedes the prior version of the Investment Circular of 15 April 2011 (“Circular 04/2011”) and the draft circular published for consultation (“Circular 16/2016”).

Read the draft circular.

BaFin publishes updated FAQ on outsourcing of regulated services

BaFin has updated its Frequently Asked Questions in November 2017 about outsourcing according to Section 36 of the German Capital Investment Code (Kapitalanlagegesetzbuch - “KAGB”). In this FAQ, BaFin answers frequently asked questions about outsourcing under the KAGB and also reflects ESMA’s Q&A on the application of the AIFMD“, section VIII: Delegation, Q&A no. 1 (ESMA34-32-352).

Read the updated FAQ (German).

BaFin publishes new circular on marketing of EU Feeder AIFs into Germany

BaFin published a Circular in January 2018 on the general notification requirements for the marketing of German and EU Feeder AIFs, investing in third country Master-AIF to (semi)professional investors under Section 329 of the German Capital Investment Code (Kapitalanlagegesetzbuch - “KAGB”).

Read the new Circular (German).

Latest German Investment Fund Statistics

The German Investment Fund Association BVI has issued its latest investment statistics report dated 11 January 2018, giving an overview of the net assets and net sales within the German investment fund and asset management markets. The statistics are broken down by asset class and provider. They provide information on net assets and net inflows of investment funds and assets outside investment funds.

The statistics are now available.