German real estate funds are liquidating
The Ba Fin provided a “Guidance Notice on the marketing pursuant to section 330 of the Investment Code”, and a non-binding English translation thereof.
Please visit https://bepartners.pro/en/pathfinder/bafin/ for more information. 1.3 What are the consequences for failing to register a fund that is required to be registered in your jurisdiction?
Special rules apply to certain funds under European regulations, such as European Long-Term Investment Funds.
The terms and conditions of German retail funds (including sub-funds of an umbrella) must be set forth in a separate document () which is subject to the Ba Fin’s approval.
Before a fund can be marketed to retail investors, the fund manager must submit to the Ba Fin the following documents: ■ a business plan; ■ the fund’s terms and conditions; ■ if applicable, the constituting documents (for funds which are organised as investment companies); ■ information relating to the fund’s depositary; ■ the prospectus and the key investor information document; and ■ if the fund is a feeder fund, certain information relating to the master fund. a non-UCITS fund) is intended to be marketed to retail investors in Germany, the foreign fund manager (the “AIFM”) must submit a notification letter plus accompanying documents for such AIF (or the sub-fund of an umbrella).
1.2 What does the fund registration process involve, e.g., what documents are required to be filed?
Foreign UCITS can be marketed to retail investors under the passport regime of the UCITS Directive 2009/65/EU, i.e.