The AIFM-Transformation Act adapts the stipulations of the EU AIFM-Directive in Germany; the new investment code  covers all externally managed “fund” portfolios and supervises their managers correspondingly coming into effect on July 22, 2013.

A very important aspect is the new regulation on how to withdraw the invested money from open and closed funds.

Furthermore all funds are categorised as domestic UCITS, EU-UCITS and alternative investment funds (AIF).

The alternative investment funds comprise:

–         domestic AIF

–         EU-AIF

–         foreign AIF

The act also includes open and closed funds as well as investment companies with variable and fixed capital (comparable to the well-known Luxembourg SICAV-FIS).