Welcome to Kloos & Partner Investment Consultants Unternehmensberatung

Information, efficiency and service form the core of our website.

Therefore we start our presentation with actual features and avoid low content illustration.

We are looking forward to your queries or suggestions!


New investment regulations require comprehensive modifications of supervisor’s guidelines

The forthcoming amended investment regulations for German insurers and pension funds (Anlageverordnung) will necessarily entail modification and adaptation of the following circulars (Rundschreiben) und official statements of the German supervisor BaFin: • R 4/2011 (VA) Notes on investing the restricted assets • Direction as of 21.06.2011 (Announcements and Reporting) • R 13/2005 (VA) Custodian • []

nach oben

Use of External Ratings and Conduct of Own Credit Risk Tests

The German insurance supervisor BaFin has published a new ruling on the basis of a EU-Directive on the “Use of External Ratings and Conduct of Own Credit Risk Tests”. Investors are obliged to make own credit risk considerations for all assets that are regularly rated by external recognised rating agencies. The check needs to be []

nach oben

EIOPA is issuing Guidelines addressed to NCAs on to prepare for the application of Solvency II

EIOPA publishes the Guidelines in the areas covered by the consultations in autumn of this year. This should allow NCAs to put in place, applying from 1 January 2014, certain important aspects of the prospective and risk based supervisory approach to be introduced by the Solvency II Directive, as stated in the Opinion. The Guidelines []

nach oben

AIFM-Taxation Bill declined

The bill ruling the taxation of newly established AIFM alternative investment funds did not pass the conciliation committee (Vermittlungsausschuss) of the Federal Parliament (Bundestag) and the Federal Council of Germany (Bundesrat) prior to the new election in September 2013. The legislative procedure now needs to be started again after establishing the new parliament. In consequence []

nach oben

Investments in corporate loans – Collateralisation through negative pledge clause

The German insurance supervisor BaFin has updated the direction[1] for investments in corporate loans. In addition to checking the debtor’s creditability according to the guidelines of the German Insurance Society (GDV-“Kreditleitfaden”) or with reference to a long term rating of a recognised agency the assessment of the collateral of a loan is mandatory. From experience []

nach oben

Euro Bonds held by insurers – period of tolerance expires end of 2013

The suspended quality criteria for the classification of bonds and loans of member states of the EU, their regional governments and local authorities are to be resumed from the beginning of year 2014 onwards according to the regular requirements outlined in BaFin’s circular 4/2011 (VA) [1]. Therefore such instruments may continue to be allocated to []

nach oben

German Insurance Supervisor extends limits for investments in High Yield Instruments

BaFin publishes a ruling on investments in High Yield Instruments now being eligible also through the so called 5% escape clause (Öffnungsklausel). The supervisor’s objective is to extend the limit of the existing special 5% quota for this asset class within the restricted assets. Given sufficient risk bearing capacity investors under supervision may now continue []

nach oben

Supervisors launch new regulation for use of external ratings for asset management

On EU-level the directive on the use of external ratings by insurers, occupational pension funds and asset management companies has been adapted to actual supervisory requirements. BaFin therefore has publisched for practical application a guideline on the use of external ratings and on the execution of own credit risk appraisal by the respective bodies. In []

nach oben

AIFM-Transformation Act offers Chances to develop Investment Funds in all Categories

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 []

nach oben

Investment Directive: Classification of Investments in Forests as Real Estate?

It is reported that the German Insurance Supervisor BaFin will not object, if investors under supervision allocate investments in forests to the real estate property quota as long as all further requirements according to Par. 2 (1.) Nr. 14 of the Investment Directive are met (e.g. direct acquisition, shares of companies that exclusively manage forests, []

nach oben