No CrossRef data available.
We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.
Published online by Cambridge University Press: 06 March 2019
On January, 1st 2004 the new German Investment Act (Investmentgesetz – “InvestG”) has entered into force and has established a new legal frame for funds. Especially hedge funds are regulated by German law for the first time. Nevertheless the solutions, used to establish hedge fund investments in Germany in the past, remain legal and it is argued that they will continue to play a practical role. The new InvestG on the one hand modernises German law, but on the other hand still clings to a somewhat old-fashioned regulatory approach. At the same time there are efforts at the European level to harmonise European hedge fund legislation. As a result an analysis of the German hedge fund regulation has to deal with three different, partly overlapping regimes: A past, that is still not bygone (II.), a present which is still not modern at all (III.), and a near future that will bring more changes and probably lead to an up-to-date regulation (IV.). After an introduction to these three regimes, I shall conclude with a short summary pointing out the main deficits of the new German legislation (V).
1 Investmentmodernisierungsgesetz (Investmentmodernisation Act) of 15 December 2003, Bundesgesetzblatt No. 62, 19.12.2003 http://217.160.60.235/BGBL/bgbl1f/bgbl103s2676.pdf.Google Scholar
2 Livonius, Von, WM 2004, 60, 62 ff.; Lang, WM 2004, 53, 58 et sq.Google Scholar
3 Börsen-Zeitung, 23.10.03 “Hedge Funds made in Germany”; Steck, Legal Aspects of German Hedge Fund Structures, Working Paper No. 12 of the institute for law and finance, http://www.ilffrankfurt.de/publication_file.php4?file_id=9, p. 25.Google Scholar
4 Steck (supra, note 3) p.7 speaks of “optional regulatory law”.Google Scholar
5 Bankrechtshandbuch – Köndgen 2nd edition, 2001, Volume III, Sec. 113 margin-no. 34.Google Scholar
6 Steck, (supra, note 3) p. 6.Google Scholar
7 Steck, (supra, note 3), p. 7.Google Scholar
8 Steck, (supra, note 3), p. 8.Google Scholar
9 Kayser/Steinmüller, FR 2002, 1270, 1276 et sqq.Google Scholar
10 Luttermann/Backmann, ZIP 2002, 1017, 1019 f.; Kayser/Steinmüller, (supra, note 9) at 1277 et sq.Google Scholar
11 Kayser/Steinmüller (fn 9), at 1276 et sq.Google Scholar
12 Sec 112 para. 2 of the draft bill, http://www.bvi.de/downloads/invmodG_gesetzentw_200803.pdf.Google Scholar
13 Report of the finance committee of the German Bundestag, BT-Drucksache 15/1944, http://www.bundestag.de/parlament/gremien15/a07/Beschlussempfehlungen_und_Berichte__15__Wahlperiode_/1944.pdf, p. 14; Börsen-Zeitung, 08.11.2003 “Investmentgesetz bringt Finanzplatz Deutschland auf richtige Spur”; Börsen-Zeitung, 14.10.2003 “Investmentgesetz droht Eichels Ziel zu verfehlen”.Google Scholar
14 Full statement of the reasons of the draft bill (supra, note 12), p. 153.Google Scholar
15 Waldeck/Süßmann, WM 1993, 361, 363 et sq.; Lenz/Kopp-Colomb, Wertpapierverkaufsprospekte, 2001, p. 31 et sqq‥; Hopt, Die Verantwortlichkeit der Banken bei Emissionen, München 1991, margin–no. 31; Dittrich, Die Privatplazierung im deutschen Kapitalmarktrecht, Frankfurt 1998, p. 32 et sqq.Google Scholar
16 Dittrich (supra, note 15), at p. 61.Google Scholar
17 Lang (fn 2), p. 58.Google Scholar
18 Report of the finance committee of the German Bundestag (supra, note 13), p. 36, states clearly that this should ensure that not all kind of private investors will invest in hedge funds.Google Scholar
19 Full statement of the reasons of the draft bill (supra, note 12), p. 209.Google Scholar
20 Bankrechtshandbuch – Köndgen (supra, note 5), Sec. 113, margin no. 34.Google Scholar
21 Bankrechtshandbuch – Köndgen, (supra, note 5) Sec.113, margin no. 34.Google Scholar
22 Directive 2001/107/EC of the European Parliament and of the Council of 21 January 2002 amending Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) with a view to regulating management companies and simplified prospectuses http://europa.eu.int/eur-lex/pri/en/oj/dat/2002/l_041/l_04120020213en00200034.pdf Google Scholar
Directive 2001/108/EC of the European Parliament and of the Council of 21 January 2002 amending Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), with regard to investments of UCITS http://europa.eu.int/eur-lex/pri/en/oj/dat/2002/l_041/l_04120020213en00350042.pdf.Google Scholar
23 Börsen-Zeitung, 26.08.2003, “EU-Pass für Hedgefonds – Parlament eröffnet Debatte”; Börsen-Zeitung, 13.01.2004, “Neue Hedgefonds-Allianz bildet sich”; Börsen-Zeitung, 16.01.2004, “EU-Pass für Hedgefonds”.Google Scholar
24 See the European Commissions Action Plan for Financial Services http://europa.eu.int/comm/internal_market/en/finances/actionplan/index.htm#plans.Google Scholar
25 Börsen-Zeitung, 16.01.2004, “EU-Pass für Hedgefonds”.Google Scholar
26 Swiss Investmentfunds Act (Bundesgesetz über Anlagefonds vom 18.03.1994, Anlagefondsgesetz – “AFG”), for the full text see http://www.gesetze.ch/sr/951.31/951.31_000.htm.Google Scholar
27 Lang (supra, note 2) p. 59.Google Scholar
You have
Access