4.01 Before the implementation of the AIFMD, the German fund industry could be neatly distinguished in a regulated and a non-regulated fund industry. The regulated German fund industry was subject to comprehensive regulation under the German Investment Act (Investmentgesetz—‘InvG’) which was repealed as of 22 July 2013 and substituted by the new German Capital Investment Code (Kapitalanlagengesetzbuch—‘KAGB’) which implements AIFMD into German law. 4.02 The scope of the former InvG, however, was not comprehensive. It left open the possibility to establish...
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