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4 Germany

Christian Schmies

From: Alternative Investment Funds in Europe

Edited By: Lodewijk van Setten, Danny Busch

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 18 January 2022

Supervision — Alternative Investment Fund Managers Directive (AIFMD) — Alternative investment fund — Collective investment scheme — Hedge fund — Advertising and marketing and funds
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industry was subject to comprehensive regulation under the German Investment Act (Investmentgesetz—‘InvG’) which was repealed as of 22 July 2013 and substituted by the new German Capital Investment Code (Kapitalanlagengesetzbuch—‘KAGB’) which implements AIFMD into German law. 4.02 The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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