: Kathrin Schmidt, Katja Simone Wülfert
: Practical Handbook for the Marketing of Foreign Investment Funds in Germany. A legal overview
: Diplomica Verlag GmbH
: 9783836636261
: 1
: CHF 38.30
:
: Handels-, Wirtschaftsrecht
: English
: 205
: kein Kopierschutz/DRM
: PC/MAC/eReader/Tablet
: PDF
This practical handbook gives a comprehensive legal overview of regulatory issues for non-German investment companies which intend to sell the units of their investment funds in Germany. It provides useful legal information for entering the German market. The authors explain the conditions in which non-German investment products come within the scope of the German Investment Act (regulated investment funds). This book assists the readers in distinguishing between the strict boundaries of private placements and the wider rules of public distribution. Readers are provided with a legal overview in relation to the private placement of regulated investment funds, including hedge funds. This book also deals with the notification of UCITS (´Undertakings for Collective Investment in Transferable Securities´ which comply with the UCITS Directive 85/611/EEC) with the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) for public distribution in Germany, and sets out an investment company´s regulatory reporting and information duties to German unitholders and the BaFin subsequent to a notification for public distribution. The authors explain distribution and marketing rules which apply to foreign regulated investment funds in Germany. They outline the licence requirements for foreign distributors. Consumer-related issues, such as rights of revocation, consumer information and prospectus liability are also covered. This handbook sets out the requirements for listing Exchange Traded Funds on a German stock exchange and deals with continuing listing obligations and the inclusion of foreign investment funds in stock exchange trading without the issuer´s consent.
INDEX8
LIST OF DEFINITIONS AND INTERNET LINKS16
CHAPTER 1 - PREFACE24
CHAPTER 2 - CATEGORISATION OF FOREIGN FUNDS26
2.1 Investment funds under the Investment Act26
2.1.1 UCITS26
2.1.2 Non-UCITS29
2.2 Fund structures outside the Investment Act39
2.2.1 Private equity40
2.2.2 Debt instruments40
2.2.3 Certificates41
2.2.4 Collective investment management41
CHAPTER 3 - PRIVATE PLACEMENTS50
3.1 Definitions50
3.1.1 Public distribution, §2 para (11) sentence 1 InvG50
3.1.2 Private placement53
3.2 The internet58
3.2.1 Websites in the German language58
3.2.2 Websites in other languages59
3.2.3 Websites intended for distribution of foreign investment funds in Germany59
3.2.4 References to websites in printed marketing material60
3.3 Applicable rules60
3.3.1 Hedge funds and funds of hedge funds61
3.3.2 Contract law62
3.3.3 Consumer protection62
3.3.4 Rescission rights (Anfechtungsrechte)64
3.3.5 Tort64
3.4 Preparation of private placement information material66
CHAPTER 4 - PUBLIC DISTRIBUTION OF UCITS68
4.1 UCITS III notification procedure68
4.1.1 Notification to the BaFin69
4.1.2 Umbrella funds and unit classes69
4.1.3 Incomplete notification70
4.1.4 Complete notification and two months waiting period71
4.1.5 Prohibition of public marketing before end of the waiting period72
4.2 Paying and information agent in Germany73
4.2.1 Paying agent73
4.2.2 Information agent74
4.2.3 Standardised services75
4.2.4 Termination75
4.2.5 Disclosure75
4.3 Notification letter76
4.3.1 Part A: Harmonised part of the notification letter77
4.3.2 Required documentation80
4.3.3 General94
4.3.4 PART B: Non-harmonised part of the notification letter99
4.4 Reporting, information and fee requirements subsequent to UCITS notification103
4.4.1 Updating the BaFin103
4.4.2 Informing investors106
4.4.3 Annual fees subsequent to notification109
4.5 Termination of public distribution of UCITS110
4.5.1 Termination by the Investment Management Company110
4.5.2 Prohibition of further public distribution by the BaFin112
CHAPTER 5 - DISTRIBUTION CHANNELS AND LICENSING REQUIREMENTS118
5.1 Distribution through German service providers118
5.2 Licence requirements for foreign distributors119
5.2.1 UCITS Management Company119
5.2.2 Securities trading firms passported under the EU banking regulations125
5.2.3 Distributors without EU passport128
CHAPTER 6 - DISTRIBUTION AND MARKETING RULES132
6.1 General rules for public distribution of fund units pursuant to the InvG132
6.1.1 Provision of documents before conclusion of a sales contract132
6.2 Marketing rules for investment funds134
6.2.1 Most important sources of marketing rules134
6.2.2 Overview of important rules for marketing135
6.2.3 Prohibition of marketing by the BaFin142
6.2.4 Prohibition of public distribution by the BaFin142
6.3 Tax transparency rules143
6.3.1 Tax transparent and non transparent investment funds143
6.3.2 Tax transparency requirements144
6.3.3 Taxation of non-transparent funds146
6.3.4 Relevance of tax transparency147
CHAPTER 7 - INVESTOR PROTECTION148
7.1 Rights of revocation148
7.1.1 §126 InvG – Doorstep sales148
7.1.2 Other rights of revocation and rescission152
7.2 Consumer information152
7.2.1 Applicability of German consumer protection law152
7.2.2 Distance contracts154
7.2.3 Electronic business dealings158
7.3 Prospectus liability160
7.3.1 §127 InvG160
7.3.2 §44 Stock Exchange Act164
7.3.3 Civil law165
CHAPTER 8 - LISTING ON A GERMAN STOCK EXCHANGE174
8.1 Exchange Traded Funds174
8.2 Admission to the FSE Regulated Market175
8.2.1 The Regulated Market and its segments175
8.2.2 Main admission requirements175
8.2.3 Applications178
8.3 Trading182
8.4 Clearing and settlement183
8.5 Ongoing obligations following the listing184
8.5.1 General Standard184
8.6 Revocation of admission194
8.6.1 Upon application by the Investment Company (delisting)194
8.6.2 Revocation of admission ex officio by the Management Board195
8.7 Fees196
8.8 Inclusion of ETFs into the Regulated Market196
8.9 Inclusion of ETFs into the Regulated Unofficial Market198