Investment fund market

Since 22 July 2013 is the German Capital Investment Code (KAGB) the statutory basis for managers of open and closed investment funds. The KAGB replaces the Investment Act, which was in force until that date, and is the outcome of the implementation of the European Directive on Alternative Investment Fund Managers (AIFM Directive). The AIFM Directive is supplemented and given practical application by the European Securities and Markets Authority (ESMA) by means of technical standards, guidelines, Q&As, etc.