TAILIEUCHUNG - The German Implementing Act for the AIFM Directive: A Critical Survey of the Draft Bill

Marketing under the AIFM Directive covers any “direct or indirect offering or placement at the initiative of the AIFM or on behalf of the AIFM of units or shares in an AIF it manages to or with investors domiciled in the EU.” An AIF is defined as a collective investment undertaking, or compartment thereof, which raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors and which is not covered by the UCITS Directive. The marketing provisions of the Directive do not apply to passive. | p1 Introduction QnPoint A legal update from Dechert s Financial Services Group p3 Hedge Funds p4 Private Equity Funds p6 Open-ended Real Estate Funds The German Implementing Act for the AIFM Directive A Critical Survey of the Draft Bill p7 Closed-ended Real Asset Funds Closed-ended Mutual Fund AIFs Special Investor Fund AIFs p8 Investment Limited Partnership Pension Pooling p9 Investment Stock Corporations p10 Marketing of Funds p11 Licensing Issues Especially Outsourcing Introduction Implementation of the AIFM Directive Approach Taken by the German Legislature Legal Basis The German Ministry of Finance BMF on 20 July 2012 published the draft of a bill Draft AIFM-Act to implement the Directive 2011 61 EU on Alternative Investment Fund Managers AIFMD into German law. Within the framework of implementing the AIFMD the Draft AIFM Act provides in particular for the repeal of the German Investment Act Investmentgesetz- InvA which implemented the UCITS Directive 2009 65 EC UcITSD among other things. In addition 26 other acts and regulations have also been amended and or adjusted. To replace the InvA which is being repealed the draft provides for the creation of the German Investment Code Kapitalanlagegesetzbuch - GIC which will comprise the future legal framework for all investment funds in Germany. The AIFMD which took effect on 21 July 2011 must be implemented into national law by 22 July 2013. Numerous provisions in the draft of the GIC refer to the implementing Regulation for the AIFMD version of July 2012 AIFMR previously only existing in draft form. Various provisions of the draft GIC distinguish between funds that only allow for non-individual investors so-called Special Investor Funds Spezialfonds and funds that also allow for individual investors Mutual Funds . Approach Taken by the German Legislature In principle the draft for the GIC aims at a one-to-one transposition of the AIFMD. This means that the provisions of the AIFMD should be incorporated into German

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• Genetic Resources
• Spices Genetic
• Vegetatively Propagated
• Solenostemon rotundifolius
• Dioscorea Species
• Equipment and Assays
• Triticum aestivum L
• Wheat genetic resources
• Genetic resources institut
• Crop improvement
• World’s aquatic genetic resources
• Aquatic genetic resources for food
• Aquatic genetic resources for agriculture
• Global trends in fisheries and aquaculture
• Marine fisheries
• Cryopreservation of fruit genetic resources
• Fruit genetic resources
• Demand intensive field management
• Base collections of crops
• Plant genetic resources
• Character association analysis
• Mulberry genetic resources
• Agro morphological markers
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• Jammu and Kashmir
• Indian state of Jammu
• Diversified animal genetic resources
• Overview of diversified animal genetic resources
• Promising employment opportunities
• Flower retention period
• Maturity period
• Yield characteristics
• Desirable traits in genetic resources
• Relation to seed cotton yield
• Foxtail millet
• Genetic divergence
• Tocher’s method
• Foxtail millet genetic resources
• Grain yield and nutritional traits
• BMC Genomics
• Genetic diversity
• Genetic base broadening
• Pre breeding
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• Clonal evaluation
• EC MTP 48
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• Pulping quality
• Clonal evaluation of eucalyptus genetic resources
• Eucalyptus genetic resources
• Lilium spp hereditary genetic resources
• presenting the report
• agricultural reports
• technical crops
• bio technology
• white lilies
• Lilium
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• Metric traits
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• Chinese millet (Setaria italica (L ) Beauv )
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• Major diseases
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• Red tamarind
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• Agriculture with explanatory notes
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• Summary of Agricultural Doctoral thesis
• Summary of Doctoral thesis
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