German engineering: Germany’s “goldplating” of EU legislation could just work this time
The deadline for implementing the Alternative Investment Fund Managers Directive (2011/61/EU, AIFMD) into national law of the various EU member states is just around the corner. EU member states, including Germany, must finalise this process by no later than 22 July 2013. In order to meet the deadline, the German government recently adopted a draft of the legislative act implementing the AIFMD into German law on 12 December 2012. The next step in the implementation process is to present the act to the German Parliament, which will then vote on it.
The German government was not merely content to revise and amend the current laws in order to implement the AIFMD. In fact, the German government decided to take the opportunity to unify its investment laws and to undertake a wholesale overhaul. The result is the introduction of the so-called German Investment Code (Kapitalanlagegesetzbuch, or KAGB). The KAGB harmonises the national laws regulating investment funds and fund managers