The German Ministry of Finance issued a draft law Fondsstandortgesetz (FoG) (the Fund Location Act) the 3rd of December 2020 to strengthen investment fund activity in Germany and to implement the Directive (EU) 2019/1160 of 20 June 2019 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (UCIs).
Germany is one of the first European countries to propose a draft bill with this regard.
The draft bills based on 8 main topics:
- National legal change to the Value Added Tax Act
- Enhancement of the employee equity investment tax conditions
- Several reduction of bureaucracy for fund administrators
- Further digitisation of supervision
- More flexibility for real estate fund managers
- Expansion of the product range for fund managers
- Regulation on the termination of marketing of cross-border funds distributed into Germany
- Pre-marketing regulation for investment funds
The implementation deadline of the the European rules into national law for every country is 2 August 2021.
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