Publications: Client Information

Foreign Funds and the Scope of German Investment Funds Legislation / Anwendung des deutschen Investmentrechts auf Auslandsfonds

Leitfaden Beteiligungstransparenz am Kapitalmarkt

Update: Change of Tax Rules (Draft Law "Wachstumsbeschleunigungsgesetz")

EC Directive on the Regulation of Alternative Investment Fund Managers / EG-Richtlinie zur Regulierung von Managern alternativer Investment Fonds

After Sweden took over the presidentship in the EU it released further amendment proposals to the AIFM Directive. They concern provisions regarding depositary requirements, third country funds as well as remuneration and are dealt with in our client info attached.

Management participations and the crisis of the portfolio company

Recognition of losses from the sale of securities in case of a same day re-purchase / Berücksichtigung von Verlusten aus Wertpapierverkäufen bei taggleichem Wiederkauf

Investment Funds as Investors in Private Equity Funds and other Closed-end Funds / Investmentfonds als Investoren von Private Equity Fonds und anderen geschlossenen Fonds

The German Federal Financial Services Supervisory Authority (BaFin) has recently announced its opinion under which circumstances interests in private equity funds and other closed-end funds are eligible assets for regulated investment funds. As a result such interests may be eligible as "participation in a business". In this case, a look-through to the assets of the closed-end fund shall not be made. The attached client information summarizes additional explanations.

EC Directive on the Regula-tion of Alternative Investment Fund Managers / EG-Richtlinie zur Regulierung von Managern alternativer Investment Fonds

Die Krise der Portfolio-Gesellschaft aus Sicht des Sponsors

Banken als Mitgesellschafter von Sponsoren

Latest Developments Concerning the Exchange of Information on Tax Matters - Germany - Liechtenstein and UK - Liechtenstein / Jüngste Entwicklungen beim steuerlichen Auskunftsaustausch

Risiken bei Restrukturierungsbeiträgen von Private Equity Fonds

Die Restrukturierung von Portfoliogesellschaften eines Private Equity Fonds vor der Insolvenz

Update of the Circular of the German Federal Ministry of Finance regarding the German Investment Tax Act / Aktualisierung des BMF-Schreibens zum Investmentsteuergesetz

Principle of Risk Diversification under German Investment Law / Investmentrechtlicher Grundsatz der Risikomischung

Status of tax legislation

German Tax Administration announces tax guidelines regarding the new Inheritance and Gift Tax Law / Finanzverwaltung veröffentlicht Erlasse zum neuen Erbschaft- und Schenkungsteuerrecht

The attached client memorandum informs on the release of the German Tax Administration's guidelines regarding the application of the new Inheritance and Gift Tax Law.
Albeit the guidelines do not resolve all uncertainties, they provide the legal security to approach and implement tax-optimized business successions.

Synopse zum VorstAG

Debt Restructuring Measures to overcome the Crisis

Reform of inheritance law

Yesterday, the German Parliament passed the reform of inheritance law. Please find attached a survey of the main amendments, in particular with regard to the compulsory portion.

Act on the appropriateness of executive remuneration comes into effect and amendments to the German Corporate Governance Code

Advance Directive / Patientenverfügung

EU-Directive on the Regulation of Alternative Investment Fund Managers / EU-Richtlinie zur Regulierung von Managern alternativer Investment Fonds

Upcoming Act regarding the appropriateness of executive remuneration / Bevorstehendes Gesetz zur Angemessenheit der Vorstandsvergütung

Foreign Investments in Germany

Legal and Tax aspects of M&A and Real Estate Transactions

Announcement of the tax regulations regarding the new Inheritance and Gift Tax Act delayed / Veröffentlichung der Erlasse zum neuen Erbschafts- und Schenkungsteuerrecht verzögert sich

Client information on current developments in German Inheritance and Gift Tax Law and options for action which may possibly exist temporarily only

Structuring measures to avoid the interest barrier / Gestaltungsmaßnahmen zur Vermeidung der Zinsschranke

Debt Restructuring - Measures to rescue the Debtor to overcome the Crisis

Bill on the Limitation of Foreign Investments in Germany / Gesetz zur Beschränkung Ausländischer Investitionen in Deutschland

Wegzugsbesteuerung

Einkommen- und erbschaftsteuerliche Konsequenzen des Wegzugs aus Deutschland

Pflichten und Haftungsrisiken des Managements beim Bruch von Financial Covenants / Duties and risks of management relating to a breach of financial covenants

Spenden an gemeinnützige Organisationen in der EU / Cross-border gifts to charitable organisations within the EU

Update License Requirements for Finance Leasing and Factoring by non German based Persons / Update Erlaubnispflicht für Finanzierungsleasing und Factoring durch nicht in Deutschland ansässige Personen

Update on our client information from 21 Jan. 2009 regarding license requirements for leasing and factoring business

Finance Leasing / Finanzierungsleasing

Update on our client information from 12 Jan. 2009 regarding license requirements for leasing and factoring business

License Requirements regarding Factoring and Finance Leasing / Erlaubnispflicht für Factoring und Finanzierungsleasing

Client information about latest developments regarding the changes to the German Banking Act with respect to additional license requirements regarding Factoring and Finance Leasing

BaFin-Rundschreiben zum Anwendungsbereich des Investmentgesetzes - 14/2008 (WA) - / Circular by the German Federal Financial Services Supervisory Authority (BaFin) regarding the scope of the German Investment Act - 14/2008(WA) -

Judgment by the ECD in the case "Cartesio" / Entscheidung des EuGH in der Rechtssache Cartesio

Reform der Erbschaftsteuer zum 1. Januar 2009

- Überblick, Analyse, Gestaltungsempfehlungen -

Jahressteuergesetz 2009 und Kapitalanlagen

Zeitplan zur Erbschaftsteuerreform

Neues GmbH-Recht / Revised Law on German Limited Liability Companies

Neufassung des Geldwäschegesetzes / Revision of Anti-Money Laundering Act

Neues Gesetz: Unterrichtungspflicht an Betriebsrat eines Zielunternehmens vor M&A-Transaktionen / New Act: Obligation to Inform Works Council of Target before Signing of M&A Transactions

Änderung der Anlageverordnung: Erweiterte Investitionsmöglichkeiten für Versicherungsunternehmen und Pensionskassen / Amendment of the Ordinance relating to Investments of Tied Assets by German Insurance Companies and Pension Funds

Neue Entwicklung zur Änderung des KWG - weiterhin Rechtsunsicherheit für einige geschlossene Fonds / Further developments regarding change of KWG - continued legal uncertainty for certain closed-ended funds

Verschärfung der Transparenzvorschriften beim Erwerb von Anteilen an börsennotierten Gesellschaften / Tightening the transparency rules for the acquisition of shares in limited companies

Geplante Änderung der Besteuerung von Lebensversicherungsverträgen mit individueller Vermögensverwaltung

Überarbeiteter Referentenentwurf zur Beschränkung EU-ausländischer Investitionen in Deutschland / Revised ministerial draft bill on the limitation of EU foreign investments in Germany

Geplante Änderung des KWG – erneute Rechtsunsicherheit für geschlossene Fonds / Intended change of KWG – again legal uncertainty for closed-ended funds

License requirements for Family Offices / Erlaubnispflicht für Family Office