German Implementation of the Cross-Border Distribution of Funds Directive: New Pre-Marketing Rules for EU and Non-EU Managers

7 December 2020
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Key takeaways:
  • The German Ministry of Finance has published the long-awaited ministerial draft of the act implementing (among other things) the Cross-border Distribution of Funds Directive 2019/1160 (the “Directive“).
  • The act is referred to as the Act to Promote Germany as a Fund Jurisdiction (the “Act“) and includes some changes to improve the regulatory framework for German funds and German fund managers.
  • As to non-EU funds, the Act also provides rules with respect to pre-marketing in implementation of the Directive, making non-EU funds and managers subject to the same rules regarding pre-marketing as EU funds, to the extent marketed in Germany.