After the transition period expires on Dec 31, 2020, UK investment funds may no longer be marketed in Germany on the basis of the European passporting regime. If these funds are to continue to be marketed in Germany after expiry of this transition period, a bilateral notification procedure must be completed for the marketing of third-country funds for each fund.
At the moment, UK investment funds are still being marketed in Germany by way of the passporting procedures under section 310 of the German Capital Investment Code (Kapitalanlagegesetzbuch – KAGB) for UCITS and section 323 of the KAGB for special AIFs.
Once the transition period expires, this will no longer be possible and the marketing authorisations will become void. If these funds are to continue to be marketed in Germany after expiry of this transition period, a bilateral notification procedure must be completed for each fund for the marketing of third-country funds under section 320 of the KAGB for the former UK UCITS or section 329/section 330 of the KAGB for the special AIFs.
Marketing notification procedures for UK investment funds which are to continue to be marketed in Germany can already be initiated before expiry of the transition period on Dec 31, 2020 even if they are not third-country funds by this date, thus preventing any interruptions in the marketing of these funds.
Reprinted from BaFin, the copyright all reserved by the original author.
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