Kapitalanlagegesetzbuch

The Kapitalanlagegesetzbuch, abbreviated as KAGB, is the German Investment Code for investment management.[1][2][3]

This article is about the German KAGB, or the German Capital Investment Code. For the Hawaiin FM radio station, see KAGB.
KAGB
Kapitalanlagegesetzbuch
(German Investment Code)
Enacted by the Bundestag
(German Federal Parliament)
PassedMay 16, 2013
CommencedJuly 22, 2013

History

The KAGB was approved May 16, 2013, by the Bundestag, the German Federal Parliament, and became effective July 22, 2013. The KAGB replaced the Investmentgesetz (InvG), the German Investment Act (de), which had been created by the Investment Modernization Act. The InvG was adopted December 15, 2005, and expired July 21, 2013. Among other things, the KAGB integrated regulations to cover numerous new investment products (alternative investments), including derivatives. Its objective is to standardization investor protections and curb grey markets, with respect to updating and aligning with the European Union.

As an example of part of its scope, KAGB Section 17 (of 359) defines a Kapitalverwaltungsgesellschaft (KVG) (de), which, in English, is a German Investment Management Company. A KVG must have a registered office and head office in Germany that manages a German investment fund, or European Union investment fund, or Special Foreign Alternative Investment Fund (AIF). The fund may be structured as an Undertakings for Collective Investment in Transferable Securities (UCITS) under the UCITS Directive or a Special alternative investment fund (AIF) under the AIFM Directive.

Prior German investment acts
1957: Gesetz über Kapitalanlagegesellschaften (KAGG), the Capital Investment Companies Act of 1957 (KAGG)
2005–2013: Investmentgesetz (InvG), the German Investment Act (de)

Regulatory authority

The German regulatory authority that enforces the code is called the Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin for short, which translates to "Federal Financial Supervisory Authority."

Translation

Kapitalanlagegesetzbuch is a quadruple-word German compound noun.

English translation
           Kapital = capital
Anlage = investment
Gesetz = law
Buch = book (or code)

Complete text (in German)
gollark: Wow, I have no idea how the frequency FM modulation thing works.
gollark: I'm busy implementing an overly general sound generator program.
gollark: It can be both.
gollark: SolarFlame5 is typing...
gollark: ... Discord.

See also

References
  1. Thomas M.J. Möllers (de), Andreas Kloyer (eds.). Das Neue Kapitalanlagegesetzbuch (namesake of a conference at the University of Augsburg, June 14–15, 2013). Published in Munich by Verlag C.H. Beck (2013); OCLC 867137468; ISBN 9783406656187
  2. Matthias Geurts, Leif Schubert. KAGB kompakt – Eine strukturelle Einführung in das neue Investmentrecht. Bank-Verlag (de) (2014); OCLC 871583496; ISBN 978-3-86556-408-5
  3. Frank Dornseifer, Thomas A. Jesch, Ulf Klebeck, Claus Tollmann (eds.). Damir Barac (revised by). AIFM-Richtlinie (Directive 2011/61/EU on Alternative Investment Fund Managers with respect to the KAGB-E) (commentary). Munich: Verlag C.H. Beck (2013); OCLC 1033868300; ISBN 978-3-406-64020-9
    Note: Frank Dornseifer is Managing Director of Bundesverband Alternative Investments e.V. (BAI), the German advocacy organization for the Alternative Investment industry.


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