Ten years ago, the EU issued the Regulation on European Venture Capital Funds (EuVECA). The purpose of this regulation was to give venture capital funds based in EU member states EU-wide access to investors and, at the same time, to establish the designation ‘EuVECA’ as a seal of quality for venture capital funds. The EuVECA
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Anyone who takes a closer look at investing in tangible assets via closed-end funds will inevitably gain comprehensive expertise in the taxation of transparent partnerships. This is because closed-end funds have long been structured as fiscally transparent limited partnerships or, since the introduction of the KAGB (the German Investment Code for investment management), as investment
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In its ruling of 19 January 2021 (file number XI ZB 35/18), the Federal Court of Justice (BGH) clarified a fundamental question regarding the liability of founding partners of closed-end funds. As a result, investor protection lawsuits involving old funds will face much higher hurdles in order to be successful in the future. Initial situation
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Until 2 August 2021, the assessment of marketing measures in the area of closed-end funds was essentially based on Section 302 of the old version of the German Investment Code (KAGB). Section 302 KAGB was then comprehensively amended by the Fondsstandortgesetz (Fund Location Act) so that now, in addition to the provisions in Section 302 f. KAGB, the provisions in Art. 4 (1), (4) and (5) of Regulation (EU) 2019/1156 also apply when AIFs advertise to private investors.
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