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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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