Finance Committee

The AIFM implementation Act was adopted on May 16, 2013, with the votes of the ruling coalition effects on open-ended real estate funds after years of work. This was also time when the implementation of the directive has to be done according to the specifications of the European Union until July 22. In advance, the Finance Committee of the Bundestag had made some changes to the design. Yet the Federal Council must be happened to the final entry into force. With the introduction of the capital investment law stands as the new legal framework for both open and closed funds. Revised regulations for real estate funds come into force through the changes to label as a legislative package.

The July 21 as the deadline for investing in open-ended real estate funds is important for investors. Investors who become involved then, can see no longer as before up to 30,000 euros a notice in the half without complying with. Rather now strict rules: so the own share may be sold only once again after a two-year holding period. This must complied with also a notice period of one year. The aim of the measures is guiding funds in calmer waters and ad hoc capital outflows to prevent massive, which in the meantime have led to some Fund settlements. Character of a long investment should be awarded to real estate funds.

Investors who convince themselves of a stake in a real estate fund but in the short term can, enjoy significant benefits, because even the old usually more favourable rules benefit them, this coupled with the increasing security of the total investments. But also for new investors after said date open-ended real estate funds as a solid asset remain interesting, especially sudden outflows be prevented and thus greatly minimizes the risk of financial imbalances. Last, the situation on the real estate fund market has eased significantly, partly strong inlets can be listed. After the Lehman in 2008, interest in open-ended real estate funds was significantly cooled. Explain is the rediscovery of the low interest rates and the inflation control. Savings accounts throw off barely anything, and still suspect for many private investors, stocks remain. Some whopping returns to investors may be cashed out by the massive price surge to Germany. Therefore, open-ended real estate funds for long-term investments remain interesting. Contact Bernd Wilhelm-Weber-str. 39 37073 Gottingen lawyer GmbH phone: + 49 (0) 551 495 669-0 fax: + 49 (0) 551 495 manages the Bernd rechtsanwalts GmbH with locations in Dusseldorf, Gottingen and Hannover 19 and represents companies, initiators, financial institutions and investors in all aspects of economic and capital market law. Focus in particular the concept of capital market products and the creation of prospectuses as well as the financial services and capital market law, in particular in connection with the enforcement and defense here on the corporate and project finance, Claims and disputes with BFin. The firm can draw on experiences from the participation of over 300 financing projects and over 3,500 compensation procedures.