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On 11 December 2018, the German Financial Supervisory Authority (BaFin) published its Guidance Notes on the German Money Laundering Act (Auslegungs- und Anwendungs­hinweise zum Geldwäschegesetz – Guidance Notes). I. Legal basis Pursuant to the German Money Laundering Act (GwG), BaFin has to provide obliged entities belonging to the financial sector with (regularly updated) interpretation and application notes for the implementation of the due diligence and internal safeguard measures to prevent money laundering. Within their scope of…
Subject to certain conditions set out in the AIFM- and UCITS-Directives, as transposed into domestic law, German fund management companies may outsource tasks to service providers. Such outsourcing is particularly relevant for the popular business model of the so-called “Master-KVG”-structure in Germany: Fully compliant with the prohibition of a letter box, the German fund management company offers risk management and administrative services under such structure, whereas portfolio management for the investment funds may be delegated…
The German Federal Ministry of Finance (BMF) has published a draft bill which, inter alia, sets out a national transition regime for UK credit institutions, investment firms and insurance undertakings in case of a hard Brexit. The provisions regarding market access of UK institutions introduced by the draft bill will only apply should the EU and the UK not enter into a Withdrawal Agreement. The draft bill aims at avoiding market distortions and risks to…