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On 4 April 2017, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) published its interpretation decision (the “Decision”) regarding information to be provided in the sales prospectus. BaFin’s decision addresses the latest discussion about “closet indexing”; which means that  the management of an investment fund is described as “active” in the sales prospectus although the portfolio held by the investment fund is closely related to the composition of a reference index…
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has published a consultation paper outlining amendments to the circular relating to the investment of guarantee assets of insurance companies (Kapitalanlagerundschreiben – the “Circular”). The Circular shall specify the German investment ordinance (Anlageverordnung – the “Investment Ordinance”) which has been effective since 22 April 2016 and applies to smaller insurance companies (annually premium income of less than 5 million Euro) pension and death funds. One…