German Capital Investment Code

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Basic data
Title: German Capital Investment Code
Abbreviation: KAGB
Type: Federal law
Scope: Federal Republic of Germany
Issued on the basis of: Art. 74, Paragraph 1, No. 11 of the Basic Law
Legal matter: Business law , capital market law
References : 7612-3
Issued on: July 4, 2013
( Federal Law Gazette I, p. 1981 )
Entry into force on: predominantly 22. July 2013
Last change by: Art. 5 G of March 19, 2020
( Federal Law Gazette I p. 529, 536 )
Effective date of the
last change:
March 28, 2020
(Art. 13 G of March 19, 2020)
GESTA : D046
Weblink: KAGB
Please note the note on the applicable legal version.

The Capital Investment Code ( KAGB ) was passed by the German Bundestag on May 16, 2013 and mainly came into force on July 22, 2013. It replaces the Investment Act , the rules of which have been integrated into the KAGB and expanded to include numerous new product rules and specifications.


Essential aspects of regulation in Germany are the implementation of Directive 2011/61 / EU on the managers of alternative investment funds as well as Directive 2009/65 / EC, which has already been implemented with the InvG, on the coordination of legal and administrative provisions regarding certain undertakings for collective investments in securities ( UCITS) . In addition, the Lamfalussy procedure is used, whereby Regulation (EU) No. 231/2013 , to which the KAGB refers in numerous standards, came into force at the second level to standardize the supervisory standards in the internal market and to quickly specify open questions . In some areas of regulation, the legislature goes beyond what is necessary to implement the directive in order to regulate the gray capital market more closely and to implement discussed regulatory approaches in Europe in advance, in particular the provisions of the planned UCITS V directive .

The KAGB takes a comprehensive regulatory approach and covers all capital accumulations that can be classified as investment funds . An investment fund i. S. d. Section 1 (1) sentence 1 of the KAGB is any undertaking for collective investments that collects capital from a number of investors in order to invest it in accordance with a defined investment strategy for the benefit of these investors and that is not an operating company outside the financial sector. If a certain structure falls under this definition, it is in principle covered by the KAGB, which means that the management and distribution of shares in it are subject to certain licensing or registration obligations.

A distinction is first made between entities within the meaning of the UCITS Directive , which are referred to as Undertakings for Collective Investment in Transferable Securities (UCITS) and all other investment funds that are classified as Alternative Investment Funds (AIF). For the first time, it is no longer just open-ended investment funds that are regulated, but also so-called closed AIFs - essentially previous closed-end funds - are subject to a comprehensive set of rules. However, the KAGB does not apply directly to funds that have already been launched, but only after the transitional periods provided for in the KAGB have expired.

After initial plans to abolish open-ended real estate funds for private investors due to numerous scandals surrounding this asset class in recent years, these were retained as a result. However, there are now strict requirements for securing liquidity , the valuation process and external financing , which must be carried out or monitored by the depositary.

The manager of investment assets , previously referred to as the capital investment company (KAG), is now called the capital management company (KVG) in accordance with Section 17 of the KAGB . The KVG is the main norm addressee of the supervisory regime of the KAGB, while at the level of investment assets predominantly only requirements for valuation, assets as well as load and investment limits can be found. An exception applies if the investment fund acts as a separate manager in the form of an investment company and does not just exist as a special fund through a contractual relationship with the KVG . In this case, one speaks of an internal KVG. Investment companies exist for open investment funds ended investment limited partnership and investment stock corporation with variable capital . For closed investment funds, the closed investment limited partnership and the investment stock corporation with fixed capital are intended as vehicles. The previous custodian that authority, which was responsible for monitoring the managers and the issue and redemption of shares, says the KAGB depositary .

See also


  • Wolfgang Weitnauer, Lutz Boxberger; Dietmar Anders (Ed.): Capital Investment Code - Commentary , 2nd edition, Verlag CH Beck, Munich 2017, ISBN 978-3-406-68690-0
  • Thomas MJ Möllers, Andreas Kloyer (Hrsg.): The new capital investment code - conference from 14./15. June 2013 in Augsburg . 1st edition, Verlag CH Beck, Munich 2013, ISBN 978-3-406-65618-7 .
  • Matthias Geurts, Leif Schubert: KAGB compact - A structural introduction to the new investment law . 1st edition, Bank-Verlag, 2014, ISBN 978-3-86556-408-5 .
  • Frank Dornseifer, Thomas A. Jesch, Ulf Klebeck, Claus Tollmann: AIFM Guideline - Comment . 1st edition, Verlag CH Beck, Munich 2013, ISBN 978-3-406-64020-9 .

Web links