Asset Investment Act

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Basic data
Title: Asset Investment Act
Short title: Asset Investment Act
Abbreviation: VermAnlG
Type: Federal law
Scope: Federal Republic of Germany
Legal matter: Commercial law
References : 4110-11
Issued on: 6 December 2011
( Federal Law Gazette I p. 2481 )
Entry into force on: June 1, 2012
Last change by: Art. 5 G of August 12, 2020
( Federal Law Gazette I p. 1874, 1877 )
Effective date of the
last change:
August 19, 2020
(Art. 7 G of August 12, 2020)
GESTA : C127
Please note the note on the applicable legal version.

The investment law (VermAnlG; so-called gray market law ) is in Germany on investments apply to be publicly offered in Germany. For the majority of investments, it creates an obligation to publish a sales prospectus .


Since the introduction of the Capital Investment Code (KAGB) on July 22, 2013 and the regulations there for formerly so-called closed funds , the Asset Investment Act has lost a lot of its importance. Investments within the meaning of the Asset Management Act are now only silent participations , trust assets, profit participation rights and registered bonds . The legal definition of investments is as follows: "Investments within the meaning of this law are not units that are securitized in securities within the meaning of the Securities Prospectus Act and not designed as units in investment assets within the meaning of Section 1 (1) of the Capital Investment Code, which grant a participation in the results of a company in assets that the issuer or a third party holds or manages in its own name for the account of a third party ( trust assets ), profit participation rights and registered bonds ”( Section 1 VermAnlG).

Under certain conditions, the law provides for exemptions from the prospectus requirement ( Section 2 VermAnlG).

Task of the Asset Investment Act

The task of the Asset Management Act is to protect investors, in particular against investment fraud .

Asset-related exceptions

Shares in a cooperative, shares that are issued by insurance companies or pension funds within the meaning of Sections 1 and 112 of the Insurance Supervision Act; Investments that are part of an offer for which a sales prospectus has already been published in Germany, investments that are offered in the event of a conversion of companies in accordance with the provisions of the Transformation Act or that are offered as consideration in an offer under the Securities Acquisition and Takeover Act , Assets that were sold for the first time before July 1, 2005 and after July 1, 2005 are publicly offered on a market that takes place regularly, has regulated functional and access conditions, is directly or indirectly accessible to the public and under which Responsibility of its operator.

Offer-related exceptions

Offers in which no more than 20 units of the same investment are offered, the sales price of the units offered in the period of twelve months does not exceed a total of 100,000 euros or the price of each offered unit is at least 200,000 euros per investor, investments that were made before 1 July 2005 were first sold and after July 1, 2005 are publicly offered on a market that takes place regularly, has regulated functional and access conditions, is directly or indirectly accessible to the public and is under the responsibility of its operator;

Offer recipient-related exceptions

Offers that are only aimed at people who, professionally or commercially, acquire or sell securities or assets for their own or third-party account, or that are made to a limited group of people or are only offered to employees by their employer or a company affiliated with their company;

Provider-related exceptions

In particular, offers from member states of the European Union, other contracting states of the Agreement on the European Economic Area, under certain conditions also from full member states of the Organization for Economic Cooperation and Development as well as from a credit institution within the meaning of Section 1 (1) of the Banking Act, from a financial services institution that Provides financial services within the meaning of Section 1 Paragraph 1a Clause 2 Numbers 1 to 4 of the German Banking Act and numerous other providers (see Section 3 Paragraph 7 VermAnlG)

The provider must submit the sales prospectus to be prepared to the Federal Financial Supervisory Authority as the depository before it is published . At the same time as the deposit, the investment information sheet prepared in accordance with Section 13 VermAnlG must also be deposited with the Federal Agency.

The Asset Investment Act replaces the Securities Sales Prospectus Act, which created a legal obligation to publish a prospectus for the public offering of securities. The Sales Prospectus Act was repealed on May 31, 2012.

Web links

Individual evidence

  1. ^ Petra Buck-Heeb, Capital Markets Law . CF Müller, Heidelberg 2014, ISBN 9783811471443 .