On the road to a new, regulated world

Berlin. The German legislator has taken on board arguments from the funds industry. As was reported in summary last week, the German Ministry of Finance conceded many points on the first draft of implementing legislation of the EU's Alternative Investment Fund Managers Directive - and the financial sector breathes a sigh of relief in many points. Open-ended real estate funds and specialist funds are to stay and closed-ended funds will be less strictly regulated than initially proposed. Some adjustments are still to be made, overall though, the funds industry appears satisfied; it remains operative.