The new German Investment Code
(...) The aim of the two-day conference was to present the new law with its 355 paragraphs and to discuss the innovations. Dr. Magdalena Kuper (BVI) and Dr. Daniel Voigt (CMS Hasche Sigle) started with the European basics of the KAGB and Prof. Dr. Marco Wilkens (Augsburg) dealt with the significance of investment funds from an economic perspective. Then Joachim Schneider (BaFin) and Prof. Dr. Raphael Koch dealt with the very broad scope of application of the KAGB. Dr. Claus Tollmann dealt with the new concept of manager. Prof. Dr. Dirk Zetzsche (Liechtenstein) and Dr. Wolfgang Weitnauer (Weitnauer Rechtsanwälte) addressed the basic principles of the KAGB, in particular the investor dichotomy and the information obligations. Prof. Dr Michael Kort ended the first day with a presentation on risk management and compliance.
The second day was opened by Dr Jean-Pierre Bußalb (BaFin) and Prof. Dr Thomas M.J. Möllers with presentations on the innovations in legal enforcement from a public law and civil law perspective. Dr Catrina Luchsinger Gähwiler and Dr Ansgar Schott (Froriep Renggli Attorneys at Law) reported on the legal situation in Switzerland. They dealt primarily with the question of whether the new regulation will lead to investors "fleeing" abroad in the future. Sherri Snelson (O'Melveny & Myers LLP) also gave a comparative law presentation on the implementation of the AIFM Directive in the UK. After looking abroad, Dr Andreas Kloyer and Dr Rolf Kobabe (Luther Rechtsanwaltsgesellschaft) finally turned to the practical consequences for advisory practice. With the KAGB, the legislator has succeeded in creating a systematic but also complex set of rules that will provide academia and practice with much fuel for discussion and questions of interpretation.
A conference volume will be published by C.H. Beck in November 2013, a detailed conference report can be found in the JZ (Sabine Seidenschwann).
The conference was supported organisationally and financially by ACELR and JUSTA.