Amending the Investment Act (12/2007) This amendment changed the status of AIF management companies, which were no longer rated as financial institutions. AIFMs were no longer subject to the comprehensive regulations of the German Banking Act (Art. 25a, Sec. 2, KWG) in regards to outsourcing activities.
Annual Tax Act 2008 (12/2007)
Introduction of the flat-rate withholding tax on investment income. Numerous new regulations necessitate comprehensive adjustments to systems and processes.
as first German third-Party AIFM (“Service KVG”) with focus on real estate
Launch of the first INTREAL partner fund
on behalf of a British asset manager
4,8 billion € AuA
First mandate in the service area of AIF administration services
for Warburg-HIH Invest (formerly Warburg-Henderson). Taking over 17 funds and 22 employees.
Investor Protection and Functionality Improvement Act (04/2011)
Among other things, this act introduced minimum holding and redemption periods for open-ended public real estate funds.
AIFM Directive (07/2011)
This directive regulates those administrators of alternative investment funds that are not covered by the UCITS Directive. In Germany, the directive was written into national law in the form of the Capital Investment Act (KAGB) in 2013.
5,7 billion € AuA
Capital Investment Act (VermAnlG – 06/2012)
This law amended the Investment Intermediaries and Capital Instruments Act (FinAnlVG) to set up a legal framework for the so-called “grey capital market”, making it comparable to the regulated capital market.
6,6 billion € AuA
Implementing the regulatory requirements of the KAGB
Expansion of the product line
to include closed-end funds
Capital Investment Act (KAGB- 07/2013)
Germany’s AIFM Implementation Act replaced the Investment Act with the Capital Investment Act (KAGB). Unlike the historic Investment Act, the KAGB also regulates closed-end AIFs as well. Furthermore, the KAGB introduced a number of additional investment law changes.
AIFM Tax Adjustment Act (12/2013)
This law introduced new parameters for defining a tax free investment fund. If these conditions are not met, the respective fund will be subject to corporate income tax and trade tax.
7,8 billiion € AuA
Fully licensed as investment AIFM
for launching and administrating of real estate AIFs
INTREAL Solutions founded
in response to the increased demand for IT services on the AIFM level
Basel III (01/2014)
In 2010, the Basel Committee on Banking Supervision adopted new capital and liquidity requirements (Basel III). The new guidance that entered into force in 2014 resulted in changes regarding the equity capitalization of banks, disclosure requirements and leverage caps.
10,1 billion € AuA
First closed-end mutual AIF launched
First open-ended public AIF launched
13,5 billion € AuA
Launch of business unit AIF administration services
Second mandate in the service area of AIF administration services
Solvency II (EU-Directive – 01/2016)
Since January 2016, insurance companies governed by the Solvency II guideline are subject to changed capital adequacy requirements. Solvency II required AIF management companies to adapt their investor and supervisory reporting to meet the new requirements for affected investors.
18,6 billion € AuA
Initiation of INTREAL Luxembourg S.A.
to expand the product line to include launch-ing and administering relevant Luxembourg vehicles
24,4 billion € AuA
INTREAL office in Frankfurt opened
Real Exchange AG initiated
for trading institutional real estate fund shares
Joachim Herz Foundation became partner of INTREAL (49%)
Investment Tax Act (01/2018)
The German Investment Tax Act (InvStG) basically abolished the transparent taxation of investment funds. Starting in January 2018, real estate funds have their domestic income taxed at the fund level.
MiFID II (EU Directive) – Securities Trading Act amended (01/2018)
As of 3. January 2018, MiFD II became German law, comprehensively amen-ding the Securities Trading Act (WpHG). Furthermore, a number of EU regula-tions came into effect that apply directly without implementation into national law.
Note: All AuA figures as of year-end of the respective year