Distribution of investment funds in Germany

The distribution of non-German investment funds to German investors, whether retail and/or professional/institutional, is subject to complex requirements. This article discusses the German rules for fund distribution and our experience advising on the registration and passporting of various EU and non-EU funds. Furthermore, we will discuss how to avoid the need for any type of such registration and passporting (eg “reverse solicitation” and “pre-marketing”). To this end, we have included FAQs at the start of this document. Definitions within the FAQs follow the definitions in the main part of this briefing.