Show distribution of European alternative investment funds or special funds of a domestic capital management company to semi-professional or professional investors in Germany Unfortunately this specification of service has not yet been completely translated.

If, as a domestic capital management company, you wish to market European alternative investment funds (EU AIF) or special funds in Germany, you must notify the Federal Financial Supervisory Authority.

Alternative investment funds (AIFs) are collective investment undertakings which raise capital from a number of investors in order to invest it in accordance with a defined investment strategy for the benefit of those investors,

  • not an operationally active undertaking outside the financial sector and
  • are not undertakings for collective investment in transferable securities (UCITS) as defined in Directive 2009/65/EC.

If domestic AIFs are marketed only to professional or semi-professional investors, they are referred to as special AIFs.

If an AIF is subject to the law

  • of another Member State of the European Union or
  • of another contracting state to the Agreement on the European Economic Area,

it is referred to as an EU AIF.

If you, as a domestic AIF capital management company, wish to market an EU AIF or a special AIF to professional or semi-professional investors in Germany, you must notify the Federal Financial Supervisory Authority (BaFin) in advance.

Attach the following information and documents to the notification:

  • Programme of operations containing details of the notified AIF as well as its registered office.
  • Terms of investment, instruments of incorporation or partnership agreement of the notified AIF.
  • the name of the depositary of the notified AIF
  • Description of the AIF being advertised and all information available to investors about the AIF being advertised.
  • Details of the registered office of the master AIF and its management company if the AIF being advertised is a feeder AIF.
  • All further information referred to in Section 307 (1) of the German Capital Code (KAGB) for each AIF notified which is to be made available to potential investors.
  • Information on the arrangements made to prevent units or shares of the notified AIF from being marketed to retail investors, in particular where the AIF management company uses independent undertakings for the provision of investment services to the notified AIF.

Forms: none

Online procedure possible: no

Written form required: yes

Personal appearance required: no


You want to market EU AIFs or special AIFs in Germany as a domestic capital management company.

Related Links

  • § 321 Absatz 1 Kapitalgesetzbuch (KAGB)

Related Links

  • Informationen zum Vertrieb in Deutschland auf der Internetseite der Bundesanstalt für Finanzdienstleistungsaufsicht
  • Antworten auf häufige Fragen (FAQ) zum Vertrieb und Erwerb von Investmentvermögen nach dem KAGB

You can file the complaint informally:

  • Create an informal letter of complaint.
  • Enclose the required documents.
  • Send everything by post to BaFin.
  • You will receive a notification.

Responsible for the content
Federal Ministry of Finance

Last update or date of publication