Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset management centres and fund domiciles: Germany: New Law Decreases Dependence on Credit Agencies

Peter Astleford, Mark Browne, Richard Heffner Jr, Antoine Sarailler, Hans Stamm, Johan Terblanche
Dechert LLP
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According to a change of the German Investment Code (Kapitalanlagegesetzbuch – KAGB), which entered into force on 21 December 2014, a German Investment Management Company’s risk management process has to ensure that the valuation of a fund’s assets is not solely and automatically based on external credit ratings.

The new legislation is available here (in German).

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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