Retail fund registration and distribution

Our German financial services team acts for major investment companies – both national and international. We regularly assist such companies in introducing their products to the German market and in establishing distribution networks throughout Germany. Another core part of the team’s work is the structuring of investment funds, including private equity funds and hedge funds.

Registration of UCITS and ongoing support

We are particularly active in assisting non-German investment fund companies in registering all different types of UCITS and non-UCITS funds for public distribution in Germany under the German Investment Act. A team of translators specialised in funds-related translations is available as part of our banking department in Frankfurt. They support us in preparing translations of sales prospectuses and financial reports as well as any requisite marketing material.

As regards ongoing reporting requirements we offer a particular “Reminder Service” since in the past we have often noticed that large investment companies have missed out on filing the latest documentation with the German authorities, an occurrence that can jeopardise the fund’s permission to publicly distribute its units in Germany.

We have excellent long-standing contacts with the German regulator, which have often proved helpful in solving and avoiding problems and delays.

Paying and information agency

We have excellent relationships with companies which assist non-German UCITS and non-UCITS in Germany with regard to the function as paying and information agent. As part of our services we advise on the paying and information agents regarding any changes in the ongoing documentation and provide them with any updated version thereof.

We also advise on the conclusion of paying and information agent agreements and drafting standard agreements for our clients.

Distribution agreements

In Germany, the shares of registered funds may be distributed by independent distributors or by the fund’s distribution agent in Germany. The distributors must in principle either be credit institutions, financial services institutions with a licence for investment broking, contract broking and/or portfolio management.

We assist our clients in the preparation and the conclusion of distribution agreements with banks, IFAs, Fund of Funds and insurance companies as well as of general terms and conditions, client documentation. We are familiar with the standard distribution agreements of all major fund distributors.

Marketing material

When using marketing material of non-German funds in Germany, particular legal requirements must be met. Such requirements can relate to the rules on financial analysis, should the marketing material qualify as such. Also, very often, marketing material refers to non-German websites, which might qualify as public distribution of non-registered funds in Germany and may result in a withdrawal of the fund’s existing license in Germany.

Our support to our clients consists of reviewing, modifying, and, as requested, in translating their marketing material to be used in Germany.

Branches (sales offices)

Our team has considerable experience and expertise in the registration and the establishment of sales offices. Such sales offices may be established as passported branches and non-passported branches, depending on the financial instruments to be distributed in Germany.

We assist our client in the branch set-up and inform them about any legal requirements including compliance aspects and regulatory reporting obligations they have to comply with. In addition, we support our clients in obtaining a “passport” to conduct their business in Germany and the mandatory license under the German Trade Regulations.