BaFin confirms that ongoing saving plans do not trigger registration requirements for AIFs in Germany


This is important as many AIFs (Alternative Investment Funds) that were registered in Germany for public distribution before the AIFMD entered into force in Germany (July 21 2014) have not yet received their (new) allowance for public distribution. Further, saving plans are often used to market AIFs towards retail clients.

BaFin has confirmed that in order for a placement of AIFs to qualify as public distribution, there needs to be an active process. The mere reaction to an order does not qualify as an active process. In BaFin's view, ongoing saving plans (including both, bank transfers by investors and direct debits by the AIFM) are regarded as being a reaction on an investor's order and hence do not qualify as placement or offering of AIFs. Therefore, no registration requirements are triggered by these saving plans.