The Board of Directors must consist of at least two natural persons. A limited partnership must establish an Advisory Committee. The public closed-end funds are particularly affected by the changes. It may be invested only in certain assets. Permissible assets are tangible assets such as real estate, aircraft, ships and renewable energies and interests in PPP project companies, investments in unlisted companies, shares in other closed AIF as well as securities, money market instruments and bank deposits. More new requirements governing the risk spreading the debt ratio, the external evaluation, BFin-approval for plant conditions, the expulsion requirement for expense ratios in brochures and sales permission by BFin. At the closed special AIFs for institutional investors, the regulations due to the expertise are somewhat less strict. Still, are also in this area extensive Informationspflichen regulated.
Due to the new laws, provider of closed-end funds are now required to take appropriate measures to implement the provisions. Especially the long approval procedures carried out by the BFin, which can take up to 9 months, are considered to be critical. On the whole, but the new rules lead to more market transparency, investor protection and responsibility of the provider. Thus the industry piece by piece to the white market and the conditions of investments finally unify themselves. In this way the objective piece far, tracked on the SCOREDEX as a pioneer for seriousness in financial markets since the beginning of the black sheep are sorted out. The following issuers could be affected by the changes: Octagon energy AG Oilshale Technology Group AG Oltmann Gruppe Treuhand GmbH one capital Emissionshaus GmbH one capital GmbH OPC GmbH OperOne AG Oppenheim asset management services S.a.r.l..
OPPENHEIM Kapitalanlagegesellschaft with limited of nkt OPS Ocean Partner shipping GmbH & co. KG Orange Ocean GmbH & co. KG ownership Emissionshaus GmbH Oyster asset management S.A. P & R container sales and Verwaltungs-GmbH along bus capital GmbH paribus of yield fund management company mbH PARKER MEDIA AG PATRIZIA GewerbeInvest Kapitalanlagegesellschaft mbH PATRIZIA Wohninvest Kapitalanlagegesellschaft mbH PB PROJECT Beteiligungen GmbH PB special – investment stock corporation with sub-pools of company assets PCE premium capital underwriter GmbH & co.