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Applying for permission to operate a capital management company

The Capital Management Company (KVG), formerly: capital investment company or fund company, manages certain investment funds.

The KVG has been subject to new regulatory requirements in Germany since July 2013. The meaning of the term has been expanded in the Capital Investment Code (KAGB) and at the same time defined for open and closed investment funds.

With a few exceptions, all KVGen are subject to approval.

  • KVGen that manage funds,
    • whose thresholds do not exceed EUR 100 million in general or EUR 500 million if these funds do not have a financing leverage and no share-taking rights within the first five years; and
    • which are exclusively special funds for institutional investors.

These funds must be registered with the state supervisory authority.

A KVG is either an external KVG or an internal KVG.
An external KVG may only be approved by BaFin in 3 legal forms:

  • the AG,
  • the GmbH or
  • of GmbH & Co. KG.

Prior to this, the KVG must have been entrusted with the administration by the board or managing director of the fund. If the management decides that no external KVG is to be determined, the investment fund itself is to be regarded as an internal KVG.

AIF capital management companies are capital management companies that manage or intend to manage at least one alternative investment fund (AIF).
UCITS capital management companies are capital management companies which manage or intend to manage at least one undertaking for collective investment in transfer securities (UCITS).

You must submit the application for permission to operate the business of a capital management company in writing to BaFin.

Source: Serviceportal Niedersachsen (Portalverbund des Bundes und der Länder)

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