Regulatory

Ypsilon – EU Commission wants to fundamentally reform the three known ESG categories

The EU Commission is planning a fundamental reform of the ESG categories for fund products, replacing the previous Articles 6, 8 and 9 with new categories. The changes are to be applied from 2028 and aim to introduce stronger sustainability standards.

SFDR 2.0: Europe is slowly getting the hang of it!

Europe is finally daring to ask what a sustainable product actually is. The SFDR reform is nothing less than an attempt to bring order to a decade of regulatory chaos.

Solvency II and BESS investments: No infrastructure quota, but an infrastructure template – if you understand it, you can use it

While the German AnlV diverts capital flows, Solvency II tries to accompany them in a risk-appropriate manner. Reduced capital requirements are intended to open up capital in particular for infrastructure – keyword: qualified infrastructure.

Article 8 funds do not result in a loss of returns – no significant performance differences compared to funds without a specific ESG orientation

SDFR category does not lead to clearly distinguishable return profiles. Current performance analysis contributes to the debate on the economic effects of sustainable fund concepts.

From real estate quota to functional quota

Anyone who still asks for a real estate quota in the context of institutional real asset investments today may miss the development towards a supply and function quota.

Why the new ESMA rules do not slow down open-ended credit funds, but enable them

At first glance, ESMA's new Regulatory Technical Standards seem technical, detailed and difficult to digest. But if you take a closer look, you will see that these rules are not a stumbling block, but an architecture of enablement.

Convergence of governance: convergence of securities and real assets funds

Institutional investors are pushing for strong responsibility governance in real estate master fund mandates. The asset manager's legal responsibility should no longer be limited to merely advising KVG's portfolio management.

Dealing with the “new” CVA risk under CRR III: Between supervisory purpose and expense driver

With the implementation of CRR III on 1 January 2025, credit valuation adjustment (CVA) risk will become a greater focus for banking supervision. For asset management companies that manage specialty AIFs using derivatives, this poses a separate challenge.

Real estate investments in the ELTIF shell – a new magic formula?

For years, asset managers in Germany could only launch open-ended real estate funds under the German Capital Investment Code (KAGB). With the ELTIF, an alternative is imminent. Robert Guzialowski from HANSAINVEST explains when the ELTIF will be ahead as a real estate fund.

European Energy Performance Certificates before rescaling, harmonization of European EPCs

The new version of the European Building Directive (EPBD) brings about a fundamental change in the way energy performance certificates are handled. The recalibration of the so-called Energy Performance Certificates, or EPCs for short, plays a central role in this.

Expropriation law would also affect private apartment buyers

The law on the transfer of residential real estate into public ownership has the potential to bring the Berlin residential real estate market to a complete standstill for years, says lawyer Uwe Bottermann.

Energy transition in open-ended real estate funds – classification of the innovations in the Economic Development Act (StoFöG)

Open-ended real estate funds have been encountering legal grey areas in the integration of renewable energies for years. With the new Location Promotion Act (StoFöG), the legislator wants to eliminate these uncertainties.

Fund Risk Limitation Act: Conflict of Interest Directive for Service and Master AIFMs – and the interests of investors are already protected?

In future, investment management companies (KVG) that set up or manage funds on the initiative of third parties will have to explain to BaFin in detail how they identify, prevent, manage and disclose conflicts of interest.

Systemic handling of regulatory data – Are capital management companies on an equal footing with CRR institutions?

In the increasingly data-driven world of finance, the topic of data management for AIFMs is increasingly coming into focus – both in terms of quality, availability and security as well as with regard to the strategic use of data.

Institutions for Occupational Pensions and Alternative Investments: Impact of EIOPA’s Technical Input of 8 September on the Development of this Asset Class

The aim is to overcome the fragmented internal market for occupational pensions and to channel the capital of pension institutions more towards long-term investments such as private equity, infrastructure, private debt and real estate.

CSRD creates transparency – energy policy must take greater account of the social dimension

Comment on the ZIA press release by Dr. Michael Heigl, Director Sustainability at Wüest Partner

Draft of a Location Promotion Act of 22.08.2025

The draft takes up central elements of the second Future Financing Act. In particular, tax improvements for venture capital investments, reinvestment of capital gains and an expanded investment framework for infrastructure and energy projects.

Regulatory data – The backbone for special fund providers

News & Insights on Reporting & Data Management of Real Asset Funds

Solvency II vs. Solvency UK: Two paths, one goal – and how products can best match

Liquidity – protective shield in the storm – or just a promise of good weather?

With a whole toolbox of liquidity management tools (LMTs), the regulation aims to create more stability for open-ended investment funds in the future. But are they really a protective shield in the crisis – or in the end just a promise of good weather?

ELTIF vs. LTAF – Brussels builds motorways with a forest of signs, London lets the Jaguar roll in the roundabout

The sales apparatus in Europe has enthusiastically pounced on the ELTIF 2.0. This makes it all the more interesting to look over the fence: With the LTAF, London is showing that retail investors can organise access to illiquid investments in a completely different way.

Fund Risk Limitation Act: Government draft promotes system convergence from asset management companies to credit institutions

While the fund industry is taking significant improvements in product law as a cause for celebration, regulation for asset management companies (KVGs) continues to tighten – and is moving them ever deeper into the orbit of the banking world.

The electronic age for fund units has begun

Electronic fund units have been a topic in the fund industry for some time, although interest in them is only just beginning to awaken. Many isolated pilot projects in the area of so-called crypto fund shares can currently be observed.

Proposals of the EU Commission for amended implementing provisions of the Solvency II Directive: What is included for ELTIFs and other “Lower Risk” funds as preferential “Long-Term Equity Investments”

Following the EIOPA drafts published on 10 July 2025, the EU Commission has now also submitted its proposals for amended Level II implementing provisions to the Solvency II Directive for consultation on 17 July 2025.