Regulatory

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.

Insurance companies: Clarity on the use of the infrastructure quota under the Investment Regulation

In its new FAQ of 14 July on the collective ruling of 19.3.2025, BaFin has clarified how insurance companies subject to the Investment Ordinance (AnlV) can allocate infrastructure investments to the new infrastructure quota as part of their reporting.

Even more effort? New reporting obligations for “Statistik über Investmentvermögen” will apply from 31.12.2025

Those responsible would do well to deal with adapting their own processes to the new requirements at an early stage and to prevent unpleasant surprises.

Tenant electricity from photovoltaics: Answers to readers’ questions

After the publication of the column "Tenant electricity from photovoltaics: possibilities and models from the point of view of the property owner", the author received a lot of feedback – especially from institutional investors.

Data-Driven to Performance and Climate Protection – Rethinking Investment Strategies and Decisions

Call from Brussels – Please pick up!

With the "Call for Evidence for an Impact Assessment", the European Commission has called for participation in constructive criticism of the SFDR. Under scrutiny: Articles 8 and 9, the disclosure requirements and the famous principal adverse impacts.

The construction turbo could initiate the turnaround for residential construction

Prof. Dr. Mathias Hellriegel in the IREBS position on upcoming changes, the significance for housing construction, upcoming challenges and positive impulses for the industry.

Tenant electricity from photovoltaics: possibilities and models from the point of view of the property owner

ELTIF: European Success Stories – Also for Germany?

"The knot has burst," states the introduction to the broad-based study on the ELTIF market by the analysis firm Scope. In fact, ELTIFs have become the trendsetter of recent years.

GP Stake Investing: Unlocking Growth, Alignment, and Strategic Edge in Real Estate

As institutional investors continue to pursue long-term, high-conviction strategies in real estate, one emerging approach is drawing attention: GP stake investing.

Co-determination of investors in special funds in danger?

The draft of the BaFin leaflet on the influence of investors on investments and divestments of investment funds provides an opportunity to sharpen understanding of the traditional role-playing game with a long history of investors and capital management companies.

ESG: Have we been “nudged”?

Started with enthusiasm and now at a dead end? ESG is still the right thing to do – whereby it depends on the value-creating implementation and goal with the fund strategy.

The new coalition agreement 2025: real estate and tax aspects

On 9 April 2025, the CDU/CSU and SPD presented their coalition agreement, setting out the political guidelines for the coming legislative period. The coalition agreement gives clear signals: investment and growth through tax incentives and reduction of bureaucracy.

“Responsibility for Germany”: What are the implications of the coalition agreement for real estate law and the real estate industry?

IRE|BS Viewpoint No. 142 by Attorney-at-Law, Dr. jur. Leopold Winkler with an in-depth look at the effects of the coalition agreement for real estate law and the real estate industry.

International executives in the sights of the German tax authorities

In particular, the tax authorities are taking a closer look at managing directors and board members of German corporations who are domiciled abroad and work for a German corporation from there.