27 November 2015

BaFin statement on principle of equal treatment of investors

On 13 November 2015, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) issued a statement regarding the unequal treatment with regard to the disclosure of portfolio information and data. Providing certain investors (e.g., institutional investors such as insurance companies) at an earlier date and/or in a more comprehensive way with information on assets (e.g., regarding the composition of the portfolio or the price of individual assets) shall infringe the principle of an equal treatment of the investors of public (retail) AIF and UCITS. If such information is required by institutional investors (e.g., in relation to Solvency II reporting), it must be provided simultaneously to all investors in order to prevent advantages over retail investors. However, a privileged treatment of certain investors of a special (non-retail) AIF may be permissible subject to applicable law.

A Guide to Doing Business in China

We explore the key issues being considered by clients looking to unlock investment opportunities in the People’s Republic of China.

Doing Business in China
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