AIFMD II Implementation in Germany

A legislative draft has already been published. The transposition law is titled the “Fondsrisikobegrenzungsgesetz”. The first reading took place in the Bundestag on 15 January 2026. Once adopted, the new law is expected to enter into force in stages. While certain provisions may become effective immediately, the majority of the amendments to the Kapitalanlagegesetzbuch (KAGB) are scheduled to enter into force on 16 April 2026.

The draft states that the national provisions are intended to implement AIFMD II on a so-called “1:1 basis”. From our perspective, no materially far-reaching or structurally new regulatory requirements have been introduced on top. This assessment is, however, subject to the final legislative text.

The prohibition on consumer lending will be maintained in Germany. The amendments relating to loan origination have largely been welcomed by market participants and are expected to lead to more competitive and flexible fund products overall. At this stage, we are not aware of any additional material requirements, although further guidance from the legislator or the supervisory authorities may still be issued. In the past, BaFin administrative practice prohibited lending by fund-owned SPVs. With the new law explicitly permitting such structures, that practice is likely to be abandoned, although some uncertainty remains pending an official statement.

No specific guidance or supervisory position has been issued at this stage.