Featuring Funds: European Developments in Financial Services Law (Fonds im Fokus: Europaeische Entwicklungen im Recht der Finanzintermediaere)

This paper in German language summarizes recent developments in the law of collective investment schemes on the European level. It is structured in three parts. The first part deals with retail investment funds. In particular, it discusses the European Commission's proposal for a reform of Directive 85/611/EC published in July 2008 as well as the addendum proposed by CESR on 31 Oktober 2008 for the European passport for the UCITS management company. Moreover, the paper considers the extension of the UCITS framework into the sphere of non-harmonised Collective Investment Schemes (such as real-estate funds, hedge funds, commodities funds, and private equity). The second part summarizes the policy debate on a harmonized framework for sophisticated investments. This includes the proposals for a European private placement regime as well as a "Directive" on Hedge Funds and Private Equity, as suggested by the European Parliament's initiatives called Lehne-Report and Rasmussen-Report. The third part takes a look at the European approach towards Sovereign Wealth Funds and the legal embedding of the Santiago-Principles in the civil laws of the Member States. A brief look on financial stability funds established by the Member States in order to counter the financial markets and banking crisis completes the picture.