Investment Funds 2025

GERMANY

Berlin

Poland

Germany

Law and Practice Contributed by: Amos Veith, Jens Steinmüller, Ronald Buge and Stephan Schade POELLATH

Czech Republic

France

Slovakia

Austria

Contents 1. Market Overview p.170 1.1 State of the Market p.170 2. Alternative Investment Funds p.170

2.1 Fund Formation p.170 2.2 Fund Investment p.172

2.3 Regulatory Environment p.174 2.4 Operational Requirements p.176

2.5 Fund Finance p.177 2.6 Tax Regime p.178 3. Retail Funds p.184 3.1 Fund Formation p.184 3.2 Fund Investment p.185

3.3 Regulatory Environment p.185 3.4 Operational Requirements p.187

3.5 Fund Finance p.187 3.6 Tax Regime p.187 4. Legal, Regulatory or Tax Changes p.189 4.1 Recent Developments and Proposals for Reform p.189

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