Global menu

Our global pages


Non-German UCITS marketed into Germany must now provide key notifications in the German language

  • Germany
  • Europe
  • Financial services and markets regulation
  • Investment funds and asset management
  • The future of funds - Authorised Funds
  • The future of funds - Distribution
  • Financial services


BaFin has updated Guidance Notice 2013 on cross-border marketing of EU UCITS into Germany.

The update

Under the previous guidance, notification of certain UCITS lifecycle events had to be provided in the form specified in the prospectus and in a durable medium, either in German or a language commonly used in international finance, typically English.  The update Guidance note requires notification of lifecycle events to German investors to be in the German language and be in a durable medium. By durable medium in practical terms BaFin means by hard copy or email.

The relevant UCITS lifecycle events are:

  1. Suspension of redemptions of units or shares;
  2. Change of management;
  3. Winding-up;
  4. Amendments to the fund rules[1] which:
    4.1 are inconsistent with existing investment principles;
    4.2 affect material investor rights;
    4.3 relate to remuneration or the reimbursement of expenses that may be taken out of the EU UCITS’ assets;
  5. Merger; and
  6. Conversion into a feeder fund; or
  7. Any change to a master fund.

The impact of the update on fund managers

Fund managers who have notified BaFin that they are marketing UCITS in Germany must now:

  • provide future lifecycle notifications in German
  • update the relevant German market information document and/or German prospectus

How Eversheds Sutherland can help

We have been involved in investment fund product development and regulatory interpretation for the asset management industry for more than 40 years. We take an innovative and proactive approach to our work and are involved at the highest level in the industry, helping to shape regulation.

[1] Such amendments must be communicated in an easily understandable form and manner and must indicate where and how further information may be obtained.