Short & Sharp Stage (Day 1) – Deep Dive into Distribution – Can you still sell your products to German Investors in 2018?

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Join us on 19 September at 1:15pm for a Short and Sharp Stage covering the deep dive into investment funds distribution.

Why you should attend this session?

German investors are an investor category that is hugely important to the international investment funds sphere generally and the Luxembourg market place in particular. Not only German-speaking fund houses heavily distribute their fund units to German investors, but literally all types of fund sponsors including from the UK, Nordic Region, US etc. target certain German investor groups (typically savings banks, insurance undertakings, pension funds). A vast majority of fund prospectuses contain specific German investor wording allowing regulated German investors to comply with their home country regulatory requirements when investing into Luxembourg funds.


Impact of the new German investment tax legislation on Luxembourg fund structures

The German legislator has recently adopted new investment tax legislation. Such new legislation could have a major impact on the attractiveness of Luxembourg fund structures for German investors. There are major changes foreseen such as, for instance, a new taxation of income (and deemed income) at investor level, and a requalification of various fund structures in a manner which can create tax leakage at investor level. It goes without saying that such tax leakage will seriously affect the attractiveness of fund products for German investors.

There are ways however to mitigate the risk of undesirable consequences. Adequate structuring or clarifying amendments to the current fund documentation may avoid some of the negative effects.

The new tax rules will apply as from 1st January 2018, meaning that there is only little time left to discuss with clients and amend current structures.

Linklaters LLP’s Funds and Tax experts based in Munich and Luxembourg will develop on stage a number of different case studies to help the conference participants finding their way through the forthcoming German tax-regulatory jungle. They will address several typical fund set-ups, e.g. in the real estate space, stock and bond funds and others, and will explain and develop live based on number of concrete examples the impact of the new rules and structuring ideas going forward.


Hermann Beythan, Partner Linklaters IMG Luxembourg (moderator)

Silke Bernard, Partner Linklaters IMG Luxembourg

Dr. Rainer Stadler, Partner Linklaters Munich Tax

Martin Mager, Managing Associate Linklaters Munich Tax