Update on supervisory law - Draft BaFin leaflet on the influence of investors on investment funds

The German Federal Financial Supervisory Authority (BaFin) has published a draft information sheet on the influence of investors on investment funds. This document is intended to clarify the extent to which investors may exercise participation rights in investment decisions without impairing the fundamental responsibility of the capital management company (KVG) for the management of the investment fund. The draft has already triggered intensive discussions, particularly among market participants who fear that investors’ opportunities to exert influence will be restricted too much.