Germany: Fund Management/ REITs

European financial regulators are advancing major reforms across sustainable finance disclosure, investment firm risk management, and ESG ratings oversight. From stricter sustainability reporting requirements under SFDR 2.0 to streamlined fund reporting frameworks and new endorsement rules for third-country ESG ratings, these developments signal a significant shift in regulatory expectations for asset managers, investment firms, and rating providers operating in EU markets.

The German insurance market, with €1.9 trillion in assets, represents one of Europe's largest pools of institutional capital, with allocations to alternative investments growing from 23% to 30% over the past two years.

On 4 December 2025, the European Commission published proposals for the further development of capital market integration and supervision within the European Union.

As anticipated in our earlier blog on ELTIF 2.0, Regulation (EU) 2023/606 amending the Regulation on European long-term investment funds (ELTIF Regulation) has been in force since 10 January 2024.

On 14 December 2023, ESMA, published a detailed discussion paper on the digitalisation of retail investment services and related investor protection considerations (the RIS DP) Show Footnote.

The Financing for the Future Act (ZuFinG) comprises, in addition to a number of other reforms to strengthen Germany as a fund jurisdiction, the VAT exemption of management services for all Alternative Investment Funds (AIFs), ...

TMF Group商业总监Vjollca Berisha表示，在疫情后的经济复苏时期，对正收益的追逐将会增加，促使投资者重新配置投资组合，寻求固定收益（债券）和股票之

The hunt for positive yield will increase during the pandemic recovery phase, leading investors to reallocate portfolios beyond fixed income and equities, writes Vjollca Berisha.

With effect from 1 January 2020, the law introducing an obligation to report cross-border arrangements (BGBl. I 2019, p. 2875) entered into force.