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| Changes in German Legislation 2008 and Implications for Investors |
| 1. Novellation of investment act: introduction of new definition re: foreign investment fund with impact on supervision and taxation. 2. Amendment of accounting principles according to German GAAP (coming into effect January 2009). 3. BaFin: Introduction of new regulations on minimum requirement for risk management of German based insurers under supervision. 4. Implementation of funded pension schemes for government issues (federal and state officers). 5. Asset management rules of public social security systems and funded pension schemes for staff of public health and accident insurers. |
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