Client Alert

| November 25, 2009

Public Distribution of Foreign Non-UCITS Investment Funds in Germany

On December 22, 2008 the German Financial Supervisory Authority ("BaFin") published a circular (Circular 14/2008) explaining the administrative practice of the BaFin in its application of Section 1, Sentence 1, No. 3 of the German Investment Act ("InvG"). This section regulates the application of InvG to the distribution of foreign non-UCITS-compliant investment shares. In connection with Circular 14/2008, however, there were in practice a number of questions open to varying interpretation.

This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent. For further information on Dewey & LeBoeuf, please visit www.dl.com. +1 888 532 6383