On 8 August 2025, the draft bill of the “Fund Risk Limitation Act” (Fondsrisikobegrenzungsgesetz – FRiG) was published. With the draft bill, the legislator launches a new attempt to implement the European requirements of the AIFM Directive II (so-called AIFMD II) into German law. Implementation in Germany is primarily being carried out through amendments to the German Capital Investment Act (Kapitalanlagegesetzbuch – KAGB). Alternative investment fund managers (AIFMs) authorized or registered under the KAGB must now promptly adapt their business models and processes to the upcoming changes….
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