Germany

Investment Modernisation Act in Germany

Sven Zeller and Josef Brinkhaus, Clifford Chance Pünder, Germany

The modernisation of German investment law has been eagerly awaited by many market participants. On 8 July 2003 the Federal Ministry of Finance ( Bundesfinanzministerium ) published a first of the Investment Modernisation Act ( Investmentmodernisierungsgesetz ) which consists of the Investment Act ( Investmentgesetz ) and the Investment Tax Act ( Investmentsteuergesetz ).The new regulations shall enter into force on 1 January 2004.