🇩🇪Germany

AIFMD II Leverage-Limits und Kreditvergaberestriktionen – Fondsrisikobegrenzungsgesetz

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Definition

The Fund Risk Limitation Act (Fondsrisikobegrenzungsgesetz), part of the Location Promotion Act package (approved 10 September 2025), transposes AIFMD II into German law. It imposes strict leverage limits on loan-originating AIFs (300% for closed-ended, 175% for open-ended) and prohibits loans to consumers, AIF managers, personnel, affiliated companies, managers, and depositories. Funds must redesign investment strategies to comply. Non-compliant funds face BaFin enforcement orders, including mandatory deleveraging, asset sales, or fund closure. Manual leverage calculation and loan eligibility reviews create compliance bottlenecks.

Key Findings

  • Financial Impact: Forced fund closure risk: €10 million–€100 million+ AUM loss per fund; mandatory deleveraging: 5–20% asset sales (market impact loss: €500,000–€5 million); legal and restructuring costs: €100,000–€500,000 per fund
  • Frequency: One-time (upon law effectiveness, expected Q2–Q4 2026); ongoing (quarterly leverage monitoring)
  • Root Cause: Complex leverage calculation methodologies across DACH; manual loan-by-loan eligibility assessment; inadequate portfolio management systems

Why This Matters

This pain point represents a significant opportunity for B2B solutions targeting Investment Advice.

Affected Stakeholders

AIF Portfolio Managers, Risk Officers, Compliance Managers, Fund Accountants

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Financial Impact

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

Related Business Risks

Unzureichende Beraterhaftung bei Vermögensanlageberatung – BaFin-Geldstrafen

Administrative fines typically range €50,000–€500,000+ for authorization violations (estimated based on BaFin precedent); manual compliance verification consumes 30–60 hours/month per advisory team

Restriktionen bei Drittbeteiligungen an Steuerberatungsfirmen – Geplante BMF-Strafverfolgung

Estimated forced divestment penalties: €50,000–€150,000+ per restructuring; legal and compliance costs: €20,000–€50,000 per transaction; lost revenue from disrupted operations: 5–15% during restructuring period

Redundante Berichtsanforderungen und Administrationsüberlastung – BaFin-Meldefristen

Estimated 60–120 hours/month per fund manager × 3–5 FTEs × €50/hour burden rate = €9,000–€36,000/month administrative waste; transition costs (2025–2026): €50,000–€150,000 per firm for system upgrades

Liquiditätsmanagement-Komplexität und Marktfriktionen – AIFMD II Liquiditätswerkzeuge

Redemption delays: 5–20 business days (typical swing pricing calculation: 10–20 hours per week); lost AUM due to investor redemptions during lockup: €1 million–€10 million per €100 million fund; manual communication costs: €20,000–€50,000 per stress event

Unzureichende Datenvisibilität bei AIFM-Autorisierungsverfahren – BaFin Draft Guidance

4–8 week delay per authorization × €100,000–€500,000 missed AUM = €25,000–€250,000 revenue delay; legal/consulting costs for resubmission: €10,000–€30,000 per iteration; estimated 2–3 resubmissions per application

Risikodrift durch ausbleibendes Rebalancing

Bis zu 95% schlechtere Performance durch falsche Asset Allocation

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