WEST PALM BEACH, FL (HEDGECO.NET) – The German authorities will be loosening hedge fund tax reporting requirements according to Dow Jones News. The development follows recent announcements by Germanregulators that hedge funds have been authorized for retail investors in the country. [Hedgeco.net Previous story]
According to Joerg Vollbrecht, deputy head of the German finance ministry’s unit for investment issues, a government circular will be released in the coming weeks to officially mark the introduction of the new rules. Vollbrecht said, “There will be a circular in the next one to two weeks telling the industry what reporting requirement is exactly expected and what isn’t,” he explained.
The new rules seek to address numerous complaints from the German hedge fund industry participants who criticized the reporting requirements specified in the retail hedge fund laws introduced earlier this year. Vollbrecht further said the revisions were introduced because the Ministry in charge of promulgating hedge fund regulations realized that some of the excessive information being sought from hedge fund managers was not immediately needed.
According to him, the new changes “will help the situation a lot; we are on a good track finding ways to solve the problems between the industry, the government and the financial regulator,” Vollbrecht commented.
Hedge fund industry analysts projects that the introduction of hedge fund products into the German market has the potential to significantly boost new asset inflows into the country. Estimates range from low of about US$ 3billion to a high of about US$9 billion.
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