Topic Prospectuses Non-securities investment prospectuses
Article from BaFin's 2017 annual report
In 2017, BaFin received a total of 121 non-securities investment prospectuses for checking. The decline from the 179 documents received in the previous year was due to market-related factors (see Figure 15 "Prospectuses received, approved, withdrawn and rejected"). BaFin approved 93 prospectuses (previous year: 77). The remaining processes had not been finalised by the end of the year.
Figure 15 Prospectuses received, approved, withdrawn and rejected
Prospectuses received, approved, withdrawn and rejected
BaFin
50 prospectuses – almost half of the total – related to subordinated loans (approximately 41 percent, previous year: approximately 39 percent), thus continuing the trend in this type of participation (see Figure 16 "Prospectuses by type of participation”). They were followed by other investments (for example, direct investments in containers or tree plantations), which accounted for 29 prospectuses (approximately 24 percent; previous year: approximately 17 percent). Participations in limited partnerships were in third place in 2017, with 28 prospectuses received (approximately 23 percent; previous year: approximately 22 percent).
Figure 16 Prospectuses by type of participation
Prospectuses by type of participation
BaFin
In terms of target investments (see Figure 17 "Prospectuses by target investment"), real estate (in Germany and abroad) is now in the lead, with a total of 37 prospectuses received (approximately 31 percent; previous year: approximately 20 percent). They beat renewable energies (wind power, solar, biogas) into second place, with 28 prospectuses received (approximately 23 percent; previous year: approximately 25 percent). 21 of the prospectuses received related to other target investments such as blind pool structures (approximately 17 percent; previous year: 28 percent), which therefore continue to represent a significant share alongside the traditional variants.
Figure 17 Prospectuses by target investment
Prospectuses by target investment
BaFin
In 2017, a total of 41 applications for the approval of supplements under the German Capital Investment Act (Vermögensanlagengesetz) were received, an increase compared with 24 applications received in the previous year. BaFin approved 36 supplements in the year under review (previous year: 13).
Amendments affecting capital investments information sheets
In the year under review, BaFin received a total of 452 capital investments information sheets for crowdfunding projects (previous year: 263): 251 for filing up to and including 20 August 2017 and 201 for approval from 21 August 2017 (see info box "Approval process for capital investments information sheets").
Legal background:Approval process for capital investments information sheets
As of 21 August 2017, a formal approval procedure for capital investments information sheets was introduced into legislation. As a result of this procedure, more detailed minimum information has to be included and the information has to be presented in a specific order. This makes it easier for consumers to compare the information. The new provisions apply to capital investments information sheets submitted together with a prospectus. In addition, they apply to capital investments information sheets where the public offer can be made without a prospectus because it meets the exemption criteria of sections 2a and 2b of the Capital Investment Act, especially in connection with crowdfunding. Before these provisions entered into force, the capital investments information sheets only had to be submitted to BaFin for filing.
