Germany's Federal Financial Supervisory Authority has issued a circular stating that asset investments offered domestically will generally not be classified as packaged retail investment products under the PRIIPs Regulation. As a result, providers will usually need to prepare an asset investment information sheet, known as a VIB, obtain BaFin's approval for it and file it with the authority, rather than relying on the PRIIPs disclosure regime. The circular explains that the classification turns on the product's economic features and terms. BaFin's general view is that asset investments usually have the character of an equity-like participation in the issuer, with value linked to the development of the issuer's business itself rather than to external reference values or other assets not directly acquired by the retail investor. On that basis, asset investments under Section 1(2) Nos. 1-6 of the Asset Investments Act are generally not treated as PRIIPs. Products under Nos. 7 and 8 are also generally outside PRIIPs, but their design flexibility, especially under the catch-all category in No. 7, means some individual structures could still qualify as packaged retail investment products. The circular applies from 27 July 2026.
BaFin2026-07-27
Germany's Federal Financial Supervisory Authority clarifies most asset investments are not PRIIPs and generally require a VIB
Germany's Federal Financial Supervisory Authority said asset investments offered in Germany will generally not be treated as PRIIPs. Providers will therefore usually need a VIB approved and filed with BaFin. Individual products still require a case-by-case assessment, especially under the more flexible categories in Section 1(2) Nos. 7 and 8 of the Asset Investments Act.