{
  "docId": "019dd923-5e88-73ef-bd58-d60590226592",
  "docSlug": "4dabb861968e8184",
  "documentTitle": "ey family office study client deck asia pacific",
  "authorId": "MorganStanley",
  "authorName": "EY",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "equity_research",
  "sourceTypeLabel": "Equity research",
  "presentationDate": null,
  "orientation": "portrait",
  "aspectRatio": 0.707,
  "pageNumber": 43,
  "pageCount": 64,
  "prevPage": 42,
  "nextPage": 44,
  "slideType": "country_insights",
  "function": "establish_context",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Part of a series on family office regulations across multiple countries (US, UK, Germany, Switzerland, Austria).",
  "elementsJson": [
    "paragraph",
    "map"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd58-d60590226592/43",
  "deckHref": "/decks/019dd923-5e88-73ef-bd58-d60590226592",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd58-d60590226592.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd58-d60590226592#slide-43",
  "components": [
    {
      "bbox": {
        "h": 0.3,
        "w": 0.64,
        "x": 0.045,
        "y": 0.64
      },
      "kind": "image",
      "text": "World map highlighting US, UK, Germany, Switzerland, and Austria.",
      "attrs": null,
      "subkind": "map",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f772d0aa-947c-4502-a1cf-7cb4bd76eb11",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.28,
        "x": 0.665,
        "y": 0.45
      },
      "kind": "list",
      "text": "Whether or not the European Alternative Investment Fund Managers Directive (AIFM) and the domestic law based upon this guideline, which both became effective on 22 July 2013, will deviate from the above and impose further restrictions is not clear.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2a9fc483-66f6-45df-9129-78a8acf1f33e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.28,
        "x": 0.355,
        "y": 0.36
      },
      "kind": "list",
      "text": "If the family office is structured as a company (corporation or partnership) that actually owns the family wealth (with the family members as shareholders or partners) its investments qualify as Eigengeschäft, which do not require a special permit and are not subject to further regulatory requirements.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4aa36ea7-74b7-4493-81ba-898635a06545",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.28,
        "x": 0.665,
        "y": 0.325
      },
      "kind": "list",
      "text": "If, on the other hand, the family office acts as an adviser to the family or family members on how to invest their assets, or if the family office performs the investments on behalf of the respective owner of the funds, such activities require special permission from the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin).",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "686b6804-ca45-4f0d-bb53-7cc96d8105ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.28,
        "x": 0.665,
        "y": 0.83
      },
      "kind": "paragraph",
      "text": "Limitation of liability: The extent of possible liability for professional mistakes is dependent on the structure of the family office and on the legal nature of its services.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0bd73b3e-ac90-4483-947b-5e8cb97ab0e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.28,
        "x": 0.355,
        "y": 0.275
      },
      "kind": "paragraph",
      "text": "The most important law regarding the regulatory environment for family offices in Germany is the German Banking Act (Kreditwesengesetz - KWG). This sets out the regulatory terms and conditions for giving investment advice and similar services.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ec8dfad-e752-450a-9ac8-e28d952bb3da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.28,
        "x": 0.665,
        "y": 0.64
      },
      "kind": "paragraph",
      "text": "Limitation regarding legal and tax advice: Under German law, legal tax services may only be administered by lawyers and by certified tax advisers.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8fe2bf5c-71c6-4b6b-8604-295bc072fbeb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.075,
        "x": 0.355,
        "y": 0.25
      },
      "kind": "title",
      "text": "Germany",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dbd1e45c-02fd-4d7d-9be9-e809d96e60a0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}