Bürgerenergiegenossenschaften und das Kapitalanlagegesetzbuch (KAGB)

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Abstract There has been a great deal of controversy about the scope of the new German statute book on capital investments (KAGB) since it was first published. Regulatory authorities and research literature still find it difficult to distinguish clearly between collective financing and general commercial activity, which according to legislation does not fall within the KAGB’s remit. By analysing the historical development and the objective of the KAGB as well as the guidelines that lie at the heart of the AIFMD (Alternative Investment Fund Managers Directive), this book endeavours to develop the first guidelines which make the aforementioned distinction clear.

The author applies his theory using the concrete example of so-called civil action energy groups, whose inclusion in the scope of the new investment law was fiercely debated during its conception and enactment. In doing so, he also reveals a conflict of interests in legislative terms between regulating the capital market, privileges for civil action groups and changing the energy system.