Capital management companies (investment fund management companies) must have a registered office and head office in Germany. A depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country (EU Directive 85/611/EEC).
"Chapter 1 [...]
Section 2 - Management companies
Subsection 1 - permission
Section 17 - Capital Management Companies
(1) Capital management companies are companies with a registered office and head office in Germany whose business operations are aimed at managing domestic investment funds, EU investment funds or foreign AIFs. Management of an investment fund occurs when at least portfolio management or risk management is provided for one or more investment funds.
[...]
Section 3 - Depositary
Subsection 1 - Rules for UCITS Depositaries
Section 68  - Commissioning and annual inspection; Authorization to issue ordinances:
(1) The UCITS management company must ensure that a depositary within the meaning of paragraph 2 is commissioned for each UCITS it manages. [...]
(2) The depositary is a credit institution within the meaning of Article 4 Paragraph 1 Number 1 of Regulation (EU) No. 575/2013 with its registered office in the European Union or in another contracting state of the Agreement on the European Economic Area, which pursuant to Section 32 of the Banking Act or the regulations applicable in the home member state of the EU UCITS, which are amended by Directive 2013/36 / EU of the European Parliament and of the Council of 26 June 2013 on access to the activities of credit institutions and the supervision of credit institutions and investment firms, amending the To implement Directive 2002/87 / EC and to repeal Directives 2006/48 / EC and 2006/49 / EC (OJ L 176 of June 27, 2013, p. 338).
(3) If the UCITS management company manages domestic UCITS, the depositary must have its registered office within the scope of this Act. The custodian for a domestic UCITS must be a CRR credit institution within the meaning of Section 1 (3d) of the German Banking Act that is authorized to conduct custody business in accordance with Section 1 (1) sentence 2 number 5 of the German Banking Act. A branch of a CRR credit institution within the meaning of Section 53b (1) sentence 1 of the Banking Act within the scope of this Act can also be commissioned as the depositary for domestic UCITS . [...]" (Capital Investment Code (July 4, 2013; Federal Law Gazette I p. 1981), last amended by the Act of July 9, 2021 (Federal Law Gazette I p. 2570), Sections 17 and 68 [google translation])
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"Section 53b  - Companies with their registered office in another country in the European Economic Area
Sentence 1 applies accordingly to CRR credit institutions that also provide payment services within the meaning of the Payment Services Supervision Act. Section 53 does not apply in this case. Section 14 of the trade regulations remains unaffected.
(1a) A company with its registered office in another member state of the European Union or a signatory to the Agreement on the European Economic Area may operate as a data provision service without the permission of the Federal Agency via a branch or by way of cross-border services within Germany if the company is supported by the competent bodies in his home Member State has been approved and the transactions are covered by the approval. [...]" (Banking Act (September 9, 1998; Federal Law Gazette I p. 2776), last amended by the Act of June 3, 2021 (Federal Law Gazette I p. 1568), Section 53b)
Capital Investment Code (July 4, 2013; Federal Law Gazette I p. 1981), last amended by the Act of July 9, 2021 (Federal Law Gazette I p. 2570), Sections 17 and 68
Banking Act (September 9, 1998; Federal Law Gazette I p. 2776), last amended by the Act of June 3, 2021 (Federal Law Gazette I p. 1568), Section 53b
Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), Article 23
[<a href="http://www.gesetze-im-internet.de/kagb/">Code</a>],[<a href="http://www.gesetze-im-internet.de/kredwg/index.html">Act</a>],[<a href="https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32009L0065">Directive</a>]