Germany's upper house on Friday approved new rules which will allow hedge funds to be sold in the country for the first time next year.
Under the new laws, which come into effect on January 1, hedge funds will be permitted to sell shares to both institutional and retail investors. Currently, investment firms cannot launch funds in the country, and overseas hedge funds are not authorized for distribution to the public.
Equal tax treatment will also be afforded to both domestic and foreign funds when the legislation is enacted.
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