Institutions such as ‘Unterstützungskassen’ in Germany, where the members have no legal rights to benefits of a certain amount and where their interests are protected by a compulsory statutory insolvency insurance, should be excluded from the scope of the Directive.
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New version applies from 21/07/2011 — introduced by Alternative Investment Fund Managers Directive (AIFMD).
45 provisions change.
Later versions: 20/06/2013, 13/01/2019.
Recital 16 changes in this version: compare with the current text.