On 12 December 2017, the German Federal Financial Supervisory Authority ("BaFin") published the long-awaited new capital investment circular on the interpretation of the German Investment Regulation (Anlageverordnung, "AnIV") and the German Pension Fund Supervision Regulation (Pensionsfonds-Aufsichtsverordnung, "PFAV"): Circular 11/2017 (VA), Guidance notes on the investment of guarantee assets of primary insurance undertakings, to which to the provisions regarding small insurance...