Legislation to boost the competitiveness of Germany’s financial markets (Financial Market Development Act) comes into force, which includes legislation to implement the EC directive of 10 December 1985 (Investment Directive Act). This involves changes to key sections of the Investment Companies Act (KAGG). The most important change for open-ended real estate funds, which were previously restricted to investing in the Federal Republic of Germany, is the extension of investment opportunities to other European Community member states.