The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has stated in an announcement dated 12 May 2015 that it intends to modify its existing administrative practice to permit the granting, restructuring and prolongation of loans by alternative investment funds (AIFs). Actually, section 32 (1) sentence 1 of the German Banking Act (Kreditwesengesetz – KWG) states that anyone wishing to conduct banking business or to provide financial services in Germany commercially or on a scale that requires a commercially-organized business undertaking requires a license by BaFin. Banking business includes, inter alia, the lending business (Kreditgeschäft), which is defined in section 1 (1) sentence 2 no. 2 of the KWG as "the granting of money loans or acceptance credits" which includes any type of loans, including syndicated loans and/or loans to corporate borrowers. In addition, the restructuring and the prolongation of a loan also qualifies as lending business.