Am 22.07.2013 trat nach langen Diskussionen auf nationaler Ebene das Kapitalanlagegesetzbuch (KAGB) in Kraft, mit dem die europäische Richtlinie zur Regulierung Alternativer Investment Fonds Manager (AIFM) in deutsches Recht umgesetzt wurde. Mit ihm wird in Deutschland nun Investmentvermögen in jeder Form - also erstmals auch der "graue" Kapitalmarkt und Geschlossene Fonds - vollumfänglich reguliert. Geschlossene Sachwert-Investmentvermögen befinden sich jetzt somit regulatorisch betrachtet auf Augenhöhe mit anderen Kapitalanlagen wie z. B. offenen Investment- oder Immobilienfonds.
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