Baur, Jürgen (), Investmentgesetze 2. Teilband, 2nd edition Busack, Michael and Stefan Sohl (), ‘Hedgefonds in Deutschland-Ein Marktüberblick’ . 4a. the Bundesrepublik Deutschland – Finanzagentur GmbH ; the Investment Act (Investmentgesetz – InvG) and German branches of similar. the Securities Trading Act, the German Investment Act (Investmentgesetz), the Maritime Workers” (Deutsche Rentenversicherung Knappschaft-Bahn-See).

Author: Tosar Vojin
Country: Tajikistan
Language: English (Spanish)
Genre: History
Published (Last): 7 March 2014
Pages: 492
PDF File Size: 14.17 Mb
ePub File Size: 16.82 Mb
ISBN: 861-7-58668-616-7
Downloads: 87729
Price: Free* [*Free Regsitration Required]
Uploader: Bakinos

If there are any indications that the financial position will continue to deteriorate, notwithstanding the measures permitted under section 81 2the Supervisory Authority may, under exceptional circumstances, restrict or prohibit free disposal of the assets of the undertaking.

Many KVGs developed a new business model by outsourcing their fund management or insourcing asset managers with their own funds and clients, which resulted in a decrease of interest in their self-managed funds. They must also indicate the name of the sponsoring company and the main characteristics of the occupational pension scheme to deuyschland operated for this company.

BaFin has also issued guidance to clarify a number of uncertainties that may have arisen from these provisions.

Resolutions on the distribution of profits are null and void to the extent that they contradict an order issued pursuant to subsection 1 no. They must inform the Supervisory Authority immediately of any acquisition, change or disposal of such participating interests. The same applies to information obtained during an on-site inspection of a branch in another member state or EEA state section 13b ; in this case, approval by the competent authority of the member state or EEA state where the inspection was carried out is required.

The Federal Ministry of the Interior may, with the agreement of the Federal Ministry of Finance and the Federal Ministry of Economics and Technology, by means of a Regulation not requiring the consent of the Bundesrat, enact more detailed provisions concerning the form of reporting under subsection 1 or section 14 1 and the permitted data media, methods of transmission and data formats to the extent this is necessary for the Financial Intelligence Unit of the Federal Criminal Police Office to perform its functions.

A Master-KVG that terminates the Investment Management Agreement with the asset manager and appoints another manager may suffer from a loss of reputation.

In the case of encumbered real property and equivalent rights, the Supervisory Authority shall determine the value on a case-by-case basis. In exercising the voting rights, the trustee shall take into account the need to ensure sound management of the relevant entity, in line with the requirements of insurance supervision.

The contracting party shall provide the obliged entity with the necessary clarifying information and advise it without undue delay of any changes arising during the course of the business relationship. Support funds established by guilds under the Skilled Crafts Regulations Handwerksordnung.

To the costs shall be added any fees which were not received in the preceding year. An investor may occasionally also wish that the Master-KVG instructs one asset manager to manage one or more funds but appoints another manager with special expertise to perform e. The rules relating to the guarantee assets shall apply to all assets registered assets.

If an assessment of the financial recovery plan reveals that the rights of the policyholders are at risk because the financial situation of the insurance undertaking is deteriorating, the Supervisory Authority may, in order to ensure that the undertaking will be able to meet the solvency requirements in the near future, require that the undertaking maintain a greater amount of own funds than is called for in the regulation pursuant to section 53c 2.


The competent authority under section 16 2 no. Every member of the senior representative body has the right to make motions in accordance with section 98 2 no. Any such contracts concluded with other undertakings do not become effective until three months have elapsed from their submission to the Supervisory Authority, provided the latter does not object on the grounds set forth in section 8 1. On conclusion of the contract, the insurance undertaking shall make express reference in text form to the legal consequences named in sentences 2 and 3 above; if securities are issued to represent the subordinated liabilities, reference shall be made to the legal consequences only in the terms of issue and subscription.

The ratio used is the same as for surplus distribution. In all other cases, it shall begin upon conclusion of the calendar year in which the respective information was gathered.

Retirement benefits within the meaning of sentence 1 are annuities or income withdrawal plans that meet the requirements set forth in section 1 1 sentence 1 no.

Geltungsbereich | German to English | Investment / Securities

If pursuant to section 81b 2a the Supervisory Authority has requested a restructuring plan from the undertaking, this shall preclude the issuing of a certification within the meaning of sentence 2 no.

Insurance undertakings operating health insurance together with other classes of insurance cannot be authorised to operate health insurance pursuant to section 12 1 within the territorial scope of this Act. An insurance undertaking is not required to deduct items set forth in sentence 1 from its own funds if it is included in the supplementary calculation of capital requirements at conglomerate level in accordance with the calculation methods detailed in the regulation pursuant to section q 1 sentence 2.

For deutschpand purposes of verifying the beneficial owner’s identity the obliged entity shall always satisfy itself of the veracity of the information collected in accordance with sentence 1 above by taking risk-adequate measures.

The Supervisory Authority may, at the request of the insurance undertaking, grant exemptions with regards to the items to be deducted in accordance with sentence 1 if the insurance undertaking temporarily holds deutscnland stake in the companies set forth in no.

The financial recovery plan shall form the basis for calculating the higher required solvency margin. In addition, the Dictionary is now supplemented with millions of real-life translation examples from external sources. If the agency or institution in question is situated in another country, the information may not be passed on, unless the deutschlans in question and the persons commissioned by it are subject to a secrecy requirement in accordance with subsection 1 sentence 1.

The following shall apply if the contracting party or beneficial owner is a politically exposed person in this sense:. If unobjectionable, before the above period expires, it shall send the following to the supervisory authority of the member state or EEA state:.

If neither the management board nor the supervisory board are authorised by the memorandum and articles invewtmentgesetz association to amend the general policy conditions, the senior representative body may authorise the supervisory board to make preliminary amendments to the general policy conditions in cases of urgent need; the invwstmentgesetz shall be submitted to the senior representative body at its next meeting and repealed if so required by this body.


It must be ensured that the stored data are consistent with the information gathered, are available for the duration of the retention period and can, within a reasonable period of time, be made readable at any time. The creditors of a mutual society shall only be entitled to satisfaction from the assets of the society. The Supervisory Authority shall determine deutschlamd of the calculation methods detailed in the regulation pursuant to subsection 1 sentence 2 must be used by the financial conglomerate in calculating own funds at conglomerate level; the superordinated entity of the financial conglomerate must be consulted in advance.

This power may be delegated by regulation to the Supervisory Authority. The Supervisory Authority permits the insurance undertaking invfstmentgesetz use its own methods of calculation, provided these deytschland not hinder assessment of the undertaking or the insurance market.

Therefore, these investors will request the asset manager to adhere to the specific criteria in the Investment Ordinance and will lay down such requirement in the investment management agreement. The competent authority under section 16 2 shall determine the criteria investmentgeswtz be met in order for documents, data or information to be deemed suitable for identity verification purposes.

BaFin – Acts – Money Laundering Act

Accordingly, investjentgesetz the Investment Management Agreement, the asset manager will be obliged to adhere to such criteria and restrictions. Balance sheet values within the meaning of sentence 1 are the gross amounts for direct business before deduction of the amounts for ceded reinsurance business.

This is without prejudice to Section 81b 4. Doing so may not hinder the obliged entity in properly performing its obligations as laid down by this Act, nor interfere with the ability of its management to supervise and oversee the institution or person, nor interfere with the powers and ability of the competent authority under section 16 2 to audit and oversee the institution or person.

Real language usage will help your translations to gain in accuracy and idiomaticity! Before Master-KVGs could be established, fund management companies managed on their own the portfolios of their funds whereas asset managers were limited to directly managing the portfolios for ihvestmentgesetz own retail and institutional clients.

Entering the German investment market as a non-German asset manager

Officials of the competent authority and other persons used by the competent authority in conducting its audits may, for this purpose, enter and inspect the offices or premises of the obliged entities during usual business hours. If securities are issued to represent the participation rights, reference shall be made to the legal consequences pursuant to sentences 2 and 3 in the terms of issue and subscription.

The rules relating to the guarantee assets and any rights attached then apply accordingly to each of the separate accounts. The asset management of these investors is regulated under the Investment Ordinance Anlageverordnung. The Supervisory Authority may. The application for a license inveetmentgesetz an expensive and long lasting process and especially burdensome for managers of small and specialised AIFs.