70. Federal Law, with which the Pensionskassengesetz (Pensionskassengesetz), the Investment Fund Act 2011, the Alternative Investment Fund Manager Act and the Real Estate Investment Fund Act are amended

The National Council has decided:

table of contents

Article 1	Implementation Notice
Article 2	Amendment of the Pensionskassengesetz
Article 3	Amendment of the Investment Fund Act 2011
Article 4	Change of Alternative Investment Fund Manager Act
Article 5	Amendment of Real Estate Investment Fund Law

Article 1

Implementation Notice

With this federal law, Directive 2013 /14/EU amending Directive 2003 /41/EC on the activities and supervision of institutions for occupational retirement provision, Directive 2009 /65/EC on the coordination of laws and regulations, is amended. Administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) and Directive 2011 /61/EU on alternative investment fund managers with a view to excessive recourse to credit ratings, OJ L 327, 28.11.2011, p. No. OJ No L 145, 31.05.2013 p. 1.

Article 2

Amendment of the Pensionskassengesetz

The Pensionskassengesetz-PKG, BGBl. No. 281/1990, as last amended by the Federal Law BGBl. I No. 184/2013 as well as the Federal Ministry of Finance Law-Novelle 2014, BGBl. I n ° 11/2014, shall be amended as follows:

1. § 1 (2a) last sentence reads:

"The Financial Market Supervisory Authority (FMA) has the new severance limit and the date from which it becomes effective on the Internet."

2. § 23 para. 1 Z 3a lit. c and final part is:

" (c)			corporate bonds, whose creditworthiness is comparable with investment grade, taking into account the requirements of Section 25 (11) with regard to the reference to external credit ratings,
		with a fixed term, if they are intended to be kept until the final maturity on the basis of a separate dedication, with their continued acquisition costs or their continued daily value at the time of the dedication, using the effective interest rate method, if declared admissible in the business plan. For the securities directly or indirectly dedicated to special funds, the ability to be a permanent facility on the basis of a prudent liquidity plan shall be limited to a maximum of 25 vH in accordance with lit. c and a total of 60 vH of the assets allocated to an investment and risk community shall be devoted to a total of 60 vH. At the request of the FMA, the FMA must prove that the Fund's provisions of special funds regulate the separate dedication of certain debt securities and on the current identification of a further calculation value, taking into account the particular evaluation. It is only in the case of special circumstances and with the approval of the FMA that it is possible to have a security which is dedicated to the pension fund as a permanent facility. In accordance with Article 25 (9), in accordance with the requirements of Article 25 (11), it is necessary to lay down criteria for the reference to external credit ratings according to which, in the case of a security, the dedication as a permanent facility should be waived and this shall be determined in accordance with Z 3. shall be assessed; a dededication carried out in accordance with these criteria shall not require the consent of the FMA, but shall be notified immediately. The sale of bonds specifically dedicated to special funds shall only be permitted in case of special circumstances and with the approval of the FMA. In accordance with Section 36 (2) of the Regulation, the FMA has to prescribe the disclaimer of the silent charges and silent reserves arising from the HTM evaluation; "

3. In accordance with § 23 (1) (4a) the following Z 4b shall be inserted:

" 4b.		Shares in an Alternative Investment Fund (AIF) are with the net asset value according to § 17 Alternative Investment Fund Manager-Law-AIFMG, BGBl. I No 135/2013; "

4. § 25 (3) Z 2 reads:

" 2.		By way of derogation from Z 1, in accordance with paragraphs 2 (2) (4) and (6) with the exception of corporate bonds, the creditworthiness of which is comparable with an investment grade in respect of the requirements of section 25 (11) with regard to the reference to external credit ratings, in an investment and risk community in which pension commitments are managed by the employer in accordance with Article 2 (2) and (3) without the obligation to take over the obligation pursuant to Article 2 (2) and (3), with a maximum of 50 vH of the investment and risk assessment, Assets assigned to the risk community. "

5. § 25 (8), first sentence reads:

"Assessments in units of investment funds, real estate funds and AIF shall be apportioned in accordance with the actual allocation to the investment categories referred to in paragraph 2 (1) (1) to (6)."

(6) The following paragraph 11 is added to § 25:

" (11) Taking into account the nature, scope and complexity of the activities of the pension funds, the FMA monitors the adequacy of the procedures of the pension funds for the credit rating, assesses the use of references to ratings, which are provided by credit rating agencies within the meaning of Article 3 (1) (1). (b) Regulation (EC) No 1060/2009 on credit rating agencies, OJ L 327, 28.10.2009 No. 1., in the investment policy of the investment and risk community and, if appropriate, encouraging the mitigation of the effects of such references, with a view to the exclusive and automatic use of to counteract such ratings. "

7. In § 26 (1) the reference "2006/48/EC" by reference "2013/36/EU" replaced.

8. In accordance with § 46a (1) Z 5, the following Z 5a is inserted:

" 5a.		the display of the dededication of a security pursuant to section 23 (1) (3a) (3a); "

9. The following paragraph 39 is added to § 51:

" (39) § 23 (1) (3a), § 25 (3) (3) (2) and (11) and § 46a (1) (5a), as amended by the Federal Law of the Federal Republic of Germany (BGBl). I n ° 70/2014 will enter into force on 21 December 2014. "

Article 3

Amendment of the Investment Fund Act 2011

The investment fund law 2011-InvFG 2011, BGBl. I n ° 77/2011, as last amended by the Federal Law BGBl. I No 184/2013, shall be amended as follows:

1. In the table of contents, the entry "§ 144 Costing of costs" Replaced by the following entry:

" § 144.

Cost "

2. In the table of contents, the entry "§ 173 Prospectus" Replaced by the following entry:

" § 173.

Customer Information Document "

3. In the table of contents 3. Part of the 2nd main piece together with the headline and § § 175 to 185 with headlines.

4. In § 5 paragraph 2 Z 4 lit. b becomes the name "UCITS" by the name "OGA" replaced.

5. In § 6 para. 2 Z 5, the parenthesis shall be "(Part 2, Title II, Chapter 2 of Regulation (EU) No 575/2013)" by the parenthesis expression "(Part 2, Title I, Chapter 2 of Regulation (EU) No 575/2013)" replaced.

6. In § 6 para. 2 Z 12 lit. a becomes the reference "§ 9 (2) WAG 2007" by reference "§ 9 (5) Z 1 WAG 2007" replaced.

7. In Article 85 (1), the following sentence shall be inserted after the first sentence:

" In particular, when assessing the creditworthiness of the assets of the UCITS, they do not rely exclusively and automatically on credit ratings issued by credit rating agencies within the meaning of Article 3 (1) (1). (b) Regulation (EC) No 1060/2009 on credit rating agencies, OJ L 327, 28.10.2009 No. OJ L 302, 17.11.2009 p. 1.

8. The following paragraph 3 is added to § 85:

Taking into account the nature, scope and complexity of the activities of the UCITS, the FMA monitors the appropriateness of the procedures of the management and investment company for the assessment of creditworthiness, assesses the use of references to the credit ratings referred to in paragraph 1 in the investment policy of the UCITS and, if appropriate, to mitigate the effects of such references in order to counteract the exclusive and automatic recourse to such credit ratings. "

9. In § 140 (3), the first half sentence of the third sentence is:

" For the purpose of monitoring compliance with the obligations laid down in this Section, it shall also be at the beginning of each calendar year, at the latest by 15. Jänner this year for everyone on the cut-off day 1. -to pay an annual fee of EUR 600 to FMA in the case of funds admitted to the Fund; "

10. In § 186 (2) (4), the following sentence is added:

" If a certificate has already been issued in accordance with Section 96 (4) (2) of the Income Tax Act 1988, a refund of the capital gains tax and the corresponding correction of the acquisition costs may only be effected if the shareholder is responsible for the The responsible tax office shall send a corrected certificate to the competent tax office. "

11. In Section 188 (1) (2), the word "Member State of origin" by "State of origin" replaced.

12. § 196 para. 2 Z 1 reads:

" 1.		Directive 2009 /65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast) (OJ L 196, 27.7.2009, p. 1). No. 32), as amended by Directive 2013 /14/EU amending Directives 2003 /41/EC, 2009 /65/EC and 2011 /61/EU with regard to excessive use of credit ratings, OJ L 302, 15.11.2009, p. No. 1, references in laws or regulations to Directive 85 /611/EEC as references to Directive 2009 /65/EC; "

13. The following sentences are added to § 200 (8):

" AIF of the closed type, which do not make any additional investments after 22 July 2013 (§ 67 para. 5 AIFMG) and do not issue new shares, do not constitute AIF for the purposes of § § 186 (1) Z 2 and 188 (1) Z 2. This applies only if not already in the last financial year, which begins before 22 July 2013, § 186 or § 188 in the version before the BGBl. I n ° 135/2013 to the organism.

§ 124b Z 185 lit. c of the Income Tax Act 1988 and § 6b of the Corporate Tax Act 1988 shall be subject to the application of § § 186 and 188. "

(14) The following paragraphs 10 and 11 are added to § 200:

" (10) § 85 (1) and (3) and § 196 (2) (2) Z 1 in the version of the Federal Law BGBl. I n ° 70/2014 will enter into force on 21 December 2014.

(11) § 186 (2) Z 4 in the version of the BGBl. I n ° 70/2014 comes with 1. Jänner 2015 in force. "

Article 4

Change of Alternative Investment Fund Manager Act

The Alternative Investment Fund Manager Law-AIFMG, BGBl. I No 135/2013, shall be amended as follows:

1. In the table of contents, the entry " § 48. Distribution of Austrian AIF by AIFM to private customers " the word group "and qualified private customers" .

2. In the table of contents, the entry " § 49. Distribution of EU-AIF from other Member States and non-EU-AIF by Austrian AIFM or by AIF by EU-AIFM established in another Member State or by non-EU AIFM to private customers " the word group "and qualified private customers" .

3. In § 2 para. 1 Z 7 lit. a becomes the reference " Art. 4 of Directive 2006 /48/EC " by reference " Art. Article 4 (1) (40) of Regulation (EU) No 575/2013 " replaced.

4. In § 2 para. 1 Z 19 the reference " Art. 57 (1) lit. a and b of Directive 2006 /48/EC " by reference " Art. 12 of Directive 2013 /36/EU " replaced.

5. In § 2 para. 1 Z 30 the reference " Art. 56 to 67 of Directive 2006 /48/EC " by reference " Art. 1 No. 118 Article 72 of Regulation (EU) No 575/2013 " replaced.

6. The following Z 42 is added to Section 2 (1):

" 42.		"qualified private customer" is an investor,
a)			The document, which is separate from the investment commitment contract, confirms that it is aware of the risks associated with the investment intended and that it is aware of the unburdened bank assets and financial instruments in accordance with § 1 Z 6 WAG In 2007, it has a value of more than EUR 500 000;
b)			where the AIF management company is not directly concerned, or where the distribution is not carried out directly, the natural or legal person who is responsible for the distribution has assessed his expertise, experience and knowledge;
c)			where the AIF management company is not directly responsible for distribution, the natural or legal person carrying out the distribution is sufficiently convinced that the investor is in a position to make his investment decisions, , and to understand the risks associated with the investment, and that such an obligation is appropriate for the investor;
d)			which is committed to investing at least EUR 100 000 in an AIF;
e)			which will make the investment for the purpose of diversification and risk-spreading of its existing asset assessment and the AIF management company, or where the distribution is not carried out directly, to the natural or legal person proves that at the time of the investment in an AIF it is not more than 20 vH of its assets consisting of financial instruments according to § 1 Z 6 WAG 2007. "

7. In § 4 (6) the reference "§ 3 (5) Z 4 and (6), (8) and (9), § § 5, 9 and 75 to 78 WAG 2007" by reference "§ 3 (5) (3) and (4), (8) and (9), § § 5, 9 and 75 to 78 WAG 2007" replaced.

7a. § 4 (8) last sentence reads:

" investment firms and credit institutions shall be entitled, in accordance with the respective concession scope of their banking operations or investment services, to offer or to place shares in AIF directly or indirectly in the Union, insofar as these shares may be distributed in accordance with this federal law. "

8. In § 7 (5) the reference "§ 9 (2) WAG 2007" by reference "§ 9 (5) Z 1 WAG 2007" replaced.

9. In Article 13 (2), the following sentence shall be inserted after the first sentence:

" In particular, when assessing the creditworthiness of the assets of the AIF, AIFM shall not rely exclusively and automatically on credit ratings issued by credit rating agencies within the meaning of Article 3 (1) (1). (b) Regulation (EC) No 1060/2009 on credit rating agencies, OJ L 327, 28.10.2009 No. OJ L 302, 17.11.2009 p. 1.

10. According to Article 13 (3), the following paragraph 3a is inserted:

" (3a) Taking into account the nature, scope and complexity of the activities of the AIF, the FMA shall monitor the appropriateness of the procedures of the AIFM for the assessment of creditworthiness, assesses the use of references to the ratings referred to in paragraph 2 above in the investment policy of the AIF and, if appropriate, mitigate the effects of such references in order to counteract the exclusive and automatic recourse to such credit ratings. "

11. In § 15, the reference " Art. 4 (41) of Directive 2006 /48/EC " by reference " Art. 4 (1) (13) of Regulation (EU) No 575/2013 " replaced.

12. In § 19 para. 3 Z 1 the reference "2006/48/EC" by reference "2013/36/EU" replaced.

13. In § 19 para. 3 Z 2 the reference " Art. Article 20 (1) of Directive 2006 /49/EC by reference " Art. 92 of Regulation (EU) No 575/2013 " and the reference " Art. 9 of Directive 2006 /49/EC " by reference " Art. Article 28 (2) of Directive 2013 /36/EU " replaced.

14. In § 19 (7) the word group shall be "and effectively enforced and comply with the principles laid down in Article 16 of Directive 2006 /73/EC" through the phrase "and effectively enforced in accordance with the principles of Article 16 of Directive 2006 /73/EC" replaced.

15. In § 19, paragraph 19, the word "me" by the word "with" replaced.

16. In § 19, para. 20, the word "the" by the word "the" replaced.

17. In § 21 (1) Z 5, the reference "§ 7 (7)" by reference "§ 7 (6)" replaced.

18. In Article 27 (2), an indent after the part of the sentence shall be added in the introduction sentence "Assets-" inserted.

19. In § 29 (1) the word "these" by the word "this" replaced.

20. In § 31 (1) the word group shall be "the certificate pursuant to section 30 (3)" through the word group "a certificate corresponding to the last sentence of section 30 (3)" replaced.

21. In § 31, para. 4, the first half sentence of the third sentence is:

" For the purpose of monitoring compliance with the obligations laid down in this Section, it shall also be at the beginning of each calendar year, at the latest by 15. Jänner this year for everyone on the cut-off day 1. to pay an annual fee of EUR 600 to the FMA for an EU-AIF approved in January of this year; "

22. In § 33 (1) the word order is deleted "and distribute it to professional investors" .

23. In Section 33 (2), the phrase "pursuant to Article 32 (2) and (3)" through the phrase "in accordance with § 32 (2), (3) and a certificate corresponding to the last sentence of paragraph 4," replaced.

24. In § 38, the designation shall be: "AIFM" by "EU-AIFM" replaced.

25. In § 38 (1) the word order is deleted "in Austria concessionary" .

26. In § 38 (2), the word "home Member State" by the word "State of origin" replaced.

27. In § 38 (9), the phrase "Show again at the earliest pursuant to paragraph 2" through the phrase "show again according to paragraph 2 at the earliest" replaced.

28. In Section 45 (2), the phrase "The inclusion of the administration" through the phrase "The inclusion of the administration" replaced.

29. In Section 46 (3), the phrase " Subparagraph 1 lit. d leg. cit. " by reference " Art. 37 (7) lit. d Directive 2011 /61/EU " replaced.

30. § 47 (3) second sentence reads:

" This display shall include the documentation and information referred to in Appendix 3, and a confirmation from the competent authorities of the non-EU AIFM and AIF that the AIF and the non-EU AIFM, with the exception of the 6. In part, all the requirements laid down in this Federal Act, Directive 2011 /61/EU and delegated acts adopted pursuant to the Directive. "

31. The headline before § 48 reads:

"Sales of Austrian AIF by AIFM to private customers and qualified private customers"

32. § 48 (1) reads:

" § 48. (1) An AIFM may distribute shares in Austria of the following domestic AIF granted in accordance with section 29 to private customers:

1.		If he has a concession pursuant to § 1 sec. 1 Z 13a BWG, shares in real estate funds in accordance with the Real Estate Investment Fund Act-ImmoInvFG (BGBl. I No 80/2003),
2.		provided that it has a concession pursuant to Section 1 (1) (1) Z 13 of the Federal Elections Act (BWG) in conjunction with Section 6 (2) of the InvFG 2011, AIF according to the 3 Part first main part of the InvFG 2011,
3.		in so far as it has a concession pursuant to the second part of this Federal Law, AIF in real estate which fulfils the conditions set out in (5) and (6);
4.		provided that it has a concession pursuant to the second part of this Federal Law, AIF, which fulfils the conditions set out in paragraphs 7 and 8 (Managed Futures Funds),
5.		provided that it has a concession pursuant to the second part of this Federal Law, AIF, which fulfils the conditions set out in paragraphs 8a and 8b (private equity fund),
6.		provided that it has a concession pursuant to the second part of this Federal Law, AIF, which fulfils the conditions set out in paragraphs 8c and 8d (AIF in company participations). "

33. In accordance with § 48 (1), the following paragraph 1a is inserted:

" (1a) In the case of an investment in accordance with paragraph 1 (4), (5) or (6), the investor confirms in writing, in a document separate from the investment commitment contract, that he is aware of the risks associated with the intended investment. and the AIF management company, or where the distribution is not carried out directly, the natural or legal person who is responsible for the distribution has assessed his expertise, experience and knowledge. The AIF management company, or where the distribution is not carried out directly, the natural or legal person carrying out the distribution must be sufficiently convinced that the investor is capable of making his own investment decisions , and to understand the risks associated with the investment, and that such an obligation is appropriate for the investor. "

34. In § 48 (6) and (8) the reference shall be made "§ 8 or 8a" by reference "§ 8 or § 8a" replaced.

35. According to § 48 (8), the following paragraphs 8a to 8d are inserted:

" (8a) The FMA has to approve an AIF (private equity fund) for sale to private customers if:

1.		In accordance with the investment strategy of the private equity funds, investments are mainly invested in other AIF, which in turn invest in non-listed companies according to their investment strategy. The assessment in a single AIF may not exceed 10 vH of the fund's assets of the private equity fund. In addition to this predominant disposition, the private equity fund may only acquire money market instruments in accordance with § 70 InvFG 2011. If, in accordance with its statutes or regulations, the AIF, in which investments are made, may, in addition to the predominant disposition in non-listed companies and in money market instruments, also make other investments, the AIF shall be Assessment of the private equity fund in such an AIF is limited to 5 vH of its fund assets in each case. A maximum of 20 vH of the fund assets of a private equity fund may be invested in such AIF;
2.		the net asset value of the private equity fund, as determined in accordance with § 17, will be published each time an issue or a withdrawal of the shares of the private equity fund is held, but at least once a month, unless the Private equity funds are admitted to trading on a regulated market;
3.		no leverage is used for the private equity fund. It must also be invested in no AIF, which is leveraging leverage. If the statutes or the investment provisions of an AIF in which investments are made provide for, short-term loans up to the amount of 20% of the assets of the AIF shall be permitted on the latter's account;
4.		all the distribution documents at the point of printing, which contain a reference to the particular risk associated with this assessment (risk note) and the limited liquidity;
5.		a half-yearly report shall be drawn up no later than two months after the end of the half year;
6.		a customer information document in German, which contains the essential investor information and which is equivalent to the KID pursuant to § 134 InvFG 2011 and the regulation adopted for this purpose;
7.		the investment sum per private customer is at least EUR 100 000;
8.		the private client of the AIF management company or, if the distribution is not carried out directly, the natural or legal person who carries out the distribution can demonstrate that he has been responsible for financial instruments for more than four years in accordance with § 1 Z 4 lit. a WAG 2007.

(8b) The application for the approval of a private equity fund under paragraph 8a shall be accompanied by:

1.		In the event that the private equity fund has to draw up a prospectus in accordance with KMG, which has been audited in accordance with § 8 or 8a KMG (KMG), or approved prospectus. The additional information required in accordance with § 21 (3) 3 (1) and (2) must be submitted separately, with the information already contained in the prospectus must be clearly marked in accordance with § 21. The prospectus examination and approval provided for in accordance with § 8 or § 8a KMG does not extend to these additional information;
2.		in the event that the private equity fund has no prospectus to be drawn up in accordance with the provisions of the KMG, the information referred to in § 21;
3.		the last annual report pursuant to § 20;
4.		a confirmation from the AIFM that the conditions laid down in paragraph 8a are complied with.

(8c) The FMA has to grant an AIF in company participations for distribution to private customers, if:

1.		the fund's assets are predisposed to ensure sufficient diversification and appropriate risk-spreading. In addition to the acquisition of shareholdings in non-listed companies, mostly SMEs, the fund's assets may only be invested in bank deposits and money market instruments according to § 70 InvFG 2011;
2.		participations in at least five undertakings which are not connected to each other at the time of the entry into force of the shareholding;
3.		the participation in a company at the time of the entry of the holding is not more than 50% of the fund's assets;
4.		participations in companies and money market instruments according to § 70 InvFG 2011, which are subject to a currency risk, do not exceed 30 vH of the fund's assets;
5.		no leverage is used for the AIF in corporate participations, no short selling takes place and a borrowing is not allowed;
6.		Derivatives may only be held to hedge assets held in the AIF in corporate participations;
7.		the net asset value of the AIF, as determined in accordance with Section 17, is made public each time an issue or a withdrawal of the shares of the AIF takes place in company participations, or at least once a month;
8.		all the distribution documents at the point of printing, which contain a reference to the particular risk associated with this assessment (risk note) and the limited liquidity;
9.		a half-yearly report shall be drawn up no later than two months after the end of the half year;
10.		a customer information document in German, which contains the essential investor information and which is equivalent to the KID pursuant to § 134 InvFG 2011 and the regulation adopted for this purpose;
11.		the investment sum per private customer is at least EUR 100 000;
12.		the private client of the AIF management company or, if the distribution is not carried out directly, the natural or legal person who carries out the distribution can demonstrate that he has been responsible for financial instruments for more than four years in accordance with § 1 Z 4 lit. a WAG 2007.

(8d) To be attached to the application for the approval of an AIF in company participations in accordance with paragraph 8c:

1.		In the event that the AIF has to draw up a prospectus in accordance with the KMG, which has been audited in accordance with § 8 or 8a of the KMG, in company participations, or approved prospectus. The additional information required in accordance with § 21 (3) 3 (1) and (2) must be submitted separately, with the information already contained in the prospectus must be clearly marked in accordance with § 21. The prospectus examination and approval provided for in accordance with § 8 or § 8a KMG does not extend to these additional information;
2.		in the case where the AIF does not have to draw up a prospectus in accordance with the KMG, the information referred to in § 21;
3.		the last annual report pursuant to § 20;
4.		a confirmation of the AIFM that the conditions of paragraph 8c are complied with. "

36. § 48 (11) reads:

" (11) The FMA may, by means of a regulation, determine the design of the risk statements in accordance with Section 5 (5), (5), (7) (9), (8a) (4) and (8) (8) (8) (8), as well as other

37. The following paragraph 12 is added to § 48:

" (12) An AIFM may distribute in Austria shares of AIF approved in accordance with section 29 to qualified private customers, provided that it has a concession pursuant to the second part of this Federal Law and if for the AIF.

1.		no leverage or
2.		a leverage which does not exceed the net asset value of the AIF by more than 30 vH;
is used. § 52 shall not apply. "

38. The title before § 49 reads:

"Distribution of EU-AIF from other Member States and non-EU-AIF by Austrian AIFM or AIF by EU-AIFM established in another Member State or by non-EU AIFM to private customers and qualified private customers"

39. In Section 49 (1), the phrase "AIF managed in accordance with Directive 2011 /61/EU" through the phrase EU-AIF and non-EU-AIF managed pursuant to Directive 2011 /61/EU " replaced.

40. § 49 (1) Z 2 reads:

" 2.		the AIF is approved for sale to professional investors in accordance with § § 29, 31, 35, 38, 40, 42 or 47 in Austria and "

41. § 49 para. 1 Z 3 lit. d is:

" (d)			AIF pursuant to Section 48 (7), (8a) and (8c) or "

Section 49 (4) reads as follows:

" (4) The KID or the simplified prospectus in accordance with paragraph 3 (5) and in any advertising document of the AIF or AIFM, which is not an AIFM concessioned in Austria, is a warning indication that is highlighted by printing technology. , that neither the AIF nor the AIFM are subject to supervision by an Austrian authority, neither a prospectus nor a KID or a simplified prospectus have been examined by an Austrian authority and no Austrian authority Authority shall be liable for the accuracy or completeness of these documents. "

43. The following paragraph 12 is added to § 49:

" (12) domestic AIFM may be EU-AIF from other Member States and non-EU-AIF managed pursuant to Directive 2011 /61/EU, EU-AIFM established in another Member State and non-EU-AIFM may be managed by them in accordance with Directive 2011 /61/EU EU-AIF and non-EU-AIF in Austria to qualified private customers if:

1.		the AIF is approved for sale to professional investors pursuant to § § 29, 31, 35, 38, 40, 42 or 47 in Austria; and
2.		for the AIF
a)			no leverage or
b)			a leverage which does not exceed the net asset value of the AIF by more than 30 vH;
		is used.
§ 52 shall not apply. "

Section 50 (1) reads as follows:

"(1) The admission of the sales person shall be prevented if the AIFM or the AIF does not fulfil a condition pursuant to § 48 or § 49 or if the application for an authorization pursuant to § 48 or the advertisement according to § 49 has not been properly reimbursed."

45. § 50 (2) (1) and (2) read:

" 1.		the application for an authorization pursuant to section 48 or the notification pursuant to section 49 has not been reimbursed;
2.		a condition in accordance with § 48 or § 49 has been omitted; "

46. In Section 50 (3), the phrase "Show again at the earliest according to § 49" through the phrase "Show again at the earliest in accordance with § 48 or § 49" replaced.

47. In § 54 para. 2 final part reads:

' without prejudice to the tasks assigned to it in other federal laws, with the registration of managers of collective investment undertakings in accordance with these Regulations. FMA has to monitor compliance with the provisions of these regulations by managers of a qualified venture capital fund and custodian of a qualified fund for social entrepreneurship. To this end, the FMA shall be entitled, without prejudice to the powers conferred on it by these Regulations, in particular the powers referred to in Article 56 (2) (1), (2), (5), (8), (9) and (11). "

48. In § 56 para. 2 Z 1 the phrase "Documents of all species" through the phrase "To see all kinds of documents" replaced.

49. In § 56 (2) (6), the word "Apply" through the word group "to apply" replaced.

50. In § 58, the reference "§ 48 (6)" by reference "§ 48 (6), (8), (8b) and (8d)" replaced.

51. § 60 (5) last half sentence reads:

"who is in breach of the provisions of Regulation (EU) No 345/2013 or against the provisions of Regulation (EU) No 346/2013."

52. In accordance with § 67 (3), the following paragraph 3a is inserted:

" (3a) AIFM, which may publicly expel shares in AIF before 22 July 2014 pursuant to § 48 (1) Z 4 to 6, have to submit the application pursuant to § 48 (8), 8b or 8d by 31 December 2014 at the latest, otherwise the authorization to distribute it to Private customers are liking. "

(52a) The following paragraph 8 is added to § 67:

" (8) By way of derogation from Section 19 (5) (1), the AIFM may, for AIF managed by it, order by 22 July 2017 a depositary pursuant to section 19 (3) Z 1, the registered office of which is not located in the home Member State of the AIF. Such AIF may not be sold to private customers in accordance with § § 48 and 49. "

§ 71 (2) (1) (1) to (5) reads:

" 1.		Directive 2011 /61/EU on Alternative Investment Fund Managers and amending Directives 2003 /41/EC and 2009 /65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010, OJ L 206, 22.7.2011, p. No. 1, as last amended by Directive 2013 /14/EU amending Directives 2003 /41/EC, 2009 /65/EC and 2011 /61/EU with a view to excessive use of credit ratings, OJ L 206, 22.7.2011, p. No. OJ L 145 of 31.05.2013 p. 1;
2.		Directive 2003 /41/EC on the activities and supervision of institutions for occupational retirement provision, OJ L 42, 23.1.2003, p. No. 10, as last amended by Directive 2013 /14/EU amending Directives 2003 /41/EC, 2009 /65/EC and 2011 /61/EU with a view to excessive use of credit ratings, OJ L 235, 23.9.2003, p. No. OJ L 145 of 31.05.2013 p. 1;
3.		Directive 2009 /65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), OJ L 206, 22.7.2009, p. No. OJ L 302, 17.11.2009 p. 32, as last amended by Directive 2013 /14/EU amending Directives 2003 /41/EC, 2009 /65/EC and 2011 /61/EU with regard to excessive recourse to credit ratings, OJ L 302, 15.11.2009, p. No. OJ L 145 of 31.05.2013 p. 1;
4.		Seventh Directive 83 /349/EEC on the basis of Article 54 (2) (g) of the Treaty on consolidated accounts, OJ L 184, 17.7.1983, p. No. 1, as last amended by Directive 2009 /49/EC, OJ L 193 of 18.7.2009, p. No. OJ L 164, 26.06.2009 p. 42;
5.		Directive 2013 /36/EU on access to the activities of credit institutions and the supervision of credit institutions and investment firms, amending Directive 2002 /87/EC and repealing Directives 2006 /48/EC and 2006 /49/EC, OJ L 73, 14.3.2006, p. No. OJ L 176 of 27.6. 338, as amended by its corrigendum, OJ L 327, 31.12.2003, p. No. OJ L 208, 2.8.2013, p. 73;

Section 71 (2) Z 10 reads as follows:

" 10.		Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, OJ L 136, 31.5.2013, p. No. 1., as amended by its corrigendum OJ L 176, 15.7.1997, p. No. OJ L 321 of 30.11.2013 p. 6;

55. In § 71 para. 2 Z 11 the reference " OJ No. 174 by reference " OJ No. L 174 " replaced.

56. In § 71 paragraph 2 Z 19 the reference " OJ N ° 284 " by reference " OJ No. L 284 " replaced.

57. The following paragraph 3 is added to § 74:

" (3) § 13 para. 2 and 3a and § 71 paragraph 2 Z 1 to 3 in the version of the Federal Law BGBl. I n ° 70/2014 will enter into force on 21 December 2014. Section 48 (1a) in the version of the Federal Law BGBl. I n ° 70/2014 shall apply to new business completed after 1 August 2014. "

Article 5

Amendment of Real Estate Investment Fund Law

The Real Estate Investment Fund Act-ImmoInvFG, BGBl. I n ° 80/2003, as last amended by the Federal Law BGBl. I No 184/2013, shall be amended as follows:

(1) The following paragraph 5 is added to § 40:

" (5) In the first application of paragraphs 1 to 4 to already existing organisms, the determination of the recovery profits corresponding to § 14 (4) shall be based on the tax acquisition costs of the real estate, whereby § 30 para. 3 the second and third sets of the 1988 Income Tax Act are to be applied in a reasonable way. The recovery gains resulting from the first application of paragraphs 1 to 4 may be spread evenly over the year of the first application and the next four financial years. "

2. In § 42 Z 1 the word "Member State of origin" by "State of origin" replaced.

3. In § 44 (12) the following sentences are added:

" AIF of the closed type, which do not make any additional investments after July 22, 2013 (§ 67 para. 5 AIFMG) and do not issue new shares, do not constitute AIF in real estate for the purposes of § § 40 para. 1 Z 2 and 42 Z 1. This applies only if not already in the last financial year, which begins before 22 July 2013, § 40 or § 42 in the version before the BGBl. I n ° 135/2013 to the organism.

§ 124b Z 185 lit. c of the Income Tax Act 1988 and § 6b of the Corporate Tax Act 1988 shall apply to the application of § § 40 and 42. "

Fischer

Faymann