Amendment Of The Pension Fund Act, The Investment Fund Act 2011, Of The Alternative Investment Fund Manager Act And The Real Estate Investment Fund Act

Original Language Title: Änderung des Pensionskassengesetzes, des Investmentfondsgesetzes 2011, des Alternativen Investmentfonds Manager-Gesetzes und des Immobilien-Investmentfondsgesetzes

Read the untranslated law here: http://www.ris.bka.gv.at/Dokumente/BgblAuth/BGBLA_2014_I_70/BGBLA_2014_I_70.html

70. Federal law, with which the Pension Fund Act, the Investment Fund Act 2011 alternative investment funds Manager law and the real estate investment Fund Act be modified

The National Council has decided:

Table of contents



Article 1 implementation note article 2 amendment of the Pension Fund Act article 3 amendment of the Investment Fund Act 2011 article 4 modification of the alternative investment fund manager law article 5 change of the real estate investment Fund Act article 1

Implementation note

With this federal law, the directive is 2013/14/EC amending the Directive 2003/41/EC on the activities and supervision of institutions of the occupational pensions directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) and 2011/61/EU directive, the managers of alternative investment funds with regard to excessive recourse to ratings , OJ No. L 145 of the 31.05.2013 S. 1, implemented.

Article 2

Amendment of the Pension Fund Act

The pension fund law - PKG, BGBl. No. 281/1990, as last amended by Federal Law Gazette I no. 184/2013 as well as the Federal Ministry of law amendment to 2014, Federal Law Gazette I no. 11/2014, is amended as follows:

1 § 1 paragraph 2a is the last sentence:

"The financial market authority (FMA) has the new compensation limit amount and the time at which this comes into effect, to be published in the Internet."

2. § 23 para 1 No. 3a lit. c and final part is as follows:



"(c) corporate bonds, whose credit rating is just similar to be kept with a fixed term, if it on the basis of a separate dedication to designated up to maturity, with its amortised cost or their continuing day value at the time of the dedication, using the effective interest method to evaluate in accordance with the requirements of § 25 paragraph 11 with regard to the reference to external ratings with investment , if this was explained in the business plan to be admissible. The securities directly or indirectly via special funds devoted is the capacity on the basis of a prudent liquidity plan than to demonstrate continuous investment; but not more than 25 vH in accordance with letter allowed it. dedicated to c and no more than 60 vH of the assets associated with an investment and risk sharing group. The FMA is to prove that the Fund regulations of special funds contain rules on the special dedication of certain notes and on the current card of a further calculation value, taking into account the special assessment upon request. The FMA must be has a securities dedicated by the Pension Fund as a permanent investment prior to final maturity only in special circumstances and with the approval. Criteria to set, after which a security the dedication as a permanent attachment to pick up and to evaluate it according to no. 3 are in compliance with the requirements of § 25 paragraph 11 with regard to the reference to external ratings in the verification in accordance with section 25, paragraph 9; an approved carried out according to these criteria requires no approval of the FMA, is this but immediately. A sale of bonds separately designated special funds is allowed only in special circumstances and with the approval of the FMA. The FMA has to require the presentation of silent loads resulting from the HTM review and hidden reserves in the regulation in accordance with § 36 para 2;"

3. According to article 23, paragraph 1, Z 4a 4B is inserted following Z:



"4B. shares in one are alternative investment funds (AIF) with the net asset value in accordance with section 17 alternative investment funds Manager law - AIFMG, Federal Law Gazette I no. 135/2013, to apply;"

4. § 25 para 3 No. 2 is:



'2. by way of derogation z 1 investments referred to in paragraph 2 are their credit in accordance with the requirements of § 25 paragraph 11 regarding the reference to external ratings with investment is grade comparable in an investment and risk sharing, in the pension company commitments with minimum yield guarantee and without accepting the obligation pursuant to § 2 para 2 and 3 by the employer are managed Nos. 4 and 6 with the exception of corporate bonds, ", limited to no more than 50 per cent of the assets associated with the investment and risk sharing group."

5. § 25 paragraph 8 first sentence reads:

"Investments in shares of mutual funds, real estate funds and AIF are to inform Z 1 to 6 according to the actual management on the investment categories in accordance with paragraph 2."

6 11 the following paragraph is added to section in 25:

"(11) taking into account the nature, scope and complexity of the activity of pension funds, the FMA monitors the adequacy of the procedures of pension funds for the credit rating, evaluated the use of references to rating by rating agencies within the meaning of article 3, para 1 lit. (b) of Regulation (EC) No 1060/2009 on credit rating agencies, OJ "No. L 302 of 17.11.2009 S. 1, have been given out in the investment policy of the investment and risk sharing group and suggests, if shown on alleviating the impact of such references to counteract the exclusive and automatic recourse to such ratings."

7. in article 26, paragraph 1, the reference "2013/36/EU" replaces the reference "2006/48/EC".

8. after section 46a para 1 No. 5, 5a is inserted following Z:



"5a. the display of the approved of a security in accordance with article 23, paragraph 1 Z 3a fails;"

9 39 the following paragraph is added to article the 51:

"(39) Article 23, paragraph 1 Z 3a, § 25 para 3 subpara 2 and section 11 and section 46a, paragraph 1 Z 5a in the version of Federal Law Gazette I no. 70/2014 with 21 December 2014 into force."

Article 3

Change of the investment fund law 2011

The investment funds act 2011 - 2011 InvFG, Federal Law Gazette I no. 77/2011, last amended by Federal Law Gazette I no. 184/2013, is amended as follows:

1. in the table of contents of the entry is "section 144 cost provision" is replaced by the following entry:


"§ 144. cost" 2. In the table of contents of the entry is "§ 173 brochures" is replaced by the following entry:


"§ 173. customer information document" 3. The 2 main piece along with heading and paragraphs 175 to 185, with headings accounts for in section 3 in the table of contents.

4. in article 5, paragraph 2 No. 4 lit. (b) is replaced by the designation "OGA" the designation "UCITS".

5. in article 6, par. 2, Z 5 is the bracket expression "(Teil 2 Titel II Kapitel 2 der Verordnung (EU) No. 575/2013)" by the parenthetical expression "(Teil 2 Titel I Kapitel 2 der Verordnung (EU) No. 575/2013)" replaced.

6. in article 6, par. 2 No. 12 lit. a is replaced by the reference "section 9 para 2 WAG 2007" by reference "§ 9 par. 5 No. 1 WAG 2007".

7. in article 85, paragraph 1, the following sentence is inserted after the first sentence:

"In particular, they support in assessing the creditworthiness of the assets of the UCITS does not exclusively and automatically rating by rating agencies within the meaning of article 3, para 1 lit. (b) of Regulation (EC) No 1060/2009 on credit rating agencies, OJ No. L 302 of 17.11.2009 S. 1, have been given out."

8 the following paragraph 3 is added to § the 85:

"(3) taking into account the nature, scope and complexity of the activities of the UCITS, the FMA monitors the adequacy of procedures the administrative and investment company for the credit rating, evaluated the use of references to para 1 above ratings in the investment policy of the UCITS and suggests, if shown on alleviating the impact of such references to counteract the exclusive and automatic recourse to such ratings."

9. in article 140, paragraph 3 the first half sentence of the third movement is as follows:

"For the monitoring of compliance with the obligations referred to in this section is also at the beginning of each calendar year, no later than January 15 this year for everyone at the date 1 January this year of approved funds to pay an annual fee of 600 euros to the FMA;"

10. in article 186, paragraph 2 the following sentence is added Z 4:

"Was already issued a certificate pursuant to § 96 para 4 1988 No. 2 of the income tax Act, a refund of withholding tax and corresponding correction of the acquisition costs may occur only if the shareholder asked the Abzugsverpflichteten to submit a corrected certificate the competent tax office."

11. in article 188, paragraph 1 Z 2, the word ' home Member State ' is replaced by 'State of origin'.

12 § 196 paragraph 2 No. 1 is:



"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 No. L 302 of 17.11.2009 p. 32) in the version of Directive 2013/14/EC amending directives 2011/61/EC, 2003/41/EC and 2009/65/EC with regard to excessive recourse to ratings, OJ "No. L 145 of the 31.05.2013 S. 1, counting references in laws or regulations on the Directive 85/611/EEC as references to Directive 2009/65/EC;"

13 the following records are added the article 200, paragraph 8:




"AIF of the closed-ended type which make no additional investments after July 22, 2013 (article 67 par. 5 AIFMG) and no new shares issued, represent for purposes of §§ 186, para 1 no AIF No. of 2 and 188 paragraph 1 No. 2." This only applies if I apply no. 135/2013 on the organism was not already in the last fiscal year, which begins before July 22, 2013, § 186 or § 188 as amended by BGBl..



§ 185 124b Z lit. c of the income tax Act 1988 and section 6 b of the Corporation Tax Act 1988 go the application of §§ 186 and 188 before."



14 the following paragraph 10 and 11 is added to §. the 200:

"(10) § 85 para 1 and 3 and section 196, paragraph 2 No. 1 as amended by Federal Law Gazette I no. 70/2014 with 21 December 2014 into force."

"(11) section 186, para 2 No. 4 in the version of Federal Law Gazette. I no. 70/2014 effective with January 1, 2015."

Article 4

Modification of the alternative investment fund manager law

The alternative investment funds Manager law - AIFMG, Federal Law Gazette I no. 135/2013, is amended as follows:

1. in the table of contents is at the entry "§ 48. distribution of Austrian AIF by AIFM to retail customers" added the phrase "and qualified individuals".

2. in the table of contents is at the entry "§ 49. distribution of EU-AIF from other Member States and non-EU AIF by Austrian AIFM or AIF by EU AIFM domiciled in another Member State or by non-EU AIFM to retail customers" added the phrase "and qualified individuals".

3. in section 2 para 1 No. 7 lit. a is the reference "article 4 No. 4 of Directive 2006/48/EC" with the reference "article 4 para 1 No. 40 of Regulation (EU) No. 575/2013" replaced.

4. in article 2, para. 1 No. 19 "article 57 para 1 lit. is the reference a and b of Directive 2006/48/EC"with the reference"Article 12 of Directive 2013/36/EC"are replaced.

5. in article 2, paragraph 1 Z 30 is the reference "Article 56 to 67 of Directive 2006/48/EC" with the reference "article 4 para 1 No. 118 article 72 of Regulation (EU) No. 575/2013" replaced.

6 following Z 42 is attached to in section 2, paragraph 1:



"42."Qualified customer"is an investor, a) in one of the Treaty establishing the investment commitment separate document confirms, that he is aware of the risks associated with the proposed investment and unloaded bank deposits and financial instruments in accordance with § 1 No. 6 WAG 2007 has in the value of more than EUR 500 000;"

(b) where the AIF management company or if not performed in place, the natural or legal person performing sales its expertise, experience and valued knowledge of sales;

(c) where the AIF management company or if the distribution is not directly, the estimate distribution natural or legal person is sufficiently convinced, that the investor in a position is his investment decisions themselves to meet and understand the risks associated with the investment and that such an obligation for the investor is appropriate;

(d) it is committed in an AIF to invest at least EUR 100 000;

"(e) who will carry out the investment for the purpose of diversification and risk-spreading its existing investment and the AIF management company or if sales are not directly, which the sales substitute natural or legal person proves that at the time of the investment in an AIF it no more than 20 per cent his WAG No. 6 from financial instruments in accordance with § 1 2007 existing assets is."

7. in article 4, paragraph 6, the reference is replaced "§ 3 para 5 Nos. 4 and para. 6, 8 and 9, sections 5, 9 and 75 to 78 WAG 2007" by reference "section 3 para 5 Nos. 3 and 4, 8 and 9, sections 5, 9 and 75 to 78 WAG 2007".

7A. § 4 paragraph 8 last sentence reads:

"Investment firms and credit institutions are entitled according to the respective scope of the licence its banking or investment services directly or indirectly to offer shares in AIF investors in the Union or to place, as far as these shares in accordance with this federal law may be expelled with them."

8. in article 7, paragraph 5, the reference "section 9 para 2 WAG 2007" by reference "§ 9 par. 5 No. 1 WAG 2007" will be replaced.

9. in article 13, paragraph 2, the following sentence is inserted after the first sentence:

"AIFM support especially when evaluating the creditworthiness of the assets of the AIF does not exclusively and automatically rating by rating agencies within the meaning of article 3 par. 1 lit. (b) of Regulation (EC) No 1060/2009 on credit rating agencies, OJ No. L 302 of 17.11.2009 S. 1, have been given out."

10. after article 13, paragraph 3, the following paragraph 3a is inserted:

"(3a) in taking into account the nature, scope and complexity of the activities of the AIF monitored the FMA of the adequacy of the procedures of the AIFM for the credit rating, evaluated the use of references to in para 2 of above ratings in the investment policy of the AIF and suggests, if shown on alleviating the impact of such references to counteract the exclusive and automatic recourse to such ratings."

11. in article 15, the reference is "article 4 paragraph 41 of Directive 2006/48/EC" the reference "article 4 para 1 No. 13 of the Regulation (EU) No. 575/2013" replaced.

12. in article 19, paragraph 3 replaces the reference ' 2006/48/EC' is no. 1 the reference "2013/36/EC".

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

14. in article 19, paragraph 7, the phrase "and be effectively enforced, and coincides with the principles under article 16 of the directive 2006/73/EC" is replaced word order "and in accordance with the principles of article 16 of the directive 2006/73/EC effectively enforced" by the.

15. in article 19 paragraph 19 is replaced "with" "me" through the word.

16 in article 19 paragraph 20 is replaced "the" "of" by the word.

17. in article 21, paragraph 1, the reference to "section 7 paragraph 7" the reference "§ 7 paragraph 6" is replaced Z 5.

18. in article 27, paragraph 2, the introductory phrase inserted a comma after the word "Assets".

19. in article 29, paragraph 1 the Word replaces "this" "this" Word.

20. in article 31, paragraph 1, the phrase "the certificate according to § 30 para 3" by the phrase is "one § 30 para 3 last sentence corresponding certificate" replaced.

21. in article 31, paragraph 4, the first half sentence of the third movement is:

"For the monitoring of compliance with the obligations referred to in this section is also at the beginning of each calendar year, no later than January 15 this year for everyone at the date 1 January this year of approved EU AIF to pay an annual fee of 600 euros to the FMA;"

22. in article 33, paragraph 1, the phrase "and sell to professional investors" is omitted.

23. in article 33, paragraph 2, the phrase is "in accordance with § 32 para 2 and 3 has delivered" by the phrase "in accordance with § 32 para 2, 3 and one the para certificate corresponding to 4 last sentence sent" replaced.

24. in article 38, the term "AIFM" is replaced by "EU AIFM".

25. in article 38, paragraph 1, the phrase "in Austria licensed" is omitted.

26. in article 38, paragraph 2, the word "home Member State" is replaced by the word "Country of origin".

27 § 38 paragraph 9 the phrase "at the earliest according to para 2 again show" by the phrase "at the earliest then again display in accordance with paragraph 2" replaced.

28. in article 45, paragraph 2, the phrase "The inclusion of the management" is replaced by the phrase "The inclusion of the management".

29. in article 46, paragraph 3 is the phrase "paragraph 1 lit. "d leg. cit." with the reference "article 37 paragraph 7 lit. (d) the policy 2011/61/EU"replaced.

30 § 47 para 3 second sentence reads:

"This indicator letter includes the documentation and the information specified in Appendix 3, as well as a confirmation of the competent authorities of the country of origin of the non-EU AIFM and the AIF, that the AIF as well as the non-EU AIFM with the exception of the 6th part all delegated acts in this Federal Act, 2011/61/CE directive and on the basis of the directive adopted meet specified requirements."

31. the heading before section 48 is as follows:

"Distribution of Austrian AIF by AIFM to retail customers and qualified individuals"

32. paragraph 48 para 1:

"48. (1) an AIFM may in Austria shares by following in accordance with § 29 of approved domestic AIF to retail market:"



1. unless he no. 13a BWG has a licence referred to in article 1, paragraph 1, shares in real estate funds in accordance with the real estate investment Fund Act ImmoInvFG (BGBl. I no 80/2003), 2. If he a licence pursuant to § 1 paragraph 1 Z 13 Banking Act in connection with § 6 par. 2 InvFG 2011 has, AIF in accordance with section 3 first main piece of the InvFG 2011, 3. If he has a concession in accordance with the 2nd part of this Federal Act , AIF in real estate, that meet the conditions of paragraph 5 and 6, 4. If he has part of this Federal Act a licence in accordance with the 2nd AIF which meet the conditions of paragraph 7 and 8 (managed futures funds), 5.

"if he has part of this Federal Act a licence in accordance with the 2nd AIF which meet the conditions of paragraph 8a and 8b (private-equity funds), 6 as long as he has a concession in accordance with the 2nd part of this Federal Act, AIF, which meet the conditions of paragraph 8 c and 8 d (AIF in participations)."

33. According to article 48, paragraph 1, the following paragraph 1a is inserted:

"(1a) the investor Z 4, 5 or 6 confirmed in the case of an investment referred to in paragraph 1 in writing, in a document separate from the contract about the investment commitment, that he is aware of the risks associated with the proposed investment and the AIF management company or if the distribution is not directly, the natural or legal person performing sales has valued his expertise, experience and knowledge." "The AIF management company or if the sales not directly, the natural or legal person performing the sales must be sufficiently convinced that is the investor in a position, his investment decisions themselves to meet and understand the risks associated with the investment and that such an obligation for the investor is appropriate."

34. in article 48, paragraph 6 and 8 the reference is replaced each "section 8 or section 8a of the" "section 8 or 8a" by the reference.

35. According to § 48 para 8 shall be inserted following paragraph 8a to 8 d:

"(8a) the FMA has to grant an AIF (private-equity funds) for sale to private customers, if"



1. in accordance with the investment strategy of the private-equity fund mainly invests in other AIF, which in turn invest in unlisted companies in accordance with their investment strategy. The investment in an individual AIF shall not exceed 10 vH of the Fund assets of the private-equity funds. In addition to these vast investments of private-equity funds may acquire 2011 only money market instruments pursuant to section 70 InvFG. Can the AIF invests in which, in accordance with its statutes or its investment provisions in addition to the vast investment in unlisted companies and money market instruments make other investments, an investment of private equity funds in a such AIF is limited to 5 vH of his Fund's assets. A total maximum of 20 vH of the Fund assets of private-equity funds may be invested in such AIF;

2. the net asset value determined in accordance with section 17 of the private-equity funds is published every time then, if an issue or a redemption of the shares of the private-equity funds held at least once in a month, it was because the private-equity funds is admitted to trading on a regulated market;

3 no leverage used for the private-equity funds. It may be invested in any AIF, use what leverage. If the articles of association or the investment provisions of an AIF, in which investment, short-term loans are allowed, up to a limit of 20 vH of the Fund assets of the AIF on behalf

4. all sales documents printing prominently include a reference to the special risks associated with this investment (Disclaimer) and the limited liquidity;

5. a half-yearly report creates no later than two months after the end of the half.

6. a customer information document in German, which contains the key investor information and InvFG 2011 and is equivalent to adopted Regulation, presented the KID under section 134;

7. the investment sum depending on the private customer is at least 100 000 euro;

8. the customer of the AIF management company or, if sales are not directly, which distribution operators, natural or legal person can prove that he lit for more than four years of investments in financial instruments in accordance with § 1 Z 4. a WAG 2007 has made.

(8B) the application for approval of private-equity funds according to paragraph 8a shall be accompanied by:



1. in the event that the private-equity funds is a prospectus in accordance with to create CMM has tested in accordance with section 8 or 8a CMM or approved prospectus. The complementary required pursuant to article 21, paragraph 3 pursuant to § 21 para 1 and 2 are to submit separately, and in the prospectus the information already contained in accordance with § 21 must be clearly labelled. The prospectus review provided in accordance with section 8 or section 8a of the CMM and-billigung does not refer to this supplementary information;

2. in the event that the private-equity funds to create a prospectus in accordance with CMM has the information referred to in section 21;

3. the latest annual report pursuant to article 20;

4. a confirmation of the AIFM, compliance with the conditions of in paragraph 8a.

(8c) the FMA has to grant an AIF in participations to the sales to private customers, if



1. the Fund assets so is assessed to ensure a sufficient diversification and adequate diversification of risk. In addition to the acquisition of stakes in non-listed companies, mostly SMEs, the Fund's assets in bank deposits and money market instruments may-payer 2011 InvFG pursuant to section 70;

2. investments in at least five companies are entered into, which are not connected at the time of entering into the participation;

3. the participation of a company at the time of entering into who is holding no more than 50 per cent of the Fund assets;

4. 30 vH of the asset not exceed InvFG 2011, which are subject to a currency risk, investments in companies and money market instruments referred to in article 70;

5th shareholdings no leverage used in for the AIF, no short sales take place and a borrowing is not allowed;

6 derivatives to hedge in the AIF in participations held assets can; be kept

7. the net asset value determined in accordance with section 17 of the AIF in participations is published every time, if an issue or a redemption of units of the AIF in participations takes place, but at least once in a month.

8. all sales documents printing prominently contain a reference to the special risks associated with this investment (Disclaimer) and the limited liquidity;

9. a half-yearly report creates no later than two months after the end of the half.

10. a customer information document in German, which contains the key investor information and InvFG 2011 and is equivalent to adopted Regulation, presented the KID under section 134;

11. the investment sum depending on the private customer is at least 100 000 euro;

12. the customer of the AIF management company or, if sales are not directly, which distribution operators, natural or legal person can prove that he lit for more than four years of investments in financial instruments in accordance with § 1 Z 4. a WAG 2007 has made.

The application for approval of AIF in participations in accordance with paragraph 8 c (8 d) shall be accompanied by:



1. in the event that the AIF in participations is a prospectus in accordance with to create CMM has tested in accordance with section 8 or 8a CMM or approved prospectus. The complementary required pursuant to article 21, paragraph 3 pursuant to § 21 para 1 and 2 are to submit separately, and in the prospectus the information already contained in accordance with § 21 must be clearly labelled. The prospectus review provided in accordance with section 8 or section 8a of the CMM and-billigung does not refer to this supplementary information;

2. in the event that the AIF in participations to create a prospectus in accordance with CMM has the information referred to in section 21;

3. the latest annual report pursuant to article 20;

4. confirmation of the AIFM, compliance with the conditions of paragraph 8 c."

36. paragraph 48 paragraph 11:

"(11) the FMA the design of risk information in accordance with paragraph 5 can Z 5, by means of regulation para 7 Z 9, paragraph 8a No. 4 and paragraph 8 c Z 8 set and require further information."

37. the section 48 12 the following paragraph is added:

(12) AIFM "may market shares pursuant to § 29 approved AIF to qualified residential customers in Austria, if he has a concession in accordance with the 2nd part of this federal law and if the AIF



1. no leverage or 2 a leverage, not % exceeding the net asset value of the AIF to more than 30, is used. section 52 does not apply."

38. the heading before section 49 is as follows:

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

39. in article 49, paragraph 1, the phrase "pursuant to the directive 2011/61/managed AIF" by the phrase "in accordance with the directive, 2011/61/EU managed EU AIF and non-EU AIF" is replaced.

40. § 49 para 1 No. 2 is:



"2. the AIF in accordance with sections 29, 31, 35, 38, 40, 42 or 47 in Austria for distribution to professional investors is approved and" 41. § 49 para 1 No. 3 lit. d is as follows:



"d) AIF pursuant to § 48 para 7, 8a and 8 c or" 42. is section 49 (4):


"(4) in the KID or the simplified prospectus pursuant to par. 3 Z a typographically highlighted warning to record that the AIF or the AIFM subject to supervision by an Austrian authority, neither an any prospectus is still KID or simplified prospectus by an Austrian authority checked were 5 as well as in each promotional support of the AIF or the AIFM is, so it was not to an AIFM authorised in Austria and no Austrian authority the responsibility for correctness or completeness of these documents" bears."

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

"(12) domestic AIFM may market as well as in accordance with the policy managed non-EU AIF, EU AIFM domiciled in a different Member State as well as non-EU AIFM can 2011/61/EC of them pursuant to the directive 2011/61/managed EU AIF and non-EU AIF in Austria EU AIF from other Member States to qualified residential customers, if"



1st is sections 29, 31, 35, 38, 40, 42 or 47 in Austria for distribution to professional investors AIF in accordance with approved and 2nd for the AIF a) no leverage or b) leveraging of financing, not % exceeds the net asset value of the AIF to more than 30, is used.

section 52 does not apply."

44. paragraph 50 para 1:

(1) which is to prohibit, if the AIFM or the AIF a prerequisite not met according to section 48 or section 49 or the request for authorisation pursuant to § 48 or the display improperly reimbursed according to § 49 of distribution.

45. § 50 para 2 Nos. 1 and 2 is:



"1. the application for approval pursuant to § 48 or the display; been nonrefundable after paragraph 49

2. a prerequisite; fell away after section 48 or 49 §"

46. in article 50, para. 3 is the phrase "at the earliest according to § 49 again show" by the phrase"at the earliest again under section 48 or 49 §" replaced.

47. in article 54, paragraph 2, final part reads:



"entrusted with the registration of managers of undertakings for collective investment pursuant to these regulations without prejudice to the tasks assigned to it in other federal laws. The FMA has to monitor compliance with the provisions of these regulations by a qualified risk capital fund manager and administrator of a qualified funds for social entrepreneurship. To in particular the powers pursuant to § 56 para 2 are Nos. 1, 2, 5, 8, 9 and 11 of the FMA without prejudice to the powers which are assigned to you in those regulations.'

48. in article 56, paragraph 2, Z 1 is replaced by the phrase "Documents of all kinds to see" the phrase "Documents of all kind a governing".

49. in § 56 para 2 No. 6 is the word "request" replaced with the phrase "to request".

50. in section 58 is the reference "section 48 para 6" with the reference "section 48 para 6, 8, 8B and 8 d" replaced.

51. section 60 paragraph 5 last half sentence reads:

"Whoever violates the provisions of Regulation (EU) No. 345/2013, or violates provisions of the Regulation (EU) No. 346/2013."

52. According to article 67, paragraph 3, the following paragraph 3a is inserted:

"(3a) AIFM which publicly may sell shares in AIF pursuant to § 48 para 1 Z 4-6 before 22 July 2014, 48 para 8, 8B or 8 d have the request in accordance with section until no later than 31 December 2014 otherwise permission for distribution to retail customers goes out to submit."

52A. the following paragraph 8 is added to section 67:

"(8) by way of derogation from article 19, par. 5 Z 1 may the AIFM for AIF managed by it until 22 July 2017 Z 1 order a depositary in accordance with article 19, para. 3, whose registered office is not in the home Member State of the AIF. Such AIF may not be distributed in accordance with §§ 48 and 49 individuals."

53. section 71 subsection 2 Z 1 to 5 is:



"1 2011/61/CE directive about the 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" No L 174 of 01.07.2011 p. 1, last amended by the Directive 2013/14/EC amending directives 2011/61/EC, 2003/41/EC and 2009/65/EC with regard to excessive recourse to ratings, OJ No. L 145 of the 31.05.2013 p. 1;

2. Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision, OJ No. L 235 of the 23.09.2003 p. 10, as last amended by Directive 2013/14/EC amending directives 2003/41/EC, 2009/65/EC and 2011/61/EC with regard to excessive recourse to ratings, OJ No. L 145 of the 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 No. L 302 of 17.11.2009 p. 32, as last amended by Directive 2013/14/EC amending directives 2003/41/EC, 2009/65/EC and 2011/61/EC with regard to excessive recourse to ratings, OJ No. L 145 of the 31.05.2013 p. 1;

4. the seventh Directive 83/349/EEC based on article 54 paragraph 2 letter g) of the Treaty on consolidated accounts, OJ No L 193 of the 18.07.1983 p. 1, last amended by Directive 2009/49/EC, OJ No. L 164 of June 26, 2009 p. 42;

5. Directive 2013/36/EC on access to the activity 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 No. L 176 of 27.6 2013 S. 338, as amended by its amendment, OJ "No. L 208 of the 2.8.2013 p. 73;"

54. section 71 subsection 2 Z 10 is:



"10 Regulation (EU) No. 575/2013 on supervision requirements for credit institutions and investment firms and for amending the Regulation (EU) No. 648/2012, OJ" No. L 176 of the 27.6.2013 p. 1, as amended by its amendment OJ "No. L 321 of the 30.11.2013 S. 6;"

55. in section 71, paragraph 2, Z 11 is the reference 'OJ No. 174 ' by reference 'OJ No. L 174 "replaced.

56. in article 71, paragraph 2, no. 19 is the reference 'OJ No. 284 ' by reference 'OJ No. L 284 "replaced.

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

"(3) § 13 para 2 and 3a and section 71, paragraph 2 No. 1 to 3 as amended by Federal Law Gazette I no. 70/2014 with 21 December 2014 into force." § 48 para 1a in the version of Federal Law Gazette I is no. 70/2014 to apply to new business, which was completed after 1 August 2014."

Article 5

Change of the real estate investment Fund Act

The real estate investment funds act – ImmoInvFG, Federal Law Gazette I no. 80/2003, as last amended by Federal Law Gazette I no. 184/2013, is amended as follows:

1 the following paragraph 5 is added to § in 40:

"(5) for the first-time application of paragraph 1 to 4 on existing organisms are to put the fiscal cost of the real estate underlying determining the appreciation profits corresponding to § 14 para 4, taking second and third sentences of the income tax Act apply in 1988 by analogy to § 30 para 3. You can be evenly distributed to first-time application of par. 1 to 4 resulting revaluation gains on the year of the initial application and the next four years."

2. in paragraph, the word ' home Member State ' is replaced by 'State of origin' 42 Z 1.

3. § 44 par. 12 following sentences shall be added:



"AIF of the closed-ended type which make no additional investments after July 22, 2013 (article 67 par. 5 AIFMG) and no new shares issued to represent for purposes of section 40 para 1 no AIF in real estate Z 2 and 42 No. 1." This only applies if I apply no. 135/2013 on the organism was not already in the last fiscal year, which begins before July 22, 2013, § 40, or section 42 as amended by BGBl..



§ 185 124b Z lit. c of the income tax Act 1988 and section 6 b of the Corporation Tax Act 1988 go the application of §§ 40 and 42 before."



Fischer

Faymann