436. Regulation of the Financial Market Supervisory Authority (FMA) on the minimum breakdown and content of the test report test report in accordance with § 21 (8) of the German Financial Market Act (PKG) (Review Act of the German Audit Service Act 2013)

On the basis of § 21 (8) of the Pensionskassengesetz-PKG, BGBl. No. 281/1990, as last amended by the Federal Law BGBl. I No 184/2013, shall be arranged:

General

§ 1. (1) For each investment and risk community (VRG), the audit faction shall draw up a separate audit report in accordance with Section 21 (8) of the PKG. The audit report shall be in accordance with the following structure:

1.		Chapter 1: Fundamentals of Examination;
2.		Chapter 2: Beneficiaries of rights and benefits;
3.		Chapter 3: Result of the assessment;
4.		Chapter 4: Return to cover, swine-back provision;
5.		Chapter 5: Insurance result;
6.		Chapter 6: Outcome of the investment and risk community;
7.		Chapter 7: Summary and endorsement.

(2) The audit report referred to in paragraph 1 is a breakdown by e-mail or on an electronic storage medium a breakdown of Appendix 2 to the Form-and Annual Reporting Ordinance 2012-FJMV 2012, BGBl. II No 358/2012, calculation of the income of an investment and risk community form B of the VRG, in accordance with paragraph 3, in electronic form.

(3) The items of Appendix 2 to the Form and Annual Reporting Ordinance 2012-FJMV 2012, BGBl, designated by Roman numerals. II No 358/2012, except for items A.I. and A.III., are to be broken down in accordance with the list below, with all the positions being divided into employer and employee shares:

1.		Beneficiaries;
a)			the recipients of contributions;
b)			non-contributor;
2.		Beneficiaries;
a)			age-old-age-sionists;
b)			Invalidity sionisters;
c)			Widower-/Witwerpensionisten;
d)			Orphan pensioners.

(4) The subdivision of the items to the fluctuation reserve shall be carried out only in so far as this is possible in the manner of the management of the fluctuation reserve (individually or globally).

(5) The test report according to paragraph 1 and the audit report pursuant to § 10 paragraph 1 shall be submitted in electronic form in an Adobe Acrobat-compatible format of the FMA by e-mail or on an electronic storage medium.

(6) The audit reports to be submitted annually pursuant to this Regulation shall not affect the obligation of the test factuary to exercise its audit activity under the age of the year.

(7) If the information requested in a VRG pursuant to this Regulation is not relevant from the outset due to the nature of a VRG, this information may be omitted, referring to this circumstance.

Fundamentals of Examination

§ 2. In Chapter 1, the examination mandate and the examination procedure are to be presented and an overview of the structure of the VRG should be given and the essential provisions of the business plan to be specified. These include in particular:

1.		The nature of the test;
2.		the examination period;
3.		the documents used in the course of the examination within the meaning of Section 21 (7) of the PKG, as well as an overview of the examination methodology;
4.		the group of persons for which the VRG is intended;
5.		the section of the business plan applicable to the VRG;
6.		an actuarial short classification (information within the meaning of Article 20 (2) (1), (3) and (4) of the PKG);
7.		the indication as to whether it is a security VRG pursuant to § 12a PKG;
8.		the indication as to whether the VRG will manage commitments with exchange possibilities pursuant to Section 12 (7) (2) (2) of the PKG;
9.		the presentation of the possibilities of exchange according to § 12 paragraph 7 Z 2 PKG.

Entitlement and benefit

§ 3. (1) In Chapter 2, the evolution of the stock of rights and benefits is to be presented in detail from the balance sheet date of the previous year up to the current balance sheet date. The stock development of eligible persons and persons entitled to benefits shall be at least according to the breakdown referred to in Appendix 1 .

(2) Beneficiaries of rights and benefits shall be distinguished as follows:

1.		Eligible persons with an ongoing contribution payment;
2.		Eligible beneficiaries with untramly accued-to-do-to-be-held rights
3.		age-old-age-sionists;
4.		Invalidity sionisters;
5.		Widows/Witwer;
6.		Orphans.

(3) In addition to the subdivisions referred to in paragraph 2, access to, and exit from, and transfers between the categories of persons as referred to in paragraph 2 shall be indicated,

1.		New access;
2.		Transition in (s) a different investment and risk community;
3.		the use of claim;
4.		Exit;
5.		Death.

(4) The use of exchange possibilities in accordance with § 12 paragraph 7 Z 2 PKG in another VRG or Sub-VG is according to the outline in accordance with Appendix 4 .

Information to the eligible persons and beneficiaries

§ 4. Chapter 2 shall also specify the extent to which the preparation of the annual information to the eligible persons and beneficiaries was reviewed in the previous financial year. In particular, the following points shall be taken into account:

1.		compliance with the legal requirements;
2.		the accuracy of the information;
3.		the control of forward-looking representations and their underlying assumptions, in particular whether they are to be considered realistic and cautious at the time of the review;
4.		Intelligibility of the statements.

Assessment result

§ 5. (1) In Chapter 3, the information necessary for the assessment of the permanent performance of the benefits shall be recorded in relation to the performance of the assets allocated to the VRG. The audit factual can be based on data already verified by the statutory auditor of the pension fund in the course of its audit of the annual financial statements.

(2) The calculation of the minimum order in accordance with § 2 para. 2 and 3 PKG as well as an all-due credit from the pension fund are to be documented.

(3) Credits pursuant to Section 12a (1) (2) and (4) of the PKG (PKG) as well as the general interest in accordance with Section 12a (1) (3) of the PKG are to be documented.

(4) Compensation in accordance with § 16a (4b) PKG and the corresponding bilancial representations must be explained.

(5) With regard to interest income pursuant to § 48 PKG, the calculation basis shall be indicated in accordance with § 48 PKG, the development of the transfer as well as the amount of interest and the interest rate.

Cover return, fluctuation reserve

§ 6. (1) In Chapter 4, the development of the cover provision and the fluctuation reserve shall be indicated from the balance sheet date of the previous year up to the current balance sheet date, taking into account the management of the fluctuation reserve. The subdivision of Section 1 (3) is to be applied.

(2) The conformity of the calculation of the cover provision with the business plan shall be considered and the result of the review shall be indicated. If the test is carried out on samples, the sample number and the procedure for selecting the samples shall be given. The development of the cover provision shall, at least in accordance with the structure referred to in Appendix 2 .

(3) The following points shall be explained in order to reverse the fluctuation situation:

1.		the nominal value of the fluctuation reserve;
2.		Calculation of the average assets of the VRG and the allocation of the allocated assets and the associated average assets to the groups of eligible persons and/or persons entitled to benefit;
3.		Calculation of the assets relevant for the management of the fluctuation reserve in accordance with section 24 (3) of the PKG;
4.		Allocation according to § 24a para. 3 PKG as well as compliance with the criteria of the Regulation of the Financial Market Supervisory Authority (FMA) on the additional allocation for the fluctuation reserve (ZZV), BGBl. II No 453/2012;
5.		Resolution pursuant to § 24a para. 5 PKG;
6.		Resolution pursuant to § 24a para. 6 PKG;
7.		Resolution pursuant to § 24a (7) PKG, whereby the PKG is to be broken down according to the leadership of the fluctuation reserve for eligible persons and persons entitled to benefit;
8.		Termination of the fluctuation reserve for infestation services, severance payments or transfers pursuant to § 5 (2) of the Act on the Established of Business Act-BPG as well as § 17 and § 41 PKG, whereby these are to be stated separately according to the sources of the "polluter" sources;
9.		Conduct of a negative fluctuation reserve pursuant to § 24a (8) PKG;
10.		Group of persons and extent of use of § 49 para. 2 Z 4 PKG.

(4) The development of the fluctuation reserve shall be at least in accordance with the outline in accordance with Appendix 3 .

Insurance-related result

§ 7. (1) Chapter 5 shall indicate whether reinsurance exists. The basic principles of reinsurance are to be presented. The following shall be stated:

1.		The sum of the risk premiums according to the business plan;
2.		the sum of the insurance premiums for invalidity pension rights;
3.		the sum of the insurance premiums for survivors ' pension rights.
It must also be stated whether the insurance requirements in accordance with § 20 (1) PKG have been taken into account to an appropriate extent.

(2) The technical result of the VRG shall be broken down into the actuarial components and shall be presented separately, and shall be checked for compliance with the business plan. If the technical result is divided into accounting circles, this is to be shown in detail.

(3) Weiters shall explain the following points:

1.		Correctness of the separate calculation of the technical result according to § 24 para. 5 PKG;
2.		Resettlement of employers ' contributions in accordance with Section 24 (6) of the PKG;
3.		the calculations of the inconspicuity amount carried out in the year under review and the effects on the technical result of the VRG in this respect;
4.		Whether the use of exchange possibilities pursuant to § 12 sec. 7 Z 2 PKG leads to selection effects and their effect on the technical result.

Result of the investment and risk community

§ 8. (1) In Chapter 6, the use of the result of the VRG shall be analysed and the distribution of results shall be explained in more detail on the qualifying and authorized persons, insofar as this has not already been shown in the previous chapters.

(2) Weiters shall explain the following points:

1.		Transfer of credits with current contributions;
2.		the obligation and extent and time limit for employers ' reins;
3.		the existence of any employer's assets or reserves, their development and interest;
4.		Random check of the conformity of the cost calculation for the determination of transfer orders as well as for non-contributory counties with the business plan or the pension fund contract.

(3) It is necessary to indicate whether any changes to the existing contribution and performance order would be necessary.

Summary and audit opinion

§ 9. (1) In Chapter 7, the VRG shall be analysed on the basis of a summary of the results of the examination. Exceptional occurrences, which may arise, for example, by a change in the law, must be explained separately and explained in detail.

(2) The execution of the examination of the VRG within the meaning of section 21 (6) of the PKG is to be confirmed. Any measures necessary shall be indicated.

(3) The accounting principles in accordance with § 20 (2) (3) of the PCG are to be assessed with regard to their appropriateness and necessary changes are to be stated.

(4) Facts or measures within the meaning of Section 21 (9) of the PKG shall be disclosed. In assessing the long-term protection of the claims, it is also possible to take into account an all-time risk that is derivable from the principles of the investment policy.

(5) The compliance with the business plan and any conditions pursuant to § 20 paragraph 4 PKG shall be described.

(6) If no objections are to be raised following the final result of the actuarial review, the audit factual shall confirm this by endorsement: " The tests carried out did not result in any objections. After my due examination, the statutory provisions and the business plan were complied with. From today's point of view, the concerns of eligible persons and persons entitled to benefits are sufficiently safeguarded and the permanent fulfilment of the obligations is secured from an actuarial point of view. "

(7) The test report shall be prepared by its own hand.

Administrative cost recovery

§ 10. (1) The test faction shall have the conformity of the calculation of the business plan provision for the administrative costs incurred after the start of the pension (administrative cost reserve) with the provisions of the administrative cost recovery regulation 2013-VKRStV 2013, BGBl. II No 381/2013, as well as with the approved business plan of the pension fund. The results of the examination shall be recorded in a separate audit report.

(2) The audit report referred to in paragraph 1 shall contain the following points:

1.		The main provisions of the business plan with regard to the management and calculation of the administrative cost reserve;
2.		the changes in the administrative cost return in the financial year shall be presented in detail;
3.		The administrative cost recovery in accordance with Section 3 (6) of the Administrative Costing Ordinance 2013, Federal Law Gazette (BGBl). II No 381/2013, indicate the following:
a)			the date of the last control bill,
b)			the date on which the next control bill is to be taken,
c)			where a control statement has been carried out in the financial year, the methodology, the result and the conclusions shall be indicated;
4.		There is a revelation pursuant to § 2 para. 5 or § 4 of the Ordinance on Administrative Fees for Administrative Fees 2013, BGBl. II No 381/2013, the original undercover or cover, the changes made to date and the obligation still existing at the end of the financial year in question shall be indicated;
5.		After the final result of the actuarial review, no objections are to be made, the audit factual shall confirm this by endorsement: " The tests carried out did not result in any objections. After my due examination, the statutory provisions and the business plan were complied with. From today's point of view, the concerns of eligible persons and persons entitled to benefits are sufficiently safeguarded. ";
6.		the self-signed signature of the test factuary.

In-and out-of-power

§ 11. This Regulation shall enter into force 1. January 2014 in force and is to be applied for the first time to the audit report for the 2013 financial year; at the same time, the Regulation of the Financial Market Supervisory Authority (FMA) on the minimum breakdown and content of the audit report according to § 21 (8) of the PKG BGBl. (Review of the Review of the Audit). II No 418/2005, with the expiry of 31 December 2013.

Ettl Kumpfmüller