Amendment Of Investment Regulation

Original Language Title: Änderung der Kapitalanlageverordnung

Read the untranslated law here: https://www.global-regulation.com/law/austria/2995831/nderung-der-kapitalanlageverordnung-.html

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409 regulation of the financial market authority (FMA), modifies the investment regulation

On the basis of § 78 para 3 and 79 par. 3 of the insurance supervision Act - VAG, BGBl. No. 569/1978, as last amended by Federal Law Gazette I no. 184/2013, is prescribed:

The investment regulation - KAVO, BGBl. II no 383/2002, as last amended by regulation BGBl. II No 273/2012, is amended as follows:

1. in article 1, paragraph 5, the phrase "By the phrase"once ausnützbare loan"and even ausnützbare loans" will be replaced.

2. in section 1 paragraph 9 the last sentence is replaced by the word "Securities lending transactions" the word "Securities lending transactions".

3. § 2 para 1 subpara 1 lit. d is the phrase "as well as subordinated bonds., provided that they not see subpara 2 lit b sublit. AA fall,"added.

4 in section 2 para 1 subpara 1 lit. e is for the phrase "without capital guarantee in accordance with letter. d"the phrase"and subordinated bonds except those referred to in subpara 2 lit. d sublit. AA"added.

5. in article 2, paragraph 1, no. 2 is deleted the phrase "with equity capital character" in the introductory phrase; § 2 para 1 subpara 2 lit. a is as follows:



(a) shares and participation of companies, unless a listing on a stock exchange referred to in subpara 1 lit. b or a trade on a securities market in accordance with subpara 1 lit. b exists,"6 § 2 para 1 subpara 2 lit. b sublit. AA and lit. d sublit. AA are:



"aa) securitised receivables are recognised according to the domestically or in other Contracting States regulations as components of the own funds of credit institutions or insurance undertakings, or of the equity capital of companies" 7. In § 2 para 1 subpara 2 lit. c is the phrase "any other participation certificates" by the phrase "other participation capital" and the phrase "it in the short term can be sold" by the phrase "in this regard, a short-term sale is possible" replaced.

8 § 2 par. 1 Z 3 and Z 4 lit. a are to e:



"(3. Anteile an Organismen für Gemeinsame Anlagen in Wertpapiere und andere gemeinschaftliche Anlagen a) shares to investment funds or investment companies of open type, applied according to the provisions of Directive 2009/65/EC are, UCITS pursuant to section 2 Investment Fund Act 2011 (InvFG 2011), and pension investment fund pursuant to § 168 InvFG 2011;"

(b) units of special funds in accordance with § 163 InvFG 2011 and such, from a capital investment company established in another Contracting State are managed and which exhibit the characteristics referred to in section 163 2011 InvFG; subject are exempt from those accounting for derivative financial instruments 2011 is greater than the resulting overall risk pursuant to § 73 para 5 InvFG amounting to 100 vH of the total net value of the Fund's assets;

(c) shares in real estate funds in accordance with real estate investment Fund Act and shares in real estate funds, which are managed by an investment company based in another Contracting State and subject to public supervision, as well as shares in real estate funds in accordance with article 166 par. 1 Z 4 InvFG 2011.

4. once exploitable loan a) on a domestic authority or a local authority of another Contracting State and such loans and other receivables, a domestic authority or a local authority of another Contracting Party shall be liable for reimbursement and remuneration; Loans and other receivables on communities or with liability of municipalities with the exception of the capital Vienna but only if the income from statutory duties are pledged, b) in the form of mortgage loans registered in a public book and on real estate or in a public book registered property rights, which are located in the domestic or in another Contracting State, up to a load of 60% of the market value of the property or the same property right , if the market value of a Treasury report of a sworn judicial experts or other appropriate means is proven and the property is sufficiently insured to fire during the term of the loan and loan, c) a credit institution headquartered domestically or in an other Contracting State as well as loan and other receivables from loans, such a credit institution shall be liable for reimbursement and interest , d) on domestic communities, or those of another Contracting Party, provided that they are not under lit. fall a to c, or s) on other debtor domiciled in Germany or in another Contracting State, that have other sufficient collateral, as well as unsecured loans to a company established in Germany or in another Contracting State, that meets the characteristics of a large Corporation pursuant to § 221 para 3 UGB, and at the time of lending, as well as in the framework of a minimum annual credit check a long-term rating of the credit quality step 1 to 3 according to the mappings one due to § 103q Z 5 of the Law on banking - Banking Act, Federal Law Gazette 532/1993, in the version of Federal Law Gazette I adopted Regulation, or a stable income and assets through internal metrics can prove no. 184/2013. Meeting these requirements to can in the granting of this loan on collateral be omitted, if aa) payment of the contractually agreed interest and repayment is guaranteed and no other circumstances such as negative corporate news or general market developments suggest a different negative assessment;

BB) lending a regular special, comprehensibly documented risk audit process; subjected to (und CC) loans to affiliated companies within the meaning of section 228 para 3 UGB is not. "

9 § 2 para 1 No. 7 lit. a sublit. BB is as follows:



"bb) in the sense of § 166 para 1 Nos. 1, 2, 3, and 6 InvFG 2011, ' 10. In section 2, paragraph 7, the phrase is "Mappingverordnung (MappingV), Federal Law Gazette II No. 113/2007" by the phrase "one due to § 103q Z 5 BWG adopted Regulation" replaced.

11. in article 3, paragraph 1 Z 3 penultimate sub-item is the phrase "in accordance with section 166, paragraph 1 Z 3" by the phrase "in accordance with section 166, paragraph 1 Nos. 1, 2, 3, and 6 InvFG 2011" replaced.

12. in article 3, paragraph 1, no. 7 is the phrase "but not more than 5 vH" replaced with the phrase "but not more than 7 vH".

13. in article 3, paragraph 1 Z 9 is the phrase "issuer or issuer with the exception of roof Fund structures with at least ten different sub funds and investments in accordance with article 166 par. 1 Z 3 InvFG 2011, but not more than 7% total" replaced by the phrase "Issuer, issuer or Fund, but not more than 7 vH total".

14 § 3 par. 1 Z 13 is:



"(13. a) up to 1 per cent: single securities pursuant to section 2 para 1 No. 1 and no. 2 lit." b and d, as well as individual loans pursuant to § 2 para 1 No. 4 lit. a and c to f, which have no credit rating corresponding to the investment grade, b) shares to investment funds or investment companies of open type pursuant to § 2 para 1 No. 3 lit. a and b, with regard to their share of debt securities that have no credit rating corresponding to the investment grade on average; mixed investment funds shares contained in the Fund's assets are in the case of the not calculation entirely attributable to the non-investment grade, while shares in joint investment fund in the Fund in accordance with section 166, paragraph 1 InvFG 2011 must - be calculated but no more than 10 vH total."

15. in section 3, paragraph 2, the phrase is "§ 20 para 2 Nos. 1 to 4 and 5 to 7 VAG" by the phrase "§ 20 para 2 Nos. 1, 2, 6 and 7 VAG" replaced.

16 § § 12 and 13 are:

"§ 12. In relation to contractual relationships for life insurance contracts in accordance with § § 108 g to 108i of the income tax Act (EStG 1988), BGBl. 1988 No. 400/1988 in the version of Federal Law Gazette I is no. 156/2013 (State-sponsored retirement provision) on lending and repurchase, who before the entry into force of this Regulation as amended by Federal Law Gazette II No. 273 / 2012 to October 31, 2012 were already have or contractual relations related , which only be fulfilled after October 31, 2012, § 1 para 1 last sentence and paragraph 9 of this Regulation as amended by regulation BGBl. II Nr 273/2012 from 30 June 2017 to apply. However for these transactions, that adequate risk surveillance for securities which are the subject of the lending or repurchase, is to set up and documented.

Article 13 § 1, para. 5 and 9, § 2 para 1 subpara 1 lit. d and e, § 2 para 1 subpara 2 sentence and lit. a, lit. b sublit. AA, lit. c and lit. d sublit. AA, section 2 para 1 No. 4 lit. a to e, section 2, paragraph 7, article 3, paragraph 1 Z 3 penultimate item, no. 7, no. 9, Z 13, § 3, paragraph 2 and article 12 as amended the regulation BGBl. II Nr 409/2013 with 1 January 2014 into force. Section 2 para 1 No. 3 and no. 7 lit. a sublit. BB with 30 June 2014 into force."

Ettl Kumpf Müller