Amendment Of Investment Regulation

Original Language Title: Änderung der Kapitalanlageverordnung

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409. Regulation of the Financial Market Supervisory Authority (FMA) amending the capital investment regulation

Due to § § 78 (3) and 79 (3) of the Insurance Supervisory Act-VAG, BGBl. No 569/1978, as last amended by the Federal Law BGBl. I No 184/2013, shall be arranged:

The Capital Investment Regulation-KAVO, BGBl. II No 383/2002, as last amended by the BGBl Regulation. II No 273/2012, shall be amended as follows:

1. In Section 1 (5), the phrase "Loans and once-useable loans" through the phrase "Once a utilizable loan" replaced.

2. In § 1 para. 9 last sentence, the word "Securities Lending Business" by the word "Securities Lending Operations" replaced.

3. § 2 para. 1 Z 1 lit. d becomes the word sequence " as well as subordinated bonds, provided that they are not under Z 2 lit. b sublit. aa fall, " .

4. In § 2 para. 1 Z 1 lit. e becomes after the word order "without capital guarantee according to lit. d" the phrase " and subordinated bonds with the exception of those according to Z 2 lit. d sublit. aa " inserted.

5. In Section 2 (1) (2) (2), the phrase shall be the following in the introduction sentence "with own resources" deleted; § 2 para. 1 Z 2 lit. a is:

" (a)

Shares and participation capital of companies, provided that a listing on a stock exchange according to Z 1 lit. b or a trading on a securities market according to Z 1 lit. b is present, "

6. § 2 para. 1 Z 2 lit. b sublit. aa and lit. d sublit. aa are:

" (aa)

Securitised exposures recognised in accordance with the provisions in force in the country or in other Contracting States as part of either the own funds of credit institutions or insurance undertakings, or of the equity of undertakings, "

7. In § 2 para. 1 Z 2 lit. c will be the phrase "Other Participation Certificates" through the phrase "Other Participatory Capital" and the phrase "they can be sold in the short term" through the phrase "in this respect short-term disposal is possible" replaced.

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

" 3.

Shares in undertakings for collective investment in securities and other Community investments

a)

Shares in capital investment funds or of investment companies of open type, which are laid down in accordance with the provisions of Directive 2009 /65/EC, UCITS pursuant to § 2 Investment Fund Act 2011 (InvFG 2011), and pension investment funds according to § 168 InvFG 2011;

b)

Shares in special funds according to § 163 InvFG 2011 and those which are managed by a capital investment company based in another Contracting State and which have the characteristics according to § 163 InvFG 2011; excluding those whose share on derivative financial instruments, the total risk to be calculated in accordance with Section 73 (5) of the InvFG 2011 exceeds 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 law and shares in real estate funds, which are managed by a capital investment company based in another Contracting State and are subject to public supervision, as well as shares Real estate funds pursuant to § 166 (1) Z 4 InvFG 2011.

4.

Once-utilizable loans

a)

to a local authority or a local authority of another Contracting State and to such loans and other claims, for the repayment and return of which a local authority or a local authority of a other Contracting States; however, loans and other exposures to municipalities or with the liability of municipalities with the exception of the Federal Capital of Vienna shall only be liable, provided that the proceeds are pledged by means of statutory charges,

b)

in the form of mortgage loans registered in a public book and property rights of equal rights registered in a public book, which are situated in the territory of the country or in another Contracting State, to a period of up to one Exposure to 60% of the value of the value of the property or of the same right, provided that the value of the traffic is determined by an appraisal of a general court expert or in any other appropriate manner , and the property during the term of the loan and credit is sufficiently fire-insured,

c)

a credit institution having its head office in the country or in another Contracting State, as well as loans and other loans and other claims arising out of loans for which such credit institution is liable for repayment and interest-rate interest;

d)

to domestic municipalities or to those of another Contracting State, provided that they are not under lit. a to c fall, or

e)

other debtors domicated in the territory of the country or in another Contracting State which have other adequate guarantees as well as non-subordinated loans to a company domiced in the territory of the country or in another State Party which has the characteristics a large capital company in accordance with § 221 (3) of the German Commercial Code (UGB), and a long-term credit rating of 1 to 3 in accordance with the allocations of a credit rating at the time of the lending and at least an annual credit check. Pursuant to Section 103q Z 5 of the Banking Act-BWG, BGBl. 532/1993, in the version of the Federal Law BGBl. I n ° 184/2013, or a stable income and asset situation can be demonstrated by means of internal measures. Where these conditions are met, the granting of such loans to collateral may be waived if:

aa)

the payment of the contractually agreed rate of return and repayment is guaranteed and no other circumstances such as, for example, current negative company news or general market developments, a different negative evaluation Suggest;

bb)

the lending will be subject to a regular, specific, verifiably documented risk-making process; and

cc)

it is not a loan to affiliated companies within the meaning of Section 228 (3) of the UGB. "

9. § 2 para. 1 Z 7 lit. a sublit. bb is:

" bb)

as defined in § 166 (1) Z 1, 2, 3, and 6 InvFG 2011, "

10. In § 2 para. 7 the word order shall be " mapping regulation (MappingV), BGBl. II No 113/2007 through the phrase "A Regulation adopted pursuant to Section 103q Z 5 of the BWG" replaced.

11. In § 3 para. 1 Z 3 penultimate sub-item the word order "pursuant to § 166 (1) Z 3" through the phrase "pursuant to § 166 (1) Z 1, 2, 3, and 6 InvFG 2011" replaced.

12. In Section 3, Section 1, Z 7, the phrase "but not more than 5 vH" through the phrase "but not more than 7 vH" replaced.

13. In § 3 (1) Z 9, the phrase "Issuers or exhibitors with the exception of roof fund constructions with at least ten different subfunds and apportionments pursuant to § 166 (1) Z 3 InvFG 2011, but not more than 7 vH in total" through the phrase "Issuers, exhibitors or funds, but not more than 7 vH in total" replaced.

14. § 3 (1) Z 13 reads:

" 13. a)

up to 1 vH: individual securities according to § 2 para. 1 Z 1 and Z 2 lit. b and d as well as individual loans pursuant to § 2 para. 1 Z 4 lit. a and c to f, which do not have a credit rating equivalent to the investment grade,

b)

Shares of capital investment funds or of investment companies of open type according to § 2 para. 1 Z 3 lit. (a) and b, in respect of their share in bonds which, on average, do not have a creditworthiness corresponding to the investment grade; shares in the fund assets of mixed capital investment funds are in the case of non-payment to be attributed entirely to the non-investment grade, whereby shares in mixed capital investment funds in special assets according to § 166 (1) of the InvFG in 2011 must be billed-at most, however, 10 vH in total. "

15. In Section 3 (2), the word order shall be "§ 20 para. 2 Z 1 to 4 and 5 to 7 VAG" through the phrase "§ 20 para. 2 Z 1, 2, 6 and 7 VAG" replaced.

16. § § 12 and 13 are:

" § 12. In relation to contractual relations for insurance contracts in accordance with § § 108g to 108i of the Income Tax Act 1988 (EStG 1988), BGBl. N ° 400/1988, as amended by the Federal Act BGBl. I n ° 156/2013 (preferential treatment for the future) is applicable to securities lending and securities transactions which, prior to the entry into force of this Regulation, are in the BGBl version. II No 273/2012 with 31. In October 2012, contractual relations have already been passed or are related to them, which are only after 31 December 2012. Article 1 (1), last sentence, and (9) of this Regulation, as amended by the BGBl Regulation. II No 273/2012 from 30 June 2017. However, such transactions shall be subject to the establishment and documentation of appropriate risk monitoring for securities which are the subject of the securities lending or securities business transaction.

§ 13. § 1 (5) and (9), § 2 (1) (1) (1) lit. d and e, § 2 para. 1 Z 2 introduction sentence and lit. a, lit. b sublit. aa, lit. c and lit. d sublit. aa, § 2 para. 1 Z 4 lit. a to e, § 2 para. 7, § 3 paragraph 1 Z 3 penultimate sub-point, Z 7, Z 9, Z 13, § 3 para. 2 and § 12 in the version of the Ordination BGBl. II No 409/2013 will be 1. Jänner 2014 in force. § 2 para. 1 Z 3 and Z 7 lit. a sublit. bb will enter into force on 30 June 2014. "

Ettl Kumpfmüller