Alternative Investment Funds Manager Law - Aifmg, Amendment Of The Banking Law, Of Operational Staff And Self-Employment Provisions Act, Of The Investment Fund Law 2011, Immo...

Original Language Title: Alternatives Investmentfonds Manager-Gesetz - AIFMG, Änderung des Bankwesengesetzes, des Betrieblichen Mitarbeiter- und Selbständigenvorsorgegesetzes, des Investmentfondsgesetzes 2011, des Immo...

Read the untranslated law here: http://www.ris.bka.gv.at/Dokumente/BgblAuth/BGBLA_2013_I_135/BGBLA_2013_I_135.html

135. Federal law, which is enacted alternative investment funds Manager law - AIFMG and the Banking Act, the company employees and self-employed persons Pension Act, the investment fund law 2011, the real estate investment Fund Act, the financial market Authority Act, the securities supervision Act 2007, the capital market law, which the EU withholding tax Act, income tax Act 1988 and the 1988 Act be changed and investment Fund Act is repealed

The National Council has decided:

Table of contents



Article 1 Note on the implementation of directives article 2 alternative investment funds Manager law - AIFMG article 3 amendment of the Banking Act article 4 modification of operational employees and self-employed persons Pension Act article 5 amendment of the investment funds act 2011 article 6 change of the real estate investment Fund Act article 7 amendment of the financial market Authority Act article 8 amendment of the securities supervision Act 2007 article 9 amendment of the capital market Act article 10 amendment of the income tax Act 1988 article 11 amending the EU withholding tax Act article 12 amendment of the Corporation Tax Act 1988 article 13 repeal of the investment funds Act article 1

Implementation note

With this federal law will be



1. the 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, as amended by the amending OJ Implemented no. L 155 of 27 S. 35, and 2. the prerequisites for becoming effective of a) Regulation (EU) No. 345/2013 on European risk capital fund, OJ L 115 of the 25.04.2013, S 1 and b) Regulation (EU) No. 346/2013 on European Fund for social entrepreneurship, OJ L 115 of the 25.04,2013 S 18 and created.

Article 2

Alternative investment funds Manager law - AIFMG

Table of contents



Style / article subject / name of alternative investment funds Manager law - AIFMG 1 part scope



§ 1.





 







§ 2.





Definitions







§ 3.





Determination of the AIFM





2. part concession aifm



§ 4.





Conditions for the commencement of the activity as AIFM







§ 5.





Concession application







§ 6.





Licensing requirements







§ 7.





Initial capital and own funds







§ 8.





Changes in the scope of the concession







§ 9.





Withdrawal and termination of the concession





3. part conditions for the pursuit of activities of the AIFM 1st section General requirements



§ 10.





General principles







§ 11.





Remuneration







§ 12.





Conflicts of interest







§ 13.





Risk management







§ 14.





Liquidity management







§ 15.





Investments in securitisation positions





2. organizational requirements section



§ 16.





General principles







§ 17.





Review





3. section transfer of functions of the AIFM



§ 18.





Transmission




4 section



§ 19.





Depositary




4. part of transparency requirements



§ 20.





Annual report







§ 21.





Information obligations towards investors







section 22.





Obligations of the competent authorities





5. part of AIFM which manage certain types of AIF manage 1 section AIFM, the AIF with leverage



section 23.





Use of the information by the competent authorities, supervisory cooperation and leveraging of financing restrictions





2 manage section obligations of AIFM, the AIF, which seize control of non-listed companies and issuers



§ 24.





Scope







§ 25.





Notification of the acquisition of significant shareholdings and the acquisition of control of non-listed companies







section 26.





Disclosure requirements for acquisition of control







§ 27.





Special provisions with regard to the annual report of AIF exercising control over private companies







section 28.





Asset stripping





6. part law the EU AIFM on sales and managing EU AIF



section 29.





Distribution of shares by EU AIF in Austria as the home Member State of the AIFM







section 30.





Distribution of shares by EU AIF in other Member States through an AIFM authorised in Austria







§ 31.





Distribution of shares by EU AIF from other Member States in Austria by an AIFM authorised in a Member State







§ 32.





Conditions for managing EU AIF by an AIFM authorised in Austria







§ 33.





Conditions for managing EU AIF in Austria by AIFM domiciled in another Member State





7 part-specific rules in relation to third countries



§ 34.





Conditions for EU AIFM which manage non-EU AIF which are not distributed in the Member States







section 35.





Distribution of shares of a non-EU AIF in Austria by an AIFM authorised in Austria







section 36.





Distribution of shares of a non-EU AIF in other Member States through an AIFM authorised in Austria with a pass







section 37.





Distribution of non-EU AIF with a pass in Austria by a EU AIFM







section 38.





Conditions for the following without a passport sales in Austria from non-EU AIF managed by EU AIFM







§ 39.





Admission of non-EU AIFM, Austria is reference Member State for the







section 40.





Conditions for distributing EU AIF managed by non-EU AIFM, which Austria is reference Member State in the Union with a passport







section 41.





Distribution of EU-AIF with pass in Austria by a non-EU AIFM







§ 42.





Conditions in the Union with a passport sales by non-EU AIF managed by a non-EU AIFM, Austria is a reference Member State for the







§ 43.





Distribution of non-EU AIF through a non-EU AIFM with pass in Austria







§ 44.





Conditions for managing EU AIF from other Member States by non-EU AIFM, Austria is reference Member State for the







§ 45.





Conditions for the provision of services of a non-EU AIFM in Austria as a host Member State







§ 46.





Cooperation of the FMA as competent authority of the host Member State with ESMA and competent authorities of other Member States







§ 47.





Conditions for the occurring without a passport in Austria marketing of AIF managed by non-EU AIFM





8.Teil sales to private customers



section 48.





Distribution of Austrian AIF by AIFM to retail customers







paragraph 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







§ 50.





Prohibition on sales







§ 51.





Advertising







§ 52.





Free to the provision of brochures, annual report and half-yearly report







section 53.





Continued use of general terms





9.Teil competent authorities 1 section designation, powers and redress



§ 54.





Designation of the competent authority







Article 55.





Tasks of the competent authorities in the Member States







Article 56.





Powers and costs incurred by the FMA







§ 57.





Measures of the FMA







section 58.





Form of communication with the FMA - electronic delivery







section 59.





Powers and responsibilities of the ESMA







section 60.





Administrative penalties and publications





2. cut off cooperation between of the different competent authorities



section 61.





Duty of cooperation







§ 62.





Transmission and storage of personal data







section 63.






Disclosure of information to third countries







section 64.





Exchange of information on potential system impact of AIFM shops







section 65.





Cooperation in the supervision of







§ 66.





Dispute resolution





10 part transitional and final provisions



section 67.





Transitional provision







section 68.





 







section 69.





 







Article 70.





 







§ 71.





References and regulations







section 72.





Linguistic equal treatment







Article 73.





Enforcement







section 74.





Entry into force





Appendix 1 to § 4 Appendix 2 to section 11 Appendix 3 to section 29 annex 4 to section 30 part 1

Scope

This Federal Act § 1 (1) subject to section 3-5 applies for



1. EU AIFM managing one or more AIF, regardless of whether such AIF to EU AIF or non-EU AIF, non-EU AIFM which one or manage multiple EU AIF, and 3 non-EU AIFM, one or several AIF in the European Union sell 2, regardless of whether such AIF to EU AIF or non-EU AIF.

(2) for the purposes of paragraph 1, it does not matter,



1. whether the AIF is an open or closed type, 2. whether the AIF in the form of contract, the form of the trust, the statute or any other legal form is built, 3. has what legal structure of the AIFM.

(3) this Act does not apply for



1 holding companies, 2. institutions for occupational retirement provision, which under the Directive 2003/41/EC covered, where appropriate, including in article 2 paragraph 1 of that directive ordered para 1 of that directive listed accredited agencies who are responsible and active in their name, for the management of such facilities or to article 19 asset managers, if they manage not AIF, 3. supranational institutions , such as the European Central Bank, the European Investment Bank, the European Investment Fund, the European development institutions and bilateral development banks, the World Bank, the International Monetary Fund and other supranational institutions and similar international organizations, if such bodies or organisations AIF manage, and if these AIF in the public interest Act, 4. national central banks, 5. State bodies and authorities or other institutions, the Fund for the support of social security and pension systems manage , 6 worker participation systems or Arbeitnehmersparpläne and 7 securitisation special purpose entities.

(4) this Act does not apply to AIFM which manage one or more AIF whose only investors of the AIFM or the parent companies or the affiliated companies of the AIFM or other subsidiaries of parent companies are, provided that none of those investors itself is an AIF.

(5) without prejudice to the application of sections 24 to 28, 56 and 60 applies this federal law not for AIFM which either directly or indirectly through a company, with the associated the AIFM about a joint business management, a common control relationship or by a substantial direct or indirect holding, manage portfolios of AIF, beyond whose managed assets - including the assets acquired through use of leverage financing – as a whole does not have a threshold of EUR 100 million , or whose managed assets total do not exceed a threshold of EUR 500 million, if the portfolios of the AIF consists of AIF, which use no leverage and the exercise no withdrawal rights for a period of five years after making the first investment in each of these AIF may. However, such AIFM has



1 the FMA to register;

2. and the AIF managed by him at the time of their registration to the FMA to expel;

3. the FMA at the time of registration to submit information to the investment strategies of the AIF it manages;

4. the FMA annually and in addition on request the main tools with which he is, and inform about the biggest risks and concentration of the AIF it manages, to allow effective monitoring of systemic risks of the FMA;

5. the FMA any edition of AIF and every beginning of the settlement of an AIF immediately to show;

6. to explain, the sale of units of the AIF to retail customers within the meaning of section 48 and inform 7 of the FMA, if he no longer meet the conditions laid down in this paragraph can.

Exceed the assets of the portfolios which one of these thresholds, has managed AIF of an AIFM registered pursuant to this subsection at a later date to apply for the AIFM in accordance with this federal law required concession pursuant to article 4 within 30 calendar days. Notwithstanding the thresholds, AIFM can decide to apply for a licence pursuant to section 4. With a licence in its entirety, in this case this Federal Act shall apply. Managed AIF for sales to private customers are determined by an AIFM is this federal law in any case subject to the granting of the licence pursuant to section 4 to apply in its entirety.

Definitions

Section 2 (1) within the meaning of this federal law the following definitions shall apply:



1. "AIF" is any undertaking for collective investment including its subfunds, a) from a number of investors capital gathers, to invest it in accordance with a defined investment strategy for the benefit of those investors, without that the collected capital directly serves the operational activity, and b) No licence referred to in article 5 of Directive 2009/65/EC required.

2. "AIFM" is any legal person whose regular business activity is to manage one or more AIF.

3. "Branch" in relation to an AIFM is a place which is legally employed part of AIFM and which provides the services for which authorisation was granted the AIFM; all operational units of AIFM having its registered office in another Member State or a third country, which are located in the same Member State, are regarded as a single branch.

4. "Carried interest" is a share of the profits of the AIF the AIFM receives as compensation for the management of AIF, all the shares in the profits of the AIF are excluded from this which refers to the AIFM as a return on investment of the AIFM in the AIF.

5. "Close links" is a situation in which two or more natural or legal persons are linked by a) participation, i.e. the direct holding or holding in the way of control by at least 20 vH of the voting rights or capital of an undertaking;

b) control which means the relationship between a parent undertaking and a subsidiary, in accordance with article 1 of the seventh Directive 83/349/EEC or a similar relationship between any natural or legal person and an undertaking; a subsidiary of a subsidiary, as a subsidiary of the parent company is considered for the purposes of this provision.

A situation in which two or more natural or legal persons by a control relationship with the same person are permanently linked, also considered "close connection" between these people.

6 'Competent authorities' means the national authorities of the Member States which are empowered by law or regulation to supervise aifm.

7. 'Competent authorities' as regards a depositary are a) the competent authorities within the meaning of article 4 No. 4 of Directive 2006/48/EC, if the depositary is a credit institution authorised under that directive;

(b) the competent authorities within the meaning of article 4 para 1 No. 22 of Directive 2004/39/EC, if the depositary is approved investment firm after that directive;

(c) the national authorities of the Member State of origin of the depositary, which by law or regulation to supervision of categories of institutions within the meaning of article 21 § 3 paragraph 1 lit. c 2011/61/CE directive are authorized, if the depositary belongs to a category of facilities referred to in that provision;

d) that are national authorities of the Member State in which a company within the meaning of article entitled 21 para 3 paragraph 3 which 2011/61/EU directive has its registered office if the depositary is a company named in those regulations, and that by law or regulation to oversee such a company, or the official body that is responsible for the registration or supervision of such undertaking in accordance with the for this relevant professional rules;

(e) the national authorities concerned of the third country in which the depositary has its registered office if the depositary in accordance with article 21 paragraph 5 lit. (b) the policy 2011/61/EU as depositary is appointed for a non-EU AIF and not covered by the digits up to iv to this directive i.

8.

"Competent authorities of the EU AIF" means a Member State's national authorities which are empowered by law or regulation to supervision of AIF.

9. "Control" means control within the meaning of article 1 of Directive 83/349/EEC;

10 "based in" (a) means) of AIFM: "with a registered office in";

(b) in the case of AIF: "granted or registered in"; or, if the AIF is not approved or is registered: "with a registered office in";

(c) in the case of custodians: "with having its registered office or a branch office in";

(d) in the case of legal representatives, who are legal entities: "with having its registered office or a branch office in";

(e) in the case of legal representatives, who are natural persons: "residing in".

11. "EU AIF" means a) an AIF which is authorised or registered under relevant national legislation in a Member State, or b) an AIF which is not authorised or registered in a Member State, its registered office und/oder head office but located in a Member State.

12 "EU AIFM" referred to an AIFM having its registered office in a Member State.

13 "Feeder-AIF" referred to an AIF, the a) at least 85 vH creates its assets in shares of other AIF ("master-AIF"), or b) at least 85 vH of its assets in more than one master AIF creates, if this master AIF pursue identical investment strategies, or c) otherwise a commitment of at least 85% has its assets in such a master AIF.

'Financial instrument' is one of 14 in annex I section C of Directive 2004/39/EC instruments.

15. "Holding company" is a company that has a stake in one or more other companies, whose business objective is to pursue a business strategy or strategies to promote their long-term value, through their subsidiaries or associated companies or participations and which is a company, the either a) is operating on its own account and whose shares to trading on a regulated market within the Union are approved , or b) which was founded according to their annual report or other official documents, not with the main purpose to provide their investors with a return by selling its subsidiaries or affiliated companies.

16. "home Member State of the AIF" is: a) the Member State where the AIF is authorised or registered under the applicable national legislation, or in case of multiple licenses or registrations, the Member State in which the AIF for the first time granted or registered, or b) if registered or approved of the AIF in any Member State is the Member State in which the AIF has its headquarters and/or its head office;

17. "home Member State of the AIFM" is the Member State in which the AIFM has its registered office; in the case of non-EU AIFM, always the "reference Member State" is meant, as provided in the 7 all references the policy 2011/61/EU on the "home Member State of the AIFM".

18. is "host Member State of the AIFM": a) a Member State other than the home Member State, in which an EU AIFM EU AIF managed.

(b) a Member State other than the home Member State, in which an EU AIFM sells shares of an EU AIF;

(c) a Member State other than the home Member State, in which an EU AIFM sells shares of a non-EU AIF;

(d) a Member State other than the reference Member State, in which a non-EU AIFM manages shares of an EU AIF;

e) a Member State other than the reference Member State, in which a non-EU AIFM sells shares of an EU AIF, or f) a Member State other than the reference Member State, in which a non-EU AIFM sells shares of a non-EU AIF.

19 called "Initial capital" means within the meaning of article 57 paragraph 1, lit. a and b of Directive 2006/48/EC.

20 'Issuer' means any issuer within the meaning of article 2, par. 1 lit. (d) of Directive 2004/109/EC, which has its registered office in the Union, and its securities within the meaning of article 4 para 1 No. 14 of Directive 2004/39/EC to trading on a regulated market are approved.

21 "Legal representative" is any natural person residing in the Union, or any legal person established in the Union, which has been appointed by a non-EU AIFM specifically, to act on behalf of this non-EU AIFM to authorities, customers, facilities and counterparties of the non-EU AIFM in the Union with regard to the obligations of the non-EU AIFM directive 2011/61/EU.

22 'Leverage' means any method, with the AIFM risk his AIF by borrowing securities, managed one leverage embedded in derivative or otherwise.

23 "Management of AIF" means that at least that in Appendix 1 subpara 1 lit. provided a or b referred to equipment management functions for one or more AIF.

24 "Distribution" is the direct or indirect, on the initiative of the AIFM or on its behalf by offer or AIF managed placement of shares in one of the AIFM to investors or investors with residence or head office in the Union.

25. "Master-AIF" is each AIF in the an other AIF has invested or assumed risks to him according to Z 13.

26 "reference Member State" is in accordance with article 37 paragraph 4 of 2011/61/EU directive set Member State.

27. "Non-EU AIF" is an AIF which is not EU AIF.

28 is "Non-EU AIFM" AIFM, which is not a EU AIFM.

29, "non-listed company" is a company which has its registered office in the Union and whose Anteile para 1 are allowed no. 14 of Directive 2004/39/EC not to trading on a regulated market within the meaning of article 4.

Own resources referred to in article 56 to 67 of Directive 2006/48/EC 30 are "Own resources".

31 'Parent undertaking' means a parent undertaking within the meaning of articles 1 and 2 of Directive 83/349/EEC.

32. "Prime Broker" is a credit institution, a regulated investment firm or another unit, which offers services of professional investors, first and foremost, as a counterparty to finance transactions with financial instruments or perform, subject to regulatory oversight and ongoing monitoring and providing possibly other services such as clearing and settlement of transactions, custody services, securities lending and individually adapted technologies and equipment to operational support.

33. 'Professional investor' means any investor who is understood in the sense of annex II of Directive 2004/39/EC as a Professional client or can be treated on request as a Professional client.

34. "qualified investment" is the direct or indirect holding of at least 10 vH of the capital or of the voting rights of AIFM to articles 9 and 10 of Directive 2004/109/EC, taking into account the conditions for aggregating the holdings under article 12 paragraphs 4 and 5 of that directive, or the possibility to exercise a significant influence over the management of the AIFM , this participation will be held on the.

35. "Workers representatives" are representative of workers within the meaning of article 2 lit. (e) of Directive 2002/14/EC.

36. "Private" is an investor in accordance with § 1 Z 14 securities supervision Act 2007 - WAG 2007 (Federal Law Gazette I no. 60/2007).

37. is a subsidiary undertaking as defined in articles 1 and 2 of Directive 83/349/EEC "Subsidiary".

38. "Supervisors" in relation to non-EU AIF are the national authorities of a third country, which are empowered by law or regulation to supervision of AIF.

39. "Supervisors" in relation to non-EU AIFM is a third country national authorities which are empowered by law or regulation to supervise aifm.

40. "Securitisation special purpose entities" are companies whose sole purpose of which is one or more securitisation in the meaning of article 1 No. 24/2009, securitisation transactions engaged in para 2 of Regulation (EC), and further carry out appropriate activities to fulfill this purpose.

41. are 'UCITS' undertakings for collective investment in transferable securities pursuant to § 2 para 1 Z 3 Investment Fund Act 2011 - InvFG 2011 (Federal Law Gazette I no. 77/2011).

(2) for the purposes of paragraph 1, Z 30 find articles 13 to 16 of Directive 2006/49/EC apply.

(3) the FMA can set different types of AIF and their criteria by means of regulation, taking into consideration the European practice.

(4) as far as not own definitions are set in this Federal Act, the definitions of the Banking Act – are BWG (Federal Law Gazette No. 532/1993) and of the capital market law - CMM (BGBl. No. 625/1991) to apply.

Determination of the AIFM

§ 3. An AIF can be managed only by a single AIFM, is also responsible for the compliance with the provisions of this Federal Act. The AIFM is either



1. an external administrator who is ordered legal person by the AIF or on behalf of the AIF and is responsible on the basis of this order or law for the management of AIF (external AIFM), or 2. the AIF itself, if the legal form of the AIF permits an internal management and the governing body of the AIF decides to order no external AIFM; the AIF as the AIFM is allowed in this case.

2 part


Concession aifm

Conditions for the commencement of the activity as AIFM

§ 4 (1) requires the licence as an AIFM by the FMA management of AIF. The AIFM authorised in accordance with this federal law must comply with the licensing requirements at any time.

(2) an external AIFM not other activities may exercise subject to subsection 4 as the activities referred to in annex 1 and the additional management of UCITS subject to a licence to the investment fund business pursuant to section 1 para 1 Z 13 Banking Act in connection with § 6 par. 2 InvFG 2011.

(3) an internally managed AIF no other activity may exercise as the internal management of this AIF in accordance with Appendix 1.

(4) the FMA can grant concession for the provision of the following services in addition an external AIFM:



1 individual individual portfolio management, including those held by pension funds and institutions for occupational retirement provision, pursuant to article 19 paragraph 1 of Directive 2003/41/EC and individual mandates granted by the investors in accordance with discretion, 2. as ancillary services: a) investment advice, b) custody and technical management in connection with shares in undertakings for collective investment, c) reception and transmission of orders , have the financial instruments.

5) AIFM may not be licensed, to



1. exclusively the services referred to in paragraph 4 must be provided 2 under par. 4 Z 2 ancillary services referred to to provide, without being approved also for the provision of services in accordance with para 4 Z 1, 3. to provide only the activities referred to in annex 1 Z 2 or 4 that in Appendix 1 subpara 1 lit. a referred to provide services, without including those in Appendix 1 subpara 1 lit. (b) to provide these; the same applies in the reverse case.

(6) for the granting and withdrawal of a licence in accordance with paragraph 4 of shall apply section 3 para 5 No. 4 and paragraph 6, 8 and 9, sections 5, 9 and 75 to 78 WAG 2007 mutatis mutandis. AIFM which are entitled also to the provision of services referred to in paragraph 4 in addition with regard to these activities have been the provisions of articles 16 to 26 and 29 to 51, 52 paras 2 to 4, 54 (1) and 94 to 96 WAG 2007 to comply. A UCITS management company, whose licensing also covers para 4, subject to the requirements set out in article 93 in relation to those services para 2a BWG.

(7) the AIFM have to submit the necessary information to the FMA, so that she can monitor compliance with the requirements referred to in this Federal Act at any time.

(8) investment firms referred to in article 1 No. 1 WAG 2007 and credit institutions referred to in article 1, paragraph 1, and article 9, para. 1 BWG are within the framework of their authority for the provision of investment services referred to in annex I of to Directive 2004/39/EC is not required to obtain a licence under this Federal Act. Investment firms and credit institutions may however only directly or indirectly offer shares in AIF investors in the Union or at this place, if the shares in accordance with this federal law may be marketed.

Concession application

§ 5 (1) has an AIFM for Austria is the Member State of origin, to apply for a licence as an AIFM in accordance with this federal law by the FMA.

(2) the applicant has the application for granting a licence to join the following information and documents:



1. information about the people who actually conduct the business of the AIFM, and control information about a possible influence of these persons in companies in other Member States covered by the listed categories to § 6 section 3;

2. information concerning the identity of all shareholders or members of the AIFM, that have qualifying holdings to him, regardless of whether this involvement is directly or indirectly or it is natural or legal persons, as well as the height of this participation, as well as details of any investments of these people in companies in other Member States covered by the listed categories in section 6 paragraph 3;

3. a business plan which contains information about how the AIFM wants to fulfill his obligations according to the 2nd-4th part and, where appropriate, the 5th-8th part of this federal law, as well as the concession has requested the AIF whose management the AIFM investment strategies in addition to the organizational structure of the AIFM;

4. information on the remuneration policies and practices pursuant to § 11;

5. information about agreements that have been made to the transmission and retransmission of functions within the meaning of section 18 to third parties.

(3) to the applicant as AIFM managing the AIF, intends, to enclose:



1. information concerning the investment strategies, including the types of target funds, if it is in the AIF to a Fund of funds, and principles, which applies the AIFM in connection with the use of leverage and risk profiles and other properties of the AIF that it manages or intends to manage is including information on the Member States or third countries, where such AIF headquarters or are expected to.

2. information on the seat of the master AIF if the AIF is a feeder AIF;

3. the contract terms or statutes of all AIF which the AIFM manages or intends to manage.

4. information on the agreements of the order of the depositary referred to in article 19 for each AIF the AIFM manages or intends to manage;

5. information referred to in article 21, paragraph 1 for each AIF the AIFM manages or intends to manage.

(4) a management company which pursuant to section 1 para 1 Z InvFG is 2011 licensed 13 Banking Act in connection with § 6 par. 2 (in the following "UCITS management company"), or an investment fund for real estate, which pursuant to section 1 para 1 No. 13a BWG licensed is a licence as an AIFM under this Federal Act, applied for so those particulars and documents are not present, they already at applying for the licence pursuant to section 1 para 1 Z 13 Banking Act in connection with § 6 par. 2 InvFG 2011 or § 1 Para 1 No. 13a BWG has submitted if this information or documents remain up to date.

(5) the FMA ESMA quarterly about the licence granted under this part and withdrawals of licences to teach.

Licensing requirements

§ 6 (1) the licence shall be granted if:



1. the proof has been furnished that the AIFM to comply with the conditions laid down in this law is;

2. the AIFM has sufficient initial capital and own funds pursuant to section 7;

3. the persons who actually conduct the business of the AIFM, are sufficiently reliable and have sufficient experience in relation to the investment strategies of the AIF managed by the AIFM; the name of this people, and all their successors are immediately to inform the FMA of the AIFM; about the management of the AIFM at least two people have to determine which fulfill the above conditions;

4. the shareholders or members of the AIFM, which hold a qualified participation, have the appropriate competence, where Bill to wear is the need to ensure the sound and prudent management of the AIFM, and 5 are the headquarters and the headquarters of the AIFM in domestic.

(2) the licence shall apply in all Member States.

(3) the FMA has to consult the competent authorities of the other Member States concerned, before a licence is granted an AIFM, the



1. a subsidiary of other AIFM, a UCITS management company, an investment firm, a credit institution or an insurance company, the, the or the in another Member State is approved, 2. a subsidiary of the parent company of other AIFM, a UCITS management company, an investment firm, a credit institution or an insurance company, which that is approved in another Member State, or a 3. company, which is controlled by the same natural or legal persons such as the , an other AIFMS, UCITS management company, an investment firm, a credit institution or an insurance company, the, the or that is approved in another Member State, controlled.

(4) the FMA has the concession to refuse if the effective exercise of their supervisory functions is prevented by one of the following circumstances:



1. through a close connection between the AIFM and other natural or legal persons;

2. by the laws, regulations and administrative provisions of a third country, natural or legal persons subject to which, with which the AIFM is closely connected;

3. due to difficulties in the enforcement of these laws, regulations and administrative provisions.


(5) the FMA has the applicant within three months after receipt of the request or, if this is incomplete, within three months after submission of all the information required for the decision either to grant the concession or the rejection of the application by means of decision in writing. The FMA may prolong this period for up to three additional months, if she considers it due to the special circumstances of the case, and after an appropriate notification of the AIFM for necessary. Last sentence AVG § 13 para 3 shall not apply. For the purposes of this paragraph, a request shall be deemed complete when the AIFM at least that has presented in § 5 para 2 Nos. 1 to 4 and article 5 par. 3 Z 1 and 2 listed. Can AIFM managing AIF in accordance with § 5 ABS. 3 Z begin 1 investment strategies described in the application in the domestic, as soon as the concession is granted, but not before one month after they missing any in § 5 para 2 Nos. 5 and § 5 ABS. 3 called Z 3 to 5 figures, have submitted. The concession is to grant other cancellation in writing. The concession may in particular with regard to the investment strategies of the AIF, which must manage the AIFM legitimately, with conditions, limitations and requirements are provided.

Initial capital and own funds

7. (1) has an AIFM which is an internally managed AIF, to have an initial capital of at least EUR 300 000.

(2) an AIFM appointed to the external managers of AIF, has to have an initial capital of at least EUR 125 000.

(3) the value of the portfolios of AIF managed by the AIFM exceeds EUR 250 million, the AIFM has to introduce additional own funds; These additional own funds have to comply with 0.02 vH of the amount to the value of the portfolios of the AIFM exceeds EUR 250 million; However, the required total amount of initial capital and an additional amount exceeds not EUR 10 million.

(4) the AIF managed by the AIFM, including AIF for which the AIFM in accordance with § 18, transferred functions to third parties however with the exception of AIF portfolios that the AIFM on behalf of third-party managed, as the portfolios of the AIFM shall apply for the purposes of paragraph 3.

(5) irrespective of paragraph 3 AIFM have always own funds amounting at least the section 9 para 2 WAG to have amount referred to 2007.

(6) to the potential professional liability risks from business activities, the AIFM can go after which, according to this federal law and 2011/61/EU directive to cover internally managed AIF as well as external AIFM have



1. additional own resources, to adequately cover the potential liability risks arising from professional negligence, or to have 2 professional liability insurance for liability arising from professional negligence, representing the covered risks.

(7) capital, including additional own funds referred to in paragraph 6 may Z 1, only in liquid assets or assets can be invested immediately in the short term can be converted into cash and contain no speculative positions. AIFM, which is at the same time also UCITS management company, is required to follow this no. 1 only in relation to the additional own funds pursuant to subsection 6.

(8) with the exception of para 6 and 7, and with the exception of delegated acts adopted pursuant to article 9 of the directive 2011/61/this provision does not apply to AIFM that are at the same time also UCITS management companies.

Changes in the scope of the concession

8. (1) has an AIFM to display all major changes to the conditions for issuing concession before applying them to the FMA. This applies in particular to significant changes according to article 5 and article 6, paragraph 1.

(2) Decides to impose restrictions on the FMA or reject these changes, has to the AIFM within one month after receipt of the notice by adopted a notice in knowledge. Last sentence AVG § 13 para 3 shall not apply. The FMA may prolong this period for up to a month if she considers it due to the special circumstances of the case, and after an appropriate notification of the AIFM for necessary. The changes not be rejected within the assessment period provided for by the FMA, so they must be carried out.

Withdrawal and termination of the concession

9. (1) in addition to those in article 6 para 2 BWG has mentioned reasons to take back the FMA of the concession, when:



1. the AIFM makes the licence within twelve months of use, expressly renounces or not has exercised the activities referred to in this federal law in the previous six months;

2. the requirements for the granting of the licence is no longer available;

3. the AIFM Directive 2006/49/EC no longer meets, if its licence No. 1 also covers with discretionary portfolio management service referred to in section 4, paragraph 4;

4. of the AIFM seriously or systematically violates the provisions adopted pursuant to this federal law or against the provisions of the directive of 2011/61/EU or against on the basis of this directive, adopted delegated acts violate was.

(2) with regard to the termination of the concession, § 7 Banking Act shall apply.

(3) is removed from the concession of the AIFM by the FMA, the right is transferred to the administration of the AIF on the depositary. With the transition of the legal management of the AIF on the depositary, the withdrawal of shares is not permitted. The depositary has to unwind the AIF without delay and to distribute the assets to investors. The assets held for the AIF are as soon as this is possible in the interests of the shareholders, to translate into money. The distribution of assets on the shareholders is to perform only after fulfilment of the liabilities of the AIF, as well as the permitted under the Fund regulations payments to the AIFM and the depositary. During the process, § 22 para 1 to 4 for the depositary shall apply mutatis mutandis. With the approval of the FMA the depositary may from settlement of the AIF and the distribution of assets and within one month after the transfer of the right to the administration of the AIF on the depositary in accordance with the investment conditions the management of AIF an other AIFM transferred. The FMA can provide the permit with appropriate terms and conditions.

3 part

Conditions for the pursuit of activities of the AIFM

1 section

General requirements

General principles

10. (1) always has an AIFM:



1. his work honestly and reasonably, with due skill, care and diligence to investigate;

2. in the best interests of the AIF it manages or the investors of the AIF and the integrity of the market to act;

3. on the for a proper exercise of their activities to have necessary resources and procedures and this leverage;

4. all reasonable measures to avoid conflicts of interest and, where this cannot be avoided, to the discovery, settlement, to make observations and, where appropriate, disclosure of this conflict of interest, to avoid that they adversely affect the interests of the AIF and its investors, and to ensure that fair treatment comes to the AIF it manages;

5. all applicable to the exercise of their activities regulatory requirements to meet in order to promote the best interests of the AIF it manages or of the investors of the AIF and the integrity of the market;

6. all investors of the AIF should be treated fairly.

The AIFM has to treat investors of the AIF it manages and for putting the interests of a certain group of investors does not have the interests of another group of investors, unless such preferential treatment is provided in the terms and conditions or the articles of Association of the relevant AIF.

(2) an AIFM whose licensing on the discretionary portfolio management service with discretion in accordance with § 4 para 4 extends no. 1, may that portfolio of customer neither completely nor partially in shares that he create managed AIF, unless he has previously received a general consent of the customer and is subject to in relation to the services in accordance with § 4 para 4 the provisions of §§ 75 to 78 2007. WAG the AIFM has in addition a licence pursuant to section 1 para 1 Z 13 Banking Act in connection with § 6 par. 2 InvFG 2011, so is instead § 93 par. 2a BWG remarkable.

(3) § § 40, 40a, 40B and 41 BWG are to apply to AIFM. § 40 paragraph 2 and 2a Z 1 Banking Act is to apply also to those persons who purchase units or shares of the AIFM.

Remuneration


§ 11 (1) has an AIFM risk carrier for all categories of employees including managers and people who actually run the business, employees with control functions and of all employees, the total remuneration received, due to which they are at the same income level as the executives and risk carrier, whose working has a significant impact on the risk profile of the AIFM or on the risk profile of the AIF it manages , a remuneration policies and practices to determine which compatible with sound and effective risk management and this is beneficial and not encouraged to take risks, which are not consistent with the risk profile, the terms and conditions or the articles of Association of the AIF it manages.

2. an AIFM shall set the remuneration policies and practices in accordance with Appendix 2.

(3) the FMA can set the principles for a remuneration policy by means of regulation, taking into consideration the European customs.

Conflicts of interest

12. (1) an AIFM has all appropriate measures meet to determine conflicts of interest in connection with the management of AIF between



1. the AIFM and his business managers, employees or every other person who has a control relationship, directly or indirectly linked to the AIFM and the AIF it manages or the investors of this AIF, 2. the AIF investors of this AIF and an other AIF or the investors of the AIF, 3. the AIF or the investors of this AIF and another customer of the AIFM , 4. the AIF investors of this AIF and UCITS managed by the AIFM or investors that UCITS or 5th occur two customers of the AIFM. The AIFM has adequately effective organisational and administrative arrangements to take all measures to identify, prevent, to meet settlement and monitoring of conflicts of interest and to maintain, to prevent that they harm the interests of the AIF and its investors. The AIFM has to separate tasks and areas of responsibility, which could be regarded as incompatible with one another, or could cause potentially systematic conflicts of interest within its own processes. The AIFM shall examine whether the conditions of the exercise of his activity could entail significant other conflicts of interest and has to disclose to the investors of the AIF.

(2) insufficient which by the AIFM to the identification, prevention, settlement and monitoring of conflicts of interest organizational arrangements, to reasonably ensure that the risk of adversely affecting investor interests is avoided, so - before he does business on their behalf - to put the AIFM to investors clearly about the general nature or sources of conflicts of interest in knowledge and to develop appropriate policies and procedures.

(3) if the AIFM for an AIF uses the services of a Prime Broker claimed, he must agree to the terms of a written agreement. In particular the possibility of a transfer and reuse must of assets of the AIF in this agreement are agreed upon and comply with the terms and conditions or the articles of Association of the AIF. Must be set in the contract that the depositary is used from the contract in knowledge. In the selection and naming of the Prime Broker, with which a contract is concluded, the AIFM with due skill has to proceed with care and diligence.

Risk management

Section 13 (1) has an AIFM functionally and hierarchically to separate the functions of risk management of the operational departments. The FMA has this in accordance with the principle of proportionality to monitor. The AIFM must anyway, be able to prove the FMA requested that special safeguards against conflicts of interest be used to allow an independent exercise of risk management measures and risk management meets the requirements of this provision, and consistently applies.

(2) so that all the risks, which are essential for the each AIF investment strategy and which each AIF is or can be subject to sufficiently established, evaluated, are controlled and monitored, the AIFM has adequate risk management systems to use. The AIFM has to review the risk management systems at reasonable time intervals, at least once a year, and, if necessary, to adapt them.

(3) an AIFM has at least the following obligations:



1. He has one of the investment strategy, making appropriate, documented and regularly updated care examination (due diligence process) the objectives and risk profile of the AIF, if he shall invest on behalf of the AIF;

2. He has to ensure that the risks associated with the individual positions of the AIF and their effect on the total portfolio of AIF continuously - including through the use of an appropriate stress tests - properly validated, can be assessed, controlled and monitored;

3. He has also to ensure, that correspond to the risk profile of the AIF of the size, are set the portfolio structure and investment strategies and goals, as set out in the terms and conditions or the statutes, the prospectus and the emission documents of the AIF.

(4) an AIFM has to set a high degree of leverage that he can use for each of the AIF it manages, as well as the scope of the right of re-use of collateral or other guarantees which are granted within the framework of the agreement on the financing of the lever, where he has to take into account the following:



1. the type of AIF, 2. the investment strategy of the AIF, 3. the origin of the leverage of the AIF, 4 any other connection or relevant relationship to other financial services institutions that potentially represents a systemic risk, 5 which is need to limit, 6 which, the leveraging of financing collateralised extent to which the risk of to any individual counterparty, 7 the ratio of assets and liabilities, 8th size , Nature and extent of the activities of the AIFM on the markets in question.

(5) the FMA can set further criteria by means of regulation, taking into consideration the European practice in regard to techniques for efficient portfolio management.

Liquidity management

Section 14 (1) has an AIFM managed AIF, in which there is not an AIF of the closed type without leverage, to dispose of an adequate liquidity management system for each of his and procedures, which enable him to monitor the liquidity risk of the AIF, and to ensure that the liquidity profile of investments of the AIF with its underlying liabilities covers. The AIFM has regularly conduct stress tests, on the basis of both normal and exceptional liquidity conditions, with which he can assess the AIF's liquidity risk and monitor accordingly.

(2) AIFM shall ensure that the investment strategy, the liquidity profile and the withdrawal principles of each AIF it manages are consistent with each other.

Investments in securitisation positions

§ 15. To ensure cross-sectoral consistency and to eliminate divergence between the interests of companies that convert loans into tradable securities, and originators in the meaning of article 4 paragraph 41 of Directive 2006/48/EC, and the interests of AIFM that invest on behalf of AIF in these securities or other financial instruments, the AIFM has to adhere to relevant delegated acts.

2. section

Organisational requirements

General principles

Section 16 (1) has to employ at all times adequate and appropriate human and technical resources for the proper management of AIF an AIFM.

(2) an AIFM taking into account the nature of the AIF managed by the AIFM about one has proper management and accounting, control and safety measures in relation to the electronic data processing, and adequate internal control mechanisms, which include in particular rules for personal business, its employees and for holding or managing investments for the purposes of the system on their own account, to have , by which at least ensures is that each of the AIF that business can be reconstructed according to origin, parties, type, completion date and place of birth, and that the assets of the AIF managed by the AIFM in accordance with the contractual terms and conditions or rules of the AIF and in accordance with the applicable legal provisions are applied.

Review

Section 17 (1) has an AIFM to ensure that adequate and coherent procedures be set for each AIF managed by it so that a proper and independent valuation of the assets of the AIF in accordance with this provision and the terms and conditions or the articles of Association of the AIF can be made.

(2) they are for the valuation of assets and the calculation of the net asset value per share of AIF regulations, provided that the AIF in Austria is headquartered, to regulate the terms and conditions or the articles of Association of the AIF.


(3) an AIFM has also to ensure that the calculation and disclosure of the net asset value per share of the AIF to investors in accordance with this determination and the terms and conditions or the articles of Association of the AIF takes place. The applied evaluation procedure has to be ensured that the valuation of the assets and the calculation of the net asset value per share is at least once a year. It's an open AIF, such reviews and calculations in a temporal distance carry, which is appropriate to the assets held by the AIF and its issue and redemption frequency. Is a closed AIF, are also making such reviews and calculations, when the capital of the relevant AIF raised or is reduced. Investors have about the reviews and calculations according to the relevant terms and conditions or the articles of Association of the AIF to be informed.

(4) an AIFM has to ensure that the assessment is performed by one of the following locations:



1. an external evaluator, which is a natural or legal person is independent of the AIF the AIFM and other people with close ties to the AIF or the AIFM or 2 itself, provided the review task is functionally independent of the portfolio management the AIFM, and the remuneration policy and other measures make sure that conflicts of interest reduces and prevents an inadmissible influence on the staff.

Not ordered the depositary ordered for an AIF as external evaluator of this AIF except if a functional and hierarchical separation in the execution of their functions of depositaries of their duties as external evaluators and correctly identified the potential conflicts of interest, will be controlled, observed and disclosed the investors of the AIF to.

(5) If an external evaluator for the evaluation is used, so the AIFM has to prove that:



1. compulsory external evaluators of a legally recognised professional registration or legal and administrative or professional rules is subject to;

2. the external evaluators sufficient professional guarantees may have to the corresponding evaluation function in accordance with to exercise effectively the ABS. 1, 2 and 3, and 3. the appointment of the external evaluator the requirements of section 18 and the pursuant to article 20 paragraph 7 of 2011/61/EU directive adopted delegated acts matches.

(6) the appointed external evaluator may delegate the evaluation function to a third party.

(7) an AIFM has to display the appointment of an external evaluator of the FMA without delay; This may require the ordering of other external evaluator for the case that the conditions are not fulfilled after para 5.

(8) the review has independently and with the offered expertise to be care and diligence.

(9) if the assessment is not made by an external evaluator, so the FMA may request that the assessment procedures and reviews of the AIFM are checked by an external evaluator, or, where appropriate, by an auditor.

(10) an AIFM is for the proper valuation of the assets of the AIF for the calculation and the announcement of this net asset value that is responsible. The liability of the AIFM to the AIF and its investors do not touch for this reason by the fact, that the AIFM has appointed an external evaluator. The external evaluators compared AIFM attributed that to negligent or intentional failure to comply with the tasks it can be for any losses of the AIFM, is liable irrespective and regardless of contrary contractual arrangements.

3. section

Transfer of functions of the AIFM

Transmission

Section 18 (1) the AIFM is entitled to transfer one or more of its functions to third parties. Following requirements must be met with:



1. the AIFM has immediately from decision-making in writing indicating the transfer of FMA anyway, but before the transfer agreement enters into force;

2. the AIFM must be able to justify its entire structure for transferring tasks with objective reasons;

3. the Ombudsman must have sufficient resources to perform their tasks and the persons who actually conduct the business of the third party, must be good reputation and have sufficient experience;

4. the transfer relates to the portfolio management or the risk management, so she may only be companies, which for the purposes of asset management are granted and subject to supervision, or, if this condition is not respected, only after prior approval by the FMA;

5. the transfer relates to the portfolio management or the risk management and it's done on a company from a third country, so cooperation between the FMA and the supervisory authority responsible for the company must be in addition to the requirements after no. 4;

6. the transmission shall not interfere with the effectiveness of the supervision of the AIFM; in particular, it may not prevent the AIFM it to act in the interest of its investors nor prevent that administered the AIF in the interest of investors;

7. the AIFM can prove that the relevant officer has the necessary qualifications and is able to perceive the relevant functions, that he has been selected carefully and that the AIFM is in a position is effectively to monitor the tasks at any time, to give at any time further instructions to the Commissioner and to withdraw the transfer with immediate effect when this is in the interest of investors.

The AIFM shall at any time the services provided by agents to check.

(2) a transfer may be made in respect of portfolio management or risk management to the following facilities:



1. the depositary or a representative of the depositary, or 2. another company, running of the AIFM and the investors of the AIF in the conflict whose interests might be, except if such a company has made a functional and hierarchical separation of his duties at the portfolio management or the risk management by its other potentially in the conflict of interest related tasks and the potential conflicts of interest correctly determined , controlled, observed and disclosed to the investors of the AIF to.

(3) the obligations of AIFM to the AIF and its investors in accordance with this federal law are not affected by any such transfer or a more subcontracting. The AIFM shall be liable in anyway for the behavior of the third as for his own behavior. The AIFM may assign its tasks not on a scale which allows him to become a letter box. The data privacy regulations relevant provisions (§§ 10 ff DSG 2000) must be observed.

(4) third parties must each of them transferred functions retransmitted, unless the following conditions are met:



1. the AIFM has previously agreed to the subcontracting;

2. the AIFM has been reimbursed by this display of the FMA, before the subcontracting agreement enters into force;

3. the conditions laid down in paragraphs 1 and 2 are also always met at a subcontracting;

4. has officers at any time to review the services provided by a sub-contractor of the AIFM.

(5) if the lower officers for him continues broadcasting transferred functions, is to apply paragraph 4 and to comply with.

4 section

Depositary

Section 19 (1) for each AIF it manages the AIFM to ensure a single depositary appointed in accordance with this provision has.

(2) the appointment of the depositary has agreed in a contract to be in writing. The contract is to regulate, inter alia, the exchange of information is deemed necessary, for to do their tasks for the AIF for which she was appointed as depositary, the depositary in accordance with this federal law and the other relevant laws, regulations and administrative provisions.

(3) a depositary has either:



1. a credit institution established in the Union, that is approved in accordance with Directive 2006/48/EC or 2. an investment firm with a registered office in the Union, subject to the capital adequacy requirements referred to in article 20 paragraph 1 of Directive 2006/49/EC, including the capital requirements for operational risks, and in accordance with the Directive 2004/39/EC is approved, and the ancillary services such as safekeeping and administration of financial instruments for the account of customers listed in annex I section B No. 1 of Directive 2004/39/EC provides; such investment firms must have in any case on own resources, which do not fall below the amount of initial capital as referred to in article 9 of Directive 2006/49/EC; or 3. another category of facilities, which are subject to a supervision and constant monitoring and which by the Member States in accordance with article 23 (3) of Directive 2009/65/EC fall defined categories of institutions, from which a can be depositaries, on July 21, 2011, under a


to be. Only at non-EU AIF and without prejudice to paragraph 5 No. 2 can be the depositary also a credit institution or a company any similar to the companies referred to in Nos. 1 and 2, provided that the conditions of subsection 6 Z 2 are complied.

(4) for the avoidance of conflicts of interest between the depositary, the AIFM and/or the AIF or its investors



1 may perceive an AIFM not the task of a depositary;

2. may a Prime Broker, which is a business partner of AIF, perceive not the duties of a depositary of that AIF, except if a functional and hierarchical separation in the execution of his functions of depositaries of his duties as a Prime Broker and correctly identified the potential conflicts of interest, will be controlled, observed and disclosed the investors of the AIF. It is permitted in accordance with paragraph 11, that the depositary transmits its depositary tasks a such Prime Broker, if the appropriate conditions are met.

(5) the depositary shall have their headquarters in one of the following locations:



1. when EU AIF in the home Member State of the AIF;

2. in the case of non-EU AIF in the third country, in which is located the seat of the AIF, or in the home Member State of the AIFM managing the AIF, or in the reference Member State of the AIFM managing the AIF.

(6) without prejudice to the requirements of paragraph 3, the appointment of a depositary domiciled in a third country is subject to the following conditions:



1. the competent authorities of the Member State where the share of non-EU AIF marketed to be, and if it is the authorities of the home Member State of the AIFM, different authorities, signed agreements on cooperation and the exchange of information with the competent authorities of the depositary;

2. the depositary shall be subject to an effective prudential regulation, including minimum capital requirements, and supervision, of which comply with the legal requirements of the Union and be used effectively;

3. the third country in which the depositary is headquartered, is no country or territory in which in accordance with section 40 of para 1 last sentence BWG anyway, is an increased risk of money laundering or terrorist financing;

4. the Member States where the share of non-EU AIF distributed should be, and, where different, the home Member State of the AIFM, have signed an agreement with the third country in which the depositary is established, which fully complies with the standards of article 26 of the OECD Model Convention for the avoidance of double taxation of income and assets and ensures an effective exchange of information in tax matters, including multilateral tax agreements,

5. the depositary shall be liable contractually the AIF or to the investors of the AIF in accordance with the paragraph 12 and 13, and expressly to comply with paragraph 11 ready.

The FMA with the assessment which may use of Z 1 to 4, the competent authorities of the home Member State of the AIFM agree, is the matter of ESMA note they you bring no., in regard to the pursuant to article 19 of Regulation (EU) 1095/2010 conferred powers.

(7) which depositary has to ensure that the cash flows of the AIF be monitored properly and has in particular to ensure that all payments were made by investors or on behalf of investors in underwriting of shares of an AIF and the total funds of the AIF in a cash account were recorded that on behalf of the AIF, on behalf of the AIFM, which operates on behalf of the AIF , or in the name of the depositary, which operates on behalf of the AIF, to a body referred to in article 18 para 1 lit. a, b and c of the directive 2006/73/EC or with a body of the same kind in the relevant market in which money market accounts are required, was opened, as long as such a body is subject to an effective prudential regulation and supervision, which comply with the legal requirements of the Union and be effectively enforced, and coincides with the principles under article 16 of the directive 2006/73/EC. If money accounts are opened in the name of the depositary acting on behalf of the AIF, no funds of the authority referred to in this paragraph and not funding the depositary himself on such accounts are recorded.

(8) the assets of the AIF or the AIFM acting on behalf of the AIF, have to be entrusted to the depositary for storage as follows:



1. for financial instruments, which can be taken into custody, shall apply: a) the depositary kept all financial instruments that can be updated in the depot on an account for financial instruments, and all instruments that physically pass the depositary can be;

(b) for this purpose provides that depositary were sure that all those financial instruments that can be updated in the depot on an account for financial instruments in accordance with article 16 of Directive 2006/73/EC are registered principles in the books of the depositary on separate accounts, which opened on behalf of the AIF or the AIFM working for him, so that the financial instruments at any time in accordance with applicable law as in property of the AIF identified the instruments can be.

2. for other assets applies: a) the depositary checks the ownership of the AIF or the AIFM operating on behalf of the AIF in such assets, and maintains records of those assets where it is, satisfied that the AIF or the AIFM operating on behalf of the AIF on these assets has the property;

(b) assessment, whether the AIF or the AIFM on behalf of the AIF active owner, based on information or documentation submitted by the AIF or the AIFM, and, if available, on external evidence.

(c) the depositary shall keep their records up to date.

(9) in addition to the tasks referred to in paragraph 7 and 8 shall ensure the depositary, that



1. the sale, the issue, redemption, the payout and the cancellation of units of the AIF in accordance with existing national legislation and the terms and conditions or the articles of Association of the AIF be carried out;

2. the value of the units of the AIF is calculated according to the applicable national legislation, the terms and conditions or the articles of Association of the AIF in accordance with section 17 of the Federal Act or of the procedure laid down in article 19 of the directive 2011/61/EC;

3. the instructions of the AIFM are running, except when they violate national legislation or the contractual terms and conditions or the articles of Association of the AIF;

4. for transactions involving assets of the AIF, the equivalent; transferred within the usual time limits on the AIF

5. the income of the AIF in accordance with existing national legislation and the terms and conditions or the articles of Association of the AIF is applied.

(10) the AIFM and the depositary have within the framework of their respective responsibilities honestly, fairly, professionally, to act independently and in the interests of the AIF and its investors. A depositary must perceive any tasks related to the AIF or the AIFM on behalf of the AIF involved, which could create conflicts of interest between the AIF, the investors of the AIF the AIFM and herself, except when a functional and hierarchical separation in the execution of their duties as depositary of their to potentially conflicting duties was carried out and properly determined the potential conflicts of interest , controlled, observed and disclosed to the investors of the AIF to. The assets referred to in paragraph 8 may not be reused without prior consent of the AIF or of acting on behalf of the AIF AIFM by the depositary.

(11) the depositary may not assign their functions laid down in that provision to a third party, the tasks referred to in paragraph 8 are excluded. The depositary may transfer to third parties the functions referred to in paragraph 8 under the following conditions:



1. the tasks are not transferred to the intention, to circumvent the provisions of this Federal Act;

2. the depositary can prove that there is an objective reason for the transfer;

3. the depositary is taken when selecting and ordering a third party to whom she want to transfer parts of their duties with due skill, care and diligence and going on continue in the current control and regular review of third parties to whom it has transferred parts of its tasks and agreements of third parties with regard to the transferred tasks with due skill, care and diligence him , and 4. the depositary provided that the third party at any time complies with the following conditions for the execution of the tasks assigned to him: a) the third party has an organizational structure and expertise that are appropriate and suitable for the type and complexity of the assets of the AIF or the AIFM acting on its behalf, were entrusted to him;

(b) related to the depositary tasks referred to in paragraph 8 is subject to the third party of an effective prudential regulation, including minimum capital requirements, Z 1 and also a regular external audit, which ensures that the financial instruments are in his possession is subject to supervision in the relevant legal jurisdiction and the third party;


(c) the third separates from its own assets and the assets of the depositary in such a manner that they can be identified at any time as property of customers of a specific depositary the assets of customers of the depositary;

d) the third party must use the assets without prior consent of the AIF or the AIFM on behalf of the AIF involved and a prior notice to the depositary and e) the third party adheres to the General obligations and prohibitions referred to in paragraph 8 and 10.

Without prejudice to the Z 4 lit. b when is mandatory according to the legislation of a third country, that certain financial instruments must be kept by a local institution and there are no local facilities that the requirements for an assignment in accordance with no. 4 lit. b meet, may transfer their functions to such local facility only to the extent the depositary, as required by the laws of the third country, and only as long as there are no local facilities that meet the requirements for an appointment, subject to the following requirements: aa) the investors of the AIF must be educated properly before making their investment, that such instruction to deputize due to legal constraints in the laws of the third country is required , and they must be informed circumstances which justify the transfer; and bb) the AIF or the AIFM operating on behalf of the AIF must the depositary instruct to transfer the custody of these financial instruments on such a local facility.

The third party may further transfer in turn these functions under the same conditions. In this case, paragraph 13 accordingly for the concerned applies. For purposes of this paragraph, the provision of services in accordance with the Directive 98/26/EC by securities and settlement systems, as it is intended for the purposes of that directive, or the provision of similar services by securities and settlement systems by third countries is not considered a contract with depositary functions.

(12) the depositary shall be liable to the AIF or to the investors of the AIF for the misplacement by the depositary or by a third party to whom the custody of financial instruments, which were placed no. 1 in accordance with paragraph 8, was transferred. In the event of such loss shall of a held financial instrument, the depositary has to return a financial instrument of the same type immediately the AIF or the AIFM on behalf of the AIF acting, or to reimburse a corresponding amount. The depositary shall not be liable, if she can prove that the misplacement on force majeure is due, whose Konsequenzen despite all reasonable measures were inevitable. The depositary shall be liable to the AIF or the investors of the AIF for any other losses that they suffer as a result of a breach of its obligations under this Federal Act negligently or intentionally caused by the depositary.

(13) the depositary's liability is not affected by any transfer in accordance with paragraph 11. Without prejudice to the depositary at loss can get rid of financial instruments, which were deposited by a third party in accordance with paragraph 11, from liability, if she can prove that:



1. all conditions for the transfer of its depositary tasks in accordance with paragraph 11 Z 1-Z 4 are complied with;

2. a written contract between the depository and the third party transfers the depositary expressly on the third party's liability and allows the AIF or the AIFM on behalf of the AIF involved to assert his claim for the Convention of hand of financial instruments with respect to the third party, or the depositary may make such a claim for them, and a written contract between the depositary and the AIF or the AIFM on behalf of the AIF acting explicitly one 3. Liberation of the depositary of liability and specifies an objective reason for the contractual agreement of such exemption.

(14) If is prescribed also according to the legislation of a third country, that certain financial instruments must be kept by a local institution, and there are no local facilities that the requirements for a designation pursuant to paragraph 11 no. 4 lit. b ensure that can get rid of the liability the depositary, provided that the following conditions are met:



1. the contractual terms and conditions or the articles of Association of the relevant AIF expressly allow such exemption under the conditions referred to in this paragraph;

2. the relevant AIF investors before making their investment were correctly informed this exemption of liability and the circumstances that justify this exemption from liability;

3. the AIF or the AIFM on behalf of the AIF active have instructed the depositary to transfer the custody of these financial instruments at a local institution;

4. There is a written contract between the depository and the AIF or the active on behalf of the AIF AIFM in which such an exemption of liability is expressly permitted; 5. There is a written contract between the depositary and the third party, in which depositary's liability expressly on the third party is transferred and allows the AIF or the AIFM on behalf of the AIF involved his claim because the Convention of hand of financial instruments to the third party to assert, or the depositary such a claim for them may assert.

(15) liability to the investors of AIF can be depending on the nature of the legal relationship between the depositary, the AIFM and the investors claimed directly or indirectly by the AIFM.

(16) the depositary has to provide the FMA as competent authority on request with all information that it has received in relation to the performance of their duties and which may require the FMA as competent authority of the AIF or the AIFM. The competent authorities of the AIF or the AIFM differ from those of the depositary, the FMA as competent authority of the depositary has immediately to provide the information the competent authorities of the AIF and of the AIFM.

(17) the AIFM has to provide appropriate and documented procedures and arrangements that allow a rapid change of depositary for the case that the depositary can no longer ensure the fulfilment of their tasks.

(18) also a trustee can be the depositary of AIF pursuant to part 5 section 2 by way of derogation from paragraph 3, which performs the functions of a depositary in the course of business or professional activities, if



1. when the AIF no redemption rights may be exercised 5 years after making the first plants, and the AIF invest 2. in accordance with their main investment strategy generally in issuers or non-listed company, to ff might gain control over such companies according to §§ 24.

(19) the trustees appointed in accordance with paragraph 18 has on his professional or business activity of a legally recognised compulsory registration to be subject to or to be subject to legal and administrative or professional rules, which can provide sufficient financial and professional guarantees to allow him to effectively perform the relevant tasks of a depositary and me this function responsibilities to meet. Sufficient financial and professional warranty is continuously to ensure. The trustee has to display changes with regard to his financial and professional guarantees of the FMA without delay. If the trustee for the purposes of the financial guarantee buys insurance, the insurance company in the insurance contract is obliged to display the start and the completion or termination of the insurance contract and circumstances that affect the prescribed insurance coverage, the FMA without delay.

(20) the AIFM has to announce the Trustees pursuant to paragraph 18 of the FMA before ordering. The FMA against the order has concerns, it may require that within a reasonable time, an other trustee is named. This the AIFM fails or the FMA also opposed the appointment of the new proposed trustee has concerns, the AIFM for the has to appoint a depositary pursuant to par. 3 AIF.

4 part

Transparency requirements

Annual report


20. (1) an AIFM has for each of the him EU AIF managed and for each AIF sold by him in the Union for each fiscal year no later than six months after the end of the fiscal year to create a report. This annual report is to convey to investors upon request. The annual report has to be provided within the period of the FMA as competent authority of the home Member State of the AIFM and, where appropriate, the FMA as competent authority of the Member State of origin of the AIF the aifm. The AIF is obliged to publish annual financial reports, according to the Directive 2004/109/EC are the investors at the request in addition to submit only the information referred to in paragraph 2. The transmission can be carried out separately or in the form of a supplement to the annual financial report. In the latter case, the annual financial report is to publish no later than four months after the end of the fiscal year.

(2) the annual report must include at least the following:



1. a balance sheet or a balance sheet;

2. a statement of income and expenses of the year;

3. a report on the activities of the past year;

4. any substantial change in the information referred to in article 21 during the financial year to which the report relates;

5. the total amount of remuneration paid in the year, divided into fixed and variable remunerations paid by the AIFM to its employees, the number of beneficiaries and, where appropriate, the car Ried paid by the AIF interests;

6. the total amount of paid compensation, structured according to the management and staff of the AIFM operating significantly affects the risk profile of the AIF.

(3) the figures contained in the annual report have to be created in accordance with the accounting standards of the Member State of origin of the AIF or in accordance with the accounting standards of the country where the AIF is established, and in accordance with the accounting rules set out in the terms and conditions or the articles of Association of the AIF. The figures contained in the annual report are audited by one or more persons, pursuant to Directive 2006/43/EC are legally admitted to the final exam. The report of the external auditor including any reservations is fully reflect in each annual report.

Information obligations towards investors

Section 21 (1) AIFM have investors of AIF, before they make an investment in an AIF for every EU AIF they manage, as well as for each of them in the Union of marketed AIF following information in accordance with the terms and conditions or the articles of Association of the AIF, as well as all major changes to this information is available to:



1. a description of the investment strategy and objectives of the AIF, information on the seat of a possible master AIF and the seat of the target funds, if it was in the AIF to a Fund of funds, a description of the nature of the assets in which the AIF can invest, the techniques that he may employ and of all associated risks, any investment restrictions, the circumstances under which the AIF may use a leverage , Type and origin of allowed leverage and risks associated, other restrictions on the use of leverage financing and agreements on collateral and the reuse of assets, as well as maximum scope of the leverage, the AIFM on behalf of the AIF; insert the

2. a description of the procedures by which the AIF may change its investment strategy or investment policy, or both;

3. a description of the most important legal implications of the contractual relationship entered for making the investment, including information on the competent courts, the applicable law and the presence or absence of instruments which provide for the recognition and enforcement of judgments in the field, in which the AIF has its headquarters;

4. the identity of the AIFM, the depositary of the AIF, the statutory auditor or any other service providers, as well as an explanation of their obligations and the rights of investors;

5. a description in which way the AIFM will meet the requirements of section 7, paragraph 7;

6. a description of all of the AIFM of transferred administrative functions in accordance with Annex 1, as well as all of the depositary of transferred custody functions, name of the representative as well as all conflicts of interest that could arise from the assignment.

7. a description of the assessment procedure of the AIF and the calculation methods for the valuation of assets, including the procedure for the assessment of hard-to-value assets pursuant to section 17;

8. a description of the liquidity risk management of the AIF, including withdrawal rights under normal and exceptional conditions, and the existing redemption arrangements with investors;

9. a description of all fees, charges and other costs, indicating the respective amounts which directly or indirectly are borne by investors

10. a description of the manner how the AIFM ensures a fair treatment of investors, as well as, when always an investor obtains a preferential treatment or entitled to such treatment, an explanation of this treatment, the kind of investors who receive such preferential treatment, as well as, where appropriate, the legal or economic connections between the investors and the AIF or the AIFM;

11. the last annual report according to § 20;

12. the procedures and conditions for the issue and sale of shares.

13. the most recent net asset value of the AIF or the most recent market price of the shares of the AIF after § 17;

14. if available, the value development of the AIF;

15. the identity of the prime brokers and a description of any significant agreement between the AIF and its prime brokers and of the way in the relevant conflicts of interest be settled, as well as the provision in the contract with the depositary of the possibility of a transfer and reuse of assets of the AIF and indications of any possibly existing liability transfer on the Prime Broker;

16. a description of how and when the information required in accordance with paragraph 4 and 5 are disclosed.

(2) the AIFM has investors before they make their investment in the AIF on any agreements, which has taken the depositary contract to indemnify themselves from liability in accordance with § 19 paragraph 13, to teach. The AIFM has also immediately about any changes that arise in relation to the liability of the depositary, to inform investors.

(3) of the AIF in accordance with Directive 2003/71/EC or in accordance with national regulations is required to publish a brochure, only the information in accordance with separately or as supplementary information in the prospectus to make paragraphs 1 and 2 are in addition to the information contained in the prospectus. The prospectus review provided in accordance with §§ 8 or 8a CMM or prospectus approval does not refer to this additional information. In separate creation of this information, the document together with the prospectus with the Registrar in accordance with section 12 can be deposited CMM.

(4) for each EU AIF they manage and, each AIF sold by them in the Union the AIFM have investors regularly, at least annually, to inform of the following:



1. the percentage of the assets of the AIF, which are difficult to liquidate and that therefore special legislation;

2. any new regulations to control the liquidity of the AIF;

3. the current risk profile of the AIF and the risk management systems employed by the AIFM to manage these risks.

(5) AIFM, the EU AIF which use a leverage, manage or distribute the AIF, which use a leverage, in the Union, have for each of these AIF regularly, at least every year according to the relevant terms and conditions or the articles of Association of the AIF to disclose the following:



1. all changes to the maximum extent, in which the AIFM can employ a leverage on behalf of the AIF, as well as any rights for the re-use of collateral or other guarantees granted in connection with the financing of the lever;

2. the overall height of the leverage of the AIF.

Obligations of the competent authorities

§ 22 (1) the AIFM has regularly on the major markets and instruments, the FMA or with it is that on behalf of the AIF that it manages to teach. He has information on the most important instruments with which he is to present to the markets, in which he is a member or actively participates in the trade, as well as to the greatest risks and concentrations of each AIF managed by it.

(2) the AIFM has the FMA for each EU AIF it manages and for each AIF sold by him in the Union to submit the following:



1. the percentage of the assets of the AIF, which are difficult to liquidate and that therefore special legislation;

2. any new regulations to control the liquidity of the AIF;

3. the current risk profile of the AIF and by the AIFM to manage market risk, liquidity risk, the risk of failure of the other party, as well as other risks, including operational risks, risk control system is used;

4.

Information on the main categories of assets in which the AIF has invested and 5 the results according to § 13 para 3 subpara 2 and article 14, paragraph 1, stress tests.

(3) the AIFM has to submit the following documents to the FMA on request:



1. an annual report each EU AIF managed by the AIFM, and every one of him in the Union of marketed AIF for each financial year in accordance with article 20, paragraph 1;

2. at the end of each quarter in all of the AIFM AIF managed a detailed breakdown.

(4) an AIFM managing AIF which employ substantial leverage financing has information on the total amount of the leverage for each of the AIF it manages, a breakdown according to lever financing, which was founded by borrowing or securities lending, and such, which is embedded in derivatives, and to the extent that the assets of the AIF in relation to the financing of a lever were reused in the FMA , to submit. This information must include information about the identity of the five largest lenders or value paper distributors, as well as to the respective amount of leverage received from these sources for each of the AIF for each of the AIF managed by the AIFM. For non-EU AIFM, the reporting obligations referred to in this paragraph on the EU AIF they manage and the non-EU AIF sold by them in the Union are limited.

(5) If this is for the effective monitoring of systemic risk is required, can regularly the FMA as competent authority of the Member State of origin or cause-related request supplementary information for the information set out in these terms and conditions. The FMA ESMA about the need for additional information to inform. In exceptional circumstances and to ensure the stability and integrity of the financial system or to promote long-term sustainable growth required, the FMA has to meet additional reporting requests from ESMA.

(6) AIFM have annual accounts in accordance with the outline of Appendix 2 to § 43 BWG in sufficient time to create, that the time limit of paragraph 7 cannot be kept. Annex 2 to § 43 BWG, part 2 (structure of the profit and loss account) is with the provision to apply, that under the heading "III. operating expenses" in addition the position "including: fixed overhead costs" is to demonstrate. The §§ 43, 45 to 59a, 64 and 65 paragraph 1 and 2 of the Banking Act shall apply. The requirements set out in § 275 commercial code concerning the liability of the statutory auditor shall apply.

(7) the created pursuant to para 6 and tested in accordance with paragraph 8 financial statements of the AIFM are to submit at the latest within six months after completion of the financial year of the FMA. The managers have to ensure the legality of the financial statements. The FMA may request the submission of the data of the financial statements also by means of electronic transmission or electronic data carrier in a standardised form.

(8) the annual financial statements are Auditors, cooperatives of the audit bodies of legally responsible auditing bodies to examine. The statutory auditor has to consider the legality of the financial statements. The examination shall include also:



1. the substantive correctness of the evaluation including chooses carry out depreciation, value adjustments and provisions, as well as 2. compliance with the provisions of this Federal Act.

(9) the FMA can further criteria with regard to the information requirements pursuant to this provision by regulation, taking into consideration the European practice as well as in accordance with § 1 para 5 Z set 4, as well as the type of transmission, and in particular the use of electronic registration systems or disks, and computer formats may be prescribed.

5 part

AIFM which manage certain types of AIF

1 section

AIFM managing AIF with leverage

Use of the information by the competent authorities, supervisory cooperation and leveraging of financing restrictions

Section 23 (1) has the FMA as competent authority of the home Member State of the AIFM to forward the information to be collected in accordance with section 22 of the Austrian National Bank (OeNB). The OeNB has to analyze to what extent the use of leverage contributes to the emergence of systemic risk in the financial system, the risk of market disruptions in individual or multiple market segments or to risks for long-term economic growth based on this information. The OeNB has immediately forward their analysis of the FMA if that such risks are identified.

(2) the FMA has all information about the subject to their supervision AIFM, which were raised, in accordance with section 22 as well as the information gathered pursuant to article 5 the competent authorities of other concerned Member States, ESMA and the ESRB to provide in article 61 and article 50 of Directive 2011/61/EU cooperation in the supervision procedure available. In addition, immediately after these procedures, as well as bilaterally the competent authorities of the other Member States directly concerned to inform them if results from the analyses of the OeNB on the basis of the information referred to in section 22, that a significant counterparty risk for a credit institution or other systemically important institutions in other Member States could run out of one of their supervision of AIFM subject or an AIF managed by the AIFM.

(3) the AIFM has to present the FMA that the limits on the scope of a leverage for each AIF it manages he is adequate and that he always comply with this limitation. The OeNB has to assess the risk of the emergence of systemic risk in the financial system or by market disruptions in individual or multiple market segments, which could arise from the use of leverage through an AIFM with an AIF it manages on the basis of the information referred to in section 22. The OeNB has immediately forward their analysis of the FMA if that such risks are identified. If this to ensure of the stability and integrity of the financial system is deemed necessary, the FMA after understanding by ESMA, to limit the amount of leverage, the ESRB and the competent authorities of the relevant AIF may use the AIFM or has other restrictions of the AIF management of the AIF it manages to impose, so that the scale is limited , in which contributes the use of leverage to the emergence of systemic risk in the financial system or the risk of market disruptions in individual or multiple market segments. The procedure laid down in article 61 and article 50 of 2011/61/EU directive, the FMA as competent authority of the home Member State of the AIFM ESMA has to inform the ESRB and the competent authorities of the AIF properly about the steps taken in this regard.

(4) the communication referred to in paragraph 3 has no later than ten working days before the planned be or the renewal of the proposed action to be carried out. The understanding has details of the proposed measure to contain, their reasons, and the time at which it is to take effect. In special circumstances, the FMA as competent authority of the home Member State of the AIFM can have, that the proposed measure will be effective within the period referred to in sentence 1.

(5) if the FMA as competent authority proposes to take measures which are contrary to the recommendation of ESMA in accordance with article 25 paragraph 6 or 7 2011/61/EU directive, she shall ESMA thereof, stating its reasons in knowledge.

(6) for the tasks referred to in paragraphs 1 to 3 of the OeNB, § 79 para applies 4 2nd movement BWG mutatis mutandis.

2. section

Obligations of AIFM managing AIF, gain control of non-listed companies and issuers

Scope

24. (1) this section applies to:



1. AIFM which one or manage multiple AIF, the either alone or together on the basis of an agreement which has the obtaining of control aimed to gain control of a non-listed company in accordance with paragraph 5;

2. AIFM which cooperate with one or more other AIFM on the basis of an agreement, according to which the AIF managed by these AIFM together gain control over a non listed company in accordance with paragraph 5.

(2) this section does not apply to the case, that's when the non-listed company



1. to small and medium-sized enterprises within the meaning of article 2 paragraph 1 of the annex to the Commission recommendation concerning the definition of micro-businesses, as well as the small and medium-sized enterprises, OJ No. L 124 of the 20.05.2003 is S. 36 or 2 to special purpose entities for the acquisition, possession or management of real estate.

(3) without prejudice to paragraph 1 and 2, § 25 para 1 for AIFM shall apply, manage the AIF which acquire a minority stake in a non-listed company.

(4) article 26, paragraph 1, 2 and 3 and section 28 also apply to AIFM managing AIF, gain control in relation to issuers. The paragraphs 1 and 2 of this provision shall apply mutatis mutandis for the purposes of this paragraph.


(5) control in the case of unlisted companies over 50 per cent of the voting rights of these companies means for the purposes of this section. In the calculation of the proportion of the voting rights are held by the relevant AIF, also the following voting rights be considered in addition to the relevant AIF directly held voting rights, where the check referred to in the first sentence of this paragraph is determined:



1. from companies that are controlled by the AIF, and 2nd by natural or legal persons acting in their own names but on behalf of the AIF or a company controlled by the AIF.

The proportion of the voting rights is calculated from the total number of shares with voting rights, even if it is exposed to the exercise of the voting rights. Without prejudice to article 2, paragraph 1 Z 9 is defined control in relation to issuers for the purposes of § 26 para 1, 2 and 3 and of article 28 referred to in article 5 (3) of Directive 2004/25/EC.

(6) this section shall apply subject to the conditions and restrictions which are laid down in article 6 of Directive 2002/14/EC.

(7) this section is without prejudice to any of the Member States of adopted more stringent rules on the acquisition of shareholdings in issuers and unlisted companies in their territory.

Notification of the acquisition of significant shareholdings and the acquisition of control of non-listed companies

Section 25 (1) with the acquisition, sale or holding of shares in a non-listed company by an AIF the AIFM managing this AIF, which FMA by the proportion of the voting rights of the non-listed company, owned by the AIF, to file a complaint, if this proportion the thresholds of 10 per cent, 20 vH, 30 vH, 50 per cent and reached 75 vH has that is above or below.

(2) when an AIF alone or jointly gained control of a non listed company in accordance with § 24 para 1 in conjunction with paragraph 5, the AIFM managing the relevant AIF has to inform the following persons in relation to the acquisition of control by the AIF:



1. the non-listed company;

2. the shareholders which identity and address can be the AIFM or the unlisted companies or through a register to which the AIFM has access or can obtain, be provided him, and 3. the FMA as competent authority of the home Member State of the AIFM.

(3) the release required pursuant to par. 2 contains the following additional information:



1. the situation resulting in terms of voting rights;

2. the conditions under which control was acquired including mention of each participating shareholder, the natural or legal persons authorized to vote on their behalf and, where appropriate, the participation chain in which the voting rights be; held actually

3. the date on which control was obtained.

(4) in its communication to the non-listed company, the AIFM has the Board of Directors of the company to request the employee representative or, if there are no such representatives, to the employees themselves without undue delay by the acquisition of control by the AIF managed by the AIFM and the information referred to in paragraph 3, inform. The AIFM has to seek best efforts to ensure that the employee representative or, if there are no such representatives, the workers are even duly notified by the Board pursuant to this provision.

(5) notices under are the para 1, 2 and 3 not later than ten working days after the day on which the AIF reaches the appropriate threshold, above or below or who acquired control over the non-listed company, to make.

Disclosure requirements for acquisition of control

§ 26 (1) If an AIF solely or jointly gained control of a non-listed company or an issuer in accordance with § 24 para 1 in conjunction with paragraph 5, has the information referred to in paragraph 2 of this provision of the AIFM managing the relevant AIF



1. the undertaking concerned;

2. the shareholders of the company, which identity and address can be the AIFM or by the company or on a register to which the AIFM has access or can obtain, be provided him, and 3. the FMA as competent authority of the home Member State of the AIFM to submit.

2. the AIFM shall submit the following information:



1. the name of the AIFM which either alone or in the framework of an agreement with other AIFM managing the AIF, which gained control;

2. the principles on the prevention and control of conflicts of interest, in particular between the AIFM, the AIF and the company, including information about the special security measures were taken, to ensure that agreements are concluded between the AIFM and/or the AIF and the companies such as between independent partners, and 3rd external and internal communication policy in terms of on the company, especially in relation to the employees.

(3) in its communication to the company in accordance with paragraph 1 Z 1, the AIFM has the Board of Directors of the company to request the employee representative or, if there are no such representatives, to the employees themselves without undue delay of the information referred to in paragraph 1 having regard to. The AIFM has to seek best efforts to ensure that employee representatives or, if there are no such representatives, the workers are even duly notified by the Board pursuant to this paragraph.

(4) when an AIF alone or jointly gained control of a non listed company in accordance with § 24 para 1 in conjunction with paragraph 5, the AIFM, the relevant AIF managed, the intentions of the AIF with regard to the future business development of the non-listed company and the likely impacts on employment, including significant changes of in work conditions, to disclose to following people or making sure has , the AIF will disclose these intentions towards these persons:



1, can be provided the non-listed company, and 2. the shareholders of the private company, whose identity and address that the AIFM or him of the unlisted company or a register to which the AIFM has access or receive.

In addition the employee representatives has the AIFM managing the relevant AIF, the Board of Directors of the non-listed company to request, the information specified in the first sentence of this paragraph or, if there are no such representatives, even to provide the workers of the non-listed company, and has to seek best efforts, to ensure this.

(5) when an AIF gained control of a non listed company in accordance with § 24 para 1 in conjunction with paragraph 5, the AIFM managing the relevant AIF has the FMA as competent authority of its home Member State and the investors of the AIF to submit information on the financing of the acquisition.

Special provisions with regard to the annual report of AIF exercising control over private companies

27. (1) when an AIF alone or jointly gained control of a non listed company in accordance with § 24 para 1 in conjunction with paragraph 5, has the AIFM managing the relevant AIF, either



1 question to ask and to make every effort to ensure that the annual report of the non-listed company created pursuant to paragraph 2 within the period which is provided for in the relevant national legal framework for the creation of such annual report, best efforts and by the Board of Directors of the company all employee representatives or, if there are no such representatives, the employees themselves provided is , or 2 for each such AIF in the annual report provided for under section 20 in addition the information referred to in paragraph 2 of the non-listed company concerned to record.

(2) the additional information that must be recorded in accordance with paragraph 1 in the annual report of the company or of the AIF must include the period covered by the annual report at least one report on the situation at the end, where the course of business of the company is represented a true picture of the assets, earnings and financial position. The report should also contain information on the following:



1. events of particular significance occurred after completion of the financial year, 2 the expected development company and 3. that article 24 para 2 of the 2012/30/EU directive referred to in information on the acquisition of own shares.

(3) the AIFM managing the relevant AIF, has either



1 question to ask and to seek best efforts, to ensure that the Board of Directors of the non-listed company in par. 1 Z 2 mentioned details of the undertaking employee representatives of the company concerned or, if there are no such representatives, the workers themselves within the in article 20, paragraph 1 period provides, or 2.

the investors of the AIF the information referred to in paragraph 1 Z 1, if already available, within the time limit referred to in article 20, paragraph 1, and in any case no later than the date to which the annual report of the non-listed company in accordance with the relevant national legal framework is created, available to make.

Asset stripping

Section 28 (1) when an AIF solely or jointly gained control of a non-listed company or an issuer in accordance with § 24 para 1 in conjunction with paragraph 5, shall the AIFM, which manages the relevant AIF, within a period of 24 months after gaining control of the company through the AIF



1 sales, capital reductions, redemption of shares or purchase of its own shares by the company in accordance with paragraph 2 neither allow nor allow, support or order;

2. where authorised the AIFM is in the meetings of the governing bodies of the company on behalf of the AIF to vote, not for sales, capital reductions, redemption of shares or purchase of its own shares by the company in accordance with paragraph 2 voting and has 3. during the same period in any case best efforts to try to prevent sales, capital reductions, redemption of shares or purchase of its own shares by the company in accordance with paragraph 2.

(2) the conditions imposed on AIFM in accordance with paragraph 1, include the following:



1. distributions to shareholders, which will be carried out if the net assets shown on the financial statements of the company at the conclusion of the last financial year would fall below the amount of the subscribed capital plus the reserves, which Ausschüttung does not allow the law or the articles of Association, is less than or by such a payout, which reduces the amount of the subscribed capital by the amount of the still-not-required part of the subscribed capital , if the latter not on the assets side of the balance sheet is shown;

2. distributions to shareholders, the amount of which would exceed the amount of the result of the last completed business year plus any profits brought forward and sums drawn from reserves available for this purpose, less losses from previous years, as well as to the amounts which have been set by law or statute in reserves;

3. purchases by the company, including shares previously purchased by the company and held by him, and shares acquired by a person who is on their own behalf, but on behalf of the company to the extent in which the purchase of Treasury shares is permitted, which would result would reducing the net assets below the threshold referred to in subpara 1.

(3) the following applies for the purposes of paragraph 2:



1 para 2 Nos. 1 and 2 used in term "Dividend" refers specifically to the payment of dividends and interest relating to shares.

2. the provisions for reductions in capital not cover reductions of subscribed capital, the purpose of which is, under the condition that the amount of such reserve does not exceed 10 vH of the reduced subscribed capital according to this measure, and 3 is the limitation referred to in paragraph 2 No. 3 is under article 22 paragraph 1 lit in the compensation of losses or borrowing funds in a non-distributable reserve. b to h of 2012/30/EU directive.

6 part

Law of the EU AIFM on sales and managing EU AIF

Distribution of shares by EU AIF in Austria as the home Member State of the AIFM

AIFM licensed in Austria can expel § 29 (1) shares of all EU AIF it manages, to professional investors in Austria as its home Member State, as soon as the conditions laid down in that provision are met. The EU AIF is a feeder AIF, the right of distribution referred to in the first sentence of this paragraph applies only if the master AIF is also an EU AIF managed by a EU AIFM authorised in a Member State.

(2) the AIFM has the FMA for each AIF which he intends to market to submit a request for approval. The application for approval shall include the documentation and the information specified in Appendix 3.

(3) within 20 working days after receipt of the complete application referred to in paragraph 2, the FMA on the admissibility of the sales of the AIF is to decide. § 13 para 3 last sentence AVG will not be with regard to the calculation of the period of application. The FMA can prohibit the marketing of AIF, if the management of AIF by the AIFM or AIFM in any other way violates this federal law, the policy 2011/61/EU or delegated acts adopted on the basis of this directive or is violated. In the case of a positive decision, the AIFM from the date of the relevant approval can begin with the distribution of the AIF.

(4) in the event that the FMA is not at the same time competent authority of the EU AIF, the FMA informs the competent authorities of the EU AIF that the AIFM may start selling with units of the AIF in Austria.

(5) in the event of a significant change in the information referred to in paragraph 2, the AIFM has this the FMA changes planned by him at least one month before implementing the change, or when unplanned changes immediately after occurrence of unplanned change in writing to show. Should lead the proposed amendment, that the management of the EU AIF by the AIFM or AIFM contrary adopted pursuant to delegated acts in General now against this federal law, against the 2011/61/CE directive or on the basis of this directive, the FMA has the AIFM immediately, to prevent the implementation of the changes. A planned change regardless of this paragraph or a prohibition will occur or causes a change resulting from an unplanned circumstance, that the management of the EU AIF by the AIFM or AIFM in General now against this federal law, would violate the policy 2011/61/EU or delegated acts adopted on the basis of this directive, has to take the FMA all necessary measures in accordance with sections 56 f , including, if necessary, the express prohibition on sale of the EU AIF in Germany.

(6) without prejudice to section 48 para 1 you may be distributed by the AIFM of managed and marketed AIF to professional investors only.

Distribution of shares by EU AIF in other Member States through an AIFM authorised in Austria

An AIFM licensed in Austria can expel section 30 (1) shares of an EU AIF it manages to professional investors in other Member States than in Austria, once the conditions laid down in that provision are met. The EU AIF is a feeder AIF, the distribution right applies only if the master AIF is also an EU AIF and managed by a EU AIFM authorised in a Member State.

(2) if AIFM licensed in Austria intends to market the units of an EU AIF it manages in another Member State, so he has to submit a letter of indication the FMA, which includes the documentation and the information referred to in annex 4.

(3) the FMA has the competent authorities of the Member State where the EU AIF should be marketed after checking the completeness of the display notified in accordance with paragraph 2 and documents to submit these at the latest 20 working days after receipt of full display writing and documentation. § 13 para 3 last sentence AVG will not be with regard to the calculation of the period of application. The FMA has only to submit the display, if the management of the EU AIF by the AIFM corresponds to this federal law, 2011/61/CE directive, as well as the delegated acts adopted on the basis of this policy and will continue to reflect, and if the AIFM in General has adopted delegated acts to this federal law, the 2011/61/CE directive and on the basis of this directive. The FMA has a certificate of the concession of the AIFM to manage AIF with a particular investment strategy to be attached.

(4) the FMA has to promptly inform the AIFM of the delivery of the display documents. The AIFM can begin from the date of this communication with the distribution of the EU AIF in the host Member State. In the event that the FMA is not at the same time competent authority of the EU AIF, the FMA the authorities responsible for the EU AIF tells also that the AIFM may start with the distribution of shares of the EU AIF in the host Member State of the AIFM.

(5) display writing referred to in paragraph 2 of the AIFM, which have certificate referred, as well as the change notification referred to in paragraph 6 in German or English language or in one of the FMA pursuant to regulation in paragraph 3 (§ 7 par. 1 b CMM) to be recognized other language provided. The FMA has to accept the electronic submission and archiving of these documents.


(6) in the event of a significant change in the information referred to in paragraph 2, the AIFM has this the FMA changes planned by him at least one month before implementing the change, or when unplanned changes immediately after occurrence of unplanned change in writing. The proposed amendment should lead that the management of the EU AIF by the AIFM or AIFM contrary adopted pursuant to delegated acts in General now against this federal law, against the 2011/61/CE directive or on the basis of this directive, the FMA without delay to prohibit the implementation of changes to the AIFM. A planned change regardless of this paragraph or a prohibition will occur or causes a change resulting from an unplanned circumstance, that the management of the EU AIF by the AIFM or AIFM in General now against this federal law, would violate the policy 2011/61/EU or delegated acts adopted on the basis of this directive, has to take the FMA all available measures in accordance with §§ 56f , including, if necessary, the express prohibition on sale of the EU AIF. The changes are allowed, the FMA has promptly to inform the competent authorities of the host Member State of the AIFM about these changes.

(7) without prejudice to section 48 para 1 you may be distributed by the AIFM of managed and marketed AIF in Germany only to professional investors.

Distribution of shares by EU AIF from other Member States in Austria by an AIFM authorised in a Member State

An AIFM authorised in one Member State can expel section 31 (1) shares of an EU AIF it manages to professional investors in Austria, once the AIFM was informed by the competent authority in its home Member State that submitted the complete documentation and information referred to in annex 4 and the certificate referred to in article 30 par. 3 of the FMA.

(2) in accordance with annex 4 lit. the distribution of the EU AIF arrangements to be h and, as long as the precautions that have been taken are true to prevent that distributed shares of the EU AIF to retail customers if the AIFM for the provision of investment services for the AIF reverted to independent companies, subject to the requirements of this federal law and supervision by the FMA. The FMA has in the event of a violation of this federal law, all necessary measures in accordance with sections 56 f to take the policy 2011/61/EU or delegated acts adopted on the basis of this directive, including, if necessary, the express prohibition on sale of the EU AIF in Germany.

(3) by the competent authority of the home Member State of the AIFM sent indicator together with documents as well as the certificate referred in § 30 para 3 in German or English language or in one of the FMA pursuant to Regulation (§ 7 para 1 b CMM) to be recognized other language provided. The FMA has to accept the electronic submission and archiving of these documents.

(4) for the processing of submitted documents referred to in paragraph 1, a fee of EUR 1 100 can be paid to the FMA. These fee increases at EU AIF that include several sub-Fund (umbrella fund), from the second part of funds for each Fund to 220 euros. For the monitoring of compliance with the obligations under this section at the beginning of each calendar year, is payable an annual fee of 600 euros to the FMA no later than January 15 this year; these fee increases at EU AIF that include several sub-Fund (umbrella fund), from the second part of funds for each sub-fund to 200 euro. Fees posts that were paid not later than on the due date, shall be enforceable. The FMA has to make a considered execution title behind pass. It has name and address of the toll, the amount of the debt and the notice to include that the debt has become enforceable. The prescribed fee is a sales ban reason referred to in section 50.

Conditions for managing EU AIF by an AIFM authorised in Austria

32. (1) an Austria licensed can AIFM EU AIF domiciled in another Member State either directly or indirectly manage through a branch, unless the concession entitles the AIFM to manage these types of AIF.

(2) an AIFM, which intends first to manage EU AIF domiciled in another Member State has to show this to the FMA and to provide the following information:



1. the Member State in which it intends to manage EU AIF directly or through a branch, 2. a business plan, from which in particular stating what services he to provide and what EU AIF it intends to manage.

(3) the AIFM intends to the establishment of a branch in that Member State, following on the disclosures pursuant to par. 2 information to submit shall in addition:



1. the organisational structure of the branch;

2. the address under which in the home Member State of the EU AIF documents can be requested; and 3 the names and contact details of the Managing Director of the branch.

(4) the FMA has to submit the complete display documents to the competent authorities of the host Member State of the AIFM within one month after receipt of the complete notification referred to in paragraph 2 or within two months after receipt of the complete documentation according to § 3. § 13 para 3 last sentence AVG will not be with regard to the calculation of the period of application. The FMA has only to submit the display, if the management of the EU AIF by the AIFM corresponds to this federal law, 2011/61/CE directive, as well as the delegated acts adopted on the basis of this policy and will continue to reflect, and if the AIFM generally adheres to this federal law, the 2011/61/CE directive, as well as the delegated acts adopted on the basis of this directive. The FMA has a certificate of the concession of the AIFM to manage AIF with a particular investment strategy to be attached.

(5) the FMA shall immediately notify the AIFM about the delivery of the documents. The AIFM can commence the provision of the services in the host Member State from the date of this release.

(6) in the event of a significant change in the information provided under paragraph 2 and, where appropriate, according to paragraph 3 of the AIFM has the FMA changes planned by him at least one month before implementing the change, or when unplanned changes immediately after occurrence of unplanned change in writing. The proposed amendment should lead that the management of the EU AIF by the AIFM or AIFM contrary adopted pursuant to delegated acts in General now against this federal law, against the 2011/61/CE directive or on the basis of this directive, the FMA without delay to prohibit the implementation of changes to the AIFM. A planned change regardless of this paragraph or a prohibition will occur or causes a change resulting from an unplanned circumstance, that the management of the EU AIF by the AIFM or AIFM in General now against this federal law, would violate the policy 2011/61/EU or delegated acts adopted on the basis of this directive, has to take the FMA all necessary measures in accordance with sections 56 f , including, if necessary, the changes are allowed to the explicit prohibition on sale of the EU AIF in Germany, the FMA has promptly to inform the competent authorities of the host Member State of the AIFM about these changes.

(7) the display writing of the AIFM, referred to in paragraph 2 shall, where appropriate, the information provided in paragraph 3, as well as the change notification referred to in paragraph 6 shall have in German or English language or in one of the FMA pursuant to Regulation (§ 7 para 1 b KMG) to be recognized other language provided. The FMA has to accept the electronic submission and archiving of these documents.

Conditions for managing EU AIF in Austria by AIFM domiciled in another Member State

A EU AIFM authorised in another Member State may § 33 (1) EU-AIF either directly or indirectly through a branch in Austria manage and distribute to professional investors, if the EU AIFM to manage this kind of EU-AIF entitled.

(2) the inclusion of the management of the EU AIF in Austria as well as the establishment of a branch office in Austria by a EU AIFM is allowed if the competent authority of the home Member State of the EU AIFM submits all information according to § 32 para 2 and 3 of the FMA as well as a confirmation of the communication by the competent authority of its home Member State went to the EU AIFM. The information according to § 32 para 2 and 3 have in German or English language or in one of the FMA pursuant to Regulation (§ 7 para 1 b CMM) to be recognized other language provided. The FMA has to accept the electronic submission and archiving of these documents.


(3) if the collective portfolio management of AIF in Austria approved is intended, the EU AIFM has to apply for this by the FMA in accordance with section 29. The EU AIFM managing AIF of the same type in Austria, already so the note on the already submitted documents is sufficient. The distribution of the EU AIF to retail customers in Austria is only allowed if the conditions of section 48 are met.

7 part

Specific rules in relation to third countries

Conditions for EU AIFM which manage non-EU AIF which are not distributed in the Member States

§ 34. A EU AIFM domestically licensed to administer non-EU AIF which are not distributed in the European Union, if



1. the AIFM meets all this federal law or policy 2011/61/EU for this AIF specified requirements with the exception of the requirements in sections 19 and 20 or articles 21 and 22 of Directive 2011/61/EC, and appropriate arrangements for cooperation between the FMA as competent authority of the home Member State of the AIFM and the supervisory authorities of the third country exist 2. , where the non-EU AIF has his seat to ensure at least a more efficient exchange of information, which allows the FMA as competent authority of the home Member State of the AIFM to perform their tasks in accordance with this federal law and 2011/61/EU directive.

Distribution of shares of a non-EU AIF in Austria by an AIFM authorised in Austria

AIFM licensed in Austria can expel section 35 (1) shares of a non-EU-AIF managed by him to professional investors in Austria, once the conditions laid down in that provision are met.

(2) If an AIFM licensed in Austria intends to distribute shares of a non-EU-AIF managed by him in Austria, so he has the FMA in advance for each non-EU AIF it intends to market to submit a letter of indication, which includes the documentation and the information specified in Appendix 3.

(3) the AIFM must all this federal law, except for those in the part 6, chapter VI of 2011/61/EU directive or on the basis of this directive laid down requirements adopted delegated acts. In addition, the following conditions must be met:



appropriate arrangements for cooperation between the FMA and the supervisory authorities of the third country in which the non-EU AIF domiciled must be 1 to § 61 para 3 when taking a more efficient exchange of information, which enables the FMA to perform their tasks in accordance with this federal law;

2. the third country, in which, the non-EU AIF is domiciled, is no country or territory in which in accordance with section 40 of para 1 last sentence BWG anyway, is an increased risk of money laundering or terrorist financing;

3. the third country in which the non-EU AIF domiciled has signed an agreement with Austria, which fully complies with the standards referred to in article 26 of the OECD Model Convention for the avoidance of double taxation of income and assets and, where appropriate, ensures an effective exchange of information in tax matters, including multilateral agreements on taxation.

(4) after receipt of full display writing and the documentation referred to in paragraph 2, the FMA has no later than 20 working days after checking the integrity of the display and the documents to inform the AIFM whether it can begin in the domestic marketing of AIF mentioned in the letter of the indication referred to in paragraph 2. § 13 para 3 last sentence AVG will not be with regard to the calculation of the period of application. The FMA can only prohibit the marketing of AIF, if the management of AIF by the AIFM or AIFM adopted pursuant to delegated acts in General against the Federal law, the 2011/61/CE directive or on the basis of this directive. In the case of a positive decision, the AIFM as of the date of the relevant notice of the FMA can begin with the distribution of the AIF.

(5) display writing referred to in paragraph 2 of the AIFM has in German or English language or in one of the FMA pursuant to Regulation (§ 7 para 1 b KMG) to be recognized other language provided. The FMA has to accept the electronic submission and archiving of these documents.

(6) in the event of a significant change in the information referred to in paragraph 2, the AIFM has this the FMA changes planned by him at least one month before implementing the change, or when unplanned changes immediately after occurrence of unplanned change in writing. Should lead the proposed amendment, that the management of the non-EU AIF by the AIFM or AIFM violates in General now against this federal law, against the 2011/61/CE directive or on the basis of this directive adopted pursuant to delegated acts, the FMA without delay to prohibit the implementation of changes to the AIFM. Performed a planned change regardless of this paragraph or a prohibition, a requirement of paragraph 3 subsequently dropped or leads one through an unplanned circumstance triggered amendment, that the management of the non-EU AIF by the AIFM or AIFM in General now would violate 2011/61/EU or delegated acts adopted on the basis of this policy this federal law, the directive , the FMA has to take all available measures in accordance with sections 56 f including, if necessary, the express prohibition on sale of non-EU AIF. The modifications are allowed, so the FMA in accordance with the paragraph 4 to inform the AIFM of it.

(7) without prejudice to section 48 para 1 you may be distributed by AIFM of managed and marketed non-EU AIF to professional investors only.

(8) this provision applies equally to EU feeder AIF, not the requirements laid down in article 29, paragraph 1, second sentence, meet.

Distribution of shares of a non-EU AIF in other Member States through an AIFM authorised in Austria with a pass

An AIFM licensed in Austria can expel 36 (1) shares of a managed by him and displayed in accordance with § 35 non-EU AIF to professional investors in other Member States, as soon as the conditions laid down in that provision are met.

(2) the AIFM intends to market units of managed by him and displayed in accordance with § 35 non-EU AIF in another Member State, to show the FMA for each relevant non-EU AIF in advance. The display writing has to cover at least the documentation and the information referred to in annex 4.

(3) the AIFM must all this federal law, except for those in the part 6, chapter VI of 2011/61/EU directive or on the basis of this directive laid down requirements adopted delegated acts. In addition, the following conditions must be met:



appropriate arrangements for cooperation between the FMA and the supervisory authorities of the third country in which the non-EU AIF domiciled must be 1 to § 61 para 3 when taking a more efficient exchange of information, which enables the FMA to perform their tasks in accordance with this federal law;

2. the third country, in which, the non-EU AIF is domiciled, is no country or territory in which in accordance with section 40 of para 1 last sentence BWG anyway, is an increased risk of money laundering or terrorist financing;

3. the third country where the non-EU AIF has its headquarters, with Austria as well as with any other Member State, in which the shares of the non-EU AIF to marketed, signed an agreement which fully meets the standards referred to in article 26 of the OECD Model Convention for the avoidance of double taxation of income and wealth and an effective exchange of information in tax matters, including multilateral agreements on taxation, if applicable , guaranteed.

(4) the FMA has the competent authorities of the Member State where the non-EU AIF should be marketed after checking the completeness of the display notified in accordance with paragraph 2 and documents, to submit at the latest 20 working days after receipt of full display writing and documentation. § 13 para 3 last sentence AVG will not be with regard to the calculation of the period of application. The FMA has only to submit the display, if the management of the non-EU AIF by the AIFM corresponds to this federal law, 2011/61/CE directive, as well as the delegated acts adopted on the basis of this policy and will continue to reflect, and if the AIFM in General has adopted delegated acts to this federal law, the 2011/61/CE directive and on the basis of this directive. The FMA has a certificate of the concession of the AIFM to manage AIF with a particular investment strategy to be attached.

(5) the display writing referred to in paragraph 2 of the AIFM and the certificate referred to in paragraph 4 have in German or English language or in one of the FMA pursuant to Regulation (§ 7 para 1 b CMM) to be recognized other language provided. The FMA has to accept the electronic submission and archiving of these documents.


(6) the FMA has to promptly inform the AIFM of the delivery of the display documents. The AIFM can begin from the date of this notification by the FMA with the distribution of the AIF in the host Member State of the AIFM. The FMA also ESMA to inform that the AIFM may start with the distribution of shares of the AIF in the host Member State of the AIFM.

(7) in the event of a significant change in the information referred to in paragraph 2, the AIFM has this the FMA changes planned by him at least one month before implementing the change, or when unplanned changes immediately after occurrence of unplanned change in writing. Should lead the proposed amendment, that the management of the non-EU AIF by the AIFM or AIFM violates in General now against this federal law, against the 2011/61/CE directive or on the basis of this directive adopted pursuant to delegated acts, the FMA without delay to prohibit the implementation of changes to the AIFM. Performed a planned change regardless of this paragraph or a prohibition, a requirement of paragraph 3 subsequently dropped or leads one through an unplanned circumstance triggered amendment, that the management of the non-EU AIF by the AIFM or AIFM in General now would violate 2011/61/EU or delegated acts adopted on the basis of this policy this federal law, the directive , the FMA has to take all available measures in accordance with sections 56 f including, if necessary, the express prohibition on sale of non-EU AIF. The modifications are allowed, so the FMA 4 in accordance with the paragraph to promptly inform ESMA, as far as the changes concerning termination of the distribution of certain AIF or the distribution of additional AIF and, where appropriate, the competent authorities of the host Member State of the AIFM.

(8) a competent authority rejects a request for Exchange of information in accordance with the provisions in article 35 paragraph 14 of Directive 2011/61/EC of mentioned technical regulatory standards, the FMA as competent authority that refer matter to ESMA, has through the you within the framework of article 19 of Regulation (EU) No. 1095/2010 powers conferred can be active.

(9) without prejudice to section 48 para 1 you may be distributed by the AIFM of managed and marketed non-EU AIF to professional investors only.

(10) this provision applies equally to EU feeder AIF, not the requirements laid down in article 29, paragraph 1, second sentence, meet.

Distribution of non-EU AIF with a pass in Austria by a EU AIFM

A EU AIFM authorised in one Member State can expel section 37 (1) shares of a non-EU-AIF managed by him to professional investors in Austria, as soon as the documents and information referred to in section 36 of the competent authority of the home Member State of the EU AIFM were submitted to the FMA.

(2) in accordance with annex 4 lit. the distribution of the non-EU AIF arrangements to be h and, as long as the precautions that have been taken are true to prevent that distributed shares of non-EU AIF to private customers, also if the AIFM for the provision of investment services for the AIF reverted to independent companies, subject to the requirements of this federal law and supervision by the FMA. The FMA has in the event of a violation of this federal law, all necessary measures in accordance with sections 56 f to take the policy 2011/61/EU or delegated acts adopted on the basis of this directive, including, if necessary, the express prohibition on sale of non-EU AIF in domestic.

(3) by the competent authority of the home Member State of the AIFM sent display of the AIFM and documents as well as have certificate referred in section 36 (4) in German or English language or in one of the FMA pursuant to Regulation (§ 7 para 1 b KMG) to be recognized other language provided. The FMA has to accept the electronic submission and archiving of these documents.

(4) for manipulating the display in accordance with paragraph 1, a fee of EUR 1 100 can be paid to the FMA. These fee increases at non-EU AIF which contain several sub-Fund (umbrella fund), from the second part of funds for each Fund to 220 euros. For the monitoring of compliance with the obligations under this section at the beginning of each calendar year, is payable an annual fee of 600 euros to the FMA no later than January 15 this year; these fee increases at non-EU AIF which contain several sub-Fund (umbrella fund), from the second part of funds for each sub-fund to 200 euro. Fees posts that were paid not later than on the due date, shall be enforceable. The FMA has to make a considered execution title behind pass. It has name and address of the toll, the amount of the debt and the notice to include that the debt has become enforceable. The prescribed fee is a sales ban reason referred to in section 50.

(5) the FMA with the assessment of the competent authority of the home Member State of the AIFM with regard to compliance with the conditions did not agree, is according to § 36 para 3 Nos. 1 and 2 so the FMA can bring this ESMA noted, in the context of her by article 19 of Regulation (EU) No. 1095/2010 powers conferred can be active. Until the end of the conciliation procedure by ESMA, the sales of the shares of the concerned non-EU AIF in Austria is not allowed.

(6) without prejudice to section 48 para 1 you may be distributed by the AIFM of managed and marketed non-EU AIF to professional investors only.

(7) this provision applies equally to EU feeder AIF, not the requirements laid down in article 29, paragraph 1, second sentence, meet.

Conditions for the following without a passport sales in Austria from non-EU AIF managed by EU AIFM

§ 38. (1) without prejudice to section 35 AIFM licensed in Austria can perform exclusively in domestic sales of shares to a non-EU AIF it manages, as well as by EU feeder AIF, not the requirements laid down in article 29, paragraph 1, second sentence, meet, to professional investors, provided that the following conditions are met:



1. the AIFM meets all the requirements laid down in this Act with the exception of article 19. The AIFM shall designate one or more authorities which perform the functions in accordance with section 19, paragraph 7, 8 and 9, and shall immediately inform the FMA and the supervisory authorities of the third country in which the non-EU AIF domiciled. The requirements of section 19, paragraph 7, 8 and 9 can not be taken over by the AIFM itself.

2 appropriate there are the monitoring of systemic risks, serving and standing in line with the international standards agreements about cooperation between the FMA and the supervisory authorities of the third country in which the non-EU AIF is established, providing a more efficient exchange of information, which enables the FMA to fulfilling their duties set forth in this federal law.

3. the third country in which the non-EU AIF domiciled is not a country or area, where in accordance with section 40 of para 1 last sentence BWG anyway, is an increased risk of money laundering or terrorist financing.

(2) an AIFM intends to distribute shares of a non-EU AIF in Austria, he has to submit a letter of indication of the FMA for each non-EU AIF. This indicator letter includes the documentation and the information specified in Appendix 3, and a confirmation of the competent authority of the Member State of origin of the non-EU AIF that it all in this federal law or policy 2011/61/EC, as well as on the basis of this directive laid down except for those in the part 6 requirements adopted delegated acts. A proof of the payment of the fee referred to in paragraph 3 is to settle.

(3) for manipulating the display in accordance with paragraph 2, a fee of 2 200 euros can be paid to the FMA. These fee increases at non-EU AIF which contain several sub-Fund (umbrella fund), from the second part of funds for each Fund to 440 euros. For the examination of the documents provided for in paragraph 6 is also at the beginning of each calendar year, no later than January 15 of this year, to pay an annual fee of 1 200 euros to the FMA; these fee increases in funds, which contain several sub-Fund (umbrella fund), from the second part of funds for each sub-fund to 400 euros. Fees posts that were paid not later than on the due date, shall be enforceable. The FMA has to make a considered execution title behind pass. It has name and address of the toll, the amount of the debt and the notice to include that the debt has become enforceable. The prescribed fee is a sales ban reason in accordance with paragraph 8.


(4) the FMA has to check the display on their formal completeness, a further substantive examination has not to be made. Within two months after receipt of the full display letter referred to in paragraph 2, the FMA is to inform the AIFM whether he can start domestically with the sales of the non-EU AIF mentioned in the letter of the indication referred to in paragraph 2, where the sales with the date of that notification may be carried out. § 13 para 3 last sentence AVG not be the application with regard to the calculation of the period of two months. The FMA has to prohibit the marketing of non-EU AIF if the management of the non-EU AIF by the AIFM or AIFM adopted pursuant to delegated acts in General against this federal law or the 2011/61/CE directive or on the basis of this directive. The recording of distribution is to prohibit further if the AIFM or the non-EU AIF a requirement of this provision are not met or the display improperly reimbursed pursuant to par. 2.

(5) display writing referred to in paragraph 2 of the AIFM and the supplements have in German or in English or in one in accordance with § 7B 1 CMM in the financial world common language provided to be. The FMA as competent authority has to accept the electronic submission and archiving of the documents referred to in paragraph 2.

(6) in the event of a significant change in the information referred to in paragraph 2, the AIFM has this the FMA changes planned by him at least one month before implementing the change, or when unplanned changes immediately after occurrence of unplanned change in writing. Should lead the proposed amendment, that the management of the non-EU AIF by the AIFM or AIFM violates in General now against this federal law, against the 2011/61/CE directive or on the basis of this directive adopted pursuant to delegated acts, the FMA has the AIFM immediately, to prohibit the implementation of change. A planned change regardless of this paragraph or a prohibition will occur or causes a change resulting from an unplanned circumstance, that the management of non-EU AIF by the AIFM or AIFM in General now against this federal law, would violate the policy 2011/61/EU or delegated acts adopted on the basis of this directive, has to take the FMA all necessary measures in accordance with sections 56 f , including, if necessary, the express prohibition on sale of non-EU AIF in domestic.

(7) the AIFM intends to adjust the distribution of shares of the non-EU AIF in Austria, notified to the FMA.

(8) the FMA has to prohibit further distribution by non-EU AIF, if



1 the display is not been refunded pursuant to par. 2, 2 a requirement has been dropped that provision, 3.
              sales significantly against laws violate a claim of a shareholder identified by final judgment or settlement against the non-EU AIF or the AIFM was, does not meet 5 has been, 6 the obligations laid down in this law not properly are fulfilled, or 7.
              the authorisation has been withdrawn by the competent authorities of the country of origin of the non-EU AIF.

(9) has prohibited the inclusion of sales or further distribution of the non-EU AIF the FMA, the AIFM may display at the earliest again intend to sell shares of this non-EU AIF in the scope of this federal law, referred to in paragraph 2, if a year has passed since the day of the prohibition.

(10) the FMA may also prohibit the marketing of interests of non-EU AIF, which may be distributed within the scope of this federal law, umbrella designs under consideration of paragraph 8, if more shares are distributed by sub-fund of same umbrella construction within the scope of this federal law, which have not properly filed the charges referred to in paragraph 2.

(11) this provision applies equally to EU feeder AIF, not the requirements laid down in article 29, paragraph 1, second sentence, meet.

Admission of non-EU AIFM, Austria is reference Member State for the

To distribute 39 (1), a non-EU AIFM which intend to manage AIF or AIF managed by it in accordance with section 40 or section 42 has provided in accordance with paragraph 3, Austria is the reference Member State of the non-EU AIFM to submit an application for approval by the FMA. The provisions of the 2nd part of the Federal Act apply, taking into account paragraph 6 and 7 of this provision. The non-EU AIFM is committed to this federal law, with the exception of the part 6, the 2011/CE 61/directive and the delegated adopted on the basis of this directive to comply with legislation. If and insofar as compliance with one of these provisions with the compliance with the legislation is incompatible, which is subject to the non-EU AIFM or the non-EU AIF marketed in a Member State any obligation to abide by this provision is for the non-EU AIFM. To do this, he has to prove the FMA that



1. it is not possible, compliance with this provision with the compliance with a mandatory law, which is subject to the non-EU AIFM or the non-EU AIF marketed in a Member State, to connect.

2. the legislation, which the non-EU AIFM or the non-EU AIF shall be subject to, contain an equivalent provision with the same purpose and the same level of protection for investors of the concerned non-EU AIF; and 3 non-EU AIFM or the non-EU AIF the equivalent provision referred to in item 2.

(2) a non-EU AIFM which intends to manage AIF or distribute managed AIF pursuant to § 40 or section 42, it must have a legal representative based in Austria. The legal representative represents the non-EU AIFM and out of court, process agent and contact point for the non-EU AIFM in Austria. All correspondence between the FMA and the non-EU AIFM and the investors of the AIF and the non-EU AIFM in accordance with this Federal Act via this legal representative. The legal representative has the compliance function in relation to the of the non-EU AIFM performed administrative and sales activities to take advantage of this directive together with the non-EU AIFM. These powers can be restricted.

(3) Austria is reference member of a non-EU AIFM, provided that the non-EU AIFM intends to



1. a single EU AIF or several EU AIF domiciled in Austria to manage and does not intend, in accordance with section 40 or section 42 an AIF in another Member State to distribute;

2. to manage several EU AIF established in different Member States, and not intended, in accordance with section 40 or section 42 an AIF in another Member State to distribute, and either a) in Austria most of the AIF headquarters have, or b) managed in Austria the largest assets;

3. a single AIF to distribute, Austria is a Member State of origin of the AIF and distributed the AIF in any other Member State;

4. to distribute a single AIF, the AIF in another Member State is approved and distributed exclusively in Austria;

5. a single non-EU AIF in Austria only to distribute;

6 is a single EU AIF in different Member States to expel and Austria Member State of origin of the AIF or one of the Member States, to build a high-performance sales where the AIFM intends;

7. a single AIF, which is approved to sell in different Member States in a Member State and is one of the Member States Austria, to build a high-performance sales where the AIFM intends;

8. a single non-EU AIF in Austria and at least one other Member States to expel and no other Member State as reference Member State named;

9. multiple EU AIF in the Union to expel and Austria is Member State of origin all EU AIF or a more efficient distribution of most of the relevant AIF should be built in Austria.

10. several EU AIF, which not all same home Member State have to distribute in the Union and in Austria; rebuilt a powerful sales of most of the relevant AIF

11. several EU and non-EU AIF or several non-EU AIF in the Union to expel, and a high-performance sales most of the AIF in Austria to build.


Coming next to Austria other Member States as a reference Member State into consideration, so has the concerned non-EU AIFM which intends to manage EU AIF without to expel them, or to distribute, with the FMA, AIF managed in accordance with article 39 or 40 of the directive 2011/61/EC in the Union but to request the authorities of all Member States as a possible reference Member State considering coming, , that these authorities with each other on the establishment of the reference Member State, agree. The FMA and the other competent authorities concerned have within one month after receipt of such an application together with the reference Member State for the non-EU AIFM to decide. The FMA as competent authority of the reference Member State is set, she immediately this set having regard to the non-EU AIFM. If the non-EU AIFM within a period of seven days after the adoption of the decision is properly informed about the decision of the competent authorities or the competent authorities concerned within the one month period made no decision, the non-EU AIFM itself can set its reference Member State in accordance with the criteria set out in this paragraph. Sets non-EU AIFM Austria as its reference Member State, has its sales strategy to disclose evidence that he build a powerful sales plans in Austria compared to the FMA.

(4) upon receipt of an application for approval of a non-EU AIFM, the FMA has to assess whether the decision of the non-EU AIFM with regard to his reference Member State satisfies the criteria referred to in paragraph 3. If the FMA of the view is that this is not the case, she has to refuse the request of the non-EU AIFM on approval. If the FMA of considers that the criteria set out in paragraph 3 are met, she has this fact having regard to ESMA and ask, a recommendation for their assessment. In its communication at ESMA, the FMA has to present the grounds of the non-EU AIFM for his judgment with regard to the Member State of reference and details of the sales strategy of the non-EU AIFM. The deadline according to article 6 par. 5 para 5 of the directive is interrupted during the discussions by ESMA under article 37 2011/65/EC until the delivery of the recommendation by ESMA. If the FMA as competent authority contrary to the recommendation of ESMA intends to grant the permit of the non-EU AIFM, she has to put ESMA, stating their reasons in knowledge. The non-EU AIFM intends to market units of AIF managed by it in other Member States as Austria, the FMA also to the competent authorities of the Member States concerned, stating their reasons in knowledge. If necessary, which has also to the competent authorities of the Member State of origin of the AIF managed by the non-EU AIFM, stating their reasons in knowledge FMA.

(5) without prejudice to the paragraph 6 the authorisation may be granted only by the FMA, if the following additional conditions are met:



1. Austria is confirmed named as reference Member State of the non-EU AIFM in accordance with the criteria according to paragraph 3 by the disclosure of the sales strategy and the procedure referred to in paragraph 4 was carried out by the competent authorities concerned;

2. the non-EU AIFM has named a legal representatives in accordance with paragraph 2;

3. There are appropriate arrangements for cooperation between the FMA, the competent authorities of the home Member State of the EU AIF and the supervisory authorities of the third country in which the non-EU AIFM is established, to ensure at least a more efficient exchange of information, which allows the competent authorities to perform their tasks in accordance with this federal law and policy 2011/61/EC;

4. the third country in which the non-EU AIFM is established, is no country or territory in which in accordance with section 40 of para 1 last sentence BWG anyway, is an increased risk of money laundering or terrorist financing;

5. the third country in which the non-EU AIFM is established, has signed an agreement with Austria, which fully complies with the standards in accordance with article 26 of the OECD Model Convention for the avoidance of double taxation of income and assets and, where appropriate, ensures an effective exchange of information in tax matters, including multilateral agreements on taxation,

6. the law applicable to non-EU AIFM - and administrative provisions of a third country, or the limitations of the supervisory and investigative powers of the supervisory authorities of that third country prevent the competent authorities not to the effective exercise of their supervisory functions in accordance with the directive 2011/61 /.

(6) the granting of the non-EU AIFM by the FMA is granted according to the 2nd part of this federal law of subject to the following criteria:



1. the information pursuant to § 5 para 2 are supplemented by the following: a) a justification of the non-EU AIFM for the assessment made by him with regard to the reference Member State in accordance with the criteria according to paragraph 3 and to the sales strategy;

(b) a list of the provisions of this Federal Act, compliance with which the non-EU AIFM is impossible, because their compliance with the non-EU AIFM in accordance with paragraph 1 not to abide by a mandatory legislation, which is subject to the non-EU AIFM or the non-EU AIF marketed in a Member State, is consistent.

(c) written documents on the basis of the technical regulatory standards elaborated by ESMA, that the legislation of the third country concerned contain a provision, which is equivalent to the provisions that cannot be met, same regulatory purpose and provides the same level of protection to the investors of the AIF, and that the non-EU AIFM has to this equivalent requirement; These written documents are supported by a legal opinion on the existence of the concerned incompatible mandatory provision in the law of the third country, that the purpose of the regulation and of the characteristics of the investor protection also includes a description, aimed at the provision and d) name and location of the legal representative of the non-EU AIFM;

2. information pursuant to § 5 para 3 may on the EU AIF, that the non-EU AIFM intends to manage, and of the non-EU AIFM of managed AIF it intends to market with a pass in the Union, limited to the;

3. § 6 para 1 subpara 1 applies notwithstanding paragraph 1 of this provision;

4. Article 6, paragraph 1 Z 5 shall not apply;

5. § 6 para 5 is third and fourth sentence to be read with the following addition: ' in § 39 para 6 Z 1 listed ".

(7) the FMA of believes that the non-EU AIFM pursuant to par. 1 adherence to certain rules of 2011/61/EU directive can be exempted, is she has to immediately inform ESMA. She has with this assessment of the non-EU AIFM in accordance with paragraph 6, subpara 1 lit. b and c information to substantiate. The deadline according to article 6 paragraph 5 is interrupted until the delivery of the recommendation by ESMA in accordance with this paragraph. If the FMA contrary to the recommendation of ESMA is proposing to grant the permit, she has to put ESMA, stating their reasons in knowledge. The non-EU AIFM intends to market units of AIF managed by it in other Member States as Austria, the FMA also the competent authorities of the Member States concerned, stating their reasons in knowledge.

(8) the FMA as competent authority of the reference Member State has ESMA immediately of the outcome of the approval process, to inform about changes in the approval of non-EU AIFM and a withdrawal of the authorisation. The FMA has further ESMA on the requests for approval, has refused to teach and thereby concerning the non-EU AIFM have applied for a permit, as well as the reasons for the refusal to submit.


(9) the non-EU AIFM two years changes after his approval his sales strategy so, that this would have affected the determination of the reference Member State in the case of an application for approval, the non-EU AIFM has to put the FMA by this change prior to privatization in knowledge and to specify its new reference Member State in accordance with the criteria under paragraph 3 and on the basis of its new sales strategy. At the same time, the non-EU AIFM has information on his new legal representative, including its name and headquarters in the new reference Member State, to submit. The FMA has to assess whether the determination by the non-EU AIFM in accordance with this paragraph is correct, and has this assessment in knowledge to ESMA. In this message, the grounds of the non-EU AIFM for his judgment with regard to the new reference Member State, as well as the details of the new sales strategy of the non-EU AIFM shall be provided. When the FMA has received the recommendation of the ESMA, she has the non-EU AIFM its decision having regard to whose legal representatives designated in Austria and ESMA. The FMA with the assessment performed by the non-EU AIFM is in agreement, it has also the competent authorities of the new reference member of the change in knowledge. The FMA shall immediately send a copy of the authorisation and regulatory documents of the non-EU AIFM the competent authority of the reference Member State of new. From the date of transmission of the authorisation and supervisory documents, the competent authority of the new reference Member State for the approval and supervision of non-EU AIFM is responsible. If the final verdict of the FMA contrary to the recommendation of the ESMA, the FMA has to consider the following:



1. the FMA has to put ESMA; of them, stating their reasons in knowledge

2. If the non-EU AIFM sells shares in AIF managed by it in other Member States as Austria as the original reference Member State, the FMA has to put also the competent authorities of the other Member States, stating its reasons in knowledge. If necessary, the FMA to put also the competent authorities of the Member State of origin of the AIF managed by the non-EU AIFM, stating their reasons in knowledge.

(10) turns against the actual history of the development of the non-EU AIFM within two years after its approval, that the of the non-EU AIFM at the time of its authorisation sales strategy has not been followed, has made this misrepresentation of non-EU AIFM or is changing its sales strategy on paragraph 9 has failed the non-EU AIFM, prompting the FMA to the non-EU AIFM has , to specify the reference Member State in accordance with its actual sales strategy. The process is pursuant to paragraph 9 apply mutatis mutandis. The non-EU AIFM does not fulfil the prompt of the FMA, it has to withdraw his approval in accordance with § 9. The non-EU AIFM will change its marketing strategy after expiry of the period referred to in paragraph 9 and will he change his reference Member State according to its new sales strategy, he can be a request for changing of the reference Member State the FMA. The process is pursuant to paragraph 9 apply mutatis mutandis. The FMA as competent authority of a Member State not with the assessment as regards the definition of the reference Member State agrees after paragraph 9 or to the present paragraph so she can bring the matter of ESMA note, in the context of her by article 19 of Regulation (EU) No. 1095/2010 powers conferred can be active.

(11) all between the non-EU AIFM or the AIF and the investors of the AIF with disputes having its registered office or residence in a Member State be settled according to the law of a Member State and subject to its jurisdiction.

(12) a competent authority refuses a request for Exchange of information in accordance with article 37 paragraph 17 of the policy 2011/61/EC of mentioned technical regulatory standards, the FMA as competent authority that refer matter to ESMA, can by the part of her article 19 of Regulation (EU) No. 1095 / 2010 conferred powers can be active.

Conditions for distributing EU AIF managed by non-EU AIFM, which Austria is reference Member State in the Union with a passport

A non-EU AIFM appropriately approved in accordance with section 39 can expel 40th (1) shares of a EU-AIF of that it manages, to professional investors in the Union with a pass, as soon as the conditions laid down in that provision are met.

(2) the non-EU AIFM for Austria is reference Member State in accordance with section 39, to distribute the shares of an EU AIF in Austria intends he to submit a letter of indication the FMA, which includes the documentation and the information specified in Appendix 3.

(3) the FMA has to check the display on their formal completeness, a further substantive examination has not to be made. After receipt of the full display letter referred to in paragraph 2, the FMA has no later than 20 working days to inform the non-EU AIFM whether it can begin at home with the distribution of the EU AIF mentioned in the letter of the indication referred to in paragraph 2. § 13 para 3 AVG will in terms of calculating the time limit does not apply. In the case of a positive decision, the non-EU AIFM as of the date of the relevant notice of the FMA can begin with the distribution of the EU AIF. The recording of distribution is to prohibit, if the management of the EU AIF by the non-EU AIFM or the non-EU AIFM in General contravenes this Federal Act, the policy 2011/61/EU or delegated acts adopted on the basis of this directive or the display was improperly reimbursed pursuant to par. 2. The FMA ESMA and the authorities responsible for the EU AIF to inform that the non-EU AIFM in Austria can start with the distribution of shares of the EU AIF.

(4) the AIFM intends to distribute shares of the EU AIF via its reference Member State also in other Member States, so he has the FMA for each EU-AIF that it intends to sell, to submit a letter of indication, which includes the documentation and the information referred to in annex 4.

(5) the FMA has to check the display on their formal completeness, a further substantive examination has not to be made. After receipt of the full display letter pursuant to paragraph 4, the FMA has no later than 20 working days to forward this to the competent authorities of the Member States, where the shares of the EU AIF should be distributed. The FMA has a certificate of the approval of the concerned non EU AIFM managing EU AIF with a particular investment strategy to add. Such a redirect will occur only if the management of the EU AIF by the non-EU AIFM corresponds to this federal law, the 2011/61/CE directive, as well as the delegated acts adopted on the basis of this directive and will continue to reflect on these provisions is generally the non-EU AIFM. § 13 para 3 AVG will in terms of calculating the time limit does not apply.

(6) the FMA has to inform the non-EU AIFM immediately of the forwarding of the display documents. The FMA also ESMA and the authorities responsible for the EU AIF to inform that the non-EU AIFM in its host Member State can begin with the sale of shares of the EU AIF.

(7) the display writing referred to in paragraph 2 and 4 of the non-EU AIFM and the supplements have in German or in English or in one in accordance with § 7B 1 CMM in the financial world common language provided to be. The FMA has to accept the electronic submission and archiving of documents.

(8) for manipulating the display in accordance with paragraph 2, a fee of 2 200 euros can be paid to the FMA. These fee increases at EU AIF that include several sub-Fund (umbrella fund), from the second part of funds for each Fund to 440 euros. For manipulating the display in accordance with paragraph 4, a fee of 400 euro is payable to the FMA. For the examination of the documents provided for in paragraph 2 is also at the beginning of each calendar year, no later than January 15 of this year, to pay an annual fee of 1 200 euros to the FMA; these fee increases in funds, which contain several sub-Fund (umbrella fund), from the second part of funds for each sub-fund to 400 euros. Fees posts that were paid not later than on the due date, shall be enforceable. The FMA has to make a considered execution title behind pass. It has name and address of the toll, the amount of the debt and the notice to include that the debt has become enforceable. The prescribed fee is a sales ban reason referred to in section 50.


(9) in the event of a significant change in the information provided according to paragraph 2 or paragraph 4 of the non-EU AIFM has the FMA changes planned by him at least one month before implementing the change, or when unplanned changes immediately after occurrence of the change in writing. Should lead the proposed amendment, that the management of the EU AIF by the non-EU AIFM or the not EU-AIFM in General now against this Federal Act, which is contrary to policy 2011/61/EU or delegated acts adopted on the basis of this directive, has the FMA the non-EU AIFM forthwith, he may not perform the change. A planned change despite this paragraph will occur or makes a change resulting from an unplanned circumstance that the management of the EU AIF by the non-EU AIFM or the non-EU AIFM in General now against this federal law, would violate the policy 2011/61/EU or delegated acts adopted on the basis of this directive, has all necessary measures in accordance with sections 56 to take the FMA f , including, if necessary, the express prohibition on sale of the EU AIF. The modifications are allowed, because they do not affect the compatibility of the administration of the EU AIF by the non-EU AIFM with this federal law, the policy 2011/61/EU or delegated acts adopted on the basis of this directive or on the compliance by the non-EU AIFM in General, so the FMA ESMA immediately, as far as the changes relate to the termination of the distribution of certain EU AIF or additional displaced EU AIF , and, if necessary, to inform the competent authorities of the host Member State of those changes.

(10) without prejudice to section 48 para 1 you may be distributed by the non-EU AIFM of managed and distributed EU AIF to professional investors only.

Distribution of EU-AIF with pass in Austria by a non-EU AIFM

41. (1) a non-EU AIFM which Austria is not reference Member State, can share of an EU AIF it manages to professional investors in Austria distribute, as soon as the non-EU AIFM was informed by the competent authority of the reference Member State in that the documents and information referred to in article 39 of Directive 2011/65/EC and in accordance with annex 4 by the competent authority of the reference Member State of the non-EU AIFM to the FMA were sent.

(2) in accordance with annex 4 lit. the distribution of the EU AIF arrangements to be h and should be true, to prevent that distributed shares of the EU AIF to retail the precautions that have been taken, even if the non-EU AIFM for the provision of investment services for the EU AIF reverted to independent companies, subject to the requirements of this federal law and supervision by the FMA. The FMA in the event of a violation of this federal law, all necessary measures in accordance with §§ 56 f. take the 2011/61/EU directive or delegated acts adopted on the basis of this directive, including, if necessary, the express prohibition on sale of non-EU AIF in domestic.

(3) by the competent authority of the reference Member State of the non-EU AIFM transmitted display of non-EU AIFM including documents, as well as the certificate of the approval of the concerned non-EU AIFM managing EU AIF, if necessary with a specific investment strategy, have in German or English language or in one of the FMA pursuant to Regulation (§ 7 para 1 b KMG) to be recognized other language provided. The FMA has to accept the electronic submission and archiving of these documents.

(4) for the processing of submitted documents referred to in paragraph 1, a fee of EUR 1 100 can be paid to the FMA. These fee increases at EU AIF that include several sub-Fund (umbrella fund), from the second part of funds for each Fund to 220 euros. For the monitoring of compliance with the obligations under this section at the beginning of each calendar year, is payable an annual fee of 600 euros to the FMA no later than January 15 this year; these fee increases at EU AIF that include several sub-Fund (umbrella fund), from the second part of funds for each sub-fund to 200 euro. Fees posts that were paid not later than on the due date, shall be enforceable. The FMA has to make a considered execution title behind pass. It has name and address of the toll, the amount of the debt and the notice to include that the debt has become enforceable. The prescribed fee is a sales ban reason referred to in section 50.

(5) without prejudice to section 48 para 1 you may be distributed by the non-EU AIFM of managed and distributed EU AIF to professional investors only.

Conditions in the Union with a passport sales by non-EU AIF managed by a non-EU AIFM, Austria is a reference Member State for the

A non-EU AIFM appropriately approved in accordance with section 39 can expel section 42 (1) shares of a non-EU AIF it manages, to professional investors in the Union with a pass, as soon as the conditions laid down in that provision are met.

(2) in addition to the requirements laid down in this law for EU AIFM non-EU AIFM, which Austria is reference Member State, must comply with following conditions:



1. There are appropriate arrangements for cooperation between the FMA and the supervisory authority of the third country, in which the non-EU AIF is established, to ensure at least a more efficient exchange of information, which enables the FMA, which delegated their tasks in accordance with this federal law, the directive 2011/61/EC, as well as on the basis of this directive to carry out acts;

2. the third country, in which, the non-EU AIF is domiciled, is no country or territory in which in accordance with section 40 of para 1 last sentence BWG anyway, is an increased risk of money laundering or terrorist financing;

3. the third country in which the non-EU AIF domiciled has the taxation with Austria as well as with any other State of Member, in which the shares of the non-EU AIF should be distributed, signed an agreement which fully meets the standards of article 26 of the OECD Model Convention for the avoidance of double taxation of income and assets, and an effective exchange of information in tax matters, including multilateral agreements, if applicable , guaranteed.

(3) the non-EU AIFM has a display for each non-EU AIF it intends to market in Austria, to submit the FMA. The display has to include the documentation and the information specified in Appendix 3.

(4) the FMA has to check the display on their formal completeness, a further substantive examination has not to be made. After receipt of the full display letter pursuant to paragraph 3, the FMA has no later than 20 working days to inform the non-EU AIFM whether it can begin at home with the sales of the non-EU AIF mentioned in the letter of the display according to para 3. § 13 para 3 AVG will in terms of calculating the time limit does not apply. In the case of a positive decision, the non-EU AIFM as of the date of the relevant notice of the FMA can begin with the sale of the non-EU AIF. The recording of distribution is to prohibit, if the management of non-EU AIF by the non-EU AIFM or the non-EU AIFM in General contravenes this Federal Act, the policy 2011/61/EU or delegated acts adopted on the basis of this directive or the display was improperly reimbursed pursuant to paragraph 3. The FMA has to inform ESMA, that the non-EU AIFM in Austria can start with the distribution of shares of the non-EU AIF.

(5) the non-EU AIFM intends to market the units of a non-EU AIF about Austria as its reference Member State also in other Member States, so he has the FMA for each non-EU AIF it intends to market, to submit a letter of indication, which includes the documentation and the information specified in annex 4

(6) the FMA has to check the display on their formal completeness, a further substantive examination has not to be made. After receipt of the full display after para 5, the FMA has no later than 20 working days to forward this to the competent authorities of the Member States, where the shares of the non-EU AIF should be distributed. The FMA has a certificate of the approval of the concerned non EU AIFM to manage non-EU AIF with a particular investment strategy to add. Such a redirect will occur only if the management of the non-EU AIF by the non-EU AIFM corresponds to this federal law, 2011/61/CE directive, as well as the delegated acts adopted on the basis of this directive and will continue to reflect on these provisions is generally the non-EU AIFM. § 13 para 3 AVG will in terms of calculating the time limit does not apply.

(7) the FMA has to inform the non-EU AIFM immediately of the forwarding of the display documents. The FMA also ESMA to be communicated, that the non-EU AIFM in its host Member State can begin with the sale of shares of the non-EU AIF.


(8) the display writing referred to in paragraph 3 and 5 of the non-EU AIFM and the supplements have in German or in English or in one in accordance with § 7B 1 CMM in the financial world common language provided to be. The FMA has to accept the electronic submission and archiving of documents.

(9) for manipulating the display in accordance with paragraph 3, a fee of 2 200 euros can be paid to the FMA. These fee increases at non-EU AIF which contain several sub-Fund (umbrella fund), from the second part of funds for each Fund to 440 euros. For manipulating the display in accordance with paragraph 5 to the FMA, a fee of 400 euro is payable. For the examination of the documents provided for in paragraph 3 is also at the beginning of each calendar year, no later than January 15 of this year, to pay an annual fee of 1 200 euros to the FMA; these fee increases in funds, which contain several sub-Fund (umbrella fund), from the second part of funds for each sub-fund to 400 euros. Fees posts that were paid not later than on the due date, shall be enforceable. The FMA has to make a considered execution title behind pass. It has name and address of the toll, the amount of the debt and the notice to include that the debt has become enforceable. The prescribed fee is a sales ban reason referred to in section 50.

(10) in the event of a significant change in the information provided according to paragraph 3 or 5, the non-EU AIFM has this the FMA changes planned by him at least one month before implementing the change, or when unplanned changes immediately after occurrence of the change in writing. Should lead the proposed amendment, that the management of the non-EU AIF by the non-EU AIFM or the not EU-AIFM in General now against this Federal Act, which is contrary to policy 2011/61/EU or delegated acts adopted on the basis of this directive, has the FMA the non-EU AIFM forthwith, he may not perform the change. A planned change despite this paragraph will occur or causes a change resulting from an unplanned circumstance, that the management of non-EU AIF by the non-EU AIFM or the non-EU AIFM in General now against this federal law, violates the policy 2011/61/EU or delegated acts adopted on the basis of this directive, has to take the FMA all necessary measures in accordance with sections 56 f , including, if necessary, the express prohibition on sale of non-EU AIF. The changes are permitted, because they not delegated adopted by itself on the compatibility of the administration of the non-EU AIF by the non-EU AIFM with this federal law, 2011/61/EU directive or on the basis of this directive acts or on the compliance by the non-EU AIFM affect in General, so, the FMA must ESMA, insofar as the changes relate to the termination of the distribution of certain non-EU AIF or additional displaced non-EU AIF , and, if necessary, to inform the competent authorities of the host Member State of those changes.

(11) without prejudice to section 48 para 1 you may be distributed by the non-EU AIFM of managed and marketed non-EU AIF to professional investors only.

Distribution of non-EU AIF through a non-EU AIFM with pass in Austria

43. (1) a non-EU AIFM which Austria is not reference Member State, can shares of a non-EU-AIF managed by it to professional investors in Austria distribute, as soon as the non-EU AIFM was informed by the competent authority of the reference Member State in that submitted the complete documentation and information in accordance with article 40 of Directive 2011/65/EC, and in accordance with annex 4 by the competent authority of the reference Member State of the non-EU AIFM to the FMA.

(2) in accordance with annex 4 lit. the distribution of the non-EU AIF arrangements to be h and, provided that the precautions that have been taken, become true, to prevent that distributed shares of non-EU AIF to private customers, even if the non-EU AIFM for the provision of investment services for the non-EU AIF reverted to independent companies, subject to the requirements of this federal law and supervision by the FMA. The FMA has in the event of a violation of this federal law, all necessary measures in accordance with sections 56 f to take the policy 2011/61/EU or delegated acts adopted on the basis of this directive, including, if necessary, the express prohibition on sale of non-EU AIF in domestic.

(3) display of the non-EU AIFM together with the documents forwarded to the competent authority of the reference Member State of the non-EU AIFM and the certificate of the approval of the concerned non EU AIFM to manage non-EU AIF, if necessary with a specific investment strategy, have in German or English language or in one of the FMA pursuant to Regulation (§ 7 para 1 b KMG) to be recognized other language provided. The FMA has to accept the electronic submission and archiving of these documents.

(4) for the processing of submitted documents referred to in paragraph 1, a fee of EUR 1 100 can be paid to the FMA. These fee increases at non-EU AIF which contain several sub-Fund (umbrella fund), from the second part of funds for each Fund to 220 euros. For the monitoring of compliance with the obligations under this section at the beginning of each calendar year, is payable an annual fee of 600 euros to the FMA no later than January 15 this year; these fee increases at non-EU AIF which contain several sub-Fund (umbrella fund), from the second part of funds for each sub-fund to 200 euro. Fees posts that were paid not later than on the due date, shall be enforceable. The FMA has to make a considered execution title behind pass. It has name and address of the toll, the amount of the debt and the notice to include that the debt has become enforceable. The prescribed fee is a sales ban reason referred to in section 50.

(5) without prejudice to section 48 para 1 you may be distributed by the non-EU AIFM of managed and marketed non-EU AIF to professional investors only.

Conditions for managing EU AIF from other Member States by non-EU AIFM, Austria is reference Member State for the

44. (1) a non-EU AIFM appropriately approved in accordance with section 39 can EU AIF domiciled in another Member State either directly or indirectly via a branch office manage, unless the non-EU AIFM to manage this kind of EU-AIF.

(2) a non-EU AIFM which intends for the first time, to manage an EU AIF domiciled in another Member State, the FMA has to indicate the following:



1. the Member State in which it intends to manage the EU AIF directly or through a branch;

2. a business plan from the specifically stating what services he to provide and what EU AIF it intends to manage.

(3) the non-EU AIFM intends to the establishment of a branch in another Member State, so he must specify in addition to the information referred to in paragraph 2:



1. the organizational structure of the branch, 2. the address under which in the home Member State of the EU AIF documents can be requested, 3. the names and contact details of the Managing Director of the Branch Office.

(4) the FMA has to check the display in accordance with paragraph 2 and, where appropriate, that referred to in paragraph 3 to their formal completeness, a further substantive examination has not to be made. No later than one month after receipt of the complete documentation to para 2, or two months after the receipt of which has 3 complete documentation according to the FMA these to the competent authorities of the host Member State of the non-EU AIFM to transmit. The FMA has a certificate of the approval of the concerned non EU AIFM managing EU AIF with a particular investment strategy to add. Such a redirect will occur only if the management of the EU AIF by the non-EU AIFM corresponds to this federal law, 2011/61/CE directive, as well as the delegated acts adopted on the basis of this policy and will continue to reflect on these provisions is generally the non-EU AIFM. § 13 para 3 AVG will in terms of calculating the time limit does not apply. The FMA has to promptly inform the non-EU AIFM about the transmission. The FMA also ESMA to be communicated, that the non-EU AIFM in the host Member State of the non-EU AIFM may start with the management of the EU AIF.


(5) in the event of a change of the ads submitted under paragraph 2 or, if necessary, according to paragraph 3 of the non-EU AIFM has the FMA changes planned by him at least one month before implementing the change, or when unplanned changes immediately after occurrence of the change in writing. Should lead the proposed amendment, that the management of the EU AIF by the non-EU AIFM or the not EU-AIFM in General now against this Federal Act, which is contrary to policy 2011/61/EU or delegated acts adopted on the basis of this directive, has the FMA the non-EU AIFM forthwith, he may not perform the change. A draft amendment notwithstanding this paragraph is carried out or causes a change resulting from an unplanned circumstance, that the management of the EU AIF by the non-EU AIFM or the non-EU AIFM in General now against this Federal Act, violates the policy 2011/61/EU or delegated acts adopted on the basis of this directive, has all necessary measures in accordance with sections 56 to take the FMA f. , including, if necessary, to prohibit expressly the distribution of the EU AIF. The modifications are allowed, because they do not affect the compatibility of the administration of the EU AIF by the non-EU AIFM with this federal law, the policy 2011/61/EU or delegated acts adopted on the basis of this directive or on the compliance by the non-EU AIFM in General, the FMA has promptly to inform the competent authorities of the host Member State of the non-EU AIFM by these changes

Conditions for the provision of services of a non-EU AIFM in Austria as a host Member State

45. (1) is a non-EU AIFM, which Austria is not reference Member State, EU AIF can either directly or indirectly manage a branch in Austria and distribute to professional investors, provided that the non-EU AIFM to manage this kind of EU-AIF entitled.

(2) the inclusion of the management of the EU AIF in Austria as well as the establishment of a branch in Austria by a non-EU AIFM is allowed if the competent authority of the reference Member State of the non-EU AIFM FMA all submitted information according to § 44 par. 2 and 3 as well as a confirmation of the communication by the competent authority of the reference Member State went to the non-EU AIFM. The information according to § 44 par. 2 and 3 have in German or English language or in one of the FMA pursuant to Regulation (§ 7 para 1 b CMM) to be recognized other language provided. The FMA has to accept the electronic submission and archiving of these documents. The distribution of the EU AIF to retail customers in Austria is only allowed when be complied with the terms and conditions of under section 48 and the type of the EU AIF acceptable type of AIF is one in Austria in accordance with this federal law for sales to private individuals and compliance with the respective requirements.

(3) if the collective portfolio management of AIF in Austria approved is intended, the non-EU AIFM has to apply for this at the FMA pursuant to article 30. The non-EU AIFM managing AIF of the same type in Austria, already so the note on the already submitted documents is sufficient.

(4) the FMA as competent authority of the host Member State of the non-EU AIFM should the concerned non-EU-AIFM to by this federal law, 2011/61/EU directive or on the basis of this directive covered fields no additional requirements imposed on adopted delegated acts.

Cooperation of the FMA as competent authority of the host Member State with ESMA and competent authorities of other Member States

46. (1) if the FMA with the decision of the non-EU AIFM in accordance with section 39 or article 37 of Directive 2011/61/EC with regard to his reference Member State agrees, can the matter of ESMA note take, within the framework of her by article 19 of Regulation (EU) No. 1095 / 2010 conferred powers can be active.

(2) if the FMA with the evaluation of the application of lit. a to e and g of article 37 paragraph 7 of 2011/61/EU directive or authorisation of the non-EU AIFM by the competent authorities of another reference Member State of the AIFM agrees, ESMA can she bring the matter to the attention, in the context of her by article 19 of Regulation (EU) No. 1095/2010 powers conferred can be active.

(3) If an authority responsible for an EU AIF lit pursuant to subparagraph 1. d leg. cit.. required cooperation agreements does not within a reasonable time complete, the FMA that ESMA matter to note, can you the part article 19 of Regulation (EU) No. 1095/2010 powers conferred can be active.

(4) if the FMA as competent authority of another Member State not with the decision by the competent authorities of the Member State of reference of the non-EU AIFM as regards the exemption of non-EU AIFM from compliance with certain provisions of the directive of 2011/61/EU agrees, she can bring the matter of ESMA noted, that within the framework of her by article 19 of Regulation (EU) No. 1095/2010 powers conferred can be active.

(5) if the FMA as competent authority of another Member State not with the evaluation of the application of article 40 para 2 of subpara. 1 lit. a and b of the policy 2011/61/EU terms in addition to be complied for non-EU AIFM which want to manage with a passport of non-EU AIF is agreed by the competent authorities of the Member State of reference of the AIFM ESMA to the knowledge can she bring the matter, within the framework of her by article 19 of Regulation (EU) No. 1095 / 2010 conferred powers can be active.

(6) If a competent authority refuses a request for Exchange of information in accordance with article 40 para 14 2011/61/directive of mentioned technical regulatory standards, the FMA as competent authority which bring matter ESMA noted, can by the part of her article 19 of Regulation (EU) No. 1095 / 2010 conferred powers can be active.

Conditions for the occurring without a passport in Austria marketing of AIF managed by non-EU AIFM

Section 47 (1) without prejudice to the paragraphs 39, 40 and 42 can expel a non-EU AIFM shares of the AIF to professional investors only domestically managed by him, provided that the non-EU AIFM with exception of the 6th part all in this Federal Act, 2011/61/CE directive, as well as the delegated acts adopted on the basis of the directive complies with specified requirements.

(2) a non-EU AIFM who intends to sell managed AIF in Austria, he must have a legal representative based in Austria. The legal representative represents the non-EU AIFM and out of court, process agent and contact point for the non-EU AIFM in Austria. All correspondence between the FMA and the non-EU AIFM and domestic investors of those AIF and the non-EU AIFM in accordance with this Federal Act via this legal representative. The legal representative has the compliance function in relation to the of the non-EU AIFM performed administrative and sales activities to take advantage of this directive together with the non-EU AIFM. These powers can be restricted.

(3) a non-EU AIFM intends to market units of AIF in Austria, he has the FMA for each AIF that it intends to distribute to convey a letter of indication. This indicator letter includes the documentation and the information specified in Appendix 3, as well as a confirmation of the competent authorities of the home Member State 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/EU directive or on the basis of the directive comply with specified requirements. Also should I attach the display:



1. the approximate information according to § 5 para 2 and 3;

2. information on the sales strategy;

3. the name of the legal representative of the non-EU AIFM with indication of the seat;

4. a confirmation of the legal representative of the non-EU AIFM, that he is able to carry out the tasks relating to him, and out of Court represents the non-EU AIFM as well as contact point for the investors of the AIF acts and is at least adequately equipped to carry out the compliance function in accordance with this federal law and policy 2011/61/EC;

5. proof of payment of the fee referred to in paragraph 6;

6. a statement of the non-EU AIFM, that he undertakes to comply the requirements set for the entire duration of the sales of the AIF in Austria in this Federal Act, 2011/61/CE directive and the delegated acts adopted on the basis of the directive.

(4) the display writing referred to in paragraph 3 of the non-EU AIFM and the side dishes have in German or in English or in one in accordance with § 7B 1 CMM in the financial world common language provided to be. The FMA as competent authority has to accept the electronic submission and archiving of the documents referred to in paragraph 3.


(5) the FMA has to check the display on their formal completeness, a further substantive examination has not to be made. After receipt of the full display letter pursuant to paragraph 3, the FMA is not later than 4 calendar months to inform the non-EU AIFM whether he can start domestically with sales of the AIF mentioned in the letter of the display according to paragraph 3. § 13 para 3 AVG will in terms of calculating the time limit does not apply. In the case of a positive decision, the non-EU AIFM as of the date of the relevant notice of the FMA can begin with the distribution of the AIF. The recording of distribution is to prohibit, if the non-EU AIFM or the AIF does not fulfil a requirement of this provision or not properly filed the charges after para 3. The FMA then has to grant authorisation for the marketing of AIF, if the following additional conditions are met:



1 appropriate there, perceive serving and standing in line with the international standards agreements about cooperation between the FMA, the competent authorities of the Member State of origin of the AIF and the supervisory authorities of the third country in which the non-EU AIFM is established, to ensure an efficient exchange of information, which allows the competent authorities, their tasks in accordance with this federal law and the 2011/61/CE directive in particular the monitoring of systemic risk;

2. the third country in which the non-EU AIFM is established, is not a country or territory where in accordance with section 40 of para 1 last sentence BWG anyway, is an increased risk of money laundering or terrorist financing;

3. the third country in which the non-EU AIFM is established, has signed an agreement with Austria, which fully complies with the standards in accordance with article 26 of the OECD Model Convention for the avoidance of double taxation of income and assets and, where appropriate, ensures an effective exchange of information in tax matters, including multilateral agreements on taxation,

4. the law applicable to non-EU AIFM - and administrative provisions of a third country, or the limitations of the supervisory and investigative powers of the supervisory authorities of that third country prevent the competent authorities not to the effective exercise of their supervisory functions in accordance with this directive.

(6) for manipulating the display in accordance with paragraph 3, a fee of EUR 4 500 is payable to the FMA. These fee increases at AIF that include several sub-Fund (umbrella fund), from the second part of funds for each Fund to EUR 1 000. For the examination of the documents provided for in paragraph 3 and 4 is also at the beginning of each calendar year, no later than January 15 of this year, to pay an annual fee of EUR 2 500 to the FMA; these fee increases in funds, which contain several sub-Fund (umbrella fund), from the second part of funds for each sub-fund to 600 euros. Fees posts that were paid not later than on the due date, shall be enforceable. The FMA has to make a considered execution title behind pass. It has name and address of the toll, the amount of the debt and the notice to include that the debt has become enforceable. The prescribed fee is a sales ban reason in accordance with paragraph 9.

(7) in the event of a substantial change of the information communicated under paragraph 3, the non-EU AIFM has this the FMA changes planned by him at least one month before implementing the change, or when unplanned changes immediately after occurrence of unplanned change in writing. Should lead the proposed amendment, that the management of AIF by the non-EU AIFM or the non-EU AIFM in General now violates 2011/61/EU or delegated acts adopted on the basis of this policy this federal law, the directive, the FMA has to inform the non-EU AIFM immediately that he may not make the change. Performs a scheduled change despite this para or causes a change resulting from an unplanned circumstance, that the management of AIF by the non-EU AIFM or the non-EU AIFM 2011/61/EU or delegated acts adopted on the basis of this directive would be contrary to this federal law or policy in General now, has all necessary measures in accordance with sections 56 to take the FMA f. , including, if necessary, the express prohibition on sale of the AIF.

(8) the non-EU AIFM intends to adjust the distribution of shares of the AIF in Austria, notified to the FMA.

(9) the FMA has to prohibit the further marketing of AIF, if



1. the display is been not refunded pursuant to paragraph 3 or the non-EU AIFM violates the obligations under the Declaration after para 3 No. 6;

2. a prerequisite; fell away under this provision

3. for sale significantly laws violate been;

4. a final judgment or settlement against the AIF or non-EU AIFM established entitlement of a shareholder not; been fulfilled

5. the obligations laid down in this law are not properly meet; or 6 the authorisation has been withdrawn by the competent authorities of the country of origin of the non-EU AIFM or AIF.

(10) has prohibited the inclusion of sales or further distribution of the AIF the FMA, the non-EU AIFM may display at the earliest again intend to distribute shares of this AIF in the scope of this federal law, in accordance with paragraph 3, if one year has elapsed since the day of the prohibition.

(11) the FMA can also prohibit the marketing of shares of an AIF, which may be distributed within the scope of this federal law, with umbrella constructions in accordance with paragraph 9, if more shares are distributed by sub-fund of same umbrella construction within the scope of this federal law, have incorrectly completed the notification procedure pursuant to paragraph 3.

8.Teil

Sales to private customers

Distribution of Austrian AIF by AIFM to retail customers

48. (1) can distribute an AIFM shares by following in accordance with § 29 of approved AIF to retail customers in Austria:



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 which meet the conditions of paragraph 5 to 7, or 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).

(2) as far as the requirements of the ImmoInvFG for the management and distribution of real estate funds in accordance with ImmoInvFG go beyond this federal law, those rules are applicable.

(3) if the requirements of the InvFG 2011 go beyond for the management and marketing of AIF this federal law, those rules are first main piece of the InvFG for the management and the marketing of AIF pursuant to section 3 2011 significantly.

(4) unless this Act goes beyond the requirements of the ImmoInvFG or of the InvFG 2011 for the management and marketing of AIF to retail, the provisions of this Federal Act are relevant to the management and the marketing of AIF or real estate funds.

(5) the FMA has to grant an AIF in real estate pursuant to para 1 No. 3 for sale to private customers, when:



1. in accordance with the investment strategy with the income from the transfer invested capital directly or indirectly mainly or transfer of real estate to a third party generated to where it is irrelevant whether the legal form of a security or a disposition pursuant to section 1 para 1 3 CMM is Z;

2. the minimum scattering of real estate ownership according to § 22 para 1 to 4 ImmoInvFG; complying with

3. the net asset value determined in accordance with section 17 of the AIF at least twice a month is published unless the AIF is admitted to trading on a regulated market;

4. for the AIF used a leverage is the commitment (exposure), calculated according to the commitment method, the net asset value of the AIF does not more than twice exceeds;

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

6. a half-yearly report creates no later than 2 months after the end of the half.

7. a customer information document in German, containing key investor information and InvFG 2011 as well as the regulation it adopted the KID under section 134 is equivalent exists. As an alternative to a KID a simplified prospectus, ImmoInvFG corresponds to the simplified prospectus in accordance with section 7, may be in German.

(6) the application for approval shall be accompanied by:



1.

In the event that the AIF in real estate 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 examination provided for in accordance with section 8 or section 8a of the KMG or-billigung shall not apply to this supplementary information;

2. in the event that the AIF in real estate 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. in the event that it is CMM in the AIF in real estate to a collective investment undertaking in real estate pursuant to § 14, the last report pursuant to § 14 Z 4 CMM;

5. a confirmation of the AIFM, compliance with the conditions of paragraph 5.

(7) the FMA has to grant an AIF (managed-futures funds) for sale 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 exchange-traded futures contracts in the form of futures, the Fund assets may be Fund invests exclusively in a) over-the-counter interest-rate and currency futures, as long as these are completed not to hedge fund assets, to an extent, so the margin - and margin not exceed 30 per cent of the Fund assets relating to such over-the-counter interest-rate and currency futures;

b) money market instruments pursuant to section 70 InvFG 2011;

(c) in accordance with the § § 71 and 77 para 1 InvFG 2011, shares in UCITS which 2011 or in accordance with article 5 of Directive 2009/65/EC in their home country have been approved in accordance with section 50 InvFG, to an extent which does not exceed 50 per cent of the Fund assets may;

2. no other commodity contracts as futures contracts on commodities must be completed and no open position on a) kept a single futures contract, for which the margin - or margin payment exceeds 5 vH of the Fund assets as well as b) futures contracts is held on the same commodity or on one and the same category of futures contracts on financial instruments, for which the margin - or margin payment exceeds 20 vH of the Fund's assets;

3. in the case of transactions with commodity derivatives, the physical delivery of the underlying commodity is excluded;

4. related exchange-traded futures contracts as a whole and not exceed margin - margin 50 per cent of the Fund assets; the reserve of liquid assets must comply with at least the amount of the total made margin and margin and money market instruments referred to in article 70 2011 consist of InvFG;

5. margin or margin; not financed through credit or loan recordings

6. the net asset value determined in accordance with section 17 of the managed Futures Fund is published every time, if an issue or a redemption of the shares of the managed-futures funds held at least but twice in a month.

7 for the managed-futures funds a leverage used is of the maximum risk for the managed Futures Fund, calculated InvFG under application of § 87 2011 with the absolute value-at-risk approach, no higher than 35 of the net asset value of the managed Futures Fund is vH. In the calculation of the absolute value-at-risk approach, the following parameters are to be used: a) confidence interval of 99%;

b) holding period of one month (20 business days);

(c) effective observation period of the risk factors of at least one year (250 business days), except where a shorter observation period through a significant increase in price volatility due to extreme market conditions is justified;

(d) quarterly data refresh, or more frequently if the market prices are subject to significant changes;

(e) calculations at least on a daily basis;

8 a z 7 lit. confidence interval alternative a and one from No. 7 lit. Holding period differing b can be used by the managed-futures funds only if the confidence interval is not lower than 95 vH and the holding period does not exceed one month (20 business days); applying this calculation parameters, a conversion of 35 is vH border to the relevant holding period and the respective confidence interval to make; This conversion may only under the assumption of a normal distribution with an identical and independent distribution of risk factors as well as the inverse of the normal distribution and the mathematical root-time formula ("square root of time" rule) to apply to the reference;

9 all sales documents printing prominently contain a reference to the special risks associated with this investment (Disclaimer);

10. a half-yearly report creates no later than 2 months after the end of the half.

11. a customer information document in German, containing key investor information and InvFG 2011 as well as the regulation it adopted the KID under section 134 is equivalent exists.

(8) the application for approval of a managed Futures Fund in accordance with paragraph 7 shall be accompanied by:



1. in the event that the managed Futures Fund 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 managed Futures Fund 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 paragraph 7.

(9) information and documents against granting reimbursement in accordance with section 29 are unchanged, a resubmission can be avoided, referring to those.

(10) the beginning and end of the sales are to display the FMA without delay. Also has notified to the AIFM of FMA the temporary failure of the redemption of shares, where exceptional circumstances need to exist, and the resumption of the redemption of shares, as well as to inform investors by public notice of the failure of redemption of the share certificates and the resumption of their withdrawal.

(11) the FMA can by means of Regulation Z 5 and paragraph 7 set the design of risk information according to § 5 No. 9, as well as prescribe additional notes.

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

49. (1) domestic AIFM can EU AIF managed non-EU AIF from other Member States as well as according to the 2011/61/CE directive, EU AIFM can distribute domiciled in a different Member State as well as non-EU AIFM by them pursuant to the directive 2011/61/retail managed AIF in Austria, if:



1 the AIF in his home State for sale to private customers is approved and 2 of the AIF in accordance with §§ 31, 35, 40, 42 or 47 in Austria for distribution to professional investors is approved and 3. the AIF material one pursuant to § 48 para 1 in Austria for sales to private customers of allowed fund types equivalent is, namely a) investments in real estate funds in accordance with the real estate investment Fund Act , b) AIF in accordance with section 3 first main piece InvFG 2011, c) AIF in real estate pursuant to section 48 para 1 No. 3, d) AIF pursuant to § 48 para 7 or e) the AIF is an AIF which is materially equivalent to UCITS of Directive 2009/65/EC, but is managed by a non-EU AIFM.

(2) an AIFM intends to market units of AIF in Austria to private customers, he has the FMA for each AIF that it intends to distribute to convey a letter of indication. Information and documents to which pursuant to §§ 21, 38 or 47 reimbursed display are unchanged, a resubmission can be avoided referring to the display.

(3) the display shall be accompanied by:



1. the documentation and the information specified in Appendix 3;

2. a confirmation of the competent authority of the country of origin of the non-EU AIFM or non-EU AIF, that this all set requirements chapter, as well as delegated acts adopted on the basis of this directive in 2011/61/EC directive, with the exception of those in the 6, and, in the case of para 1 No. 3 lit. e that the AIF is materially equivalent to UCITS pursuant to Directive 2009/65/EC;

3. a confirmation of the competent authority of the country of origin of the AIF, that the AIF in the State of origin to the sales for individuals is approved;

4. a half-yearly report, which is to create 2 months after the end of the six months at the latest;

5. a customer information document in German, which contains the key investor information, InvFG 2011 as well as the regulation it adopted the KID under section 134 is equivalent. As an alternative to a KID a simplified prospectus, ImmoInvFG corresponds to the simplified prospectus in accordance with section 7, can be attached in German;

6. the evidence of the payment of the fee referred to in paragraph 6.


(4) in the KID or the simplified prospectus pursuant to par. 3 Z 5 as well as any advertising support of the AIF or the AIFM is 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 and no Austrian authority bears the responsibility for correctness or completeness of these documents.

(5) the FMA can set the design of the warnings referred to in paragraph 4 by means of regulation, as well as prescribe additional notes.

(6) for manipulating the display in accordance with paragraph 3, a fee of EUR 1 100 can be paid to the FMA. These fee increases at AIF that include several sub-Fund (umbrella fund), from the second part of funds for each Fund to 220 euros. For the examination of the documents provided for in paragraph 2 and 3 is also at the beginning of each calendar year, no later than January 15 of this year, to pay an annual fee of 600 euros to the FMA; these fee increases in funds, which contain several sub-Fund (umbrella fund), from the second part of funds for each sub-fund to 200 euro. Fees posts that were paid not later than on the due date, shall be enforceable. The FMA has to make a considered execution title behind pass. It has name and address of the toll, the amount of the debt and the notice to include that the debt has become enforceable. The prescribed fee is a sales ban reason referred to in section 50.

(7) the FMA has to check the display on their formal completeness, a further substantive examination has not to be made. No later than 4 months after receipt of the full display after para 3 the FMA has to inform the AIFM whether he can begin marketing of AIF in the indicator letter to private customers in Germany. In the case of a positive decision, the AIFM as of the date of the relevant notice of the FMA can begin with the distribution of the AIF. Last sentence AVG § 13 para 3 shall not apply.

(8) the display writing referred to in paragraph 2 of the AIFM and the supplements have in German or in English or in one in accordance with § 7B 1 CMM in the financial world common language provided to be. The FMA as competent authority has to accept the electronic submission and archiving of the documents referred to in paragraph 2 and 3.

(9) in the event of a substantial change of the information communicated under paragraph 2 and 3 of the AIFM has the FMA changes planned by him at least one month before implementing the change, or when unplanned changes immediately after occurrence of unplanned change in writing. Should lead the proposed amendment, that the management of AIF by the AIFM or AIFM violates 2011/61/EC in General now against this federal law or policy, the FMA has to inform the AIFM immediately that he may not make the change. Performed a planned change regardless of this paragraph or a change resulting from an unplanned circumstance to that the management of AIF by the AIFM or AIFM in General now against this federal law or policy would violate 2011/61/EU as the FMA has to take all necessary measures in accordance with articles 56, f. leads including, if necessary, the express prohibition on sale of the AIF.

(10) the AIFM has notified to the FMA of the temporary failure of the redemption of shares, where exceptional circumstances need to exist, and the resumption of the redemption of shares, as well as to inform the investors by public notice of the failure of redemption of the share certificates and the resumption of their withdrawal.

(11) the AIFM intends to adjust distribution of units of the AIF to retail customers in Austria, to display the FMA.

Prohibition on sales

Section 50 (1) is the recording of distribution to prohibit, if the AIFM or the AIF a prerequisite not met according to § 49 or the complaint not properly be made according to § 49.

(2) the FMA has to prohibit the further marketing of AIF, if



1. the display; been nonrefundable after paragraph 49

2. a prerequisite; fell away after paragraph 49

3. for sale significantly laws violate been;

4. a final judgment or settlement against the AIF or the AIFM established entitlement of a shareholder not; been fulfilled

5. the obligations laid down in this law are not duly fulfilled, or 6.
              the authorisation has been withdrawn by the competent authorities of the country of origin of the AIFM or the AIF.

(3) the FMA prohibited the inclusion of sales or further distribution of the AIF, the AIFM may display at the earliest again intend to distribute shares of this AIF in the scope of this federal law, in accordance with paragraph 49, if day of the ban of one year has elapsed since the.

(4) the FMA may also prohibit the marketing of shares of an AIF, which may be distributed within the scope of this federal law, umbrella designs under consideration of paragraph 2, if more shares are distributed by sub-fund of same umbrella construction within the scope of this federal law, which have not properly completed the notification procedure according to § 49.

Advertising

51. (1) advertising by referring to the powers of the FMA pursuant to this Act is prohibited.

(2) the advertising may be 2011 only on application of section 128 paragraph 1 to 3 InvFG.

(3) violates subsection 1 or 2 of the AIFM, its legal representative or a person involved in the distribution and the violations despite warning be adjusted, the FMA has to prohibit further distribution of shares.

Free to the provision of brochures, annual report and half-yearly report

§ Are 52. a potential acquirer before conclusion of the contract as well as any interested shareholder of an AIF displaced in accordance with section 48 or section 49 the indications referred to in article 21 as well as the last published at the KID to be created or the simplified prospectus in the currently valid version, activities and the subsequent half-yearly report, unless it is published to provide free.

Continued use of general terms

section 53. The AIFM and the AIF may use same general designations which reasonably lead them in the State in which they are located. The AIFM must attach explanatory additions however appropriate such names if there is a risk of misleading.

9.Teil

Competent authorities

1 section

Designation, powers and redress

Designation of the competent authority

54. (1) the FMA is responsible for the tasks on the basis of this federal law and policy 2011/61/EU. The FMA by appropriate methods to monitor that AIFM comply with their obligations in accordance with this federal law and the policy 2011/61/EC, where appropriate, on the basis of the guidelines developed by ESMA.

(2) the FMA is in accordance with the authority responsible for Austria



1 article 3 lit. m of Regulation (EU) No. 345/2013 of European venture capital funds and 2 article 3 lit. m of Regulation (EU) entrusted with the registration of managers of undertakings for collective investment pursuant to those regulations No. 346/2013 on European Fund for social entrepreneurship, and without prejudice to the tasks assigned to it in other federal law. 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. In particular the powers pursuant to § 56 para 2, Z are this to 1, 2, 5, 8, 9 and 11 of the FMA without prejudice to the powers which you assign to these regulations.

Tasks of the competent authorities in the Member States

55. (1) the supervision of an AIFM is the FMA as the competent authority of the home Member State of the AIFM, regardless of whether the AIF the AIFM in another Member State maintains or distributes; the provisions of this Federal Act and the 2011/61/CE directive, which transferred responsibility for the supervision of the competent authorities of the host Member State of the AIFM, remain unaffected.

(2) that monitoring compliance with sections 10 and 12 by an AIFM is the FMA as competent authority of the host Member State of the AIFM, if the AIF the AIFM through a branch in Austria manages and/or markets.

(3) the FMA as competent authority of the host Member State of the AIFM can by an AIFM which manages or distributes - regardless of whether this is about a branch is-, require the submission of information in Austria AIF are needed, to oversee that the relevant provisions, the FMA is responsible, are held by the AIFM.


(4) the FMA as competent authority of the host Member State of the AIFM determines that an AIFM manages Austria's AIF and/or distributes - regardless of whether this is about a branch-, one of the provisions with regard to those for monitoring compliance are responsible, violates, so the FMA calls on the concerned AIFM, the violation to terminate and shall inform the competent authorities of the home Member State of the AIFM according to.

(5) refuses the AIFM concerned, the FMA as competent authority of the host Member State who come to information covered in their jurisdiction to allow or taking he not the necessary steps to stop the violation referred to in paragraph 4, the FMA as competent authority of the host Member State has thereof having regard to the competent authorities of its home Member State.

(6) the FMA as competent authority of the AIFM has



1. immediately all appropriate measures to take to ensure that the AIFM concerned by the competent authorities of his Member State in accordance with article 45 finished paragraph 3 which presents 2011/61/EU directive required information or the violation within the meaning of paragraph 4 of that provision, the relevant supervisory authorities in third countries without delay to the provision of the necessary information to request 2.

The type of measures referred to in no. 1 and no. 2 is to inform the competent authorities of the host Member State of the AIFM by the FMA.

(7) refuses the AIFM in spite of the measures taken pursuant to paragraph 5 of the competent authorities of its home Member State or because such measures prove to be insufficient or by the FMA as competent authority of his Member State within the meaning are not available in the Member State in question, still, of paragraph 3 to submit required information, or is he still against that in paragraph 4 of laws referred to, regulations and administrative provisions of the host Member State , so the FMA as competent authority of the host Member State of the AIFM can take appropriate measures including measures of sections 56 and 60 after informing the competent authorities of the home Member State of the AIFM, to prevent further violations or to punish; If necessary, she can prohibit this AIFM new stores in Austria. It's in the task carried out in Austria as the host Member State of the AIFM managing AIF, so the FMA as competent authority of the host Member State may require that the AIFM is managing this AIF.

(8) the FMA as competent authority of the host Member State of an AIFM clear and demonstrable grounds for believing that the AIFM is contrary to the obligations which arise from regulations, for which it is not responsible for the monitoring of compliance with, she has her findings to inform the competent authorities of the home Member State of the AIFM; as competent authority of the home Member State in turn, she has to take appropriate measures and to request additional information, if necessary, by the appropriate supervisory authorities in third countries.

(9) acts of the AIFM in spite of the measures taken by the competent authorities of its home Member State or because such measures as inadequate to be or the home Member State of the AIFM not in time is still in a manner which is clearly detrimental to the interests of the investors of the AIF, financial stability or the integrity of the market in the host Member State of the AIFM, so can the FMA as competent authority of the host Member State of the AIFM after informing the competent authorities of the home Member State of the AIFM all take necessary measures to protect the investors of the AIF, financial stability and the integrity of the market in the host Member State; She has also the possibility to prohibit further distribution of shares of the relevant AIF in Austria as a host Member State of the AIFM concerned.

(10) the procedure comes after paragraph 8 and 9 to the application, if the FMA as competent authority of the host Member State has clear and provable objection to the admission of non-EU AIFM by the reference Member State.

(11) there is no agreement in relation to a by a competent authority according to the par. 4 to 10 taken action, between the competent authorities concerned so the FMA bring matter ESMA noted, can by the part of her article 19 of Regulation (EU) No. 1095 / 2010 conferred powers can be active.

Powers and costs incurred by the FMA

56. (1) has the FMA in other federal law without prejudice to the or assignments to AIF, in accordance with article 4, paragraph 1 licensed EU regulations or in accordance with § 1 para 5 No. 1 registered AIFM, EU AIFM from other Member States in the framework of article 55, to monitor non-EU AIFM, third parties in the context of section 18 as well as depositary in accordance with article 19 compliance with this federal law, as well as the delegated acts adopted on the basis of 2011/61/EU directive and to take all necessary measures , to ensure the proper functioning of markets in cases where one or more AIF in the market for a financial instrument could jeopardise the proper functioning of this market activity.

(2) the FMA may within its jurisdiction in accordance with paragraph 1, and article 54, paragraph 2 in particular,



1 documentation of all type single cycle and a copy of them to get, 2 of each with the activities of the AIFM, the administrator of a qualified venture capital fund, the administrator of a qualified Fund for social entrepreneurship or the AIF in related person to demand information and, if necessary, to summon a person for the purpose of obtaining information and hear, conduct announced and unannounced investigations on the ground 3. , 4 already existing recordings of telephone conversations and data transmissions to require 5 to require that practices that violate No. 345/2013 or the Regulation (EU) No. 346/2013, against this Federal Act, the 2011/61/CE directive, the delegated acts adopted on the basis of this directive, the Regulation (EU) need to be performed, apply 6 to the competent prosecutor, that this Court an application to ensure in accordance with §§ 109 Z 1 and 110 para 1 No. 3 or seizure pursuant to §§ 109 Z 2 and 115 para 1 Z 3 code of criminal procedure, 1975, Ccrp (BGBl. No. 631/1975) is a temporary ban on the practice of the professional to impose 7, to demand 8 by AIFM, custodians, auditors, managers of a qualified venture capital funds or managers of a qualified social entrepreneurship fund information, any kind of measures to take 9 to ensure that AIFM, depositary, administrator of a qualified venture capital funds or managers qualified one Fund for social entrepreneurship is still on the applicable requirements of this federal law , based on the policy 2011/61/EU acts delegated adopted, no. 345/2013 or regulation (EU) No. 346/2013 hold of Regulation (EU), the suspension of the issue, redemption or payment of shares to claim 10 in the interests of the unit-holders or of the public, 11 other activities of AIFM, an administrator of a qualified venture capital fund, to prohibit an administrator of a qualified social entrepreneurship Fund or a depositary in the domestic , 12 inspections or investigations by accountants or experts make to leave.

(3) reaches the FMA as competent authority of the reference Member State considers that an approved non-EU AIFM adopted delegated acts does not fulfil his duties in accordance with this federal law, 2011/61/EU directive or on the basis of this directive, the FMA ESMA sets thereof as soon as possible and see full statement of the reasons in knowledge.

(4) the FMA can prohibit Z 1 the management of AIF by natural or legal persons without a licence pursuant to § 4 paragraph 1 or a registry in accordance with section 1, paragraph 5. For this purpose, as well as to the prosecution in article 60, paragraph 1 Z 2 violations referred to by these people up the FMA's powers in accordance with articles 22 b 22e financial market supervisory authority Act - FMABG (Federal Law Gazette I no. 97/2001) to.

(5) the costs incurred by the FMA from the accounting group securities (section 19 para 1 Nos. 3 and para 4 FMABG) Z 1 are licensed in accordance with article 4, paragraph 1 or pursuant to section 1 paragraph 5 registered AIFM, built by in accordance with § 32 para 3 branches of non-EU AIFM in accordance with section 39 paragraph 3, in accordance with article 14 of the Regulation (EU) No. 345 / 2013 registered administrator of a qualified venture capital funds and in accordance with article 15 of the Regulation (EU) No. 346 / 2013 registered managers qualified one Fund for social Entrepreneurship to bear. The FMA has an additional common sub account circuit for AIFM for this purpose to make a qualified risk capital fund manager, administrator of a qualified funds for social entrepreneurship, management companies (InvFG 2011), investment fund management companies for real estate (ImmoInvFG) and BV funds (BMSVG).


(6) amounts attributable to be paid in accordance with paragraph 5 are to prescribe the FMA decision; the setting of fixed amounts is permitted. The FMA has more rules about the distribution of these costs and their notices of payment due by regulation to set. These are in particular to regulate:



1. the bases of each type of cost statements;

2. the dates for the cost assessments and the periods for payment of the fee.

The AIFM have to furnish all necessary information about the basics of calculating costs of the FMA.

Measures of the FMA

57. (1) is an external AIFM not in a position to ensure compliance with the requirements of this federal law, he has immediately the competent authorities of its home Member State and, if applicable, to inform the competent authorities of the concerned EU AIF. The FMA is the manufacture of the lawful State under threat of a coercive penalty within that period of time which is reasonable with regard to the circumstances of the case, to apply.

(2) if the requirements of this federal law still not be respected, the FMA has to rearrange the AIFM sets back the order for the management of the relevant AIF unless it is a EU AIFM or an EU AIF. In this case, the AIF may no longer be distributed in the Union. One in the case of non-EU AIFM managed a non-EU AIF, the AIF may not be distributed in the Union. The FMA without delay to the competent authorities of the host Member State of the AIFM of the arrangement in knowledge. § 9 para 3 is to apply mutatis mutandis.

Form of communication with the FMA - electronic delivery

section 58. The FMA may prescribe by regulation, that the ads and submissions in accordance with § 1 para 5 Z 4, section 8, paragraph 1, article 18, paragraph 1 Z 1, § 20 para 1, § 22 para 1 to 5 and 7, § 25 para 1, § 29 par. 2, § 30 para 2 and 6, § 32 para 2, 3 and 6, § 35 para 2 and 6, § 36 para 2 and 7 , Section 38, paragraph 2, 6 and 7, § 39 para 1 and 9, § 40 paragraph 2, 4 and 9, article 42, para. 3, 5 and 10, § 44 par. 2, 3 and 5, § 47 para. 3, 7 and 8, § 48 para 6, § 49 para 2, 3, have to be 9 and 11 only in electronic form and have to comply with certain structures, minimum technical requirements and modalities. The FMA has to orient itself on the principles of efficiency and expediency, and to ensure that the full electronic availability of data for the FMA are maintained and supervisory interests are not compromised. The FMA has appropriate arrangements for it to meet, that the notifying parties or, where appropriate, their entities can make during a reasonable period of time in the system about the accuracy and completeness of the data received by them or their entities.

Powers and responsibilities of the ESMA

59. (1) has the FMA to prove compliance with these guidelines of ESMA's guidelines for the competent authorities of the Member States with regard to the perception of its licensing powers and their information requirements, which were established pursuant to Directive 2011/61/EC, to note and request by ESMA.

(2) all persons at the FMA or with one other person at the ESMA has given tasks, operating or were active, including the examiner appointed by ESMA and experts, are required to maintain professional secrecy. The information covered by the obligation of professional secrecy be disclosed to any other person or authority, unless the disclosure is necessary for legal proceedings.

(3) all information exchanged between the competent authorities, EBA, EIOPA, ESMA, the ESRB in the context of this directive are to be considered confidential, except, ESMA or the relevant competent authority or other authority or place explained at the time of the communication, that this information may be disclosed or the disclosure is necessary for legal proceedings.

(4) the FMA as competent authority of the reference Member State of the relevant non-EU AIFM may require ESMA, a decision under article 47 paragraph 5 ff of 2011/61/EU directive to check.

Administrative penalties and publications

60. (1) unless the fact constitutes not a criminal offence falling within the jurisdiction of the courts, commits an administrative offence and is for that purpose by the FMA fined to punish with up to 100 000 euro, who



1. the requirement of a licence pursuant to § 4 paragraph 1 or the requirement of a registration pursuant to section 1 paragraph 5 Z 1 violates;

2. Despite the prohibition on sale by the FMA in accordance with § 29 par. 5, 30 paragraph of 6, 31 para of 2, 32 paragraph of 6, 35 para of 6, 36 paragraph of 7, 38 para of 6, 40 paras 8 and 9, 41 paragraph of 4, 42 paragraph 9 and 10, 43 par. of 4, 44 par. 5, 47 paragraph 6 and 7, 49 paragraph 9, 50 or 56 para 2 Z 5 , 10 and 11 and paragraph 4 sells shares in AIF;

3. contrary to the arrangement of the FMA pursuant to § 56 para 4, to make the management of AIF, AIF managed further.

(2) unless the fact constitutes not a criminal offence falling within the jurisdiction of the courts, commits an administrative offence and is for that purpose by the FMA fined to punish with up to 60 000 euro, who



1. neglects to inform the FMA pursuant to § 1 section 5 No. 4;

2. Z 5 violates the provision of section 1, paragraph 5;

3. contrary to article 3 in addition to one other AIFM manages an AIF;

4. contrary to § 4 para exercises 2 or 3 other activities;

5. the FMA does not immediately pursuant to § 6 paragraph 1 Z 3 the name of the successor to the persons who actually conduct the business of the AIFM, displays;

6 paragraph 5 is against the provision of § 7;

7. the FMA violates article 8 para 1 does not shows all major changes to the conditions for issuing concession prior to their application;

8 the provisions of § 10 par. 2, 11 to 17 violates;

9. the FMA without delay the delegation of tasks to third parties in accordance with article 18, paragraph 1 Z 1 displays;

10. the obligations referred to in article 19;

11. violate the provisions of sections 21 to 23;

12 25 violation of the information requirements of section;

13 26 a breach disclosure of the section;

14 the provisions of §§ 27 and 28 para 1 violates;

15. contrary to the § 29 par. 5, 30 para of 6, 32 paragraph of 6, 35 para of 6, 36 paragraph of 7, 38 para of 6, 40 para of 9, 42 paragraph of 10, 44 par. of 5, 47 paragraph of 7 or 49 para 9 of the FMA the essential changes to the specifications not timely notify;

16. Despite the prohibition on sale pursuant to § 51 para 3 of next shares distributes;

17 the provisions of §§ 52 or 53 violates;

18 contrary to § 57 para 1 fails to inform the FMA;

19 contrary to section 57 paragraph 2 not the order for the management of the relevant AIF lays back or further distribute an AIF;

20 acts delegated against a regulation of adopted on the basis of 2011/61/EU directive violates.

21. against a in accordance with this federal law adopted the FMA regulation violates.

(3) who was responsible (§ 9 VStG) an AIFM in accordance with § 10 paragraph 3 the obligations pursuant to §§ 40, par. 1 to 4 BWG hurt 40a, 40B, 41, commits, unless the Act constitutes not an act falling within the jurisdiction of the courts, an administrative offence and is up to 150 000 euro from the FMA fined to punish.

(4) who as a trustee over an AIFM in accordance with § 10 section 3 of its disclosure obligation pursuant to article 40, paragraph 2 fails to BWG, commits an administrative offence, unless the Act constitutes not an act falling within the jurisdiction of the courts and is the FMA with imprisonment up to six weeks or to punish with a fine up to 60 000 euro.

(5) if the act falling administrative offence constitutes not a criminal offence falling within the jurisdiction of the courts or a under paragraph 1, commits an administrative offence and is up to 60 000 euro for this purpose by the FMA fined punish whoever violates the provisions of Regulation (EU) No. 345/2103, or violates provisions of the Regulation (EU) No. 346/2103.

(6) the FMA as competent authority may each measure or no. 346/2013 imposed, known making sanction for a violation of the regulations adopted pursuant to this federal law or policy 2011/61/EC or regulation (EC) No. 345/2013 or the Regulation (EU) publicly, unless such a disclosure does not seriously endangered the stability of financial markets, which does not affect interests of investors or deals no disproportionate damage to the parties.


(7) he may request a review of the legality of the publication referred to in paragraph 6 in one administrative decision affected by the publication to be procedure by the FMA. The FMA has announced the initiation of such proceedings in the same way in this case to make. Is the illegality of the publication is determined in the context of the review, the FMA has the publication to set or to revoke either at the request of the person concerned, or to remove from the website. In proceedings before the courts of public law on suspensive effect attributed to a complaint against an administrative decision, which had made known pursuant to para 6, so the FMA has known this in the same way to make. The publication is to set or to revoke either at the request of the person concerned, or to remove, if the notice is lifted from the website.

(8) for administrative offences under that provision, a limitation period of 18 months applies VStG instead of the limitation period of § 31 para 1.

(9) the financial penalties imposed by the FMA in accordance with this Federal Act accruing to the Federal Government.

2. section

Cooperation between of the different competent authorities

Duty of cooperation

61. (1) has the FMA to cooperate with the competent authorities of the other Member States and with ESMA and the ESRB, whenever this to carry out their duties set forth in this federal law or policy 2011/61/EC or of the powers conferred by this directive or by national legislation is required.

(2) the FMA as competent authority has to use for purposes of cooperation of its powers, even if the conduct which is the subject of the investigation, represents no violation of a provision of applicable in Austria.

(3) the FMA as competent authority has promptly to carry out their tasks within the framework of this federal law and policy to submit required information 2011/61/EC the competent authorities of the other Member States and ESMA. The FMA as competent authority of the Member State of origin shall send a copy of the cooperation arrangements concluded in accordance with article 35, 37 or 40 2011/61/EU directive from her competent authorities of the host Member State of the AIFM concerned. The FMA as competent authority of the Member State of origin has the information that it has received in accordance with the agreements concluded with supervisory authorities from third countries through cooperation or, where appropriate, in accordance with article 45 paragraph 6 or 7 of that directive by supervisory authorities of third countries in relation to an AIFM, in accordance with the procedure in relation to the applicable technical regulatory standards in accordance with article 35 paragraph 14 , Article 37 paragraph 17 or article 40 paragraph 14 of that directive to the competent authorities of the host Member State of the AIFM concerned to forward. Is through the FMA as competent authority of a host Member State of considers that the content agreement on cooperation with the matches in accordance with articles 35 and 37 or 40 of by the home Member State of the AIFM directive, what is required, can the FMA ESMA note to bring the matter, according to the applicable technical regulation standards in the context of your article 19 of Regulation (EU) No. 1095 / 2010 conferred powers can be active.

(4) the FMA as competent authority has clear and demonstrable grounds to suspect that an AIFM governed not their supervision violates the 2011/61/CE directive or has violated, she communicated this ESMA and the competent authorities of the countries of origin and the host Member State of the AIFM concerned as accurately as possible. The FMA is the authority which receives such information, it has to take appropriate measures and to teach ESMA and the competent authorities, of which she was informed about the outcome of these measures and as far as possible key in the meantime occurred developments. The powers of the FMA as competent authority which has submitted the information, are not affected by this section.

Transmission and storage of personal data

Section 62 (1) for the transfer of personal data between competent authorities has the FMA as competent authority the Directive 95/46/EC.

(2) the data may be retained for a period not exceeding five years.

Disclosure of information to third countries

63. (1) the FMA as competent authority of a Member State can a competent authority of a third country data and data analyses including customer data in certain cases submit, insofar as this is in accordance with article is 25 or article 26 of Directive 95/46/EC and it as the competent authority of the Member State has verified that the transmission for the purposes of this federal law or of 2011/61/EU directive or corresponding rules in the third country, or to carry out other statutory duties under the supervision of the Financial market in the country is required. In addition, it must be ensured that the competent authority of the third country may disclose the data without express written consent of the FMA as competent authority of the Member State to other third countries.

(2) the FMA as competent authority of a Member State may only disclose the information received from a competent authority of another Member State to an authority of a third country, if it has received the express consent of the competent authority submits the information, and, if necessary, if the information only for the purpose will be disclosed, the competent authority for which has given consent.

Exchange of information on potential system impact of AIFM shops

64. (1) the FMA, as for the approval or supervision of AIFM competent authority has to provide information to the competent authorities of other Member States, as far as this for the monitoring of and the response to the potential impacts of transactions of individuals or of all AIFM for the stability of system-relevant financial institutions and the proper functioning of markets on which AIFM are active, is essential. ESMA and the ESRB have also to be informed by the FMA and forward this information to the competent authorities of the other Member States in turn.

(2) in accordance with article 35 of Regulation (EU) No. 1095/2010 has the FMA than for the AIFM authority ESMA and the ESRB it aggregate information about the businesses of AIFM, which responsible, to submit.

Cooperation in the supervision of

65. (1) may ask the competent authorities of another Member State to cooperate in the supervision or a review the FMA as competent authority of a Member State in the exercise of the powers conferred by this federal law or by the 2011/61/CE directive on site or an investigation in the territory of that other Member State. The FMA as competent authority receives a request for a review on site or an investigation, it shall one carry out the following measures:



1. you can the verification or investigation itself upmarket, 2. she may authorize the carrying out of the verification or investigation of the requesting authority, 3. can accountants or experts that allow carrying out the verification or investigation.

(2) in the case referred to in paragraph 1, Z 1 may request the competent authority of the Member State requesting cooperation that members of staff support staff of the FMA, which carries out the verification or investigation. However, the review or investigation subject to the overall control of the FMA as competent authority of the Member State in whose territory she held. In the case referred to in paragraph 1, Z 2 may request the FMA as competent authority of the Member State in whose territory the verification or investigation is carried out, that members of staff support the personnel that carried out the verification or investigation.

(3) the FMA as competent authority may refuse a request for an exchange of information or cooperation with an investigation or a review site only in the following cases:



1. the determination, the review site or exchange of information might affect the sovereignty, security or public order of in Austria, 2. due to the same actions and against the same people proceedings before an Austrian Court already pending, 3rd in Austria have done already a final judgment against the same people and due to the same cause of action.

The FMA as competent authority has the requesting competent authorities of any decision taken pursuant to paragraph 3, stating the reasons to teach.

(4) para 1 to 3 may the FMA with competent authorities from third countries within the framework and work of articles 61 para 1 and 2 and 64 para 1. This is also for tasks and purposes under legislation in a third country which are equivalent to those for this federal law or policy 2011/61/EU.

Dispute resolution


§ 66. In disagreement between the competent authorities of the Member States relating to a review, action or omission of one of the competent authorities in an area in which the directive requires a collaboration or coordination of competent authorities from more than one Member State 2011/61/EC, the FMA as competent authority that refer matter to ESMA, can the you within the framework of article 19 of Regulation (EU) No. 1095/2010 powers conferred can be active.

10 part

Transitional and final provisions

Transitional provision

67. (1) AIFM which carry out activities in Austria after this federal law or policy 2011/61/EC, have to put all the necessary measures to comply with the national legislation adopted pursuant to this Federal Act and have to apply for a concession pursuant to article 5, as well as for the AIF managed by them and distributed a request for approval in accordance with § 29 until 22 July 2014 before 22 July 2013 or, where appropriate, an ad according to §§ 30 , to introduce 31, 32 or 33.

(2) without prejudice to the articles 48 et seq. an application for approval in accordance with § 29 is on Fund, which first main piece of the InvFG are 2011 built within one year after this date before July 22, 2013, as real estate fund according to the ImmoInvFG or AIF pursuant to section 3 to provide or to submit a declaration pursuant to sections 30 or 32, otherwise sales permission lapses.

(3) EU AIFM as well as non-EU AIFM that distribute before 22 July 2013 AIF in Austria, have all necessary measures, to comply with the national legislation adopted pursuant to this Federal Act and until 21 July 2014 otherwise the distribution authorization of the AIF goes out an application for admission to make. AIFM, which can distribute shares in AIF in Austria in accordance with part 3, 2nd main piece InvFG 2011 publicly before 22 July 2013 have in addition the display in accordance with paragraph 49 on approval of sales to private customers until no later than 31 December 2014 to submit, otherwise the authorization for distribution to retail customers goes out.

(4) sections 29, 30, 31, 33, 38 and 47 do not apply to the sale of shares in AIF which are the subject of current public offer by means of a prospectus in accordance with KMG or of Directive 2003/71/EC before 22 July 2013 created and published, as long as this leaflet is valid.

(5) provided that AIFM to manage AIF of the closed-ended type before July 22, 2013, which make no additional investments after July 22, 2013, they can however continue to manage such AIF without authorisation in accordance with this federal law or policy 2011/61/EU.

(6) provided that AIFM managing AIF closed, whose subscription period for investors before entry into force expired policy 2011/61/EC and which were set up, which expires at the latest three years after the July 22, 2013, can they still manage such AIF without - with the exception of article 20 and, where appropriate, of sections 24 to 28 - comply with the provisions of this Federal Act for a period of time or a licence in accordance with this federal law or policy 2011/61/EC apply to.

(7) to 31 December 2013 is to apply article 69 Banking Act with regard to the allocation of costs of the FMA.

section 68. After entry into force of this federal law and to the template the article 67 par. 1 lit. a 2011/61/EU directive mentioned opinion of ESMA has the FMA as competent authority ESMA for this purpose to provide information about the AIFM which manage AIF subject to their supervision in accordance with the passport system provided for in this directive or in accordance with the national regulations and/or distribute quarterly. Also, she has the ESMA for a review of article 67 paragraph 2 of that directive above required information is available to make.

section 69. After the entry into force of article 67, paragraph 6 of the directive mentioned 2011/61/EC delegated legislation and to the template which article 68 para 1 lit. a directive mentioned ESMA opinion has manage the FMA as competent authority ESMA for this purpose quarterly details of the AIFM to which their AIF subject to supervision in accordance with the passport system provided for in this directive or the national regulations and/or distribute.

Article 70. For purposes of the review in accordance with article 69, paragraph 1 of 2011/61/EU directive has annually to provide the FMA of the Commission details of AIFM which manage AIF subject to their supervision in accordance with the passport system provided for in this directive or in accordance with the national regulations and/or distribute. She has the time to specify when the passport system was implemented in their territory or, if necessary, applies. The information must include the following:



1. information concerning the seat of the AIFM concerned;

2. where appropriate, indicate of the EU AIF which the AIFM concerned are maintained and/or distributed;

3. where appropriate, indicate of the non-EU AIF which are managed, but not marketed in the Union by EU AIFM;

4. where appropriate, indicate of the non-EU-AIF sold in the Union;

5. details of the applicable regulation, whether national or at EU level, within which the AIFM concerned carry out their activities, and 6 other information, that are important to understand works such as the management and distribution of AIF by AIFMS in the Union in practice.

References and regulations

As far as other federal laws are referenced in this Federal Act, these are 71. (1) in their currently valid version to apply unless it is otherwise arranged expressly.

(2) if the European Union is referenced in this Federal Act following acts, they are, unless otherwise arranged, apply respectively in the following version:



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, as amended by the amending OJ No. L 155 of 27 S. 35;

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 the directive of 2011/61/EC, OJ No. L 174 of 01.07.2011 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, OJ No. L 302 of 17.11.2009 p. 32, as last amended by the directive of 2011/61/EC, OJ No. L 174 of 01.07.2011 p. 1;

4. 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 2006/48/EC on the taking up and pursuit of the business of credit institutions, OJ No. L 177 of the 30.06.2006 p. 1, as last amended by Directive 2011/89/EC, OJ No. L 326 of the 08.12.2011 p. 113;

6 Directive 2004/39/EC on markets in financial instruments, amending Directives 85/611/EEC and 93/6/EEC of the Council and Directive 2000/12/EC of the European Parliament and of the Council and repealing Directive 93/22/EEC of the Council, OJ No. L 145 of 30.04.2004 p. 1, as last amended by Directive 2010/78/EC, OJ No. L 331 of the 15.12.2010 p. 120;

7. Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC, OJ No. L 390 of 31.12.2004 p. 638, as last amended by Directive 2010/78/EC, OJ No. L 331 of the 15.12.2010 p. 120;

8 Directive 2002/14/EC establishing a general framework for informing and consulting employees in the European Community - Joint Declaration of the European Parliament, Council and the Commission to represent the workers, OJ No. L 80 of the 23.03.2002 S. 29;

9 Regulation (EC) No. 24/2009 concerning statistics on the assets and liabilities of financial vehicle corporations engaged in securitisation transactions operate, OJ No. L 15 of January 20, 2009 p. 1;

10. Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions, OJ No. L 177 of the 30.06.2006 p. 201, as last amended by Directive 2010/78/EC, OJ No. L 331 p. 120;

11 Regulation (EU) No 1095/2010 establishing a European supervisory authority (European Securities and markets authority), amending Decision No 716/2009/EC and repealing Decision 2009/77/EC, OJ No. L 331 of the 15.12.2010 p. 84, as amended by the directive of 2011/61/EC, OJ No. 174 of 01.07.2011 p. 1;

12. Directive 2006/73/EC on the implementation of Directive 2004/39/EC as regards the organisational requirements for investment firms and the conditions for the performance of their duties, as well as in relation to the definition of terms for the purposes of that directive, OJ No. L 241 of the 02.09.2006 p. 26;

13 Directive 98/26/EC on settlement finality in payment and securities settlement systems, OJ No. L 166 of the 11.06.1998 S. 45, as last amended by Regulation (EU) No. 648/2012, OJ No. L 201 of the 27.07.2012 p. 1;

14.

Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts, amending Directives 78/660/EEC and 83/349/EEC and repealing Directive 84/253/EEC of the Council, OJ No L 157 of the 09.06.2006 p. 87, as last amended by Directive 2008/30/EC, OJ No. L 81 of March 20, 2008 p. 53;

15 Directive 2003/71/EC on the prospectus, which is to publish in the public offer of securities or the admission to trading, and amending Directive 2001/34/EC, OJ No. L 345 of 31.12.2003 S. 64, as last amended by Directive 2010/78/EC, OJ No. L 331 of the 15.12.2010 p. 120;

16 Directive 2004/25/EC on takeover bids, OJ No. L 142 of 30.04.2004 p. 12;

17 directive 2012/30/EC on the coordination of agricultural protection, which in the Member States the companies within the meaning of article 54 (2) of the Treaty on the functioning of the European Union in the interests of the shareholders and third parties for the establishment of the joint-stock company and the maintenance and alteration of their capital are prescribed, to those provisions equivalent to fashion, OJ No. L 315 of the 14.11.2012 p. 74;

18 Regulation (EU) no 1094/2010 establishing a European supervisory authority (European insurance and occupational pensions authority), amending Decision No 716/2009/EC and repealing Decision 2009/79/EC, OJ No. L 331 of the 15.12.2010 S. 48;

19 Directive 95/46/EC on the protection of natural persons in the processing of personal data and on the free movement of data, OJ No. L 281 of 23.11.1995 p. 31, as amended by Regulation (EC) No 1882/2003, OJ No. 284 of 31.10.2003 p. 1 20 Regulation (EU) No. 345/2013 on European risk capital fund, OJ L 115 of the 25.04.2013, S 1;

21 Regulation (EU) No. 346/2013 on European Fund for social entrepreneurship, OJ L 115 of the 25.04,2013 S 18.

(3) Regulations under this Federal Act as amended should be adopted from the day following the announcement of the Federal Act to be conducted; they may not however into force prior to the required legal provisions.

Linguistic equal treatment

section 72. As far as this federal law are personal names only in the male form, they relate to women and men in the same way. When applied to certain persons, the respective gender-specific form is to use.

Enforcement

Article 73. With the completion of this federal law, the Federal Minister of finance is responsible for.

Entry into force

74. (1) this Federal Act with the exception of sections 35 to 37, paragraphs 39 to 46, § 56 para 5 and 6 and section 60 with 22 July 2013 enter into force. § 60 shall enter into force the day following the announcement. sections 35 to 37 and sections 39 to 46 shall apply in accordance with the by the European Commission in accordance with article 67 para. 6 of 2011/61/EU directive adopted delegated acts and only at that specific time.

(2) § 56 para 5 and 6 with 1 January 2014 into force and is to apply to the FMA financial years commencing after December 31, 2013.

Appendix 1 to § 4



1. system management functions, the AIFM must assume at least the management of AIF: a) portfolio management, b) risk management.

2. other tasks that can exert an AIFM under the collective management of AIF in addition: a) administrative activities: i) legal services as well as services of fund accounting and accounting, ii) customer inquiries, iii) valuation and pricing, including tax returns, iv) monitoring compliance with the legislation, v) maintenance of a register of investors, vi) distribution of profit, vii) issue and redemption of shares, viii) contract settlements, including delivery of the certificates, ix) management of records;

(b) distribution;

(c) activities relating to the assets of the AIF, including services that are required to fulfill the fiduciary duties of the AIFM, facility management, property management, advising companies on capital structure, industrial strategy and related issues, consulting and services relating to mergers and the purchase of companies and other services in connection with the administration of the AIF and the businesses and other assets , have invested in the AIF, fall.

Annex 2 to paragraph 11



Remuneration policy



1. in the definition and application of the whole remuneration policy including salaries and voluntary retirement benefits for those categories of staff, including management, which they in the same income level are risk-takers and employees control functions, and all employees who received a total remuneration, as members of business performance and risk carrier, operating significantly affects the risk profiles of the AIFM or AIF managed by them , AIFM apply the following principles in accordance with their size, their internal organisation and the nature, the scope and the complexity of their business's: a) the remuneration policy is consistent with sound and effective risk management and beneficial and encouraged not to take risks that are incompatible with the risk profiles, rules or statutes which them AIF; managed by this

(b) the remuneration policy linked to business strategy, objectives, values and interests of the AIFM and the AIF it manages or the investors of the AIF in accordance and includes measures to prevent conflicts of interest;

(c) the governing body of the AIFM sets the General principles of the remuneration policy in its supervisory role, she regularly and is responsible for its implementation;

(d) at least once a year, as part of a central and independent internal review determined whether the remuneration policy in accordance with the pay regulations set by the Board in its supervisory role and procedures has been implemented;

(e) employees who have functions, are paid according to the objectives associated with their tasks, regardless of the services in the business areas controlled by them;

(f) the remuneration of higher executives in the areas of risk management and compliance tasks is immediately checked by the remuneration Committee;

(g) in the case of performance-related remuneration the remuneration is an assessment both of underlying, and evaluation are individual performance financial performance of the concerned employee and his Department or the relevant AIF as also the overall result of the AIFM as well as consider non-financial criteria.

h) to ensure that the assessment on the longer-term performance will turn off and the actual payment of performance-related remuneration components over a period of time is distributed, the return policy of the AIF it manages and its investment risks takes into account, should be the performance appraisal in a multiannual framework, which corresponds to the life cycle of the AIF managed by the AIFM.

(i) a guaranteed variable compensation can be paid only in exceptional cases in connection with the setting of new employees and is limited to the first year;

(j) the total remuneration are fixed and variable components in proportion and the fixed component in the total compensation is sufficiently high that a flexible policy with regard to the variable component is possible without restrictions and also the payment of a variable component can be dispensed with;

(k) payments related to the early termination of a contract reflect the results achieved in the course of time and are designed so that they do not reward failure;

(l) the success measurement, variable components of remuneration or pools of variable components of remuneration are calculated on the basis of those, including a comprehensive rectification mechanism for all relevant types of current and future risks;

(m) depending on the legal structure of the AIF and its fund rules or instruments of incorporation must a significant proportion of the variable remuneration component, and in any case at least 50 per cent, consist of equivalent non-cash instruments, instruments linked to shares or equivalent investments or shares of that AIF; the minimum value of 50 per cent will not be however the application, if less than 50 per cent of the total portfolio managed by the AIFM accounted for AIF. For the instruments after this lit. apply a suitable default policy, which aims to align the incentives of the interests of the AIFM and the of this AIF managed, as well as to the interests of the investors of the AIF. The Member States or the competent national authorities can choose constraints regarding the types and forms of such instruments or, where appropriate, specific instruments prohibit. This provision is both to apply the amount of the variable component of the remuneration in accordance with lit. n is deferred, as well as on the percentage of the non-deferred variable remuneration component.

n)

a significant proportion of the variable remuneration component, and in any case at least 40 per cent, is deferred over a period which is reasonable in view of the life cycle and the collection principles of the AIF and is properly aligned on the nature of the risks of this AIF. The period after this lit. should be at least three to five years, except when the life cycle of the AIF is shorter. The remuneration to be paid within the framework of rules for the deferral of payment of remuneration is not rapid as purchased on pro-rata basis. The variable component constitutes an especially high amount, so the payout resets % of the amount by at least 60;

(o) the variable remuneration, including deferred percentage is only paid out or purchased if it is sustainable given the financial situation of the AIFM as a whole and justified according to the performance of the relevant Division, AIF and of the person concerned. A weak or negative financial performance of the AIFM or the relevant AIF leads generally to a significant contraction of the total variable remuneration, taking into account withdrawal current compensations as well as reductions of amounts previously earned by Malus - or repayment agreements,

(p) pension schemes are of this AIF managed in line with business strategy, objectives, values and long-term interests of the AIFM and the. The employee leaves the AIFM before retirement, voluntary retirement benefits of the AIFM should be used for five years in the form under lit. m set instruments will be retained. An employee retires, joins the voluntary retirement benefits should the employee in the form under lit. m defined tools; paid after a waiting period of five years

(q) of the employees, it is required that they commit no personal hedging strategies or remuneration - and liability-related insurance to draw on, to undermine the alignment on the risk behaviour enshrined in their remuneration schemes;

(r) the remuneration is not paid in the form of instruments or procedures, which make it easier to bypass the requirements of this directive.

2. the principles referred to in subpara 1 shall apply to all types of allowances, which are paid by AIFM, for any amount paid directly by the AIF itself, including carried interest, and for any transfer of shares of the AIF, which they are in favour of those categories of staff, including management, risk buyer, employees with control functions, and all employees who received a total remuneration, which in the same income level as members of business performance and buyer of risk of , be made, whose professional activity affects a significant impact on their risk profile, or on the risk profile of the AIF they manage.

3. AIFM which are due to their size or the size of the AIF they manage, their internal organization and the kind, the scope and the complexity of their businesses of major importance, set up a remuneration Committee. The remuneration Committee is competent and independent about the remuneration arrangements and practices, as well as the incentives judging for the management of risks in a way to build, which allows him to.

The remuneration Committee is responsible for the preparation of decisions on the remuneration, including those that affect the risk and the risk management of the AIFM or the relevant AIF; These decisions are by the governing body in its supervisory role. A member of the management body, which performs no leadership in the AIFM concerned chaired the remuneration Committee. The members of the remuneration Committee are members of the management body, exercising no leadership in the AIFM concerned.

Annex 3 to section 29



Documents and particulars which are to teach or to make in case of a planned sales in the home Member State of the AIFM



(a) contains a display letter including a business plan, the information to the AIF which the AIFM intends to distribute, as well as to their seat.

(b) the contractual terms and conditions or the articles of Association of the AIF;

(c) the name of the depositary of the AIF;

(d) a description of the AIF or all information available for the investors of the AIF;

(e) information on the seat of the master AIF if the AIF is a feeder AIF;

f) all other information referred to in article 21, paragraph 1, for each AIF the AIFM intends to market;

(g) if figures are true to the precautions that have been taken to prevent that units of the AIF to retail marketed, if an AIFM for the provision of investment services for the AIF relies on independent companies).

Appendix 4 to section 30



Documents and information which are in case of a planned sales in other Member States than the home Member State of the AIFM to teach or to make



(a) contains a display letter including a business plan, the information to the AIF which the AIFM intends to distribute, as well as to their seat.

(b) the contractual terms and conditions or the articles of Association of the AIF;

(c) the name of the depositary of the AIF;

(d) a description of the AIF or all information available for the investors of the AIF;

(e) information on the seat of the master AIF if the AIF is a feeder AIF;

f) all other information referred to in article 21, paragraph 1, for each AIF the AIFM intends to market;

(g) the indication of the Member State in which units of the AIF to professional investors marketed should be;

h) information on the arrangements for the marketing of AIF and, where figures are true, the provisions that have been taken to prevent that units of the AIF to retail marketed, if an AIFM for the provision of investment services for the AIF relies on independent companies.

Article 3

Amendment of the Banking Act

The Bankwesengesetz-BWG, BGBl. No. 532/1993, as last amended by Federal Law Gazette I no. 70/2013, is amended as follows:

1 § 1 par. 1 Z 14 is omitted.

2. section 3 para 3 No. 6 is attached following no. 7:



"7 AIFM in accordance with article 2 paragraph 1 letter a to c of 2011 CE/directive 61 /, insofar as they do not exceed the scope of their authorisation under this directive;"

3. in article 69, paragraph 1, the phrase "of the investment fund law," is omitted.

4. in § 69 para 1 No. 1 following phrase is added before the semicolon:

"with the exception of credit institutions in accordance with article 1, paragraph 1 Z 13, 13a and Z 21"

5. in section 70 para 4, the phrase "of the investment fund law," is omitted.

6 the following paragraph 9 is added to § in 105:

"(9) as far as in this federal law on the 2011/61/CE directive is referenced, so is the 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 unless otherwise arranged, / 2009 and (EU) No. 1095 / 2010 OJ" No. L 174 of 01.07.2011 p. 1, as amended by the amending OJ No. L 155 of 27 S. 35, effective;"

7 in section 107 79 the following paragraph is added:

"(79) section 3 para 3 Z 7, section 69, paragraph 1, section 70 para 4 and section 105 paragraph 9 as amended by Federal Law Gazette I no. 135/2013 apply with 22 July 2013." section 69a para 1 No. 1 in the version of Federal Law Gazette I is no. 135/2013 with 1 January 2014 into force. Article 1, paragraph 1 is 21 July 2013 override. Z 14"

Article 4

Change of company employees and self-employed persons Pension Act

The operational staff and self-employed Pension Act, Federal Law Gazette I no. 100/2002, as last amended by Federal Law Gazette I no. 67/2013, is amended as follows:

1. in article 30, paragraph 1, the phrase "MV company business" is replaced by the phrase "Occupational pension fund shops".

2. § 30 para 2 Z 5a is:



"5a. shares of AIF, material InvFG 2011 are equivalent to a special fund in accordance with section 163 and a EU AIFM manages, not as a capital investment company in accordance with § 1 para 1 Z 13 Banking Act in connection with § 6 par. 2 InvFG 2011 licensed is;"

3. § 30 para 2 No. 6 is:



"6 real estate funds pursuant to § 1 real estate investment Fund Act, Federal Law Gazette I no. 80 / 2003 (ImmoInvFG) and open-ended real estate funds, which are managed by a EU AIFM, unless specified in the Fund regulations of the Fund only the investment of the Fund assets in located an OECD Member State or EEA Member State income-yielding land and buildings as well real estate companies in accordance with § 23 ImmoInvFG."

4. According to § 30 para 2, no. 6 is inserted following Nos. 7 and 8:



"7.

AIF, in accordance with sections 29, 30, 31, 38 or 47 alternative investment funds Manager law - AIFMG, Federal Law Gazette I no. 135/2013, in Austria distribute to professional investors or in accordance with articles 31, 32, 36 or 42 2011/61/EU directive 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 No. L 174 of 01.07.2011 p. 1, as amended by the amending OJ No. L 155 of 27 S. 35, for distribution in another Member State are approved and does not fall under para. 2 Z 5a or 6;

8. other AIF."

5. § 30 para 3 Z 4 is:



"(4. Veranlagungen Gemäß Abs. 2 Z 5 und 5A a) (must be issued by a management company which is established in a Member State of the EEA or OECD Member State b) (according to the actual management on the investments referred to in paragraph 2 to be split to Z 1 to 8, c) derivative products in accordance with article 73 have InvFG 2011, not purchased to hedge price risks, up to 5 vH of the assets associated with the investment community;"

d) units in undertakings for collective investment (UCIS) according to § 71 paragraph 2 May and 3 InvFG 2011 up to 30 per cent of the assets associated with the investment community include;

(e) may contain Z 2011 up to 5 vH of the assets associated with the investment community assessments in accordance with section 166, paragraph 1 3 InvFG;"

6 § 30 para 3 No. 7 is:



"7 investments referred to in paragraph 2 are limited to a maximum of 5 vH of the assets associated with the investment community; no. 7"

7. According to § 30 para 3 No. 7 be inserted following Z 7a and 7B:



"7a. investments according to para 2 Z 8 are limited to no more than 1 vH of the assets associated with the investment community;

7B. investments according to para 2 Nos. 7 and 8 may together not exceed 5 vH of the assets associated with the investment community;"

8. in section 31Abs. 1 Z 3a will be after the phrase "comparable foreign funds" the phrase "in the sense of § 30 para 2 Z 5a" inserted.

9. in article 40, paragraph 6, the phrase "and the Austrian National Bank" is omitted.

10 paragraph 44 paragraph 2:

"(2) in the case of administrative offences under that provision a limitation period of 18 months applies VStG instead of the limitation period of § 31 para 1."

11 § 45 para 3 is as follows:

"(3) in the case of administrative offences under that provision a limitation period of 18 months applies VStG instead of the limitation period of § 31 para 1."

12. According to article 45, the following § 45a and heading shall be inserted:

"Costs

§ 45a. (1) the costs incurred by the FMA from the accounting group securities (section 19 para 1 Nos. 3 and para 4 FMABG) shall be borne by BV funds according to § 18. The FMA has an additional common sub account circuit for BV funds, management companies (InvFG 2011) for this purpose to make investment companies for real estate (ImmoInvFG) and AIFM (AIFMG).

(2) the amounts relating to the fee referred to in paragraph 1 are to prescribe the FMA decision; the setting of fixed amounts is permitted. The FMA has more rules about the distribution of these costs and their notices of payment due by regulation to set. These are in particular to regulate:



1. the bases of each type of cost statements;

2. the dates for the cost assessments and the periods for payment of the fee.

The BV cash registers have to furnish all necessary information about the basics of calculating cost of FMA."

13 21 the following paragraph is added to article the 73:

"(21) article 30, paragraph 1, § 30 para 2 Z 5a, 6, 7 and 8, § 30 para 3 Z 4, 7, 7a and 7B, 31Abs. § 1 Z 3a, § 44 par. 2 and § 45 para 3 as amended by Federal Law Gazette I no. 135/2013 with the day following the proclamation into force." I will take no. 135/2013 § 40 paragraph 6 and § 45a and heading as amended by Federal Law Gazette 1 January 2014 effect."

Article 5

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. 70/2013, is amended as follows:

1. paragraph 1:

„§ 1. This Federal Act lays down the conditions to which UCITS (section 2) in Austria may be applied, managed and distributed. Also determines under what conditions other funds, pension funds and special funds in Austria taking to § 48 para I no. 135/2013, created, managed 3 and 4 alternative investment funds Manager law - AIFMG, Federal Law Gazette and may be sold."

2. paragraph 2 subsection 3:

"(3) a UCITS may be composed of different sub-funds; 3. part 3 section each sub-fund of UCITS is considered for the purposes of the 2nd part own UCITS. For the purposes of the 2nd part 3rd part 6 section and 4 main piece includes UCITS a the corresponding sub-fund. For each sub-fund an own KID is to create."

3. § 3 par. 2 No. 19 is:



"19 investment funds: UCITS in the form of a Fund pursuant to § 2 para 2 and alternative investment funds (AIF) in accordance with article 3 par. 2 Z 31;"

4. § 3 para 2 Nos. 30 and 31 are:



"30 mutual funds: UCITS independently of their legal form and AIF in accordance with Z 31;"

"31 alternative investment funds (AIF): undertakings for collective investment, that in accordance with section 3 1 main piece be made as funds are granted in the same, in securities embodied shares fall apart and are in the ownership of the shareholders;"

5. § 5 paragraph 2 No. 2 is:



"2. in addition to the management of UCITS in accordance with no. 1 the management of AIF pursuant to AIFMG should in this respect a concession was granted the management company after AIFMG"

6 paragraph 5 paragraph 5:

"(5) management companies, UCITS approved by the FMA and, where appropriate, AIF manage, can tasks pursuant to para 2 subpara 1 lit. b sublit. CC to hh regarding the UCITS to the custodian bank transfer, if this is provided for in the prospectus."

7 paragraph 6 ABS. 3:

"(3) the FMA has the applicant within six months after receipt of the request or, if this is incomplete, within six months after submission of all the information required for the decision either to grant the concession or the rejection of the application by means of notification in writing. The concession is at any other cancellation in writing to grant; She can be, equipped with appropriate terms and conditions also set is to what extent the management company for the provision of services pursuant to § 5 para 2 Z 2 to 4 is entitled and, where appropriate, on what types of UCITS extends their permit collective portfolio management."

8 paragraph 27:

"§ 27. A management company, whose licensing No. 3 also covers with discretionary portfolio management pursuant to § 5 para 2,



1 may invest the assets of the investor either in whole or in part, in units of a UCITS it manages, unless the customer has previously given a general consent; "and 2. subject to the provisions in accordance with article 93 in relation to the services according to § 5 para 2 No. 3 para 2a BWG."

9. According to article 30, paragraph 4 the following paragraph 5 is added:

"(5) the management company has to provide appropriate and documented procedures and arrangements that allow a rapid change of the custodian bank in the event that the custodian can no longer guarantee the performance of their duties."

10 paragraph 46 paragraph 3:

"(3) shares in funds are suitable for the conditioning of Ward money, unless on the basis of the provisions of the Fund"



1. the Fund assets in securities pursuant to § 217 ABGB; be inclined

2. bank balances as well as the income; not exceed 10 vH of the Fund assets

3. transactions with derivative products within the meaning of § 73 exclusively to hedge the Fund's assets may be carried.

Securities lending transactions are permitted in accordance with section 84. Such share certificates are suitable for the installation in the cover stock of a domestic bank for savings deposits pursuant to § 216. ABGB"

11 paragraph 60 paragraph 1:

"Section 60 (1) can terminate the management of UCITS management company after obtaining the approval of the FMA in compliance with a notice period of at least six months by public notice (article 136 par. 4). The authorisation shall be granted if the interests of the unit holders are adequately safeguarded. The publication can be avoided if the cancellation is communicated all unit-holders in accordance with § 133 demonstrably. In this case considered sufficiently safeguarded the interests of the shareholders and the notice with the date specified in the notice, not earlier than 30 days after notification to the shareholders, enter into force."

12 paragraph 64:


"article 64. The conversion of a UCITS, the Fund regulations have been granted in accordance with section 50 in a Special Fund (section 163) is under concurrent submission in accordance with section 29 AIFMG to the FMA only permitted if all shareholders agree to verifiably, of the UCITS pursuant to § 139 for distribution in another Member State is notified and the provisions of section 163 as regards the minimum investment amount, the UCITS in another Member State is distributed and all shareholders by the management company of all legal consequences , arising from the conversion of unit-holders, were cleared up. The shareholders are to inform in accordance with section 133. If there is already displayed transfers pursuant to section 28, the management company of the FMA has forthwith, whether those transfers are still upright. In the case of a simultaneous transfer of Administration to another management company it has those communication to make."

13 the following sentence is added to the section 71, paragraph 1:

"An OGA is an AIF within the meaning of the AIFMG, which meets the requirements of paragraph 2."

14 paragraph 130 paragraph 1:

"(1) the designation"Kapitalanlagegesellschaft","Investment funds","Investment fund","Investment funds","Joint fund","Investment funds","Equity","Bond funds"," investment share ","Mutual fund","Pension funds","Special funds","Index funds","Bond funds","Pension funds","Fund of funds","accumulating investment funds","Money market fund","money market funds with a short maturity structure', "UCITS ETFs", "UCITS ETF", "ETF", "Exchange-traded fund" or equivalent designations or abbreviations of such labels may be used only for capital investment fund and the units, recorded only in the company of management companies. " The designation "UCITS" may be used only for UCITS and their shares. The addition "eligible" or equivalent designations or abbreviations may be used in term investment funds and their share certificates only for UCITS pursuant to article 46, paragraph 3."

15 § 134 para 1 last sentence reads:

"To mention the KID clearly and in German language, the term is"Key investor information"."

16 paragraph 144 along with heading:

"Costs

144. (1) the costs incurred by the FMA from the accounting group securities (§ 19 para 1 Nos. 3 and para 4 FMABG) are to wear built branches of management companies licensed pursuant to § 5 para 1 as well as according to in accordance with § 36 para 2. For this purpose, the FMA has an additional common sub accounting group management company, investment fund management companies for real estate (ImmoInvFG), BV funds (BMSVG) and AIFM (AIFMG) form.

(2) the amounts relating to the fee referred to in paragraph 1 are to prescribe the FMA decision; the setting of fixed amounts is permitted. The FMA has more rules about the distribution of these costs and their notices of payment due by regulation to set. These are in particular to regulate:



1. the bases of each type of cost statements;

2. the dates for the cost assessments and the periods for payment of the fee.

Management companies have to furnish all necessary information about the basics of calculating cost of FMA."

17. According to § 162, 162a the following section is inserted:

"§ 162a. The provisions of paragraphs 163 to 174 shall apply in accordance with the AIFMG."

18 § 166 paragraph 1 Z 4 is:



"4. shares in the same real estate funds pursuant to section 1 real estate investment funds act – ImmoInvFG (Federal Law Gazette I no 80/2003) and shares the same open-ended real estate fund managed by a EU AIFM to 10 vH of the Fund's assets." Total shares in real estate funds referred to in paragraph 1 and shall not exceed ImmoInvFG shares in open-ended real estate funds, which are managed by a EU AIFM 20 vH of the Fund assets. The acquisition of shares in real estate Special Fund in accordance with § 1 para. 3 ImmoInvFG and proportions of special real estate funds, which are managed by a EU AIFM, is allowed, provided that the acquiring other Fund itself is a special fund and all shareholders of the real estate special funds to be acquired prior to the acquisition give such consent;"

19 paragraph 167 paragraph 1:

"(1) taking provisions of the 2nd part of this Federal Act, with the exception of articles 36 to 38 and 131 to other funds application, as far as in § 166 and in para 2 to 8 of this provision not expressly otherwise arranged. The sections 50 to 65 shall apply with the proviso that in case of a sale of other assets in foreign countries the competent supervisory authority, as well as the shareholders about the secession took place to inform are."

20 § 167 para 6 and 7 are:

"(6) the customer information document in accordance with section 134 shall contain a special note on special assessment and repayment in accordance with paragraph 2. In other funds which apply to more than 10 vH in investments in accordance with article 166 par. 1 Z 3, the customer information document has to include a warning in this respect. The warning requires the approval of the FMA. For shares of other funds the warning must be inserted in advertising always in the form approved by the FMA.

(7) the acquisition of shares in a foreign investment fund or an investment company of the open type or an open real estate fund managed by EU AIFM, by a different Fund founded itself no public offered domestically (article 129, paragraph 1, section 140 and article 175, paragraph 1)."

21 § receives the sales designation (9) 167 paragraph 8 and paragraph 8 reads:

"(8) the provisions of §§ 128, 132, 133, 137, and 138 are to apply for other funds with the proviso that the provisions of the prospectus does not apply."

22 paragraph 168:

"§ 168. A pension fund is a fund consisting of liquid financial assets within the meaning of article 67, paragraph 1, which decays in same, embodied in securities shares, under the joint ownership of the shareholders is made according to the provisions of this Federal Act, which carries the designation of pension mutual funds in accordance with the Fund regulations. The provisions of the 2nd part with the exception of § 131 of this Act apply to pension funds accordingly, unless otherwise specified in the following provisions of this section. A pension investment fund is not a UCITS under article 1 paragraph 2 of Directive 2009/65/EC, which complies with all provisions of this directive. Pension investment funds are to supervise of the FMA pursuant to sections 143 to 154."

23. after section 168 the following Article 168a shall be inserted:

"§ 168a. The provisions of §§ 128, 132, 133, 137, and 138 are pension funds provided to apply, that the provisions of the prospectus does not apply."

24 § 173 including heading is as follows:

Customer information document

"§ 173. In the customer information document of pension investment fund is to point out that the Pension Fund for purposes of the pension is used and therefore pursues a long-term investment policy."

25 § 175 to 185 and headings are §.

26 § 186 is amended as follows:

27 ABS. 1 is as follows:



"(1) the undistributed income of income within the meaning of section 27 of the income tax Act 1988 less related expenses of"



1. investment fund or one of



2.



AIF within the meaning of the AIFMG, his Member State of origin is Austria, except AIF in real estate within the meaning of the AIFMG,



the shareholders are taxable income. A loss that arises from the income within the meaning of section 27 of the income tax Act 1988 after deduction of related expenses this is income within the meaning of section 27 of the income tax Act 1988 in subsequent years to offset, where the settlement primarily has to be article 27 par. 3 and 4 of the income tax Act 1988 with revenues of the Fund within the meaning. Revenue from the provision of capital pursuant to § 27 ABS. 2 1988 accrual No. 2 of the income tax act in the accounts of the Fund, these are already considered income within the meaning of § 27 para 2 of the income tax Act 1988."

28 ABS. 3 first and second sentence read:

"The realized value on disposal of the unit certificate or the proportion of an AIF shall be subject to taxation in accordance with article 27 par. 3 of the income tax Act 1988. same of distribution of increase income, tax-free distributions within the meaning of paragraph 2 reduce the acquisition cost (§ 27a para 3 No. 2 of the income tax Act 1988) of the unit certificate or the proportion of an AIF Z 1 last sentence and distributions that are not income within the meaning of the income tax act in 1988, when the shareholders."

29. There are added following paragraph 5 to 7:

"(5) for income, which in 1988 are no income in accordance with section 27 of the income tax Act, the following shall apply:"



1.

Is on income, representing Nos. 1 and 2 of the law on real estate investment fund management and revaluation gains in the sense of § 14 para 2, § 40 of the real estate investment Fund Act apply accordingly.

2. the undistributed income other income within the meaning of the income tax Act 1988 less related expenses are taxable income at the unit-holders. No actual distribution will be made or are not all income distributed, all income as distributed in that time, which is decisive for the dividend-equivalent earnings in accordance with paragraph 2 No. 1 apply.

(6) is a distribution, considered to be distributed for tax purposes:



1. first the current and the income obtained in previous years within the meaning of section 27 of the income tax Act 1988, 2. then the current and the other income obtained in previous years, within the meaning of the income tax Act 1988 and 3rd last amounts representing 1988 not income within the meaning of the income tax act.

(7) AIF within the meaning of the AIFMG, to apply paragraphs 1 to 6, not considered for purposes of the tax authorities in the meaning of § 1 of the Corporation Tax Act 1988."

30 paragraph 188:

"The provisions of § 186 are 188 (1) also apply to foreign investment funds. As such:



1. UCITS, the home Member State is not Austria;

2. AIF within the meaning of the AIFMG, the Member State of origin is not Austria, except AIF in real estate within the meaning of the AIFMG;

3. each subordinate foreign law body, regardless of its legal form, its assets according to law, the articles of association or actual exercise is designed according to the principles of risk-spreading, if he does not fall under such as 1 or 2, and one of the following conditions fulfilled: a) the organism is subject to abroad actually directly or indirectly none of the Austrian corporation tax comparable tax.

(b) the profits of an organism are subject to abroad one of the Austrian corporation tax comparable tax, whose applicable tax rate by more than 10 percentage points 1988 KStG is lower than the Austrian corporation tax in accordance with article 22, paragraph 1.

(c) the organism is subject to a comprehensive personal or factual relief abroad.

(2) section 1 does not apply to collective investment undertakings in real estate within the meaning of section 42 of the real estate investment Fund Act."

31 para 1 Nos. 1 and 2 accounts for § 189.

32. Article 190 paragraph 1 No. 2 is:



"2. otherwise contrary to the provision of § 129;"

33. in article 190, paragraph 1, no. 6 "'UCITS ETFs',"UCITS ETFs","ETF","Exchange-Traded-Fund"," inserted after the word "Term structure" the phrase.

34. Article 190 paragraph 2 No. 4 is:



"4. § 46 para 2 and 3, 47 para 1 and 2, 49, 52, 53 (4) ETD, 57, 59, 60 § 1 or 2, 61, 63 or 65 injured;"

35. in article 190, paragraph 2 the point is replaced by a knitting point Z 11 and following Nos. 12 and 13 are attached:



"12 the Fund regulations approved by the FMA violates;

13. against a in accordance with this federal law adopted the FMA regulation violates."

36. Article 190 paragraph 3 No. 2 is:



"2. in the context of collective portfolio management § 46 para 2 and 3, 47 para 1 and 2, 49, 52, 53 (4) ETD, 57, 59, 60, 61, 63 para 1 to 3 or 65 injured;"

37. Article 190 paragraph 4 No. 2 is:



"2. § 46 para 2 and 3, 47 para 1 and 2, 49, 52, 53 (4) ETD, 57, 59, 60, 61, 63 para 1 to 3 or 65 injured;"

38. section 195 shall be added following paragraph 6 and 7:

"(6) management companies which pursue activities in accordance with the 3rd part of this Federal Act, have to put all the necessary measures to comply with the provisions adopted on the basis of the AIFMG and have to apply for authorisation as an AIFM within one year after this date, failing which the permission to the management of AIF pursuant to the 3rd part of this Federal Act eliminates before July 22, 2013.

(7) for AIFM which publicly can distribute part 3 of 2 main piece before July 22, 2013 shares in AIF in Austria according to, paragraphs 175 to 180, § 181 par. 3 and 4 and §§ 182 to 185 in the version of Federal Law Gazette are I no 70/2013 until 31 December 2014, continue to apply."

39. in section 198, paragraph 2 No. 1 be inserted after sentences the first sentence the following:

"Unused loss carryforwards can be offset in later years with income of the investment funds in accordance with § 27 para. 3 and 4 of the income tax Act 1988, where 25 vH of loss carry forwards may be charged on share certificates held not in its assets. For purposes of the capital gains tax is to be uniformly by this percentage; the breakdown of the composition of the dividend-equivalent earnings in accordance with section 186, para 2 has to identify the total amount of the unused loss carryforwards. Z 2 for fiscal years that begin in the calendar year 2013"

40. the section 200 be attached following paragraph 7 and 8:

"(7) § 1, § 2 para 3, § 3Abs. 2 Z 19, 30 and 31, Z § 5 para 2 Z 2, § 5 par. 5, article 6, para. 3, § 130, § 134 para 1, § 162a, and § 195 para 6 and 7 as amended by Federal Law Gazette I no. 135/2013 with 22 July 2013 into force." § 27, § 30 para 5, § 46 para. 3, article 60, paragraph 1, article 64, article 71, paragraph 1, article 166 par. 1 Z 4, section 167, paragraph 1 and 6 to 9, article 168, § 173 along with headline, article 190, paragraph 1 Nos. 2 and 6, para 2 Z 11 to 13, para 3 No. 2, par. 4 No. 2 in the version of Federal Law Gazette I no. 135/2013 apply with the day following the announcement. section 144 and heading in the version of Federal Law Gazette I is no. 135/2013 with 1 January 2014 into force. paragraph 175 to § 185 including headings and article 189, paragraph 1 Nos. 1 and 2 occur upon expiration of the 21 July 2013 override.

(8) sections 186 and 188 as amended by Federal Law Gazette I no. 135/2013 apply for the first time to fiscal years by investment funds, which start after the 21 July 2013. Article 186, paragraph 1 second and third sentences as amended by Federal Law Gazette I no. 135/2013 may be applied already in fiscal years beginning after December 31, 2012."

Article 6

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. 70/2013, is amended as follows:

1. paragraph 1 section 1:

"Article 1 (1) a real estate fund is a predominantly consisting of assets within the meaning of section 21 funds, that decays in same, embodied in securities shares."

2. in the section 1 inserted following paragraph 1a and 1B:

"(1a) the sections 2 to 39 apply to funds referred to in paragraph 1, whose shares for distribution to individuals in accordance with article 2, paragraph 1 Z 36 alternative investment funds Manager law - AIFMG, Federal Law Gazette I no. 135/2013, are intended."

(1B) the sections 40 to 42 apply to funds referred to in paragraph 1, for AIF in real estate within the meaning of the AIFMG, as well as for each subordinate foreign law investment community in real estate which is built according to law, articles of association or actual practice according to the principles of risk-spreading. "

3. § 2 para 1 and 2 are:

"§ 2 (1) AIFM (§ 2 ABS. 1 Z 2 AIFMG), which is entitled to the management of real estate funds (section 1 para 1 No. 13a BWG), is a real estate investment company and is subject to the provisions of this Federal Act."

(2) capital investment companies may only the real estate fund business and shops, which are associated with the real estate fund business and doing business to which they are entitled according to AIFMG, for real estate out of the shops, which are required for the investment of own assets. You can manage several real estate funds with different names."

4. Article 2 shall be added following paragraph 12 and 13:

"(12) the costs of the FMA from the accounting group securities (§ 19 para 1 Nos. 3 and para 4 FMABG) are to be borne by investment companies for real estate in accordance with paragraph 1." The FMA has to do this, in addition to the in article 90, paragraph 1, of the securities supervision Act 2007 (WAG 2007), Federal Law Gazette I no. 60/2007, to make an additional common sub accounting group for investment companies for real estate management companies (InvFG 2011), BV funds (BMSVG) and AIFM (AIFMG) provided sub accounting groups in the accounting group securities.

(13) amounts attributable to be paid in accordance with paragraph 12 are to prescribe the FMA decision; the setting of fixed amounts is permitted. The FMA has more rules about the distribution of these costs and their notices of payment due by regulation to set. These are in particular to regulate:



1. the bases of each type of cost statements;

2. the dates for the cost assessments and the periods for payment of the fee.

The investment fund management companies for real estate have to furnish all necessary information about the basics of calculating cost of FMA."

5. Article 40 is amended as follows:

a) para 1 first sentence reads:



"With payment of capital gains tax (§ 14 second sentence) shall apply"



1. profits pursuant to § 14 and



2.

Profits of AIF in real estate within the meaning of the AIFMG, including real estate Special Fund within the meaning of § 1 para 3, Austria is their home Member State, and which are not under § 7 para 3 of the Corporation Tax Act 1988 fall, determined according to § 14 of the shareholders to the extent arising out of the law of proportion as distributed (dividend income); Article 186, paragraph 1 shall apply mutatis mutandis. the last sentence of the investment fund law 2011"

(b) in paragraph 3, respectively, the phrase "or the percentage of an AIF in real estate" is inserted after the phrase "of the unit certificate".

(c) in subsection 4 is inserted after the word "Shares" the phrase "or shares in an AIF in real estate".

6 § 41 shall be amended as follows:

(a) in paragraph 1, "Share certificates" is inserted after the phrase "or shares in an AIF in real estate".

(b) in paragraph 2, the phrase "or of an AIF in real estate" is inserted after the phrase "Shares in a real estate fund".

7 paragraph 42:

"§ 42. The provisions of § 40 shall apply to foreign real estate funds. As such:



1st AIF in real estate within the meaning of the AIFMG, whose home Member State is not Austria, except entities that covered entity are similar to a domestic under § 7 para 3 of the ITA.

2. any collective investment undertaking subordinate foreign law in real estate, independently of their legal form, whose assets according to the law, articles of association or actual exercise is according to the principles of risk-spreading, if it falls under no. 1 and one of the following conditions fulfilled: a) the collective investment undertaking is subject to abroad actually directly or indirectly none of the Austrian corporation tax comparable tax.

(b) the profits of the investment community are subject to abroad one of the Austrian corporation tax comparable tax, whose applicable tax rate by more than 10 percentage points 1988 KStG is lower than the Austrian corporation tax in accordance with article 22, paragraph 1.

(c) the collective investment undertaking is subject to a comprehensive personal or factual relief abroad.

For AIF in real estate within the meaning of the AIFMG the assets be applied when applied according to the principles of risk-spreading."

8. after section 43, the following article 43a and heading shall be inserted:

'Transitional provisions

§ 43a. Investment companies for real estate, performing activities prior to July 22, 2013 according to this federal law, have all necessary measures, to comply with the provisions adopted on the basis of the AIFM law and have applied for licence within one year after this date than to AIFM. Otherwise, is eliminated. the permission to manage the real estate fund"

9. the section 44 are attached following paras 11 and 12:

"I no. 135/2013 apply (11) § 1 para 1, 1a and 1B, § 2 para 1 and 2 and § 43a with heading as amended by Federal Law Gazette with 22 July 2013. § 2 paragraph 12 and 13 in the version of Federal Law Gazette I is no. 135/2013 with 1 January 2014 into force.

(12) article 40 to article 42 each in the version of Federal Law Gazette I no. 135/2013 shall apply for the first time for years of real estate funds and AIF in real estate within the meaning of the AIFMG, which start after the 21 July 2013."

Article 7

Amendment of the financial market Authority Act

The financial market Authority Act - FMABG, Federal Law Gazette I no. 97/2001, as last amended by Federal Law Gazette I no. 70/2013, is amended as follows:

1. in article 2, paragraph 1, the word sequences account for "in the investment funds act 2011, BGBl. I no. 77/2011 article II," "in the investment fund law, BGBl. No. 111/1982," "in the operational staff and self-employed Pension Act, Federal Law Gazette I no. 100/2002, in the real estate investment Fund Act, Federal Law Gazette I no 80/2003,".

2. paragraph 2 subsection 3:

"(3) to the securities supervision, the exercise of regulatory functions and powers is in the securities supervision Act 2007 - WAG 2007, BGBl. I no 60/2007, in the Stock Exchange Act 1989 - Austrian Stock Exchange Act, Federal Law Gazette No. 555/1989, company employees and self-employed persons Pension Act - BMSVG, Federal Law Gazette I no. 100/2002, in the real estate investment funds act – ImmoInvFG, Federal Law Gazette I no 80/2003, the financial conglomerate Act, Federal Law Gazette I no. 70/2004, the rating agency enforcement Act - RAVG, BGBl. I no. 68/2010" ", in the investment funds act 2011 - InvFG 2011, Federal Law Gazette I no. 77/2011 article II, in the central counterparties full law ZGVG, Federal Law Gazette I no. 97/2012, in the accounting control Act RL-KG, Federal Law Gazette I no. 21/2013, in the alternative investment funds Manager law - AIFMG, Federal Law Gazette I no. 135/2013, in the capital market law, BGBl. No. 625/1991, regulated and the FMA are assigned to and."

3. § 19 para 4 is the last sentence:

"That this per accounting group resulting amounts after deduction of permit fees obtained on the basis of paragraph 10 costs that present themselves, by the subject to supervision by the FMA natural and legal persons in accordance with the provisions of the BWG, the VAG, the ImmoInvFG, the WAG 2007, of ZaDiG, of the E-money law 2010, of the InvFG 2011, the ZGVG, the AIFM-G and the PKG to notices of payment due by the FMA to be replaced."

4. § 19 para 10 is the last sentence:

"The permit fees are billing circle related to associate and in the respective accounting group, taking into account the Sub accounting groups in accordance with article 90, para. 1 WAG 2007, § 45a para 1 BMSVG, article 144, paragraph 1 InvFG 2011, § 2 para 13 ImmoInvFG, § to use 5 para 1 ZGVG and § 56 paragraph 5 AIFMG cost performance;" the detailed rules on the implementation are set in the regulation referred to in paragraph 7."

5. in § 1 is 22 b according to the expression "section 29 para 10 E-money law 2010" the expression "article 60, paragraph 1 Z 1 AIFMG," added.

6. in § 1 is 22 c according to the expression "section 29 para 10 E-money law 2010," the expression "article 60, paragraph 1 Z 1 AIFMG," added.

7. in article 22d, paragraph 1 is for the phrase "article 28, paragraph 1 E-money law 2010," the expression "article 60, paragraph 1 Z 1 AIFMG," added.

8 pursuant to section 26, b the following section 26 c shall be inserted:

"section 26c." "Until 31 December 2013 the perception of governmental functions and powers, is one of the banking supervision which in the alternative investment funds Manager law - AIFMG, Federal Law Gazette I no. 135/2013, regulated and assigned to the FMA are."

9 24 the following paragraph is added to section the 28:

"(24) section 26c in the version of Federal Law Gazette I is no. 135/2013 July 22, 2013 in force. I no. 135/2013 § 22 b para 1, § 22 c and section 22d para 1 as amended by Federal Law Gazette with the day following the proclamation into effect. Article 2, paragraph 1 and 3 and § 19 para 4 and 10 come into force on January 1, 2014 and are to apply to the FMA financial years commencing after December 31, 2013. The phrases in § 2 para 1 account for expiry of the 31 December 2013."

Article 8

Amendment of the securities supervision Act 2007

The securities supervision Act 2007 - WAG 2007, Federal Law Gazette I no. 60/2007, amended by the Federal Act Federal Law Gazette I no. 70/2013, is amended as follows:

1 § 1 No. 6 lit. c is as follows:



"(c) shares in UCITS in accordance with § 2 InvFG and shares in AIF pursuant to § 2 para 1 Z 1 alternative investment funds Manager law - AIFMG, Federal Law Gazette I no. 135/2013, where's an open type according to § 1 para 2 Z 1 AIFMG is;"

2. § 2 para 3 first sentence reads:

"On management companies pursuant to § 5 para 1 InvFG 2011, Z 2011 provide the services according to § 5 ABS. 2 3 or 4 InvFG and on AIFM in accordance with § 4 AIFMG, the services provided pursuant to § 4 para 4 No. 1 or no. 2 lit. "a or c AIFMG provide, the provisions of articles 16 to 26 and 29 to 51, 52 paras 2 to 4, 54 para 1 and 94 to 96 application."

10 the following paragraph is added to section 3. 3:

"(10) the distribution of shares in AIF in the framework of an authorization referred to in paragraph 2 is allowed only if the shares referred to in AIFMG may be expelled."

4. paragraph 40 paragraph 5:

"(5) as appropriate information with regard to paragraph 1 Nos. 2 and 5, and with regard to the costs and expenses, including output - and redemption fees (par. 1 Z 4), applies"



1. If shares of the directive 2009/65/EC of underlying UCITS a customer information document (KID) in the sense of § 134 InvFG 2011 and in accordance with article 78 of the directive 2009/65/EC, 2. shares one of 2011/61/EU of under AIF directive a customer information document (CCD) or simplified prospectus within the meaning of section 48 5 Z 7 AIFMG as well as professional investors the information pursuant to § 21 para 1 AIFMG.

The KID or the simplified prospectus is available to investors free of charge on paper or on another durable data carrier."

5. the section 108 is added the following paragraph 17:

"(17) § 1 No. 6 lit. (c) in the version of Federal Law Gazette I is no. 135/2013 July 22, 2013 in force. I will take no. 135/2013 § 3 paragraph 10 and § 40 paragraph 5 in the version of Federal Law Gazette the day following the announcement effect. Article 2 par. 3 in the version of Federal Law Gazette I is no. 135/2013 with 1 January 2014 into force."

Article 9

Change of the capital market law

The capital market law – KMG, BGBl. No. 625/1991, as last amended by Federal Law Gazette I no. 70/2013, is amended as follows:

1. § 3 par. 1 Z 4 is:



"4.

"Shares of investment funds in accordance with article 3 par. 2 Z 30 Investment Fund Act 2011 - InvFG 2011, Federal Law Gazette I no. 77/2011 as well as shares pursuant to section 1 of the real estate investment Fund Act ImmoInvFG, Federal Law Gazette I no. 80/2003;"

1a. in article 3, paragraph 1 the amount of 'EUR 100 000' is replaced Z 10 by the amount "EUR 250 000".

2. in article 3, paragraph 1 Z 14 is the point replaced with a semicolon at the end and following Z 15 added:



"15. a range of business interests in a cooperative with headquarters in Germany or another Member State, the a Revisionsverband belongs to, about a total consideration in the Union of less than EUR 750 000, where is this upper limit over a period of twelve months to calculate."

3. in section 8a, paragraph 2, no. 9, the point replaced with a semicolon at the end and appended the phrase "article 16a para 2 is to apply.".

4 the following paragraph 2 is added to § the 16a:

"(2) he may request a review of the legality of the publication or Beauskunftung referred to in paragraph 1 in a administrative decision affected by the publication or Beauskunftung to be procedure by the FMA. The FMA has announced the initiation of such proceedings in the same way in this case to make. The illegality of the publication or Beauskunftung is found in the context of the review, which has FMA the publication or Beauskunftung right to make or to revoke either at the request of the person concerned, or to remove from the website. In proceedings before the courts of public law on suspensive effect attributed to a complaint against an administrative decision, which had made known pursuant to paragraph 1, so the FMA has known this in the same way to make. The publication or Beauskunftung is to set or to revoke either at the request of the person concerned, or to remove, if the notice is lifted from the website."

5. section 19 is added the following paragraph 17:

"I no. 135/2013 apply (17) § 3 para 1, § 8a para 2 No. 9 and section 16a para 2 as amended by Federal Law Gazette with 22 July 2013."

Article 10

Amendment to the income tax Act 1988

The income tax Act 1988 - EStG 1988, BGBl. No. 400, as last amended by Federal Law Gazette I no. 53/2013, is amended as follows:

1. in article 3, paragraph 1, no. 13 lit. the amount of 'EUR 500' is replaced by the amount 'EUR 1 000' b.

2. in article 14, paragraph 7, no. 4 lit. e is omitted the phrase including the punctuation ", except alternative investment funds within the meaning of § 3 para 2 No. 31 lit. c of the investment fund law 2011, "."

3. in article 14, paragraph 7, no. 4 lit. f, the phrase "Shares in real estate fund" is replaced by the phrase "Shares on domestic real estate funds".

4. in section 27a para 2 subpara 2, the phrase "Share certificates in a real estate fund within the meaning of the real estate investment Fund Act as well as in foreign real estate Fund (§ 42 of the real estate investment Fund Act)" is replaced by the phrase "fabric on a section 40 or section 42 of the real estate investment Fund Act subject to unit certificates and shares".

4A. Article 63, paragraph 1 No. 2 is as follows:



"2. Special editions in the sense of § 18 para 1 Nos. 2 and 3, as far as they exceed the standard annual amount in accordance with article 18, paragraph 2, as well as contributions to a voluntary continued insurance including the Nachkaufs of insurance periods in the statutory pension insurance and similar contributions to supply and support facilities of the associations of self-employed workers, also special editions in the sense of § 18 para 1 Nos. 1, 6 and 7."

5 sentence fifth in section 93 para 4 is replaced by the phrase "fabric 2011 and to section 40 or section 42 of the real estate investment Fund Act subject to unit certificates and shares on § 186 or paragraph 188 of the investment fund law" the phrase "Unit certificates at investment fund within the meaning of the law on investment funds and real estate funds in the sense of the real estate investment Fund Act".

6 § 94 is amended as follows:

(a) No. 6 lit. b is eliminated.

(b) at Nos. 10 and 11 is the phrase "Investment fund within the meaning of the investment fund law" by the phrase "§ 186 or paragraph 188 of the investment fund law 2011 subject fabric" and the phrase "Real estate fund within the meaning of the real estate investment Fund Act" is replaced by the phrase "entity subject to section 40 or section 42 of the real estate investment Fund Act".

7. in article 95, paragraph 2, Z 1 is replaced by the phrase "entity subject to section 188 of the investment fund law 2011 or a § 40, § 186 or section 42 of the real estate investment Fund Act" the phrase "Investment fund within the meaning of the investment funds act or a real estate fund within the meaning of the real estate investment Fund Act".

8 section 97 is amended as follows:

(a) in paragraph 1, second sentence, is the phrase "Unit certificates in a fund within the meaning of the investment fund law" by the phrase "share certificates and shares in a § 186 or paragraph 188 of the investment fund law 2011 subject fabric" and the phrase "Real estate funds" replaced by the phrase "unit certificates and shares in an entity subject to section 40 or section 42 of the real estate investment Fund Act".

(b) in paragraph 1 lit. b is the reference "section 93 para 6 No. 5 lit. a and b"with the reference"§ 93 par. 6 No. 4 lit. a and b"replaced.

9. in section 108 b paragraph 1 Z 3 eliminates the phrase including the punctuation mark ", except alternative investment funds within the meaning of § 3 para 2 No. 31 lit. c of the investment fund law 2011, "."

10 § 124b is amended as follows:

(a) Z 212 is as follows:



"212. section 4 para 10 No. 3 in the version before the 1st stability law in 2012, Federal Law Gazette I no. is 22/2012, last time to apply when the change of the accounting is made before April 1, 2012." To March 31, 2012 existing reserves or tax-free amounts within the meaning of § 4 para 10 No. 3 lit. "b in the version before the 1st stability law in 2012, Federal Law Gazette I 22/2012, are no. to tax when the hidden reserves at this time are still present at the time of leaving the ground and soil from the operating assets or at the time of the sale or abandonment of operation in that regard in accordance with section 30a."

(b) there shall be inserted following Z 212a:



"212a. § 5 para 1 in the version of 1 Stability Act 2012, Federal Law Gazette I no. 22/2012, April 1, 2012 into force."

(c) it is attached following Z 247:



"247. § 3 para 1 No. 13 lit. (b) in the version of Federal Law Gazette I no. 135/2013 for wage payment periods that end after December 31, 2012, to apply for the first time."

Article 11

Amendment of the EU withholding tax act

The EU withholding tax Act, Federal Law Gazette I no. 33/2004, amended by Federal Law Gazette I no. 77/2011, is amended as follows:

1. in section 2 para 1 No. 2, § 4 par. 2 Nos. 3 and § 6 para 1 No. 3 lit. a and Z 4 lit. a the quote ' 85/611/EEC' is replaced by the quote ' 2009/65/EC'.

2. in section 7 paragraph 7 and section 8, the quote is "§ 40 paragraph 2 Z 1 of the investment funds act" by the quote "section 186, para 2 subpara 1 of the investment funds act 2011" replaced.

Article 12

Amendment of the Corporation Tax Act 1988

The Act of 1988 - KStG 1988, BGBl. No. 401, as last amended by Federal Law Gazette I no. 109/2013, is amended as follows:

1 § eliminates 5 No. 4.

1a. in Article 6a, paragraph 5 enters each in place of the word "fifth" the word "third".

2. § 6b para 2 subpara 2 lit. d is as follows:



"(d) a participation in a group company of a shareholder of SME financing company is excluded. The investment must be at most 20% of the capital approved to the disposition in holdings in a single company. All companies where the same person is directly or indirectly involved in at least 25%, and the company of this person, in addition all companies, an exclusive or predominant person identity Executive Board exists where considered to be a single company. The acquisition of holdings in a company where shareholders of SME finance company at the time of the equity purchase together are directly or indirectly involved in at least 25%, is not allowed."

3. § 21 para 2 subpara 2 is omitted.

3A. in article 23, paragraph 1, the amount "7,300 euros" is replaced by the amount "EUR 10 000".

4. section 26c following Z 40 to 42 shall be added:



"40. § 5 Z 4 and § 21 para 2 subpara 2 lifted with 22 July 2013혼다 § 6 para 2 subpara 2 lit." (d) in the version of Federal Law Gazette I no. 135/2013 with 23 July 2013 enter into force.

41. section for the first time the assessment for the calendar year 2014 to apply paragraph 5 is in the version of Federal Law Gazette I no. 135/2013 6a.

42. section for the first time the assessment for calendar year 2013 to apply 1 is in the version of Federal Law Gazette I no. 135/2013 23 para."

Article 13

Repeal of the Investment Fund Act

The participation Fund Act Federal Law Gazette I no. 111/1982, as last amended by Federal Law Gazette I no. 97/2001, occurs with 22 July 2013 override.

Fischer

Faymann