Amendment Of Investment Regulation

Original Language Title: Änderung der Kapitalanlageverordnung

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

Due to § § 78 (3) and 79 (3) of the Insurance Supervisory Act-VAG, BGBl. No 569/1978, as last amended by the Federal Law BGBl. I No 35/2012, shall be arranged:

The Capital Investment Regulation-KAVO, BGBl. II No 383/2002, as last amended by the BGBl Regulation. II No 272/2011, shall be amended as follows:

1. the following last sentence shall be added to Article 1 (1):

" Borrowing and securities lending operations are to be included in the planning of the needs of liquid assets and the maintenance of an appropriate mix and dispersion of assets through appropriate internal processes. In addition, appropriate risk monitoring shall be established and documented in respect of securities which are the subject of a securities lending or securities transaction, taking into account the collateral received in this context. "

Section 1 (9) reads as follows:

" (9) For securities which are the subject of securities lending and securities exchange transactions, collateral in the form of appropriate assets is required in accordance with Article 2 (1) (1) (1) (1) (1) lit. a and b, Z 2 lit. a or Z 6 lit. a to be put. The market value of the security shall not be less than the market value of the securities awarded, plus a market-standard impact. In the event of an underwriting, the insurance undertaking shall immediately call for the performance of further appropriate collateral. The collateral shall be deposited on depots or accounts where the borrower is unable to access bankruptcy. Collateral for securities lending and securities transactions whose value depends on the creditworthiness of the insurer's contractual partner shall be inadmissible. It is contractually agreed that, in the case of securities lending operations, the insurance undertaking may, within 90 days, require the repatriation of the assets to be lost. "

3. § 2 para. 1 Z 4 lit. a and b are:

" 4.

Loans

a)

one or more loans to a domestic authority or a local authority of another Contracting State, and such loans and other claims, for the repayment and return of which a local authority or local authority is is liable to a local authority of another Contracting State, but only to loans and other claims to municipalities or to the liability of municipalities with the exception of the Federal Capital of Vienna, provided that the income is governed by the law charges are being pledged,

b)

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

4. In § 2 para. 1 Z 4 lit. c to e and in Z 5 lit. d will be before the word "Loans" the phrase "Once utilizable" inserted. After the word "Loans" the sequence of words "and once out-of-profit loans" is deleted.

5. § 2 (7) reads:

" (7) In order to cover the cover requirement of index-bound life insurance in accordance with § 20 paragraph 2 Z 4 VAG, assets pursuant to § 2 para. 1 are suitable. It is necessary to ensure that the assets on which the insurance contracts are based at the time of purchase are included in the tables of § § 2 to 5 of the mapping regulation (MappingV), BGBl. II No 113/2007, as amended, have a credit rating of one or two of the credit ratings. In the absence of a credit rating, the issuer's credit rating may be used for long-term liabilities or, as a substitute, on that for short-term liabilities. If the assets are repaid subordinated in the event of bankruptcy of the issuer, this shall be taken into account by a credit censure. In the event that a rating is not available, an internal company estimate shall be made. In the case of external capital guarantees, a rating of one or two creditworthiness guarantor is also required. In the case of two different, recognised ratings, the rating is significant with the lower credit rating. In the case of three or more different, recognised ratings, the best of the two is to use the worse credit rating. The provisions of § 3 shall not apply. "

6. In § 3 para. 1 Z 1 lit. a, Z 7 and in Z 8 lit. b and c shall be before the word "Loans" in each case the phrase "Once utilizable" inserted. After the word "Loans" the sequence of words "and once out-of-profit loans" is deleted.

7. In § 3 para. 1 Z 13 lit. a and b shall be after the word "Bonity" in each case the phrase "pursuant to § 2 (7)" inserted.

8. In § 3 (1) Z 14, the phrase "according to § 2 para. 1 Z 3, Z 4 lit. g, Z 5 lit. a, Z 6 lit. b, Z 7 lit. a" through the phrase " according to § 2 para. 1 Z 3, Z 4 lit. g, Z 5 lit. a to c, Z 6 lit. b, Z 7 lit. a " replaced.

9. The following Z 15 is added to § 3 (1):

" 15.

up to 15 vH in total: assets of each division of the cover stock according to § 20 para. 2 Z 1, 2, 4a, 6 and 7 VAG, which are the subject of a securities lending business. "

10. In § 3 (2), after the word order "in accordance with paragraph 1" the reference "Z 1 to 14" inserted.

(11) The following paragraph 3 is added to § 3:

" (3) The limit referred to in paragraph 1 Z 15 is in each case based on the cover requirement of each division of the cover stock pursuant to § 20 paragraph 2 Z 1, 2, 4a, 6 and 7 VAG or to the sum of the technical provisions pursuant to section 77 (2) and 3 VAG. "

12. § 11 reads:

" § 11. § 1 (1), last sentence, and (9), § 2 (1) Z 4 lit. a to e and Z 5 lit. d and para. 7, § 3 (1) Z 1 lit. a, Z 7, Z 8 lit. b and c, Z 13 lit. a and b, Z 15 and para. 2 to 4 in the version of the BGBl Regulation. II No 273/2012 are due to 31. October 2012, in force.

Ettl Pribil