Amendment Of Investment Regulation

Original Language Title: Änderung der Kapitalanlageverordnung

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

On the basis of § 78 para 3 and 79 par. 3 of the insurance supervision Act - VAG, BGBl. No. 569/1978, as last amended by Federal Law Gazette I no. 35/2012, is prescribed:

The investment regulation - KAVO, BGBl. II no 383/2002, as last amended by regulation BGBl. II No 272/2011, is amended as follows:

1 the following last sentence is added to in section 1, paragraph 1:

"Lending and repurchase are to be included in the planning of the need of cash and cash equivalents, as well as maintaining a reasonable mix and diversification of assets through appropriate internal processes. Furthermore is an appropriate risk monitoring for securities which are the subject of a lending or repurchase, to establish, taking into account the collateral received in this context, and to document."

2. paragraph 1 paragraph 9:

"(9) for securities which are subject to lending and repurchase collateral in the form of appropriate assets pursuant to § 2 para 1 are lit Z 1. a and b, subpara 2 lit. a or Z 6 lit. (a) to make. The fair value of the guarantee may not be less than the market value of the granted securities plus a market premium. In case of a shortfall, the insurance company immediately to demand the performance of another appropriate collateral has. The securities shall be deposited, inaccessible to the value paper borrower in case of bankruptcy on deposits or accounts. The securities lending and repurchase, the value of which depend on the creditworthiness of the contractual partner of the insurance undertaking, are not permitted. It is contractually ensure that securities-lending transactions the insurer within 90 days from may demand a reduction of lent assets."

3. § 2 para 1 No. 4 lit. a and b are: "4. loan a) once ausnützbare loan to a domestic authority or a local authority of another Contracting State and such loans and other claims for reimbursement and interest a domestic authority or a local authority of another Contracting State is liable; Once ausnützbare loan and other receivables on communities or with liability of municipalities with the exception of the capital Vienna but only if the income from statutory duties are pledged, b) in a public book registered once ausnützbare mortgage loans and real estate rights registered on property or in a public book, which are located in the domestic or in another Contracting State, up to a load of 60 per cent of the market value of the property or the same property right , if the market value of a Treasury report of a sworn judicial experts or other appropriate means is proven and the property is sufficiently insured to fire during the term of the loan and loan, 4. In article 2, paragraph 1, no. 4 lit. c to e and Z 5 lit. d is each "once ausnützbare" before the word "Loan" the phrase inserted. After the word "Loan", respectively, the phrase "and even ausnützbare loans" shall be deleted.

5. paragraph 2 paragraph 7:

"(7) for the covering of the coverage requirement of the index-linked life insurance pursuant to section 20 para 2 No. 4 VAG suitable assets in accordance with article 2, paragraph 1. It is to ensure that the assets underlying the insurance contracts at the time of purchase a the tables of sections 2 to 5 of the Mappingverordnung (MappingV), Federal Law Gazette II No. 113/2007, in its current version, the same rating of the credit rating of one or two have. No rating is available, can be used on the rating of the issuer for long-term liabilities, or failing that for short-term liabilities. Be re paid subordinated the assets in the event of bankruptcy of the issuer, this is by a credit rating reduction to take into account. In the event that there is no rating is an internal estimate to make. External capital guarantees in addition is a rating of the guarantor of the credit rating of one or two required. When two different, recognized ratings, the rating with the lower credit rating is decisive. In the presence of three or more different, recognized ratings, is the poorer credit rating to be used by the two best. The provisions of paragraph 3 are not applicable."

6. in section 3 para 1 subpara 1 lit. a, no. 7, and lit in Z 8. b and c is before the word "Loan" the phrase "once ausnützbare" inserted. After the word "Loan", respectively, the phrase "and even ausnützbare loans" shall be deleted.

7. in article 3, paragraph 1, no. 13 lit. a and b adds each respectively the phrase "in accordance with § 2 paragraph 7" after the word "Credit".

8. in article 3, paragraph 1 Z 14 "pursuant to section 2 para 1 No. 3, no. 4 lit. is the phrase g, Z 5 lit. a, no. 6 lit. b, no. 7 lit. a"by the phrase"pursuant to § 2 para 1 No. 3, no. 4 lit. g, Z 5 lit. a-c, no. 6 lit. b, no. 7 lit. a"replaced.

9 § 3 ABS. 1 following Z 15 is attached: "15 up to 15 per cent overall: assets of each Department of the cover stock pursuant to sec. 20 para 2 Z 1, 2, 4a, 6 and 7 are VAG, a value paper bond transactions."

10. in section 3, paragraph 2, the reference "Z 1 to 14" is inserted after the phrase "referred to in paragraph 1".

11 the following paragraph 3 is added to § the 3:

"(3) the limit referred to in paragraph 1 Z 15 is each the coverage requirement of each Department of the cover stock pursuant to sec. 20 para 2 subpara 1, 2, 4a in accordance with § 77 para 2 and 3 VAG to use 6 and 7 VAG respectively on the total of technical provisions."

12 paragraph 11:

"Article 11 § 1 para 1 last sentence and paragraph 9, section 2 para 1 No. 4 lit." a to e and Z 5 lit. d and § 7, § 3 para 1 subpara 1 lit. a, no. 7, Z 8 lit. b and c, Z 13 lit. No. 273/2012 II a and b, Z 15 and paragraph 2 to 4 in the version of regulation BGBl. 31 October 2012 into force.

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