265. Regulation of the financial market authority (FMA) on the customer information document (KID-V)
On the basis of § 134 para 4 of the investment funds act 2011 - InvFG 2011, Federal Law Gazette I no. 77, is prescribed:
Scope of application
§ 1. For any organism to the joint investment in transferable securities (UCITS, § 2 ABS. 1 InvFG 2011) and for any umbrella construction (§ 47 para 1 InvFG 2011), which are granted only after August 31, 2011, must the management company a customer information document (KID) in accordance with this regulation to provide. The rules for UCITS in this regulation are applicable to other funds, if the requirements of the 2nd part of the investment fund law 2011 are applicable to these other funds.
Synthetic risk and yield indicator
2. (1) the synthetic risk and income indicator (synthetic risk and reward indicator - SRRI) based on the volatility of the UCITS.
(2) the volatility is measured by the last weekly yields of the UCITS or, where this is not possible, based on its monthly returns is calculated.
(3) the returns of the last five years are decisive for the calculation of volatility. In the case of a distribution of income, the relevant income and dividend payments are taken into account.
3. (1) is the volatility of the UCITS to calculate and then scale on an annual basis. The formula for this is: where: - the returns of UCITS over - non-overlapping periods for a period of - years is expected.
This means and for weekly returns and and for monthly returns, where:-the arithmetic mean of the returns of the UCITS for - represents periods:
(2) the SRRI is a number that can take values from 1 to 7 in accordance with the grid set out in Appendix A depending on the volatility of the UCITS.
§ 4. The management company has to calculate the SRRI of UCITS in accordance with its internal rules and procedures to measure risks and continuously to ensure the monitoring of the correct and uniform application of this process.
§ 5. The calculation of SRRI of UCITS and their ongoing review must be sufficiently documented. The management company has to keep the documents in question for a period of at least five years. In the case of a structured Fund pursuant to § 17, this period is extended for another five years after the recommended holding period.
§ 6. SRRI of UCITS is determined via the annualised Volatilitätsintervalle based on the grid in accordance with Appendix A. This grid shows the various Volatilitätsintervalle which reflect the increasing extent of the risk and hence the position on the risk scale.
§ 7. Any substantial change of the risk and return profile of the UCITS must have an immediate update of the KID to the result.
§ 8 (1) of the SRRI to update, as soon as the corresponding volatility of the UCITS of not more the last risk category in the previous four months, based on weekly or monthly data, is equivalent to. A new classification is to carry out, provided that the UCITS has fallen in the same period in at least two categories. In this case, it is to be classified in that risk category, which accounts for the majority of the data.
(2) the SRRI must be updated anyway, then, if on the basis of a decision of the management company, the investment objectives or strategy of the UCITS are changed. In this case, the change of SRRI considered reclassification of the UCITS and is in accordance with the applicable regulations making.
§ 9 theme funds are UCITS which represent a specific risk and return profile of predetermined segments of the capital market according to its investment objectives and strategies.
§ 10. For theme funds, where no complete historical data about their returns in accordance with paragraphs 2 to 5 are available, is to correct the calculation of SRRI according to following steps: 1 the appropriate are, to be used past data available of the yields of the UCITS.
2. the corresponding to the UCITS and representative model portfolio, the target portfolio or benchmark is set.
3. are the returns of the representative model portfolios, the target portfolio or benchmark of the UCITS by the beginning of the observation period up to that time to calculate where the actual returns of the UCITS are available.
4. the two data series of returns are to link to a single sample.
5. the annualized historical volatility shall be estimated according to the formula in accordance with article 3, paragraph 1.
Absolute return funds
§ 11 absolute return funds are UCITS which provide a variable composition of assets across multiple asset classes, while risk limiting according to its investment objectives and strategies.
12. (1) the calculation of SRRI for absolute return funds is done as follows: 1 where there is complete historical data of yields is the higher value of a) the actual, historical and annualised volatility and b) of volatility, which is in line with the mitigation of the UCITS, to attract.
2. for those UCITS in which there are no complete historical data about their returns, as well as for those who have recently changed their investment objectives and strategies, is the annualized volatility, which is in line with the mitigation of the UCITS to be used.
(2) the volatility in accordance with para 1 subpara 1 lit. b corresponds to the mitigation of the UCITS, if this a) represents itself the risk target of the UCITS or b) after previous transformation into a value-at-risk (VaR)-Maßzahl by retroactive accounting (reverse engineering) was detected of the VaR in accordance with Annex B under the assumption of risk neutrality.
Total return funds
§ 13 total return funds are UCITS, which provide for the achievement of certain income through the flexible plant in multiple asset classes according to its investment objectives and strategies.
§ 14. The calculation of SRRI total return fund is done as follows: 1 where there is complete historical data of yields is the higher value of a) the actual, historical and annualised volatility, b) the annualized volatility of yields on those assets composition, which is calculated in accordance with the reference assets of UCITS at the time, and c) of volatility in accordance with article 12, paragraph 2, which is appropriate and consistent with the mitigation of the UCITS , to be used.
2. for newly created UCITS and that there are no complete historical data of yields in the observation period due to a change in the investment policy, the maximum value of Z 1 is lit. b and c to be used.
Life cycle Fund
UCITS which make a gradual redeployment of the portfolio against maturity of risky low-risk securities in accordance with pre-determined rules according to its investment objectives and strategies are § 15 (1) life cycle Fund.
(2) when the figure of SRRI in the KID a warning attached, which informs the investors about the typical characteristics of such a fund is life cycle funds prominently.
§ 16. The calculation of the SRRI life cycle funds is done as follows: 1 if the historical data of the returns are complete and the UCITS has not changed its target portfolio in the period, is the actual historical volatility to be used.
2. for newly launched UCITS in which there are no complete historical data about their returns, is the approach as follows: a) the corresponding historical data of yields of the UCITS's are to be used.
(b) the corresponding to the UCITS and representative model portfolio, target portfolio or a benchmark is to set and calculate their returns.
(c) the two data series of returns are to link, so that the annualized volatility can be calculated to a single sample.
Section 17 (1) structured funds are UCITS which distribute based payouts to their shareholders on predetermined dates on an algorithm, that are bound to a performance, a realization of a price change or other parameters of financial instruments, indices or comparison assets.
(2) when the figure of SRRI in the KID a warning note to add is that early withdrawals can be may be detrimental for investors structured funds prominently.
Section 18 (1) the SRRI for structured funds is calculated % taking into account the annualized volatility for a confidence interval of 99.
(2) the volatility of vH on the basis of a confidence interval of 99 (99%-VaR) at maturity is calculated over a historical simulation of the yields of the UCITS as follows: where:-represents the number of weeks of the holding period of the UCITS corresponding distributed maturity at the same time according to its algorithm in accordance with its investment policy;
-matches the average, weekly, risk-free interest rate over the holding period at the time of the calculation;
-the volatility of weekly logarithmic returns of the UCITS is.
§ 19. The VaR of with a confidence interval of 99 vH one structure Fund, whose payout profile is linked to the performance of a previously defined reference securities or portfolio (called below reference index), is calculated as follows: 1. the relevant changes of the reference index for each week during the holding period of the past five years are set. If the length of the data series of the reference index is not sufficient, a historical simulation in accordance with § 10 can be used.
2. the logarithm yields of UCITS at the end of the term, which under no. 1 have been determined and comply with the relevant changes of the reference index, are to simulate. If the formula takes into account a distribution of income or after the occurrence of an event defined in the simulation - admits taking into account expected results - based on these profiles of payout at maturity (at the end of the holding period) with the relevant risk-free interest rate at the time of the simulation are so to capitalize on.
3. the 1% percentile of the distribution of simulated logarithmic returns of UCITS, which were recorded under no. 2 is to delineate. This percentile, whose signed of according to international standards is to change, % represents the historical VaR of the UCITS at the end of term with a confidence interval of 99.
4. as soon as the 99% VaR is calculated, is its accompanying annualised volatility be calculated as follows: a) the parameter as average, weekly, risk-free interest rate that applies to the holding period is set. This interest rate is to appreciate, if he is not directly deducible of interest rate swap curve.
(b) using reverse the weekly volatility of returns are engineering the model described in this provision (), which go hand in hand with the calculated VaR in accordance with no. 3. This is done by the following equation is solved by:
5. the volatility is using root-time formula () to annualisieren.
§ 20. Using a historical observation period for the calculation of the SRRI pursuant to § 19 calculating can deliver an estimation error due to the shift of the underlying benchmark index during the period. The UCITS has in this case the five-step procedure in accordance with article 19 in this respect to amend to make sure that the SRRI appropriately reflects the risk degree of the UCITS, so that a possible postponement provides no statistically distorted result.
Cost of representation
§ 21. The management company of the UCITS 1 is responsible for calculating the running costs and their correct measurement at the KID;
2. has procedures that are compatible with the methods presented in this section to insert and to document this;
3. has any calculation records to do that to be kept are from the date of the last time of any version of the KID for five years.
Definitions of running costs
section 22. The term "running costs" includes payments from the assets of the UCITS, if such deductions by law, regulation, the Fund regulations or the prospectus are provided. The height of the running costs to identify are the kid has to be based on the total of all payments in the previous year minus the exceptions listed in section 24.
The ongoing costs include section 23 (1) all kinds of costs, has to wear a UCITS, regardless of whether management fees or compensation of people, providing services for the UCITS. These costs can be represented in a different way or calculated.
(2) the following demonstrative list of the running costs are taken from the assets of the UCITS, is announcing the amount of ongoing costs to take into account: 1. all payments to persons including those below the transferred tasks within the framework of delegations exert: a) management company of the UCITS, b) custodian, c) any investment adviser;
2. all payments incurred if necessary as a result of outsourcing;
3. registration, regulatory or similar fees;
4. remuneration of the statutory auditor;
5. compensation for legal and commercial adviser;
6. any sales charges.
§ 24 subsequent costs and payments are announcing the cost going to be in the KID not to take into account: 1 output - and redemption fees, commissions and other costs, either directly or indirectly by the investors held;
2. performance based management fees of the management company or the investment advisor;
3. credit interest rates;
4. necessary payments to third parties, arising in the course of the acquisition or disposal of assets of the UCITS, regardless of whether they explicitly or implicitly apply;
5. expenses for the holding of derivatives;
6. the value of the goods or services received by the management company or any other with her related person in return for orders to be placed (soft commissions or similar agreements).
§ 25. The exclusion in section 24 Z 4 covers not: 1 transaction payments on any under § 26 No. 1 or no. 2 called persons, for which the beneficiary not; allocated to the UCITS all the amounts are in the published amount of the operational expenditure taken into account;
2. acquisition or disposal costs for units of other UCITS or alternative investment funds (AIF, § 3 para 2 Z 31 InvFG 2011), the following under section 27 No. 6 are taken into account.
section 26. In cases where an agreement on a full or partial cost-sharing (fee-sharing agreement) was completed, according to which the management company or any other party for management fees comes up, which usually are in the running costs, is: 1. any compensation which receives the management company or any other person in the course of an agreement on a cost-sharing, is taken into account and in the total amount of the operational expenditure a.
2. it is not necessary to break down fees, are laid down in an agreement on a cost-sharing, which are already included in the running costs, closer. In those cases in which a UCITS invests in target funds and an agreement about a distribution of costs between the UCITS management company and the Fund or its management company does exist, such fees under the running costs are taken into account, provided that they are not already included in accordance with § 27.
§ 27 provided that the UCITS invests a significant portion of his assets in target funds and as a result Z to publish 7 InvFG 2011 has the information required pursuant to section 131, paragraph 4, are taking into account the running costs of the underlying target funds in the running costs. The following points are include in the calculation: 1 unless the underlying a UCITS Fund or an AIF who is the KID on the disclosure requirements, used the last available running costs. Published figures or the cost calculated by a reliable third party can be the target fund or its management company, if they are newer than the published cost.
2. If the underlying target fund is managed by the UCITS management company or by an associated company (within the meaning of the definition of § 131 4 Z 1 InvFG 2011) and not under Z 1 falls, the management company has making a best guess of the running costs in accordance with this regulation.
3. unless the underlying fund does not fall under such as 1 or 2 and released no figures about the running costs, the management company has to carry out other published data, provided that these serve as a reasonable substitute, to use, or best estimates of the maximum levels based on the current prospectus and the published reports of the target funds.
4. for target funds, which fall under no. 3 and whose Anteil is less than 15 vH of the assets of the UCITS, it is sufficient if the annual, published administration charges per target funds rather than its own estimates of current costs are used.
5. the figures for the running costs are to reduce, where an agreement exists, according to which the UCITS investing receives a refund through the underlying target funds, and this is not already included in the profit and loss account to the extent.
6. If the UCITS has paid issue or redemption fees for the purchase or redemption of share certificates of a target Fund, the cumulative value of money these fees for the respective observation period is to be used and taken into account in the calculation of the current fees.
Section 28 is the UCITS to an umbrella construction, the sub-funds are to consider separately. Fees which are attributable to the UCITS that are right and proper to distribute their share according to the Sub-fund.
Calculation for existing UCITS
Section 29 (1) the key figure for the current cost is the sum of all costs to be disclosed divided by the average net assets of the UCITS. The result is as percentage with two decimal places.
(2) this indicator is calculated at least once a year in retrospect. Appears one unsuitable ex post observation due to a substantial change, can an estimate be used so long, until the major change in reliable ex post figures reflects.
(3) the ex post value is given based on the last cost calculation, which considers the management company legitimately to be appropriate. This figure may, if sufficiently up-to-date, based on the costs specified in the last annual or half-yearly report of the UCITS. Otherwise a similar calculation is based on the invoiced cost of the last twelve months making. This is to proceed from a gross amount of costs.
(4) all calculated for previous periods and applied performance indicators for running costs are to be published, is called the kid as a reference source for more information for the shareholders in that place.
section 30. The calculation is for each individual share genus. This applies share genera, where a single calculation process is sufficient not to two or more equal (pari passu).
§ 31. The average net assets refers to the same period as the costs and is based on the details of the net assets of the UCITS on the occasion of any calculation of the net asset value.
32. If the proportionate cost of the underlying target funds are taken into account, is to consider the following: the running costs - or an equivalent amount - each individual target Fund are 1 to represent in accordance with their share of the net asset value as of the respective date.
2. This proportionally calculated costs are the ongoing costs of the UCITS to a single, holistic summarize numeric (synthetic indicator for running costs).
Calculation for newly created UCITS
§ 33. basically is in the calculation for a newly created UCITS of the same procedure as for an ex post calculation in accordance with §§ 29 ff, to apply with the following exceptions: the articles 29, par. 3 and 31 are 1 does not apply. It must be estimates in accordance with the Regulation (EU) No. 583/2010.
2. If according to the management company, the representation of numbers gives an accuracy not present with two decimal places, the quotation of a decimal is sufficient.
3. unless otherwise mentioned in the prospectus, can be accepted, accept no discounts or exemptions for the benefit of the UCITS in claims.
§ 34. The management company shall ensure that the accuracy of the estimated figures will be monitored, and sets, when the use of ex post number appropriate than corresponding estimates. No later than twelve months after the date of the share certificates for the first time in a Member State for sale were offered the accuracy of the estimates by means of calculation must be by ex post figures be checked.
Value developments for structured UCITS
Section 35 (1) in the selection, presentation and explanation of the scenarios that depict the development of structured UCITS pursuant to § 17 under different market scenarios, has the management company to make sure that the information is fair, clear and not misleading.
(2) the scenarios must show: 1. how of the formula under market scenarios that lead to a favourable, unfavourable and neutral result, with the explanation of the adverse scenario to start being;
2. features of the formula;
3. scenarios in which the functioning of the formula may have a positive or a negative impact on the final value.
(3) the management company has to choose at least three scenarios for the possible value of the UCITS, to represent how the payout under different market scenarios.
(4) it depends on the formula, whether - if appropriate - more than three scenarios are needed to adequately describe the possible range of the results.
36. (1) information used for the favourable and unfavourable scenarios have to be based on reasonable assumptions about the future market situation and price movements.
(2) the selected scenarios have a narrative explanation of the advantages and disadvantages of the formula to include, if it is not included in the section on yield and risk.
(3) the scenarios may not contain information, which are not in line with the content of the different sections of the KID.
section 37. The scenarios are a relevant reason to update. A more relevant reason is: 1. significant change in market conditions since launch of the UCITS;
2. at least the expiry of one year since the last update;
3. If necessary, to reflect the time dependence of a payout.
The scenarios are 38th (1) be called "Explanatory examples". The narrative statement should make it clear that these are not forecasts and are not equally likely.
(2) each scenario is either tables or graphics to represent, depending what representation is appropriate, to explain the characteristics of the structured UCITS.
(3) the shown yields of the various scenarios are to specify as an annualized growth rate with an appropriate explanation and, where appropriate, the gross growth rate can be used.
Section 39 (1) to the intelligibility and comparability graphics are different to ensure to avoid: 1 double scales (left and right) as far as possible;
2. artificial enlargement of the positive aspects of the payment of the UCITS;
3. non-linear scales;
4. different scales depending on the scenario.
(2) the management company has the kid pointed out, that shareholders can sell their shares before the end of term, and against any resulting loss clearly highlighted must be warned.
Section 40 (1) for each new sub-Fund (§ 47 para 1 InvFG 2011) an umbrella construction existing on August 31, 2011 the management company in accordance with the transitional period referred to in section 198, paragraph 1 can choose InvFG 2011 whether she created a simplified prospectus or a KID.
(2) If a new share class of existing UCITS 2011 InvFG is approved during the transitional period referred to in section 198, paragraph 1, the management company must use either a simplified prospectus or a KID in all share classes of UCITS.
(3) a management company that 2011 a simplified prospectus continues to InvFG used during the transitional period referred to in section 198, paragraph 1, may make one or more revisions of this simplified prospectus and publish. The revisions can include elements of a KID at discretion of the management company.
(4) is a UCITS, a sub-fund or a genus of share under the main piece of 4. 5 section InvFG 2011 notified and the management company continues to use simplified prospectuses in the Member State of origin, are the requirements of §§ 139 and 142 InvFG 2011 satisfied by the provision of the simplified prospectus. A management company has the unit-holders in the UCITS home Member State and in each host Member State to provide the same type of documents simplified prospectus or KID -.
(5) during the transitional period referred to in section 198, paragraph 1 InvFG 2011 a merger after the 3 main pieces 6 section InvFG 2011 applied and the receiving UCITS continues to use the simplified prospectus, are the requirements of §§ 120 and 121 para 1 InvFG 2011 by submitting the simplified prospectus fulfils.
(6) are a feeder UCITS and master UCITS in a Member State granted, in which a transitional period in accordance with the directive 2010/42/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and the notification procedure (OJ No. L 176 of July 10, 2010, p. 28), as management companies have the choice of whether they use a simplified prospectus or a KID.
Entry into force and expiry
41. (1) effective this regulation with 1 September 2011.
(2) a management company can the KID for all UCITS it manages at the same time offering 1 or the introduction of KID no later than 1 July 2012 seasons 2 and until then existing UCITS continue instead of KID scheme E InvFG 1993 provide a simplified prospectus in accordance with Annex E.
(3) the regulation of the financial market authority (FMA) on the information that must be included in the simplified prospectus (prospectus content regulation), Federal Law Gazette II No. 237/2005, occurs at the end of 30 June 2012 override.
§ 3 para 2 and 6 grid over the annualised Voltalitätsintervalle
greater than or equal
to section 12 paragraph 2
Retroactive accounting (reverse engineering)
The volatility is by means of retroactive accounting (reverse engineering) determined as follows, where:-the VaR based on a confidence interval of 99% and a holding period equal to the number of
-Time intervals when
-Proprietary equivalent to: where:-the risk-free interest rate at the time of the calculation for each corresponds to the
-Intervals of the
Years, which is the holding period of the UCITS, shall apply.