77. federal law, which enacted a federal law on investment funds (investment fund law 2011-InvFG 2011), as well as the banking law, the Securities and Markets Act 2007, the Real Estate Investment Fund Act, the Financial Market Supervisory Authority Act, The Pensionskassengesetz (Pensionskassengesetz), the Operational Staff and Selfemployment Pensions Act, the Insurance Supervision Act, the Income Tax Act 1988, the EU withholding tax law, the Consumer Protection Act and the Financial Collateral Act amended shall be

The National Council has decided:

table of contents

Article 1 Implementation of European Union directives

Article 2 Federal Law on Investment Funds (Investment Fund Act 2011-InvFG 2011)

Article 3 Amendment of the Banking Act

Article 4 Amendment of the Securities and Markets Act 2007

Article 5 Amendment of Real Estate Investment Fund Law

Article 6 Amendment of the Financial Market Supervisory Authority Act

Article 7 Amendment of the Pensionskassengesetz

Article 8 Amendment to the BMSVG

Article 9 Amendment of the Insurance Supervision Act

Article 10 Amendment of the Income Tax Act 1988

Article 11 Amendment of the EU withholding tax law

Article 12 Amendment of the Consumer Protection Act

Article 13 Amendment of financial collateral law

Article 1

This federal law is designed to implement Directive 2009 /65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 327, 30.4.2009, p. No. 32) and Directive 2010 /43/EU on the implementation of Directive 2009 /65/EC as regards organisational requirements, conflicts of interest, well-being, risk management and the content of the agreement between Depositary and management company (OJ C 327, 28.4.2002 42) and Directive 2010 /42/EU on the implementation of Directive 2009 /65/EC as regards the rules on the merging of funds, master-feeder structures and the notification procedure (OJ L 176, 10.7.2010, p. 28) and Directive 2010 /78/EU amending Directives 98 /26/EC, 2002 /87/EC, 2003 /6/EC, 2003 /41/EC, 2003 /71/EC, 2004 /39/EC, 2004 /39/EC, 2004 /109/EC, 2005 /60/EC, 2006 /48/EC, 2006 /49/EC and 2009 /65/EC, with regard to the Powers of the European Supervisory Authority (European Banking Authority), of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and of the European Supervisory Authority (European Securities and Markets Authority): OJ L 327, 28.4.2002; Bull. No. OJ L 331, 15.12.2010, p.120). As part of the recast of the Investment Fund Act (Article 2), it will also be the case with BGBl. Directive 2007 /16/EC, which has been implemented by Directive 2007 /16/EC.

Article 2

Federal Law on Investment Funds (Investment Fund Act 2011-InvFG 2011)

table of contents

Part 1 General provisions
§ 1.	Scope
§ 2.	Undertakings for collective investment in transferable securities (UCITS)
§ 3.	Definitions
§ 4.	Exceptions
2.Part Management and supervision of UCITS
1. Main item Management companies
Section 1 Conditions for the inclusion of the activity
§ 5.	Requirement and scope of the concession
§ 6.	Concession application and concession
§ 7.	Withdrawal and erasure of the concession
Section 2 Conditions for the performance of the activity
§ 8.	Own resources
§ 9.	State commissioners
§ 10.	General organisational requirements
§ 11.	Investor complaints
§ 12.	Electronic records
§ 13.	Accounting
§ 14.	Control by Executive Board and Supervisory Board
§ 15.	Compliance
§ 16.	Internal Audit (Internal Audit)
§ 17.	Risk Management
§ 18.	Personal stores
§ 19.	Recording of portfolio stores
§ 20.	Recording of drawing and withdrawal orders
§ 21.	Retention duties
§ 22.	Criteria for the identification of conflicts of interest
§ 23.	Principles for dealing with conflicts of interest
§ 24.	Independence in conflict management
§ 25.	Dealing with activities that result in a damaging conflict of interest
§ 26.	Strategies for the exercise of voting rights in the case of apportionment
§ 27.	Investor protection for individual portfolio management
§ 28.	Transfer of tasks of the management company to third parties
§ 29.	Duty to act in the best interests of the UCITS and their unit-holders
§ 30.	Duty of care
§ 31.	Processing of drawing and withdrawal orders and notification requirements
§ 32.	Best possible execution of trading decisions for the managed UCITS
§ 33.	General principles for the processing of contracts in the context of portfolio management
§ 34.	Mergers and allocation of trade contracts
§ 35.	Granting and accepting advantages to the detriment of the UCITS
Section 3 Freedom of establishment and freedom to provide services
§ 36.	Management companies from Member States in Austria
§ 37.	Austrian management companies in Member States
§ 38.	Supervision within the framework of freedom of service and establishment
2. Main piece Custodian Bank
§ 39.	Requirement of custodian bank
§ 40.	Duties of the custodian bank
§ 41.	Requirements for custodian bank
§ 42.	Content of the agreement between the management company and the depositary
§ 43.	Liability of custodian bank
§ 44.	Independence of the depositary bank
§ 45.	Remuneration of the custodian bank and the management company
3. Main piece UCITS
Section 1 Special assets
§ 46.	Shares
§ 47.	Partial Fund
§ 48.	Accounting year of the capital investment funds
§ 49.	Accounting
Section 2 Approval of the UCITS and general provisions
§ 50.	Approval of the UCITS
§ 51.	Share Haberregister
§ 52.	The right to dispose of the assets of the UCITS
§ 53.	Fund provisions
§ 54.	Liability conditions
§ 55.	Issue, withdrawal and payment of shares
§ 56.	Suspension of withdrawal or withdrawal
§ 57.	Calculation of the share value; issue price
§ 58.	Use of profit and payouts
§ 59.	Remuneration
§ 60.	Termination of administration by the management company
§ 61.	Change of management company or custodian bank
§ 62.	Administration by the custodian bank or by another management company
§ 63.	Handling of a UCITS
§ 64.	Conversion into Alternative Investment Funds (AIF)
§ 65.	Secession
Section 3 Assessment provisions
§ 66.	General principles, risk-spreading
§ 67.	Liquide financial assets
§ 68.	Prohibition of predisposition in precious metals
§ 69.	Securities
§ 70.	Money market instruments
§ 71.	Shares in UCITS and OGA
§ 72.	Sight deposits and repayable deposits
§ 73.	Derivatives
§ 74.	Quantitative restrictions on the avoidance of an issuer concentration
§ 75.	Quantitative investment restrictions for index funds
§ 76.	Quantitative restrictions on the investment in public sector-level or guaranteed emissions
§ 77.	Quantitative restrictions on the installation in UCITS or OGA
§ 78.	Quantitative restrictions on the avoidance of influence on issuers
§ 79.	Exceptions and deviations from the investment limits
§ 80.	Prohibition of borrowing and lending
§ 81.	Assets in rem relating to assets
§ 82.	Short Sales
§ 83.	Pension transactions
§ 84.	Securities lending
Section 4 Risk management of the UCITS
§ 85.	Risk Management Procedures
§ 86.	Risk management principles
§ 87.	Risk measurement and risk management
§ 88.	Liquidity risk management
§ 89.	Calculation of the total risk
§ 90.	Commitment approach
§ 91.	Counterparty risk and issuer concentration
§ 92.	Procedures for the evaluation of OTC derivatives
Section 5 Master-Feeder-Structures
§ 93.	Feeder UCITS
§ 94.	Master UCITS
§ 95.	Approval of the Master Feeder structure by the FMA
§ 96.	Agreement between the feeder UCITS and the master UCITS
§ 97.	Choice of the law applicable to the agreement
§ 98.	Internal rules between master UCITS and feeder UCITS
§ 99.	Reconciliation of schedules
§ 100.	Suspension of withdrawal, withdrawal or drawing
§ 101.	Processing of a master UCITS
§ 102.	Application for approval of the settlement
§ 103.	Approval of the settlement
§ 104.	Merger or division of a master UCITS
§ 105.	Application for approval of the merger or division
§ 106.	Approval of the merger or division
§ 107.	Depositaries of master UCITS and feeder UCITS
§ 108.	Content of the agreement between the depositaries of the master UCITS and the feeder UCITS
§ 109.	Auditor
§ 110.	Content of the agreement between the auditors of the master UCITS and the feeder UCITS
§ 111.	Conversion of existing UCITS into feeder UCITS and modification of the master UCITS
§ 112.	Supervision of the master UCITS by the management company of the feeder UCITS
§ 113.	Obligations of the Master UCITS and the FMA
6. Mergers
§ 114.	Principles
§ 115.	Approval of the merger of a transferring UCITS approved in Austria
§ 116.	Examination of the unit-holder information in the event of a merger of a receiving UCITS approved in Austria
§ 117.	Merger Plan
§ 118.	Verification of the merger plan by the depositaries
§ 119.	Confirmation of the auditor
§ 120.	Information of the unit-holders
§ 121.	Contents of the information for the unit-holders
§ 122.	New unit-holders
§ 123.	Right of back and exchange of the unit-holders
§ 124.	Cost
§ 125.	More effective
§ 126.	Effects of the merger
§ 127.	Facilitation of fund mergers without cross-border reference
4. Main piece Information for investors, advertising and distribution
Section 1 Advertising and offer of shares
§ 128.	Advertising for UCITS units
§ 129.	Offer of shares
§ 130.	Protection of labels
Section 2 Prospectus and information for investors
Section 131.	UCITS prospectus
§ 132.	Individual and punctual information requirements
§ 133.	How to provide information
Section 3 Essential information for the investor-Customer Information document
§ 134.	Customer Information Document KID
§ 135.	Contents of the KID
Section 4 Publications and information modalities
§ 136.	Publications
§ 137.	Information to the FMA
§ 138.	Date and type of provision of prospectus, KID and investor reporting
Section 5 Distribution of UCITS units in Member States other than the UCITS host country
§ 139.	Distribution of shares of a UCITS approved domestiy in other Member States
§ 140.	Distribution of shares authorised in another Member State in the territory of the country
§ 141.	Arrangements for the protection of the unit-holders of the UCITS authorised in another Member State
Section 142.	Information requirements of the UCITS authorised in another Member State
5. Main piece Supervision and European and International Cooperation
Section 1 Prudential rules
§ 143.	Supervision
§ 144.	Cost Determination
§ 145.	Data protection
§ 146.	Professional secrecy
§ 147.	Investigations and examinations
§ 148.	Supervisory measures
Section 149.	Cooperation with courts and security authorities
§ 150.	Publications
§ 151.	Notifiers to the FMA
§ 152.	Reporting requirements
§ 153.	Form of communication with the FMA-electronic transmission
§ 154.	Reporting requirements of auditors
§ 155.	Information of the FMA on relevant legislation
§ 156.	Information of the FMA on measures relating to master-feeder-funds
Section 2 European and International Cooperation
§ 157.	Contact point and exchange of information
§ 158.	Cooperation in investigations and on-the-spot verification
§ 159.	Rejection of cooperation
§ 160.	Official consultation and notifications to the European Commission, ESMA and ESRB
Section 161.	Cooperation for the supervision of a management company within the framework of § 38
§ 162.	Security measures
Part 3 AIF
1. Main item Domestic AIF, Special Funds, Other Special Assets, Pensionsinvestment Fund
Section 1 Special funds
§ 163.	Special funds
§ 164.	Applicable provisions
§ 165.	Notification duty
Section 2 Other special assets
§ 166.	Other special assets
§ 167.	Applicable provisions
Section 3 Retirement investment fund
§ 168.	Applicable rules
§ 169.	Requirements for the acquisition
§ 170.	Profit Usage
§ 171.	Assessment rules
§ 172.	Derivative products
§ 173.	Prospectuses
§ 174.	Fund provisions and payment plan
2. Main piece Rules on the distribution of shares in non-domestic non-UCITS in Germany
§ 175.	Scope
§ 176.	Conditions for the admissibility of a public offer
Section 177.	Publicity provisions
§ 178.	Accountability report, asset purchase, issue and withdrawal price
§ 179.	Authoritity of German
§ 180.	Representative
§ 181.	Notification duty
§ 182.	Waiting-Sales Untersagung
§ 183.	Advertising
§ 184.	Free access to prospectuses, accountability report and semi-annual report
§ 185.	Re-use of general names
Part 4 Taxes
§ 186.	Taxes on income, income and wealth
§ 187.	Retirement investment fund
§ 188.	Application to foreign capital investment funds
Part 5 Penal provisions, transitional and final provisions
1. Main item Criminal provisions
§ 189.	Judicial penalties
§ 190.	Administrative penalties
§ 191.	Violations of the BWG
§ 192.	Penalty
§ 193.	Procedure and conciliation
§ 194.	Civil-law implications of illegal activity
2. Main piece Transitional and final provisions
§ 195.	Transitional provisions
§ 196.	References and Regulations
§ 197.	Linguistic equality
§ 198.	Out-of-Force Trees
§ 199.	Enforcement clause
§ 200.	entry into force

Part 1

General provisions

Scope

§ 1. This federal law lays down conditions to which UCITS (§ 2) may be placed, managed and distributed in Austria. It also defines the conditions under which other special assets, pension fund funds and special funds may be placed, managed and distributed in Austria, as well as the conditions for admission to the public distribution of alternative funds. Investment funds from other Member States or from third countries in Austria.

Undertakings for collective investment in transferable securities (UCITS)

§ 2. (1) An organism for collective investment in transferable securities (UCITS)

1.		Serves the exclusive purpose of apportioning the funds raised by the public for joint account in accordance with the principle of risk-spreading in the liquid financial assets referred to in Article 67; and
2.		its shares, at the request of the unit-holders, shall be withdrawn and disbursed directly or indirectly to the detriment of the assets of the UCITS and shall be deemed to be equivalent to such withdrawals and disbursements, with a view to ensuring that: the rate of the shares of the UCITS does not differ significantly from its net asset value; and
3.		it is authorised in accordance with Section 50 or approved in its Member State of origin pursuant to Article 5 of Directive 2009 /65/EC.

(2) A UCITS may only be established in Austria as a special fund according to § 46, which declines in equal shares embodied in securities and is in the co-ownership of the unit-holders. In so far as the obligations of UCITS are laid down in this Federal Act, the administrative company responsible for this UCITS shall be responsible for the obligation to provide the UCITS with the following obligation to provide such obligations.

(3) A UCITS may be composed of various sub-funds; for the purposes of the second part 3. Main piece 3. Section applies to any subfund of a UCITS as its own UCITS. For the purposes of the second part 3. Main piece 6. Section and 4. The main item is a UCITS which includes the associated sub-funds.

Definitions

§ 3. (1) The contents of the terms used in this Federal Act are the definitions of the Banking Act-BWG (BGBl), insofar as these terms are not defined in this Federal Act. No. 532/1993), the Capital Markets Act-KMG (BGBl. No 625/1991), as well as Regulations (EU) No 583/2010 and (EU) No 584/2010.

(2) In the sense of this Federal Law:

1.		Management company (capital investment company): any company according to § 5 or Art. 6 of Directive 2009 /65/EC, whose regular business activities in the management of UCITS according to § 2 and, where applicable, of Alternative Investment Funds (AIF) according to the 3. Part of this federal law;
2.		regular business activities of a management company: tasks of the collective portfolio management, which are the investment management and, where applicable, also administrative activities according to § 5 paragraph 2 Z 1 lit. (b) and distribution;
3.		collective portfolio management: the management of portfolios on a common account of the unit-holders under the fund rules in accordance with § 53;
4.		Unit-holders: any natural or legal person who holds one or more shares in a UCITS pursuant to Article 2 (2) or an AIF within the meaning of Z 31;
5.		Depositary: a body responsible for carrying out the tasks referred to in § 40 and, if it has its registered office in Austria, as a custodian bank to § § 41 to 45 of this Federal Act or to the provisions of Chapter IV and Chapter V, Section 3 of the Directive 2009 /65/EC is subject to certain provisions;
6.		The Member State of origin of the management company shall be the Member State in which the management company has its registered office;
7.		the host Member State of the management company: a Member State which is not the Member State of origin and in whose territory a management company has a branch or provides services;
8.		The Member State of origin of the UCITS: the Member State in which the UCITS is authorised in accordance with Article 5 of Directive 2009 /65/EC;
9.		the host Member State of a UCITS: the Member State which is not the country of origin of the UCITS and in which the shares of the UCITS are distributed;
10.		Branch: a place of business which forms a legally independent part of a management company and provides services for which an authorisation has been granted to the management company, with a number of business offices in and to the same host Member State as a single branch;
11.		competent authorities: the authorities designated by the Member States in accordance with Article 97 of Directive 2009 /65/EC;
12.		permanent data medium: any medium which allows an investor to store information addressed to him in person in such a way that the investor can, as a result, see it for a period of time appropriate for the purposes of the information, and that the -unchanged reproduction of the stored information;
13.		Securities
a)			shares and other shares of equivalent value ("shares"),
b)			Debt securities and other securitised debt instruments ("debt securities"),
c)			all other marketable securities which entitle the acquisition of securities in the sense of this Federal Law by subscription or exchange,
		in accordance with Section 69, with the exception of the techniques and instruments referred to in § 73;
14.		Money market instruments: instruments which are normally traded on the money market are liquid and the value of which can be determined at any time in accordance with § 70;
15.		Mergers: Transactions in which
a)			one or more UCITS or sub-funds thereof (the "transferring UCITS"), in the event of their dissolution without liquidation, all assets and liabilities to another existing UCITS or a sub-fund of that UCITS (the "accepting UCITS") and its unit-holders shall receive shares of the accepting UCITS and, where appropriate, a cash payment of a maximum of 10 vH of the net value of those shares (gross merging by inclusion);
b)			two or more UCITS or sub-funds thereof (the "transferring UCITS"), in the event of their dissolution without liquidation, all assets and liabilities on a UCITS formed by them or a subfund of that UCITS (the "accepting UCITS") and its unit-holders shall receive shares of the accepting UCITS and, where appropriate, a cash payment of a maximum of 10 vH of the net value of those shares (gross merging by new education);
c)			one or more UCITS or sub-funds thereof (the "transferring UCITS") which continue to exist until the liabilities are satisfied, their net assets on another sub-fund of the same UCITS, on a UCITS formed by them, or on another existing UCITS or a sub-fund of this UCITS (the "accepting UCITS") (net merge);
16.		cross-border merger: a merger of UCITS,
a)			at least two of which are authorised in different Member States, or
b)			authorized in the same Member State, to a newly established UCITS approved in another Member State;
17.		Domestic merger: a merger of UCITS granted in the same Member State if at least one of the UCITS concerned has been notified in accordance with Section 139;
18.		Shares: securities representing co-ownership shares in the assets of the capital investment fund and the rights of the unit-holders to the management company and the custodian bank, as well as to financial instruments pursuant to § 1 Z 6 lit. c Securities and Markets Act 2007-WAG 2007 (BGBl. I n ° 60/2007);
19.		Capital investment fund: UCITS in the form of a special assets according to § 2 para. 2 and Alternative Investment Fund (AIF) pursuant to § 3 para. 2 Z 31 lit. a and c;
20.		Customer: any natural or legal person, or any other undertaking, including a UCITS or AIF, for which a management company provides a service of collective portfolio management or services pursuant to § 5 (2) Z 3 or 4;
21.		Relevant person: in relation to a management company
a)			a partner or a comparable person or a member of the management of the management company;
b)			an employee of the management company, as well as any other natural person whose services are made available to and controlled by the management company and which are provided by the collective management company portfolio management is involved, or
c)			a natural person who is directly involved in the provision of services to the management company within the framework of an agreement to transfer tasks to third parties, which of the management company shall be the collective Allow portfolio management;
22.		Management: the persons who actually carry out the business of a management company in accordance with Section 6 (2) (2) (10) of the Z10;
23.		Supervisory function: relevant person, body or body, the person responsible for supervising the management and for the evaluation and periodic review of the adequacy and effectiveness of the risk management process and the principles, arrangements and procedures established for the performance of the obligations laid down in this Federal Act are or are competent;
24.		Counterparty risk: the risk of loss for the UCITS resulting from the fact that the counterparty of a transaction may not be able to meet its obligations before the final settlement of the cash flow associated with the transaction;
25.		Liquidity risk: the risk that a position in the UCITS portfolio cannot be sold, liquidated or closed within a sufficiently short time with limited costs, and that this is the ability of the UCITS, the withdrawal and to comply with the obligation to pay out at any time pursuant to section 55 (2);
26.		Market risk: the loss risk for the UCITS resulting from fluctuations in the market value of positions in the UCITS portfolio, resulting in changes in market variables, such as interest rates, exchange rates, equity and commodity prices, or the creditworthiness of a Issuers are the result of:
27.		operational risk: the risk of loss of the UCITS resulting from insufficient internal processes, as well as from human or system failure in the management company or from external events, and the risk of legal and documentation risks as well as risks resulting from the trading, accounting and evaluation procedures operated for the UCITS;
28.		rebalancing of the portfolio: a significant change in the composition of the portfolio of a UCITS;
29.		synthetic risk and income indicators: synthetic indicators within the meaning of Article 8 of Regulation (EU) No 583/2010;
30.		Investment funds: UCITS and AIF according to Z 31 lit. a and c irrespective of their legal form;
31.		Alternative investment funds (AIF): collective investment undertakings, which either:
a)			according to the 3. Part 1. the main item shall be constituted and approved, in equal shares embodied in transferable securities, and in the co-ownership of the unit-holders; or
b)			Real estate investment funds according to the real estate investment fund law-ImmoInvFG (BGBl. I 80/2003); or
c)			Investment funds that are not UCITS and according to the 3. Part 2. Main piece for distribution in Austria are approved;
32.		Index Fund: a UCITS, whose fund provisions explicitly provide for the purpose of its investment strategy to reproduce a particular equity or debt index recognised by the Financial Markets Authority (FMA);
33.		Customer Information Document (KID): Document containing essential investor information in accordance with Article 3 of Regulation (EU) No 583/2010.

Exceptions

§ 4. If, in accordance with the provisions of the Fund or the Articles of Association, the shares may only be distributed to the public in third countries, or if the shares are not distributed to the public in Austria or in other Member States, the second part of the shares shall be found in the Federal law no application.

2.Part

Management and supervision of UCITS

1. Main item

Management companies

Section 1

Conditions for the inclusion of the activity

Requirement and scope of the concession

§ 5. (1) The provision of the activities of an administrative company established in Germany requires the concession pursuant to Section 1 (1) (13) of the Federal Elections Act (BWG) in conjunction with Section 6 (2) of this Federal Act by the FMA. A management company shall not, in addition to the activities and transactions referred to in paragraph 2, which are necessary for the investment of its own assets, as well as the activities directly related to the concession requirement, shall not: carry out other activities.

(2) A management company may carry out the following activities:

1.		The management of UCITS as part of the collective portfolio management, which includes the following activities:
a)			investment management;
b)			Administrative activities,
aa)				statutory accounting services provided for under the fund management system;
bb)				Customer Requests,
cc)				evaluation and pricing (including tax returns),
dd)				monitoring compliance with legislation;
ee)				Management of the unit-holder register,
ff)				Profit distribution,
gg)				issue and redemption of shares,
hh)				Contract invoices (including the dispatch of certificates),
ii)				keeping records;
c)			distribution;
2.		in addition to the management of UCITS pursuant to Z 1, the management of AIF pursuant to Section 3 (2) (a) (a), provided that the management company is subject to the supervision of the FMA in this respect;
3.		in addition to the management of UCITS in accordance with Z 1, the individual management of portfolios, including the portfolios of pension funds, with a margin of discretion as part of the investor's mandate, provided that the portfolios in question are one or more of the portfolios of the portfolios of the investors concerned. contain more than one of the instruments listed in Annex I, Section C of Directive 2004 /39/EC (Section 3 (2) (2) of the WAG 2007);
4.		the following secondary activities:
a)			investment advice in respect of one or more of the instruments listed in Annex I, Section C of Directive 2004 /39/EC;
b)			Custody and technical management in respect of the shares of UCITS.

(3) The exclusive provision of services pursuant to paragraph 2 (2) (3) and (4) or the provision of ancillary services pursuant to paragraph 2 (2) (4), without authorisation to provide services pursuant to paragraph 2 (2) (3), is within the scope of the concession. Management company not allowed. Section 1 (3) of the BWG does not apply to management companies.

(4) The services referred to in (2) (2) (3) and (4) do not relate to services provided by a counterparty to the State, the central bank of a Member State or to other national bodies with similar functions within the framework of the cash, exchange rate, sovereign debt or reserve policy of the Member State concerned.

(5) Management companies which manage exclusively the UCITS approved by the FMA and, where appropriate, AIF, may carry out tasks in accordance with paragraph 2 Z 1 lit. b sublit. cc to hh transferred to the custodian bank, if this is provided in the prospectus.

Concession application and concession

§ 6. (1) The applicant shall attach to the application for a concession the particulars and documents referred to in Article 4 (3) (1), (2), (4), (5) and (6) of the BWG, as well as a business plan from which the organisational structure of the management company, which shall be: the planned strategies and procedures for the supervision, control and limitation of the risks described in § 86 (3) and the procedures and plans according to § § 86 to 89.

(2) The concession shall be granted if:

1.		The company is operated as a management company in the legal form of a limited liability company or a company with limited liability;
2.		the shares of the stock corporation are on their names and, in accordance with the articles of association or the company contract, the transfer of shares or business shares requires the approval of the supervisory board of the company;
3.		in the case of management companies in the legal form of the company with limited liability, a supervisory board must be ordered in accordance with the social contract;
4.		in the case of management companies in the legal form of a limited liability company, the allowance shall be allocated to a special reserve, which may be used only to compensate for impairment losses and to cover other losses;
5.		the initial capital amounts to EUR 2.5 million and is freely available to the managers without being subject to domestic charge; if the value of the fund assets of the management company exceeds EUR 250 million, the management company shall be required to: additional own resources (Section 23 (1) (1) and (2) of the Federal Elections Act). This additional own resources must be at least 0.02 vH of the amount by which the value of the portfolios of the management company exceeds 250 million euros. However, in so far as the additional own resources calculated in this way do not exceed an amount of EUR 2,375,000, no additional capital has to be supplied. A maximum of EUR 7.5 million has to be held in additional own resources. For the purposes of this provision, UCITS and AIF managed by the management company shall be regarded as portfolios within the meaning of Article 5 (2) (2) (2), including investment funds, with the management of which they have entrusted third parties, but not investment funds, which: it administers itself on behalf of third parties; the § § 22 to 22q, § 23 para. 6, § 26, § 26a, § 39a and § 103 Z 9 lit. b BWG are not applicable to credit institutions with a concession pursuant to Section 1 (1) (1) (13) of the BWG;
6.		at least half of the basic capital or capital that has been paid in has been invested in an orally-safe way;
7.		the management company is set up for an indefinite period;
8.		a member of the supervisory board of the management company is not a member of the management board or a member of the supervisory board of the depositary;
9.		the manager or the procurist of the management company is neither a manager nor a member of the supervisory board nor a procurator of the depositary;
10.		all managers are technically appropriate on the basis of their prior education and have experience in the management of a management company, and at least two managers are also competent in relation to the type of the UCITS managed by management company have sufficient practical and theoretical experience;
11.		adequate and effective risk management principles, arrangements, processes and procedures are provided for in accordance with Article 86 (3);
12.		in the case of the provision of activities pursuant to Article 5 (2) (3) or (3) and (4),
a)			the initial capital, at least in the amount of the amount to be determined in accordance with section 9 (2) WAG 2007, is available to the directors of the business unrestricted and available at the free disposal in the home country;
b)			In addition to the requirements of Z 10, the directors meet the requirements in accordance with § 3 paragraph 5 Z 3 WAG 2007;
c)			the conditions set out in Section 3 (5) Z 4 WAG 2007 are complied with;
13.		as well as the requirements of § 5 (1) Z 2 to 4a, 6, 7 and 9 to 14 BWG are fulfilled.

(3) Within six months of receipt of the application or, if this is incomplete, the FMA shall either grant the applicant the concession within six months from the date of transmission of all the information required for the communication, or the FMA shall: rejection of the application by means of communication in writing. The concession is to be granted in writing in the event of any other invalidity; it may be provided with appropriate conditions and conditions, including the extent to which the management company for the provision of services referred to in § 5 2 to 4, and where applicable, which types of UCITS and AIF are authorised to extend to collective portfolio management.

(4) § § 5 (2) sentence 1 and 3 BWG and § 160 (1) of this Federal Act are to be applied to the procedure for granting the concession.

Withdrawal and erasure of the concession

§ 7. (1) In addition to the reasons mentioned in § 6 BWG, the FMA has to withdraw the concession if:

1.		the conditions necessary for issuing the concession are no longer available (Section 148 (7) of this Federal Act in conjunction with Section 70 (4) (3) of the Federal Elections Act);
2.		the provisions relating to own resources (§ 8) are not complied with;
3.		shall be transferred to third parties in such a way or scope that the management company becomes a letterbox company (Section 28 (2)); or
4.		the management company has otherwise been seriously or repeatedly infringed on this federal law or against regulations adopted pursuant to Directive 2009 /65/EC, which also applies to the proceedings pursuant to Section 70 (4) of the Federal Elections Act (BWG) to come.

(2) With a view to the extinguisher of the concession, § § 7 and 7a of the Federal Elections Act shall apply.

(3) A management company may not resolve its resolution before its right to manage all UCITS has ended in accordance with § 60.

Section 2

Conditions for the performance of the activity

Own resources

§ 8. (1) The own funds of the management company may at no time fall below the amount referred to in Article 6 (2) (5); otherwise, the FMA shall proceed in accordance with Section 70 (4) of the BWG.

(2) Regardless of the own resources requirement referred to in paragraph 1, the own funds of the management company may at no time fall below the amount to be determined in accordance with Section 9 (2) WAG 2007.

State commissioners

§ 9. The Federal Minister of Finance has to appoint a State Commissioner and his deputy for a term of office of at least five years for each management company; the reappointment is admissible. The state commissioners and their deputies act as organs of the FMA and, in this function, are subject exclusively to their instructions. Section 76 (2) to (9) of the BWG shall apply.

General organisational requirements

§ 10. (1) A management company shall:

1.		decision-making processes and an organisational structure, clearly defined and documented by the reporting requirements and clearly assigned and documented in the functions and tasks, to be set up and maintained on an ongoing basis and maintained;
2.		to ensure that all relevant persons are aware of the procedures to be followed for the proper performance of their duties;
3.		adequate internal control mechanisms to ensure, establish and maintain compliance with decisions and procedures at all levels of the management company;
4.		to establish, at all relevant levels, effective internal reporting and dissemination of information, as well as a smooth flow of information with all the third parties involved and to ensure the continuous flow of information;
5.		appropriate and systematic records of their business activities and internal organisation;
6.		to ensure that the tasks of staff are fulfilled, which have the necessary skills, knowledge and experience;
7.		to ensure the resources and expertise necessary for the effective supervision of the activities carried out by third parties in the context of an agreement with the management company, in particular for the management of the activities carried out by the the risks associated with the agreement;
8.		ensure that the proper, honest and professional performance of the tasks in question is ensured even if relevant persons are entrusted with a number of tasks.
Account shall be taken of the nature, extent and complexity of the management company ' s operations, as well as of the nature and range of services and activities performed.

(2) The management company shall also have adequate systems and procedures for the protection of the security, integrity and confidentiality of data to be established and applied on an ongoing basis, taking into account the nature of such data. The data protection regulations (§ 14 DSG 2000-data security measures) must be complied with.

(3) The management company shall take reasonable steps to ensure the continuity and regularity of business activities. To this end, it shall have appropriate and appropriate systems, resources and procedures to be established and other appropriate arrangements to be made to ensure that essential data and procedures are interrupted in the event of an interruption of their systems and procedures; and Functions and services and activities can be continued. Should this not be possible, these data and functions must be able to be re-established in good time, so that services and activities can be resumed in good time.

(4) The adequacy and effectiveness of the systems established pursuant to paragraphs 1 to 3, internal control mechanisms and arrangements shall be monitored, regularly evaluated and the measures necessary to remedy any shortcomings are to be taken.

(5) Administrative companies, which are also entitled to provide services pursuant to § 5 (2) (2) Z 3 or 4, also have the provisions in respect of these activities in accordance with § § 16 to 26 and 29 to 51, 52 para. 2 to 4, 54 para. 1 and 94 to 96 WAG 2007. Management companies that also distribute shares that are not managed by them have to comply with § § 36, 38 to 59 as well as 61 to 66 WAG 2007 in respect of this activity.

(6) Administrative companies have the § § 2, 20 to 21, § 23 (1) to (5) and (7) to (16), § § 24 to 25, § § 27 to 28, § 28a (1) to (4), § § 29 to 30, § § 35 to 39, § 39b, § § 40 to 41, 43 to 68, § 70a, § § 74 to 76 and 81 up to 91 as well as § § 93 to 93c BWG.

Investor complaints

§ 11. (1) The management company shall establish, apply and maintain effective and transparent procedures for the appropriate and prompt processing of investor complaints. Any complaint and any measures taken to resolve it shall be recorded and kept.

(2) Investors shall be able to lodge a complaint free of charge. Information on the procedures referred to in paragraph 1 shall be made available to investors free of charge.

(3) In the event that the UCITS managed by the management company has been authorised in another Member State, the management company shall take measures pursuant to Article 141 (1) and shall provide for appropriate procedures and arrangements to: ensuring the proper handling of investor complaints and ensuring that investors do not have any restrictions on the exercise of their rights. Such measures must enable investors to submit complaints in the official language or one of the official languages of the home Member State and, where appropriate, the host Member State of the UCITS.

4.The management company shall also provide for appropriate procedures and arrangements to provide information at the request of investors, persons or bodies of interest or of the competent authorities of the UCITS home Member State, in particular: to provide information within the meaning of Section 38 (1) for competent authorities.

Electronic records

§ 12. (1) The management company shall make reasonable arrangements for appropriate electronic systems in order to ensure timely and orderly recording of each portfolio business and of any drawing or withdrawal order, and thus compliance with § § 19, 20 and 31 to 33.

(2) The management company shall ensure a high level of security and integrity and confidentiality of the recorded data in the electronic data processing system. The data protection regulations (§ 14 DSG 2000-data security measures) must be complied with.

(3) In the event that the management company has entrusted the custodian bank with the tasks of issuing and redeeming shares pursuant to section 5 (5), the obligations pursuant to paragraphs 1 and 2 shall be complied with with regard to § 20 from the custodian bank.

Accounting of the management company

§ 13. (1) The management company shall, in order to protect the unit-holders, establish, implement and maintain accounting principles and methods which enable it to submit to the FMA on request, in good time, financial statements which shall include: They provide a true and fair view of their financial position and are in line with all applicable accounting standards and rules. The adequacy and effectiveness of these principles and methods and arrangements shall be monitored by the management company, should be regularly assessed and the measures necessary to remedy any shortcomings should be taken.

(2) In relation to the accounting of the UCITS, the management company shall:

1.		To establish, apply and maintain accounting principles and methods which comply with the accounting rules of the home Member State of the respective UCITS it manages, in order to:
a)			to ensure a precise calculation of the net asset value of each individual UCITS on the basis of the accounts; and
b)			ensure that drawing and withdrawal orders can be carried out correctly in relation to this net asset value;
2.		create appropriate procedures to ensure a proper and accurate valuation of the assets and liabilities of the UCITS in accordance with § 57.
The accounting of the UCITS shall be designed in such a way that all assets and liabilities of the UCITS can be directly identified at any time. Where a UCITS has a number of sub-funds, separate accounts shall be provided for each of these sub-funds. With regard to the UCITS approved by the FMA, § 49 must be taken into consideration.

(3) In the event that the management company has entrusted the custodian bank with the tasks of accounting in accordance with Article 5 (5), the obligations pursuant to paragraphs 1 and 2 shall be complied with by the custodian bank.

(4) The annual accounts of the management company shall also be used to publish the UCITS managed by the management company for the unit-holders and the level of their fund assets.

Control by Executive Board and Supervisory Board

§ 14. (1) The Executive Board and the Supervisory Board are responsible for ensuring that the management company has its obligations under this Federal Act as well as other relevant federal laws and regulations adopted pursuant to these federal laws and the EU Regulations adopted pursuant to Directive 2009 /65/EC. The internal division of responsibilities of the management company should therefore be appropriately designed.

(2) The Executive Board

1.		Is responsible, in particular, for the fact that the general investment policy as defined in the prospectus and in the fund rules or in the statutes of an investment company in accordance with Article 1 (3) of Directive 2009 /65/EC, shall be held at each managed UCITS is implemented;
2.		Has the approval of investment strategies for each UCITS managed;
3.		Is in particular responsible for the fact that the management company has a permanent and effective compliance function (§ 15), even if this function has been transferred to a third party in accordance with § 28;
4.		Has to ensure and regularly ensure that the general investment policy, investment strategies and risk limits of each managed UCITS are properly and effectively implemented and complied with, even if the Risk management function (§ 17) has been transferred to a third party pursuant to § 28;
5.		Has the appropriateness of the internal procedures under which, for each UCITS managed, the investment decisions are taken, and regularly review, in order to ensure that such decisions are adopted with the approved Investment strategies shall be consistent;
6.		To approve and regularly review the risk management principles set out in § 86 (1) and (2), as well as the arrangements, procedures and methods used to implement these principles, including risk limits for each managed UCITS;
7.		the effectiveness of the principles, arrangements and procedures established for the performance of the obligations laid down in this Federal Act, as well as other relevant federal laws and regulations adopted pursuant to these federal laws, and the EU regulations adopted pursuant to Directive 2009 /65/EC shall be reviewed, assessed and regularly reviewed;
8.		shall take appropriate measures to remedy any shortcomings.

(3) The obligations laid down in paragraph 1 (1) (7) and (8) shall be subject to the additional inspection of the Supervisory Board.

(4) In connection with their obligations pursuant to paragraphs 1 and 2, the management shall also be reporting reports, namely:

1.		Regular reports on the implementation of the investment strategies and internal procedures for investment decisions referred to in paragraph 2 (2) (2) (2) to (5); and
2.		regularly, at least once a year, written reports on questions of compliance with the law, internal audit (§ 16) and risk management (§ 17), which indicate in particular whether or not to remedy any shortcomings Remedial action has been taken.

(5) The reports referred to in paragraph 4 (2) (2) shall also be submitted to the Supervisory Board on a regular basis. The FMA can determine by means of a regulation, to what extent, in which time frame and in what form the reports pursuant to paragraph 4 are to be transmitted to the Executive Board and the Supervisory Board. In doing so, it has taken account of European practices in this area.

Compliance

§ 15. (1) The management company shall:

1.		to establish, apply and maintain appropriate principles and procedures designed to ensure that any risk of non-compliance with the EU regulations adopted in accordance with the provisions of this Federal Act and the EU Regulations adopted pursuant to Directive 2009 /65/EC to uncover the obligations imposed by the management company and the risks involved; and
2.		to create appropriate measures and procedures in order to minimise the risk according to Z 1 and to enable the FMA to exercise its powers effectively.
Account shall be taken of the nature, extent and complexity of the transactions and of the nature and range of the services and activities carried out in the course of these transactions.

(2) The management company shall permanently establish an effective and independent compliance function, with the following tasks:

1.		monitoring and periodic evaluation of the adequacy and effectiveness of the measures, principles and procedures laid down in accordance with paragraph 1, and of the measures taken to remedy any shortcomings;
2.		Advising and supporting the relevant persons responsible for services and activities with regard to the performance of the duties for management companies which are enacted in this federal law and in accordance with this federal law. Regulations and EU regulations adopted pursuant to Directive 2009 /65/EC.

(3) In order for the compliance function to be able to carry out its tasks properly and independently, the management company shall ensure that:

1.		the compliance function has the necessary powers, resources and expertise and has access to all information relevant to it;
2.		a compliance officer is appointed who is responsible for the compliance function and the preparation of the reports that are submitted to the management regularly, at least once a year, on issues of legal compliance and in which indicate, in particular, whether the remedial measures necessary to remedy any shortcomings have been remedied;
3.		Relevant persons involved in this function are not involved in the services or activities that they are monitoring;
4.		the method according to which the references of the relevant persons involved in the compliance function are determined, and neither their objectivity is impaired nor likely to appear.

(4) The requirements referred to in paragraph 3 (3) (3) and (4) do not have to be fulfilled if the management company proves that it is due to the nature, scope and complexity of its operations, as well as to the nature and spectrum of its operations. Services and activities are disproportionate and the compliance function nevertheless performs its task.

Internal Audit (Internal Audit)

§ 16. (1) The management company shall permanently set up an internal audit function which is directly subject to the management of the business managers and shall be subject exclusively to the ongoing and comprehensive examination of the legality, regularity and usefulness of the as a whole, and-insofar as this is appropriate in the light of the nature, scope and complexity of its operations, as well as the nature and spectrum of the collective portfolio management services provided in the course of such transactions; and is proportional to the other functions and activities of the management company is separate and independent. The tasks of the internal audit may not be entrusted to persons who have exclusive grounds for exclusion.

(2) The grounds for exclusion are circumstances which do not make the proper performance of the tasks of the internal audit likely to appear. In particular, there are grounds for:

1.		the persons concerned lack the necessary expertise and experience in the investment fund, and
2.		the objective perception of the function may be impaired, in particular where the persons concerned are simultaneously appointed to the bank auditor of the same management company, or to these persons by their activities in the internal Revision of one of the exclusionary grounds mentioned in § 62 Z 6, 12 and 13 of the Federal Elections Act (BWG) would be considered as bank auditors of the management company.

(3) The internal audit function has the following tasks:

1.		the establishment, implementation and maintenance of a revision programme with a view to assessing and evaluating the adequacy and effectiveness of the systems, internal control mechanisms and arrangements of the management company;
2.		issuing recommendations on the basis of the results of the work carried out in accordance with Z 1;
3.		verification of compliance with the recommendations referred to in Z 2;
4.		Preparation of reports on internal audit questions pursuant to § 14 (4) (2).

(4) Injunctions concerning internal audit must be made jointly by at least two heads of business. The internal audit has also to be examined:

1.		The correctness and completeness of the advertisements and messages to the FMA and to the Oesterreichische Nationalbank;
2.		compliance with § § 40, 40a, 40b, 40c, 40d and 41 BWG;
3.		the appropriateness and application of the procedures pursuant to Article 39 (2) of the BWG.

(5) The internal audit has to draw up an annual revision plan and to carry out the tests thereafter. Furthermore, it has to carry out unplanned tests on a starting basis.

Risk Management

§ 17. (1) The management company shall permanently establish a permanent risk management function, which shall be appropriate in view of the nature, scope and complexity of the transactions and the UCITS managed by the management company. and is proportionate-independent of the operational departments, hierarchically and functionally independent.

(2) The management company must be able to demonstrate that appropriate measures have been taken to protect against conflicts of interest in order to allow independent risk management and that their risk management process meets the requirements of Provisions of 4. Section of the 3. The main piece corresponds.

(3) The permanent risk management function has the task of:

1.		Implement the principles and procedures of risk management;
2.		to ensure compliance with the UCITS risk limits, including the statutory limits on overall and counterparty risk, in accordance with § § 89, 90 and 91;
3.		to advise management in determining the risk profile of each managed UCITS;
4.		To report regularly to the Executive Board and the Supervisory Board on the following topics:
a)			coherence between the current risk level of each managed UCITS and the risk profile agreed upon for that UCITS;
b)			Compliance with the respective risk limits by the individual managed UCITS;
c)			the appropriateness and effectiveness of the risk management process, specifying in particular whether appropriate remedial measures have been taken in the event of possible shortcomings;
5.		to report regularly to the management of the current level of risk for each UCITS and any actual or foreseeable excess of the limits applicable to the UCITS concerned, in order to ensure that the appropriate measures can be taken;
6.		to review and, where appropriate, strengthen the arrangements and procedures set out in § 92 for the valuation of OTC derivatives, in the case of Section 5 (5) in cooperation with the custodian bank.

(4) The permanent risk management function shall have the necessary authority and access to all relevant information necessary for the performance of the tasks referred to in paragraph 3.

Personal stores

§ 18. (1) The management company shall establish, implement and maintain appropriate arrangements, which may give rise to a conflict of interest to relevant persons whose activities may give rise to a conflict of interest, or which are due to activities which they devote to: The management company shall have access to inside information within the meaning of section 48a (1) (1) of the Austrian Stock Exchange Act 1989-BörseG (BGBl. No 555/1989) or to other confidential information relating to UCITS or to transactions carried out with or for UCITS,

1.		a personal business (§ 23 WAG 2007), in which at least one of the following conditions is fulfilled:
a)			The person shall not make the personal business in accordance with § § 48b to 48d BörseG or any provision adopted in another Member State pursuant to Directive 2003 /6/EC;
b)			it is linked to the abuse or the irregular disclosure of confidential information;
c)			It shall collide with a duty of the management company under this Federal Act, WAG 2007 or a regulation adopted pursuant to Directive 2009 /65/EC or Directive 2004 /39/EC, or is expected to collide with it;
2.		to recommend a business with financial instruments outside of its regular employment relationship or service contract of another person, which would be a personal business (§ 23 WAG 2007) of the relevant person- under Z 1 or under § 37 (2) Z 1 or 2 WAG 2007, or would otherwise constitute an abuse of information on current orders, or to cause such a person to enter such a business;
3.		information or opinions to another person outside their regular employment relationship or service contract and without prejudice to § 48b (1) Z 2 BörseG, if the relevant person is clear or reasonable it should be clear that this transfer will cause or cause the other person to do so,
a)			to enter into a business with financial instruments, which would be a personal business (§ 23 WAG 2007) of the relevant person-under Z 1 or under § 37 (2) Z 1 or 2 WAG 2007, or otherwise abuse of the financial instruments the information on current orders would be;
b)			to guess or to help another person to such a business.

(2) The provisions laid down in paragraph 1 shall, in particular, ensure:

1.		Any relevant person referred to in paragraph 1 shall have the restrictions on personal transactions (§ 23 WAG 2007) and the measures taken by the management company in respect of personal business and information disclosure in accordance with paragraph 1 above. .
2.		The management company shall be informed without delay of any personal business (§ 23 WAG 2007) of a relevant person, either by reporting the business or by other procedures which the management company has: To enable such operations to be established.
3.		A personal business reported or established by the management company (§ 23 WAG 2007), as well as any permission and prohibition in connection with such a business should be recorded.

(3) If certain activities are carried out by third parties (§ 28), the management company shall ensure for the purposes of paragraph 2 (2) (2) that the company carrying out the activity shall conduct personal transactions (§ 23 WAG 2007) of all relevant persons and the management company shall submit such information without delay upon request.

(4) Exclude from (1) and (2):

1.		Personal transactions carried out under a portfolio management contract with a margin of discretion, provided that no contacts are made between the portfolio manager and the relevant person or the relevant person prior to the conclusion of the contract. The person on whose behalf the transaction is made;
2.		personal transactions with UCITS or with units of collective investment undertakings subject to supervision under the legislation of a Member State which requires the same high level of risk spreading for their installations, where the the relevant person or any other person on whose behalf the transactions are made shall not be involved in the administration of that organism.

Recording of portfolio stores

§ 19. (1) The management company shall ensure that any portfolio business relating to UCITS is recorded without delay in such a way that the order and the business carried out can be re-constructed in detail.

(2) The recording referred to in paragraph 1 shall contain:

1.		The name or other name of the UCITS and of the person acting on behalf of the UCITS;
2.		the details necessary for the determination of the instrument concerned;
3.		the quantity;
4.		the nature of the contract or the business;
5.		the price;
6.		in the case of orders, the date and the exact time of the order and the name or other name of the person to which the contract was sent or, in the case of transactions, the date and time of the business decision; and -execution;
7.		the name of the person who submits the order or carries out the business;
8.		where appropriate, the reasons for the revocation of a contract;
9.		in the case of transactions carried out, the counterparty and the execution place.

(3) A regulated market within the meaning of Section 1 (2) of the Austrian Stock Exchange Act, a multilateral trading system within the meaning of § 1 Z 9 WAG 2007, a systematic internaliser within the meaning of § 1 Z 10 WAG 2007 or a market within the meaning of Section 1 (2) of the Austrian Stock Exchange Act (WAG 2007) shall be a regulated market within the meaning of section 1 (2) of the Austrian Stock Exchange Act ( (a) maker (Section 56 (1) of the Austrian Stock Exchange Act), any other liquidity provider or entity that performs a similar function in a third country.

Recording of drawing and withdrawal orders

§ 20. (1) The management company shall take reasonable steps to ensure that the UCITS drawing and withdrawal orders received are centrally recorded and recorded immediately after their receipt.

(2) The following information shall be recorded:

1.		the name of the UCITS concerned;
2.		Person who grants or sends the order;
3.		Person who receives the order;
4.		the date and time of the contract;
5.		Payment terms and conditions;
6.		the nature of the contract;
7.		the date of execution of the contract;
8.		the number of shares recorded or withdrawn;
9.		the price of the drawing or withdrawal for each share;
10.		the total share or return value of the shares;
11.		Gross value of the order, including subscription fees or net amount after deduction of withdrawal fees.

(3) In the event that the management company has entrusted the custodian bank with the tasks of issuing and redeeming shares pursuant to section 5 (5), the obligations pursuant to paragraphs 1 and 2 shall be complied with by the custodian bank.

Retention duties

§ 21. (1) The management company shall keep the records referred to in § § 19 and 20 for a period of at least five years.

(2) In the event of exceptional circumstances, the FMA may require the management company to retain all or some of those records for a longer period of time dependent on the nature of the instrument or portfolio business, if: this is necessary in order to enable the FMA to exercise its supervisory role in accordance with this federal law or EU regulations adopted in accordance with Directive 2009 /65/EC.

(3) The FMA may order in the communication with which the withdrawal of the concession is agreed that the records shall be kept up to the end of a period of time not exceeding five years.

(4) In accordance with § § 61 or 62 (2), the management company shall transfer the tasks which it has in connection with the UCITS to another management company, so that the FMA may request that the company be responsible for the Records for the previous five years shall be made available.

(5) The records shall be kept on a data medium on which they can be stored in such a way that the FMA can continue to access it in the future and the following conditions are met:

1.		The FMA must readily be able to access the records and reconstruct every relevant stage of the processing of each individual portfolio business;
2.		any correction or other modification and the content of the records prior to such a correction or any other modification shall be easily detectable;
3.		the records may not be otherwise manipulated or altered.

(6) In the event that the management company has entrusted the custodian bank with the tasks of issuing and redemption of shares pursuant to section 5 (5), the obligations pursuant to paragraphs 1 to 5 shall be complied with with regard to § 20 of the custodian bank.

Criteria for the identification of conflicts of interest

§ 22. (1) The management company shall identify and take into account the types of conflicts of interest which may arise in the provision of services and the execution of activities and which may be detrimental to the interests of a UCITS:

1.		their own interests, including those resulting from the membership of the management company to a group or from the provision of services and activities, the interests of the customers and the obligation of the management company with respect to the UCITS;
2.		the interests of two or more managed UCITS.

(2) Weiters shall at least take into account the management company in the identification of conflicts of interest, whether on the management company, a relevant person or a person who, directly or indirectly, by means of control with the management company, due to the fact that it operates in the collective portfolio management or in any other area, one of the following is true:

1.		There is a risk that the management company or the person concerned will have a financial advantage or will avoid a financial loss to the UCITS;
2.		the management company or the person concerned has an interest in the result of a service provided to the UCITS or any other client, or of a business carried out for the UCITS or any other client, which is not the case with the the interest of the UCITS in this result;
3.		for the management company or the person concerned, there is a financial or other incentive to place the interests of another customer or group of customers on the interests of the UCITS;
4.		the management company or the person concerned shall carry out the same activities for the UCITS and for one or more other customers other than UCITS;
5.		the management company or the person concerned is currently, or in the future, received by a person other than the UCITS in respect of the collective portfolio management services provided to the UCITS, in addition to the usual standard Commission or fee an incentive in the form of money, goods or services.

Principles for dealing with conflicts of interest

§ 23. (1) The management company shall establish, maintain and maintain effective principles for dealing with conflicts of interest. These principles shall be laid down in writing and shall be appropriate to the size and organisation of the management company and to the nature, scope and complexity of their operations.

(2) Should the management company belong to a group, those principles must also take account of all circumstances known to or should be known to the company and which are based on the structure and business activities of others. Group members could give rise to a conflict of interest.

(3) The principles for dealing with conflicts of interest laid down in accordance with paragraphs 1 and 2 shall be defined as follows:

1.		In view of the performance of the collective portfolio management provided by or for the management company, under what circumstances a conflict of interest, which is significant to the interests of the UCITS or of one or more other customers, could be, or could be, damaged;
2.		what procedures should be followed for dealing with these conflicts and what measures should be taken?

Independence in conflict management

§ 24. (1) The procedures and measures referred to in Article 23 (3) (2) shall be designed in such a way as to ensure that relevant persons carrying out various activities which have a conflict of interest are those activities with a degree of independence. , which is appropriate to the size and scope of the management company and the group to which it belongs, and to the relevance of the risk that the interests of customers are being harmed. Furthermore, these procedures and measures, where necessary and appropriate to ensure the required degree of independence of the management company, shall include:

1.		Effective procedures to prevent or control the exchange of information between relevant persons acting in the collective portfolio management and whose activities could result in a conflict of interest where such information Exchange of information could harm the interests of one or more customers;
2.		the separate supervision of relevant persons, whose main tasks include collective portfolio management for customers or the provision of services to customers or investors whose interests may collide or which may be used in the Other ways of representing different, possibly conflicting interests, including the interests of the management company;
3.		the elimination of any direct link between the remuneration of relevant persons who are mainly concerned with an activity, and the remuneration or revenues of other relevant persons, who are mainly concerned with another to engage in activities where a conflict of interest could arise in these activities;
4.		measures to prevent or restrict any undue influence on the manner in which a relevant person carries out collective portfolio management;
5.		Measures to prevent or control the simultaneous or subsequent participation of a relevant person in a different collective portfolio management where such participation is in the way of sound conflict management could.

(2) If one or more of these measures and procedures in accordance with paragraph 1 do not, in practice, ensure the necessary level of independence, the management companies shall have the necessary and appropriate alternative for the purposes mentioned above. or additional measures and procedures.

Dealing with activities that result in a potentially adverse conflict of interest

§ 25. (1) The management company shall keep records of the types of collective portfolio management that they or for which they have provided a conflict of interest or where there are still ongoing portfolio management The risk of damage to the interests of one or more UCITS or other customers may be significant and shall update these records on a regular basis.

(2) In cases where the organisational or administrative arrangements of the management company are not sufficient to deal with conflicts of interest, in order to ensure, at reasonable discretion, that the risk of injury to the The interests of the UCITS or its unit-holders may be excluded, the management or any other competent internal body of the management company shall be immediately informed so that it can take the necessary decisions in order to: ensure that the management company is always in the best interests of the UCITS and its unit-holders. The management company has to inform the investors pursuant to section 132 (2).

Strategies for the exercise of voting rights in the case of apportionment

§ 26. (1) The management company shall draw up effective and appropriate strategies with a view to determining when and how to exercise the voting rights attaching to the instruments in the managed portfolios, in order to ensure that the voting rights of the management company are limited to the Use of the UCITS in question.

(2) The strategies referred to in paragraph 1 shall contain measures and procedures which:

1.		facilitate the pursuit of the relevant social operations;
2.		ensure that the exercise of voting rights is in line with the investment objectives and the investment policies of the UCITS concerned;
3.		To prevent or regulate conflicts of interest resulting from the exercise of voting rights.

Investor protection for individual portfolio management

§ 27. A management company whose concession also extends to portfolio management with discretion in accordance with Article 5 (2) (3) (3) (2) (3) of the Directive,

1.		may not apply the investor's assets in whole or in part in the shares of the UCITS or AIF managed by it, unless the customer has previously given a general agreement; and
2.		shall be subject to the provisions of Section 93 (2a) of the Federal Elections Act in respect of the services referred to in Section 5 (2) (3)

Transfer of tasks of the management company to third parties

§ 28. (1) The management company shall be entitled to transfer one or more of its tasks to third parties for the purpose of a more efficient management pursuant to Section 5 (2). The third party shall act on behalf of the unit-holders. The following requirements must be met:

1.		The management company must immediately notify the FMA in accordance with § 151; the FMA must immediately forward this information to the competent authorities of the UCITS home Member State in accordance with Section 161;
2.		the contract shall not in any way affect the effectiveness of the supervision of the management company; in particular, it shall not prevent the management company from acting in the interests of its investors, nor shall it prevent the management company from acting in the interests of its investors; the UCITS is managed in the interests of investors;
3.		where the transfer concerns collective portfolio management, the contract may only be awarded to undertakings which are concessioned or registered for the purposes of asset management and are subject to supervision; the transfer shall be subject to the following conditions: the rules laid down by the management company in respect of the distribution of the installations;
4.		where the contract concerns collective portfolio management and is granted to a third country undertaking, the cooperation between the FMA and the supervisory authorities concerned must also be ensured;
5.		the depositary or other undertakings whose interests may collide with those of the management company or of the unit-holders shall not be entitled to contract the main service of the collective portfolio management (§ 5 para. 2 Z 1 lit. (a) be granted;
6.		ensure that the management company is able to monitor effectively the activities of the undertaking to which the contract has been issued at any time;
7.		ensure that the management company may at any time grant further instructions to the undertakings to which tasks have been entrusted and that the contract may be withdrawn at any time with immediate effect if this is in the interest of the the investor;
8.		whereas, taking into account the nature of the tasks to be carried out, the undertaking to which those tasks are to be entrusted must have the appropriate qualifications and be able to carry out the tasks in question;
9.		in the UCITS prospectuses (§ 131), the delegated tasks shall be listed;
10.		Activities in the area of risk management will be transferred to third parties, and § 30 (3) shall be complied with.

(2) The obligations of the management company as well as the obligations of the custodian bank pursuant to this Federal Act shall not be affected by such a transfer. The management company is absolutely liable for the conduct of the third party as for its own behaviour. The management company may not carry out its tasks to a level which allows it to become a letterbox company; a letterbox undertaking shall be deemed to have been carried out if the management company is to a large extent on its business Third. The relevant provisions of data protection law (§ § 10 ff DSG 2000) must be complied with.

Duty to act in the best interests of the UCITS and their unit-holders

§ 29. (1) The management company shall treat unit-holders of managed UCITS in the same way and do not have the interests of a particular group of unit-holders above the interests of another group of unit-holders.

(2) The management company shall apply appropriate principles and procedures for the prevention of inadmissible practices and practices, which would normally be expected to affect financial stability or integrity.

(3) In the context of its obligation to act in the best interests of the unit-holders, the management company shall ensure that the UCITS it manages uses fair, correct and transparent calculation models and evaluation systems and prevent the UCITS and its unit holders from being charged disproportionately high costs. However, the management company, in the case of a transfer pursuant to Section 5 (5) to the custodian bank, must be able to demonstrate that the UCITS portfolios have been accurately assessed. If the management company administers UCITS in Austria, § § 57 to 59 shall be complied with. The management company shall endeavour to avoid conflicts of interest and to ensure that, in the event of unavoidable conflicts of interest, the funds administered by it are treated in accordance with law and equity.

(4) The management company shall be responsible for the adoption and implementation of all agreements and organisational decisions which are necessary to meet the conditions relating to the establishment and operation of the UCITS and the to comply with the provisions of the Fund or the obligations contained in the Statutes and the obligations contained in the prospectus.

(5) The management company shall act independently and exclusively in the interests of the unit-holders in the performance of its tasks.

Duty of care

§ 30. (1) In the best interest of UCITS and the integrity of the market, the management company has to exercise particular care in the selection and ongoing monitoring of the installations. In doing so, the management company shall also ensure that it has sufficient knowledge and understanding of the investments in which the UCITS are invested. The management company shall lay down written principles and procedures for compliance with due diligence and to take effective measures to ensure that investment decisions taken for the UCITS are taken into account by the management company. Objectives, investment strategy and risk limits.

(2) In the implementation of its risk management principles (§ 86) and in so far as this is appropriate in the light of the nature of a planned installation, in relation to the contribution of the investment to the composition of the UCITS portfolio, to its liquidity and to its risk and earnings profile, the management company shall make forecasts and analyses prior to the installation of the installation. These analyses can only be based on reliable and up-to-date data, both quantitatively and qualitatively.

(3) If the management company concludes with third parties agreements (§ 28) on the execution of activities in the field of risk management, such agreements shall be managed or terminated, it shall have the necessary expertise, care and Conscientiousness to be applied. Prior to the conclusion of such agreements, the management company shall ensure that the third party has the necessary capabilities and capacity to carry out the activities in question in a reliable, professional and effective way. The management company shall also establish methods for the ongoing evaluation of the performance of the third party.

(4) The management company shall comply with all the rules applicable to the performance of its activities in the best interests of its investors and the integrity of the market. In doing so, it shall also provide the investor with all information to enable it to comply with its tax-law disclosure and compliance obligations.

Processing of drawing and withdrawal orders and notification requirements

§ 31. (1) The management company shall carry out such execution as soon as possible and at the latest on the first business day following the execution of the contract, or, if the latter has been executed, a unit-holder whose drawing or withdrawal order has been carried out by the latter. The management company shall receive confirmation from a third party-at the latest on the first business day after receipt of the confirmation of the third party on a durable medium in accordance with § 133. If there is already an obligation on another person to send the information to the unit-holder without delay, the confirmation message of the management company may be maintained.

(2) The communication referred to in paragraph 1 shall contain, where applicable, the following information:

1.		the name of the management company;
2.		the name or other name of the unit holder;
3.		Date and time of receipt of the order and payment method;
4.		the date of implementation;
5.		the name of the UCITS;
6.		the nature of the contract (drawing or withdrawal);
7.		the number of the shares concerned;
8.		the unit value to which the shares were drawn or withdrawn;
9.		Reference-Value Creation Date;
10.		Gross order value, including subscription fees or net amount after withdrawal fees;
11.		Sum of the commissions and deposits invoied in invoice and, if requested by the investor, breakdown by item.

(3) In the case of a regular order execution for a unit-holder, the management company shall have the information referred to in paragraph 2 above the unit-holder either in accordance with paragraph 1 or at least every six months on the transactions relating to that period. shall be transmitted.

(4) The management company shall, on request, provide the unit-holder with information on the status of its contract in accordance with Section 133.

(5) In the event that the management company has entrusted the custodian bank with the tasks of issuing and redeeming shares pursuant to section 5 (5), the obligations pursuant to para. 1 to 4 shall be complied with by the custodian bank.

Best possible execution of trading decisions for the managed UCITS

§ 32. (1) The management company shall act in the best interest of the UCITS it manages if it is

1.		for them to make trading decisions in the management of their portfolios, or
2.		, in managing its portfolios, forwards trade orders for the managed UCITS to other entities;
and shall take all reasonable steps to achieve the best possible result for the UCITS, taking as factors the course, costs, speed and probability of execution and settlement, scope and nature of the UCITS of the contract, as well as any other aspects relevant to the execution of the contract.

(2) The relative importance of these factors in accordance with paragraph 1 shall be determined on the basis of the following criteria:

1.		the objectives, investment policy and specific risks of the UCITS, as set out in the prospectus or, where appropriate, in the fund rules or the UCITS statutes;
2.		characteristics of the contract;
3.		the characteristics of the financial instruments which are the subject of the contract in question;
4.		Characteristics of the execution places (§ 19 para. 3), to which the order can be forwarded.

(3) The management company must take effective measures to ensure compliance with the obligation laid down in paragraph 1 above and, in particular, to define and implement principles which, in the case of UCITS contracts, make it possible to achieve the Allow the best possible result according to para. In these principles, for the purposes of paragraph 1 (2), for each instrument, the establishments in which orders may be placed are to be mentioned. The management company may only enter into execution agreements in accordance with paragraph 1 (2) (2) if they are compatible with the obligations laid down in this provision.

(4) The management company shall manage a UCITS in the legal form of an investment company, so that it shall obtain the prior consent of the investment company in respect of the principles for the execution of the contract.

(5) The management company shall have the effectiveness of its arrangements and the principles laid down in accordance with paragraph 3 for the execution of the contract and, in the case of paragraph 1 (2), in particular the quality of the implementation by the Facilities to monitor regularly in order to detect any defects and to correct them if necessary. In addition, the management company has to review its procurement principles on an annual basis. In addition, a review will have to take place whenever there is a substantial change affecting the ability of the management company to continue to achieve the best possible outcome for the managed UCITS.

(6) The management company must be able to demonstrate that, in the case referred to in paragraph 1 (1), it has executed contracts for UCITS in accordance with its principles for the execution of the contract and, in the case of paragraph 1 (2), the contracts awarded for UCITS in accordance with the conditions laid down in paragraph 3 The principles have been placed.

General principles for the processing of orders within the framework of collective portfolio management

§ 33. (1) The management company shall establish and implement procedures and arrangements to ensure the prompt, honest and rapid implementation of the portfolio transactions carried out for UCITS and fulfil the following conditions:

1.		They shall ensure that contracts executed for UCITS are recorded immediately and correctly and assigned to the UCITS concerned;
2.		otherwise comparable UCITS orders will be executed immediately, unless the characteristics of the contract or the prevailing market conditions make this impossible or the interests of the UCITS require otherwise.

(2) Financial instruments or funds entered into for the execution of the executed orders shall be from the management company, or in the event that the management company, in accordance with Section 5 (5), the depositary bank with the tasks of the Contract invoice has been charged by the custodian bank immediately and correctly on the account of the relevant UCITS.

(3) The management company may not abuse information related to current UCITS orders and shall take all reasonable steps to prevent the misuse of such information by its relevant persons.

Mergers and allocation of trade contracts

§ 34. (1) The management company shall not execute a UCITS contract together with the order of another UCITS or other client, or together with an order for its own account, except under the following conditions:

1.		It is unlikely that the combination of contracts for a UCITS or customer whose contract is merged with others is a disadvantage as a whole;
2.		there must be defined and implemented principles for the allocation of contracts which give precise enough rules for the fair allocation of contracts, including in terms of how contract volumes and prices determine the allocations and how they are applied to the contract. Partial executions are to be carried out.

(2) If the management company sets up a UCITS contract with one or more other UCITS or client orders and partially executes the contract, it shall have the related business in accordance with its principles for the Assign Order Assignment.

(3) If the management company has merged operations on its own account with one or more orders from UCITS or other customers, it shall not be allowed to operate in any one of the UCITS or other customers in the case of the allocation of the related transactions in a negative way.

(4) Where the management company puts together a UCITS or other customer order with a business for its own account and partially executes the contract, it shall have the UCITS in the allocation of its operations; or to give priority to other customers in relation to their own business. However, if the management company is able to demonstrate conclusively to the UCITS or to its other client that it could not have carried out the contract without the merger on such favourable terms or as not at all, it may: Allocate business on its own account in accordance with the principles laid down in accordance with paragraph 1 (1) (2) of the Treaty.

Granting and accepting advantages to the detriment of the UCITS

§ 35. (1) The management company shall not be honest, honest and professional in the best interest of the UCITS if it pays or receives a fee or commission in connection with the portfolio management for the UCITS or if it does not include a fee or commission in the case of the UCITS. Money-form offered grant or accepted.

(2) Without prejudice to paragraph 1, the acceptance or granting of benefits shall, however, be permissible if:

1.		it is a fee, commission, or a non-cash benefit paid to the UCITS or to a person acting on its behalf, or granted by the UCITS or by a person acting on its behalf;
2.		it is a fee, commission or a non-cash benefit paid to or granted by a person acting on behalf of a third party or a person acting on his behalf, provided that the following conditions are met: are fulfilled:
a)			the existence, the nature and the amount of the fee, commission or grant or, where the amount is incalculable, the way in which that amount is calculated to the UCITS before the provision of the service in question is more comprehensive, to be clearly disclosed in a correct and comprehensible manner;
b)			the payment of the fee or the commission or the grant of the assistance not offered in the form of money shall be intended to improve the quality of the service in question and shall not prevent the management company from doing so, to act in accordance with the best interests of the UCITS;
3.		they are fees that allow or are necessary for the provision of the service in question-including depositary fees, settlement and trading fee, administrative charges or legal fees-and the As a result, it is not possible to provoke conflicts with the obligation of the management company to act honestly, in the best interests of the UCITS in the honest, honest and professional manner.

(3) The management company may, for the purposes of subsection 2 (2) (a), disclose the essential provisions of the agreements on fees, commissions and non-cash benefits in the form of a summary. The management company shall disclose further details at the request of the unit-holder.

Section 3

Freedom of establishment and freedom to provide services

Management companies from Member States in Austria

§ 36. (1) The activities of a management company in accordance with Article 5 (2) may be carried out by a management company in accordance with Article 6 of Directive 2009 /65/EC, which is concessioned in another Member State, in accordance with Directive 2009 /65/EC Austria shall be provided via a branch or by means of the freedom to provide services, in so far as their concession entitles them to do so. If a management company intends to use the collective portfolio management of UCITS approved in Austria, it shall, in addition to compliance with the procedures provided for in this provision, also apply to the FMA pursuant to Article 50 (3). .

(2) The establishment of a branch office in Austria shall be permissible if the competent authority of the Member State of origin of the FMA has provided all the information in accordance with Article 37 (1) and the FMA has received the same information in relation to the home Member State , but no later than two months after receipt of the information in accordance with Section 37 (1) of the FMA. Within the time limit laid down in the first sentence, the FMA may make preparations for the supervision of compliance with the provisions falling within its competence, which are to be complied with by the branch.

(3) The provision of activities within the framework of the freedom to provide services in Austria is permissible-except for paragraph 6-if the competent authority of the home Member State of the FMA's management company provides all the information in accordance with Article 37 (5) and (5) of the where appropriate, paragraph 6, and the FMA has confirmed the receipt of the same, but no later than one month after the authority of the Member State of origin of the management company has received the information. In the case of the collective portfolio management of UCITS approved in Austria, the approval of the FMA pursuant to § 50 (4) shall also be awaiting approval. In the case of the planned sales of UCITS units, § 140 shall be complied with.

(4) Administrative companies carrying out activities in Austria through a branch shall have the provisions of § § 10 to 35, the provisions of the fourth paragraph. Main piece, § § 151 to 153 of this Federal Act as well as the § § 40 to 41 BWG. Management companies carrying out the activities of collective portfolio management in Austria via a branch office also have the provisions of the 3. the main item, as well as the obligations contained in the Fund's provisions and the UCITS prospectus. Management companies carrying out the activities of collective portfolio management in Austria within the framework of the freedom to provide services are subject to § § 10 to 28, the provisions of the 3. and 4. § § 151 to 153 of this Federal Act as well as § § 40 to 41 BWG and the obligations contained in the Fund regulations and in the prospectus of the UCITS comply with the provisions of this Act.

(5) The management company shall inform the FMA in writing of any change to the information provided pursuant to section 37 (1) at least one month prior to its taking and any modification of the information provided pursuant to § 37 (5) before it is received, in order to ensure that: the FMA may take a decision on any change concerning the information referred to in Article 36 (2).

(6) If the collective portfolio management of a UCITS approved in Austria is intended, the management company shall apply for this at the FMA pursuant to § 50 and shall submit the following documents:

1.		The written agreement with the depositary in accordance with Articles 23 and 33 of Directive 2009 /65/EC and
2.		Information on transfer agreements relating to the duties of portfolio management and administration pursuant to § 5 paragraph 2 Z 1 lit. a and b.
If the management company already manages UCITS of the same type in Austria, the reference to the documents already submitted shall be sufficient.

(7) The FMA may, if necessary in order to ensure compliance with the rules of its responsibility, be informed by the competent authorities of the Member State of origin of the management company and information on the Request information on the basis of the certificate referred to in Article 37 (2) and (6) for information on the extent to which the type of UCITS for which an authorization is requested is covered by the concession scope of the management company.

(8) The FMA may, after consulting the competent authorities of the home Member State of the management company in accordance with paragraph 7, reject the application in accordance with paragraph 6 within the time limit laid down in Article 50 (5), if:

1.		The management company does not comply with the provisions of this Federal Act in accordance with the competence of the FMA in accordance with § 143 (1) Z 2, 3 and 4,
2.		the management company has not received authorisation from the competent authorities of its home Member State for the management of the type of UCITS for which an application for authorisation is requested, or
3.		the management company has not submitted the documents referred to in paragraph 6.

(9) The management company shall notify the FMA of any future substantive changes to the documents referred to in paragraph 6 above.

Austrian management companies in Member States

§ 37. (1) Each management company pursuant to Section 5 (1), which wishes to establish a branch in the territory of another Member State, has previously to notify the FMA in writing and, in doing so, to forward the following information:

1.		The Member State in whose territory the establishment of a branch is to be established;
2.		the business plan in which the planned activities and services are specified in accordance with Article 5 (2) and the organisational structure of the branch, and which includes a description of the risk management procedure, which is carried out by the management company , and which shall also include a description of the procedures and arrangements referred to in Article 11 (3) and (4) and Section 141 (1);
3.		the address under which documents may be requested in the host Member State of the management company;
4.		the names of the directors of the branch office.

(2) In the absence of any reasonable doubt as to the appropriateness of the administrative structure or the appropriateness of the financial situation of the management company concerned, the FMA has within two months provided that the FMA has no reasonable doubt as to the appropriateness of the administrative structure or adequacy of the financial situation after receipt of all the information referred to in paragraph 1 thereof, and provided that the management company is responsible for the activities of the collective portfolio management pursuant to Article 5 (2) (1) (1) (1). (a) a certificate of the concession of the management company in accordance with Directive 2009 /65/EC and a description of the extent of the concession and, where appropriate, details relating to restrictions on the types of UCITS, for the management of which the management company has been granted an authorisation to communicate to the competent authorities of the host Member State of the management company and to inform the management company thereof. In addition, the FMA has to provide details of any compensation schemes designed to ensure the protection of investors.

(3) The FMA shall prohibit the establishment of the branch within two months of the receipt of all information by means of written instructions, provided that the conditions set out in paragraph 1 are not met without any doubt.

(4) After receiving a notification from the competent authority of the host Member State or in the event of non-expression thereof no later than two months after receipt of the documents referred to in paragraph 1, the competent authority of the host Member State shall be entitled to: Branch office shall be established.

(5) Any management company pursuant to Section 5 (1), which wishes to carry out the activities pursuant to Article 5 (2) for the first time in the territory of another Member State by means of the free movement of services, has to notify the FMA in writing beforehand and to submit the following information:

1.		the Member State in whose territory the management company wishes to carry out its activities; and
2.		the business plan in which the activities and services envisaged are indicated in accordance with Article 5 (2) and which shall include a description of the risk management procedure established by the management company, and which shall also include: A description of the procedures and agreements pursuant to § 11 (3) and (4) as well as in accordance with § 141 (1).

(6) The FMA has the competent authority of the host Member State of the management company the information referred to in paragraph 5 and, if the management company is engaged in the activities of the collective portfolio management in accordance with § 5 para. 2 Z 1 lit. (a) a certificate of the authorisation of the management company in accordance with Directive 2009 /65/EC and a description of the scope of the authorisation and, where appropriate, details of restrictions on the types of UCITS, for the administration of which the management company has been authorised to submit within a single month after their receipt at the FMA. In addition, the FMA has to provide details of any compensation schemes designed to ensure the protection of investors. Subject to an authorisation required for collective portfolio management by the competent authority of the UCITS home Member State and § 139, the management company may, from the information of the FMA, be informed of the forwarding, but at the latest one month after the date of receipt of the data referred to in paragraph 5, the FMA shall take up the activity in the host Member State.

(7) The mere distribution of shares of the UCITS managed by the management company in another Member State which is not the UCITS ' home Member State without establishing a branch and without any other activities or services shall not be subject to any notification in accordance with paragraph 1 or 5; it shall only apply to the proceedings in accordance with § 139.

(8) Where the management company intends to administer a UCITS approved in another Member State, it shall submit the documents directly to the competent authority of the UCITS ' home Member State in accordance with Article 36 (6). If, in this context, the FMA receives a request for information from the competent authority of the UCITS ' home Member State within the meaning of Section 36 (7), the FMA shall deliver its opinion within ten working days of receipt of the original Submit requests for information.

(9) The management company has submitted to the FMA and to the competent authorities of the host Member State any modification of the information communicated in accordance with paragraph 1 at least one month prior to its taking and any modification of the information communicated in accordance with paragraph 5 above to be notified in writing, so that the FMA and the competent authorities of the host Member State of the management company can make a decision on any change concerning the information referred to in paragraph 1. Amendments to the information communicated in accordance with paragraph 2 as well as changes in the scope of the authorisation of the management company, as well as details of restrictions on the types of UCITS for which the management company is subject to an authorisation , the FMA has to inform the competent authority of the host Member State, if necessary, of the information contained in the certificate referred to in paragraph 2.

Supervision within the framework of freedom of service and establishment

§ 38. (1) Any management company in accordance with § 36, which is active in Austria via a branch office, has to have the compliance of the provisions in accordance with section 36 (4) checked by the auditor. The result of the examination is to produce an examination report in German and, if necessary, to explain it. The branch office of the management company shall forward this audit report to the FMA within six months of the end of the financial year. A management company within the meaning of Section 36 shall ensure that the FMA receives the information referred to in this paragraph directly from it.

(2) If the FMA finds that a management company which has a branch or provides services in accordance with § 36 in Austria is in breach of any of the provisions referred to in § 143 (1) Z 2 to 5, the FMA has the following: call on the management company to terminate the infringement and inform the competent authorities of the home Member State of the management company accordingly.

(3) If a management company departs from the FMA to provide the information falling within the competence of the FMA or does not take the necessary steps to terminate the infringement in accordance with paragraph 2, the FMA shall have the competent authority of the FMA to inform the authorities of the home Member State of the management company.

(4) The FMA shall receive information from a competent authority of another Member State within the meaning of paragraph 3, according to which a management company, in accordance with Article 37, refuses to provide information to that authority or does not take sufficient steps to: To terminate a breach referred to in paragraph 2, the FMA shall immediately take all appropriate measures to ensure that the management company requires the management company's host Member State in accordance with paragraph 1 of this Article Provides information or terminates the violation. The FMA shall communicate the nature and content of these measures to the competent authorities of the host Member State of the management company. Any measure referred to in this paragraph shall be justified and shall be notified to the management company in writing.

(5) In spite of the measures taken by the competent authorities of the Member State of origin of the management company, or as a result of insufficient or no action taken by that Member State, a management company refuses to take part in accordance with section 36; to provide the information required by the FMA in accordance with paragraph 1, or if it continues to infringe the provisions referred to in paragraph 2, the FMA shall take one of the following measures:

1.		After informing the competent authorities of the Member State of origin of the management company, appropriate measures, including the measures referred to in § § 147 to 150, in order to prevent or to penalise further infringements, where necessary, the FMA of this management company also prohibit new businesses in Austria. Where the service provided by the management company in Austria is the management of a UCITS in accordance with Article 36, the FMA may require the management company to cease the management of that UCITS and the management company shall require the management of the UCITS to be The management company shall withdraw the authorization pursuant to § 50 (7); or
2.		in the event that the competent authorities of the home Member State of the management company have not acted appropriately in accordance with the FMA, the FMA may become the European Securities and Markets Authority (ESMA) (Regulation (EU) No 1095/2010) on this matter, which may, for its part, act within the limits of its powers under Article 19 of Regulation (EU) No 1095/2010.
Any measure referred to in this paragraph shall be justified and shall be notified to the management company in writing. If a decision of the FMA has been issued on the basis of Z 1 or 2, the legal force of this decision is in accordance with Section 21b of the Financial Market Supervisory Authority Act-FMABG (BGBl. I n ° 97/2001).

(6) In the case of the delivery of official documents of the competent authorities of the host Member State of a management company in accordance with § 37, the recipient may accept the acceptance in accordance with § 12 para. 2 of the Delivery Act-ZustG (BGBl. No 200/1982) unless these documents have been drawn up in the official language of a Member State.

(7) In urgent cases, prior to the initiation of the procedure provided for in paragraphs 2, 3 or 5, the FMA may take the precautionary measures to protect the interests of investors or other persons for which services are provided; are necessary. The European Commission, ESMA and the competent authorities of the other Member States concerned shall be informed of such measures by the FMA as soon as possible. The FMA shall also take appropriate measures to safeguard the interests of investors, if it is informed by the competent authority of the Member State of origin of the management company that it intends to deduct the concession. These measures may include decisions to prevent the management company in question from doing new business in Austria. If a communication of the FMA has been issued in this context, the legal force of this decision is restricted in accordance with § 21b FMABG.

(8) The FMA shall consult the competent authorities of the UCITS 'home Member State before withdrawing the concession from the management company in accordance with Section 37, in order to ensure that the competent authorities of the UCITS' home Member State take appropriate measures in order to safeguard the interests of investors.

2. Main piece

Custodian Bank

Requirement of custodian bank

§ 39. (1) The safekeeping of the assets of the UCITS is to be transferred to a custodian bank within the meaning of section 41 (1).

(2) The shares are to be placed in custody prior to their issuing of the custodian bank. This may only be issued if the equivalent has been made available to it in accordance with Section 55 (1) without any restriction. The custodian bank shall immediately supply the received value to the fund's assets.

Duties of the custodian bank

§ 40. (1) The management company has to commission a custodian bank fulfilling the requirements of § 41 with the safekeeping of securities belonging to a UCITS (§ 50) and with the management of the accounts belonging to the UCITS.

(2) The custodian has to ensure that:

1.		the sale, issue, withdrawal, payment and cancellation of the shares made on behalf of the UCITS or by the management company in accordance with the provisions of this Federal Act and the provisions of the Fund in the interest of the unit-holder shall be held;
2.		the calculation of the value of the shares shall be carried out in the interest of the unit-holders in accordance with the provisions of this Federal Law and the Fund provisions;
3.		in the case of transactions relating to the assets of the investment fund, the countervalue shall be transferred without delay;
4.		the proceeds of the investment fund shall be used in accordance with the provisions of this Federal Law and the Fund provisions.

(3) The custodian bank shall comply with the instructions of the management company, unless these instructions violate the provisions of this Federal Act or the provisions of the Fund.

(4) The custodian bank is entitled and obligated to object in its own name pursuant to § 37 EO by legal action if execution is carried out on an asset belonging to a UCITS, unless it is founded on a basis according to § § 80 to 84. A claim against the UCITS.

Requirements for custodian bank

§ 41. (1) As a custodian bank, only one credit institution which is entitled to operate the custodian business (§ 1 sec. 1 Z 5 BWG) or a domestic branch office of an EEA credit institution established pursuant to § 9 paragraph 4 BWG may be appointed. The order is subject to the approval of the FMA. It may only be granted if it is to be assumed that the credit institution shall ensure the performance of the duties of the depositary bank. The order of the custodian bank is to be published; the publication has to be informed of the notification of consent.

(2) Within the framework of the procedure for the approval of the custodian bank, the FMA also has to examine whether the directors of the custodian bank have sufficient experience in relation to the type of UCITS to be depository.

3. The depositary bank shall ensure that the FMA or the competent authority of the UCITS home Member State receives, on request, any information received by the depositary bank in the performance of its tasks and which the FMA is responsible for monitoring requires compliance with the provisions of this Federal Law, the BWG and the EU regulations implementing Directive 2009 /65/EC.

(4) Where UCITS is managed by a management company in accordance with Article 36, or if a management company established in Austria manages a UCITS in another Member State, the custodian bank and the management company shall have, in accordance with Article 36 or the management company, in accordance with Article 5 (1), with the depositary in the UCITS home Member State, sign a written agreement on the exchange of information deemed necessary for the depositary to carry out its tasks in accordance with § 40 and in accordance with other provisions for depositaries in the Member State of origin of the UCITS can comply with relevant laws, regulations and administrative provisions. The agreement shall contain at least the provisions laid down in § 42.

Content of the agreement between the management company and the depositary

§ 42. (1) The agreement referred to in Article 41 (4) shall contain at least the following with regard to the procedures and services to be provided by the parties to the agreement:

1.		a description of the procedures to be established, inter alia, in the safekeeping of the individual types of assets of the UCITS entrusted to the depositary;
2.		Description of the procedures to be followed if the management company wishes to amend the fund rules or prospectus of the UCITS, including when the depositary is to be informed or the change to the previous consent of the depositary;
3.		Description of the means and procedures used by the depositary of the management company to provide all relevant information necessary for the management company to carry out its tasks, including a description of the means and procedures for the exercise of any rights relating to financial instruments, as well as the means and procedures to be applied to enable the management company and UCITS to have access to timely and accurate information on the accounts of the UCITS;
4.		a description of the means and procedures used by the depositary to obtain access to all relevant information necessary for the performance of its tasks;
5.		a description of the procedures for the depositary to investigate the well-being of the management company and to assess the quality of the information provided, inter alia by means of visits to the site;
6.		A description of the procedures by which the management company can verify the performance of the depositary with respect to its contractual obligations.

(2) In the light of the exchange of information and obligations relating to secrecy and money laundering, the agreement referred to in Article 41 (4) shall include at least the following:

1.		a list of all information which must be exchanged between the UCITS, its management company and the depositary in relation to the drawing, withdrawal, issue, cancellation and repurchase of units of the UCITS;
2.		the confidentiality requirements applicable to the parties to the agreement;
3.		Information on the tasks and responsibilities of the parties to the agreement in relation to the obligations relating to the fight against money laundering and terrorist financing, where applicable.
The obligations referred to in Z 2 shall be formulated in such a way that neither the competent authorities of the home Member State of the management company nor the competent authorities of the UCITS home Member State are prevented from gaining access to relevant documents and information.

(3) Weiters shall have the agreement referred to in Article 41 (4), provided that the depositary or the management company intend to entrist third parties with the execution of their respective tasks, at least to include:

1.		A commitment of both parties to the agreement to provide regular details of any third parties who have entrusted the depositary or the management company with the execution of their respective tasks;
2.		an undertaking that, at the request of one of the parties, the other information shall be provided on the basis of which criteria the third party has been selected and the steps taken to monitor its activity;
3.		a declaration that the liability of the depositary, as provided for in Article 43 of this Federal Law or in Article 24 and Article 34 of Directive 2009 /65/EC, remains unaffected by the fact that it wholly or in part provides the assets held by it; partially entrusted to a third party.

(4) The agreement referred to in Article 41 (4) shall include at least the following provisions concerning any changes and termination of the agreement:

1.		the duration of the agreement;
2.		conditions under which the agreement may be amended or terminated;
3.		the conditions necessary to facilitate the transfer to another depositary, and procedures under which the depositary of the other depositary shall transmit all relevant information in such a case.

(5) The depositary and the management company shall determine in the agreement that the agreement shall be governed by the law of the UCITS ' home Member State.

(6) Where an electronic transmission of the information exchanged between the Parties is provided in the Agreement in full or in part, the Agreement shall also contain provisions to ensure that the where appropriate information is recorded.

(7) If the agreement is to apply to more than one UCITS managed by the management company, the agreement shall include the UCITS covered by the agreement.

(8) The details of the means and procedures referred to in paragraph 1 (1) (3) and (4) shall be laid down either in the agreement provided for in Article 41 (4) or in a separate written agreement.

Liability of custodian bank

§ 43. (1) The custodian bank shall be liable to the management company and to the unit-holders for any injury caused by their culpable breach of duty.

(2) The liability of the custodian bank in accordance with paragraph 1 shall not be affected by the fact that it transfers all or part of the property, the custody of which it has acquired, to a third party.

Independence of the depositary bank

§ 44. (1) The duties of the management company and of the custodian bank or depositary may not be carried out by one and the same company. § 6 (2) (8) and (9) shall also apply to the custodian bank.

(2) The depositary bank shall act independently and exclusively in the interests of the unit-holders in the performance of its tasks.

Remuneration of the custodian bank and the management company

§ 45. The remuneration of the management company under the fund rules for the administration and the replacement for the expenses related to the administration shall be paid by the custodian bank at the expense of the accounts held for the fund. The custodian bank may charge the fund to the Fund for the safekeeping of the securities of the Fund and for the account management. In the case of such measures, the custodian bank may only act on the basis of an order from the management company.

3. Main piece

UCITS

Section 1

Special assets

Shares

§ 46. (1) A UCITS in the form of a special assets in accordance with Section 2 (2) does not have its own legal personality; it is disinteed in equal shares embodied in transferable securities (share certificates). The share certificates are financial instruments (§ 1 Z 6 lit. c WAG 2007); they embody the co-ownership shares in the assets of the UCITS and the rights of the unit-holders to the management company and the custodian bank. The shares may be on the holder or on behalf of the holder. If they are named, they are subject to § § 61 (2) to (5), 62 and 63 of the AktG (German Stock Corporation Act) Act (BGBl). No 98/1965).

(2) The shares are to be signed by the management company, as well as by a manager or an employee of the custodian bank responsible for this purpose. § 13 AktG is to be applied in a reasonable way. The shares may be issued via one or more shares or fractions thereof.

(3) Shareholes in special assets are suitable for the investment of Mündelgeld, provided that the Fund's provisions

1.		the fund assets may be assessed exclusively in securities in accordance with Section 230b of the ABGB;
2.		not exceed 10% of the fund's assets in addition to the income of 10% of the assets;
3.		Transactions with derivative products within the meaning of § 73 may be carried out exclusively for the protection of the fund's assets.
Securities lending operations in accordance with § 84 shall be permitted. Such shares are also suitable for the investment in the cover stock of a domestic bank for savings deposits according to § 230a ABGB.

(4) In accordance with the provisions of the Fund (Article 53 (3) (7) and (14)), a number of genera of shares may be issued for a special fund, in particular with regard to the use of income, the expenditure on the return, the withdrawal discount, the The currency of the share value, the administrative remuneration or a combination of the above criteria. The costs of introducing new shares for existing special assets must be charged at the expense of the share prices of the new share genera. The value of the share is to be calculated separately for each share category.

(5) An offer of shareholders may only be offered domestiy in compliance with § 50 and the provisions of the 4th. Main piece.

Partial Fund

§ 47. (1) Taking into account the definition in the Regulation of the FMA as referred to in paragraph 3, several special assets, which differ in terms of investment policy or other characteristics (sub-funds), may be grouped together (Umbrella-Construction). The costs of establishing new sub-funds must be charged to the share prices of the new sub-funds. The Fund provisions of a sub-fund and its amendment are to be approved by the FMA in accordance with Section 53 (2). The same custodian bank shall be designated for all sub-funds of a special assets. In addition, all sub-funds of a special assets have the same accounting year.

(2) The respective sub-funds of an umbrella construction are separated from the other partial funds of the Umbrella Construction in terms of property law and liability. In proportion to each other, each sub-fund shall be treated as a separate special fund. The rights of investors and creditors with respect to a sub-fund, in particular its presentation, management, transfer and dissolution, shall be limited to the assets of this Sub-Fund. Only the relevant sub-fund shall be liable for the liabilities to be paid to the individual partial funds.

(3) The FMA may lay down detailed rules on accounting, accounting and the determination of the value of each sub-fund by means of a regulation.

Accounting year of the capital investment funds

§ 48. The accounting year of the special assets shall be the calendar year if the fund provisions do not order anything else.

Accounting and semi-annual reports

§ 49. (1) For each financial year, the management company shall draw up a report on each special fund, as well as a half-yearly report for the first six months of each financial year, relating to each special fund.

(2) The Accountability Report shall include a revenue account, a balance sheet and the Fund's provisions, to report on the changes in the balance of assets and the number of shares at the beginning of the reporting period and on the basis of which End. In addition, the accounts report shall have a report on the activities of the previous accounting year and all other information provided for in Annex I, Scheme B, together with all the essential information enabling investors to be fully informed. To make a judgment on the development of the activities and results of the special assets, to be included. The report shall also indicate the maximum percentage of the administrative charges to be borne by the UCITS on the one hand and UCITS or other undertakings for collective investment in which the UCITS has invested, on the other. The assets of the special assets shall be used with the values in accordance with Section 57 (1). In addition to the information provided for in Annex I, Scheme B, the Feeder UCITS ' report shall contain a statement on the aggregated charges of feeder UCITS and master UCITS. The accountability report of the feeder UCITS shall contain information on where the report of the master UCITS is available.

(3) The half-yearly report shall contain at least the information provided for in sections 1 to 4 of Annex I B; the figures shall, if the UCITS has made any interim payouts or have been proposed, have the result after: Tax for the relevant six-month period as well as the intermediate distribution which has been carried out or provided for. The assets of the special assets shall be used with the values in accordance with Section 57 (1). The semi-annual report of the feeder UCITS shall contain information on where the semi-annual report of the master UCITS is available.

(4) Betting a management company for the account of a special assets repurchase transactions (§ 83) or securities lending transactions (§ 84), these are to be identified and explained separately in the half-yearly and account report.

(5) The accountability report shall be considered by an auditor or an accounting firm which may also be the bank examiner of the management company; for this audit, § § 268 to 276 of the Company Code shall apply. -UGB (dRGBl. 219). The audit also has to cover compliance with this federal law and the provisions of the Fund. The audit opinion of the auditor and, where appropriate, restrictions of the auditor shall be reproduced in full in each accountability report.

(6) The audited accounting report and the half-yearly report shall be submitted to the Supervisory Board of the Management Company.

(7) The audited accountability report and the semi-annual report shall be submitted for inspection in the management company and in the custodian bank. In addition, § § 136 to 138 must be observed.

Section 2

Approval of the UCITS and general provisions

Approval of the UCITS

§ 50. (1) The issuance of shares of a UCITS in Austria requires the approval of the FMA.

(2) In the context of the approval of a UCITS, the FMA has to grant the following authorisations pursuant to paragraph 4:

1.		edition of the UCITS in accordance with the provisions of the Fund (§ 53);
2.		the management of the UCITS by the management company which is to be entrusted with the management;
3.		Order of the custodian bank (§ 41).

(3) The management company which wishes to place and manage the UCITS in Austria has to submit an application to the FMA for the grant of the approval of the UCITS and to attach the following information and documents to this application:

1.		The Fund's provisions (§ 53);
2.		Company and registered office of the management company, as well as proof that the management company
a)			for the management of a UCITS within the meaning of the Fund provisions submitted in accordance with Z 1, and
b)			in the event that the management company does not have a concession pursuant to Article 6 (2), proof that it fulfils the conditions set out in § 36, by submitting a certificate from the home Member State authority;
3.		Company and registered office of the custodian bank (§ 41) as well as the names of the managers of the custodian bank and proof that the requirements according to § 41 are fulfilled.

(4) The approval of the UCITS shall be granted where:

1.		the provisions of the Funds comply with this Federal Act and, in accordance with Section 76, provide for a derogation from the investment limits of § 74, the provisions of the Fund have been examined in accordance with Section 76 (3) and Section 76 (1) (2) of this Act (Z 2);
2.		the depositary bank fulfils the requirements of § § 40 to 45 and its managers have sufficient experience also in relation to the type of UCITS to be depositary;
3.		the distribution of the shares of the UCITS in Austria is not denied under the provisions of the Fund; and
4.		the issuing management company, either
a)			has a concession pursuant to § 6 (2) and has the right to administer the UCITS requested, or,
b)			provided that it has its registered office in another Member State, the requirements of paragraph 3 (2) (2). b are satisfied.

(5) Within two months of receipt of the application or, if this is incomplete, the FMA shall have either the authorization of the UCITS within two months of receipt of the application or, if it is incomplete, within two months of the notification of all the information required for the communication. in writing, or in writing to reject the application by means of a notice. The authorization may be subject to conditions, deadlines and conditions.

(6) The authorization shall be issued if the management company does not make use of it within one year since its grant, or if it expressly renounches the authorization.

(7) The FMA has to withdraw the authorization if:

1.		the management company has received the authorization on the basis of false declarations or in any other illegal manner;
2.		the conditions laid down in paragraph 4 are no longer available;
3.		the management company violates the provisions of this federal law in the long term.
In the event of the withdrawal of the authorization pursuant to Z 1, 2 or 3, the custodian bank shall carry out the settlement in accordance with § 63.

Share Haberregister

§ 51. (1) A share-holder register shall be held at the seat of the UCITS for shares denominated in the name of the UCITS. For each unit-holder, the following information shall be included in the register of members of the unit:

1.		Name (company) and address and, where appropriate, electronic address of the unit holder, in the case of natural persons the date of birth, in the case of legal persons, where appropriate, the register and the number under which the name (s) of the person referred to in a legal person in the country of origin;
2.		the number or number of the share;
3.		a bank account of a credit institution in accordance with Article 10a (1) of the German Stock Corporation Act (AktG), to which all payments must be made;
4.		if the unit-holder holds the shares for the invoice of another person, the information according to Z 1 and 2 also in relation to that person, provided that the unit-holder is not a credit institution within the meaning of Section 10a (1) of the German Stock Corporation Act (AktG).

(2) The provisions of § § 61 (2) to (5), (62) and (63) of the German Stock Corporation Act (AktG) shall apply analogously

The right to dispose of the assets of the UCITS

§ 52. Only the management company is entitled to dispose of the assets of a UCITS managed by it and to exercise the rights in respect of the assets; it shall act on behalf of the unit-holders on its own behalf. It has to safeguard the interests of the unit-holders, to apply the diligence of a prudent business manager within the meaning of Section 84 (1) of the German Stock Corporation Act (AktG) and to apply the provisions of this Federal Act and of the provisions adopted on the basis of this Federal Act. Regulations and the provisions of the Fund must be complied with.

Fund provisions

§ 53. (1) The provisions of the Fund shall be drawn up by the management company and shall govern the legal relationship of the unit-holders to the management company and the custodian bank. After the approval of the Supervisory Board of the management company, they shall be submitted to the custodian bank for approval.

(2) The provisions of the Fund shall be subject to the approval of the FMA. This authorisation shall be granted if the provisions of the Funds are in accordance with the provisions of this Federal Law.

(3) The provisions of the Fund shall contain, in addition to the information otherwise provided for in this Federal Act, provisions concerning:

1.		Whether the share certificates are on the holder or on behalf of the holder;
2.		according to which principles the securities, money market instruments and liquid financial assets acquired for the fund are selected;
3.		the maximum percentage of the fund's assets may be kept in bank accounts;
4.		whether or not the minimum percentage of the fund's assets is to be held in bank deposits in the affirmination of the year;
5.		the remuneration received by the management company for the management of the fund and the costs to be reimbured to it (§ 59);
6.		whether, and in the event of the affirmation, at what level in the issue of the shares, a surcharge may be attributed to the calculated share value in order to cover the expenditure costs of the management company (§ § 57 (2) and (59));
7.		the extent to which the annual income to the unit-holders is to be shaken out. In this case it can also be determined that a number of classes of shares are issued for a UCITS, namely shares which are entitled to annual distributions of the annual contract to the unit-holders (distribution vouchers) and shares which are not entitled to the payout of the annual contract to the unit-holders (the Thesaurifying Shares) (§ 58) or any other distinctions within the meaning of Article 46 (4);
8.		at which times the value of the shares must be determined (Section 57 (1));
9.		whether, and in the event of the withdrawal of shareholders, the amount of compensation for the management company may be deducted from the withdrawal price (Section 55 (2) and (59));
10.		the remuneration (§ 59) of the custodian bank for the settlement of the UCITS;
11.		the way in which the fund assets, provided that it is formed only for a limited period of time, will be carried out and distributed to the unit-holders;
12.		Company and registered office of the management company;
13.		Company and seat of the custodian bank;
14.		whether or not, which genera of shares (§ 46 (4)) are issued.

(4) The management company may amend the Fund's provisions with the consent of its Supervisory Board and with the approval of the depositary bank; the change shall require the approval of the FMA. This authorisation shall be granted if the modification of the Fund's provisions does not conflict with the legitimate interests of the unit-holders. The amendment shall be published in accordance with Section 136 (4). It shall enter into force with the date indicated in the publication, but not earlier than three months after its publication. The publication may not be published if the modification of the Fund's provisions is notified to all the unit holders in accordance with § 133; in this case, the change shall occur with the date indicated in the notice, but not earlier than 30 days after notification. in force to the unit-holders.

Liability conditions

§ 54. (1) In order to ensure or to raise claims against unit-holders, the assets of the UCITS may be executed on their share certificates, but not on the assets of the UCITS.

(2) In order to ensure or to raise claims arising from liabilities that the management company has effectively established for a UCITS under the provisions of this Federal Law, only the assets of the UCITS shall be kept.

Issue, withdrawal and payment of shares

§ 55. (1) The issuance of shares of the UCITS is only permissible if the equivalent of the net issue price is immediately infused with the fund's assets. The introduction of securities, money market instruments and other liquid financial assets referred to in Article 67 (1) shall be permitted only if they have a stock exchange rate, and the introduction of such securities, money market instruments and other In accordance with Section 67 (1) of the liquider financial assets with their stock exchange rate on the day of issue of the shares, the Fund's provisions must be made accordingly.

(2) At the request of a unit holder, it shall pay out its share of the UCITS against the return of the share certificate, the certificate of return and the renewal of the share price. The conditions of payment shall be laid down in the Fund's provisions (§ 53). The co-ownership of the unit-holders on the assets of the UCITS can only be repealed in accordance with § 63.

Suspension of withdrawal or withdrawal

§ 56. (1) The payment of the return price of a UCITS approved by the FMA pursuant to § 50 may temporarily be subject to notification to the FMA and may be subject to the sale of assets of the UCITS as well as the receipt of the recovery income. where there are exceptional circumstances which make it appear necessary in the light of the legitimate interests of the unit-holders.

(2) The management company shall inform the investors by public announcement in accordance with Section 136 (4) of the provisions on the maintenance of the withdrawal of the shares and the resumption of the withdrawal of the shares and at the same time the FMA has The fact in accordance with § 151. Where the share certificates are distributed in another Member State, the management company shall immediately inform the competent authorities of such information.

Calculation of the share value; issue price

§ 57. (1) The value of a component is the result of the division of the total value of the UCITS, including the results, by the number of shares. The total value of the UCITS is, in accordance with the provisions of the Fund, on the basis of the respective price values of the securities belonging to it, money market instruments and subscription rights plus the value of the liquid financial assets belonging to the UCITS in accordance with Article 67 (1), Monetary amounts, assets, receivables and other rights, minus liabilities of the management company or, if the management company has transferred these tasks to the custodian bank pursuant to § 5 (5), to determine the custodian bank. Where no exchange rate or current exchange rate is available for a security, the value of the transport value which is appropriate in the case of a careful assessment taking account of the overall circumstances shall be used.

(2) The output price of a part shall be equal to its calculated value. The calculated value can be attributed to a surcharge fixed in the Fund's provisions (§ 53) to cover the expenditure costs of the management company.

(3) The management company or, if the management company has transferred these tasks to the custodian bank in accordance with Article 5 (5), the custodian has to publish the issue and the withdrawal price of the shares each time if a issue or withdrawal of the shares takes place, but at least twice a month.

Use of profit and payouts

§ 58. (1) Fund provisions shall contain rules on the type of distribution of the UCITS to the unit-holders. However, the fund's assets may under no circumstances be less than EUR 1 150 000 by means of distributions.

(2) Within four months of the end of the financial year, provided that no distribution takes place, an amount equal to the amount of the capital gains tax incurred in accordance with Section 186 (2) (1), first sentence, is equal to the amount of the capital gains tax incurred in accordance with Section 186 (2) (1) (1) of the first sentence of of the amount voluntarily paid in accordance with Section 124b Z 186 of the Income Tax Act 1988. The income also includes amounts which are paid by newly added unit-holders for the proceeds of interest, dividends and substance shown on the date of issue (income compensation for interest, dividends, and substane contracts). The disbursements may be disbursed for UCITS or certain genera of shares of special assets where the management company managing the UCITS has a clear evidence that the distribution and distribution of the assets is made available to the UCITS. Equal income of all holders of the issued share certificates either not subject to domestic income tax or corporation tax, or the conditions for exemption pursuant to § 94 of the Income Tax Act 1988 exist. As such, the cumulative existence of statements by both the custodian bank and the management company that they are not aware of any sale to other persons, as well as the provisions of the Funds, which are the exclusive distribution of such statements, shall be deemed to be the cumulative existence of declarations. of certain genera abroad.

Remuneration

§ 59. The remuneration and the cost of the fund, which the management company may derive from the fund's assets, as well as the type of calculation shall be laid down in the Fund's provisions. If there is no provision there, the management company shall not be entitled to reimbursement of costs or remuneration from the fund's assets.

Termination of administration by the management company

§ 60. (1) The management company may terminate the administration of a UCITS after obtaining the approval of the FMA, subject to a notice period of at least six months by public notice (§ 136 para. 4). The authorization shall then be granted if the interests of the unit-holders are sufficiently safeguarded. The publication may not be published if the notice of termination is shown to all members of the unit according to § 133. In this case, the notice of termination shall enter into force with the date indicated in the notice, but not earlier than 30 days after notification to the unit-holders.

(2) The management company may terminate the administration, with simultaneous notification to the FMA, without complying with a notice period with the date of the public announcement, if the fund's assets are less than EUR 1 150 000. Notice of termination of the fund's assets is not permitted during a termination of the management of the fund's assets in accordance with para. 1.

(3) The law of the management company for the management of a UCITS shall be issued with the omission of the concession for the investment business (Section 1 (1) Z 13 of the BWG in conjunction with Section 6 (2) of this Federal Act) or the authorisation pursuant to Art. 6 of the Directive 2009 /65/EC, or with the decision of its dissolution or with the withdrawal of the entitlement in accordance with § 50 (7).

Change of management company or custodian bank

§ 61. (1) The management company may transfer the management of a UCITS to another management company without dismissal in accordance with Section 60 (1), if the following conditions are met:

1.		Approval of the FMA,
2.		Approval of the supervisory board of the management company and the custodian bank and
3.		Approval by the directors and the supervisory board of the management company to which the administration is to be transferred .
The unit-holder shall not be subject to any costs or disadvantages by means of this procedure. The transfer of the administration is to be published in accordance with Section 136 (4). It shall enter into force with the date indicated in the publication, but not earlier than three months after its publication. The publication may not be published if the transfer of the administration to another management company is communicated to all unit holders pursuant to § 133, but at least 30 days prior to the transfer of the administration.

(2) The transfer of the custodian bank also requires the approval of the FMA. In this case, the protection of the unit-holders is to be taken into consideration in this change.

Administration by the custodian bank or by another management company

§ 62. (1) If the right of the management company to administer a UCITS is to be administered, the administration shall, in accordance with the provisions of the Fund provisions, enter into the custodian bank.

(2) In the event of termination in accordance with Section 60 (1), the custodian bank may, with the approval of the FMA, transfer the management of the UCITS within six months of the termination of the administration by the management company of another management company. This authorisation shall be granted if the legitimate interests of the unit-holders are sufficiently safeguarded. The responsibility of the other management company is to be published by the other management company in accordance with Section 136 (4).

Handling of a UCITS

§ 63. (1) In the event that the custodian bank does not transfer the administration to another management company in accordance with Section 62 (2), it shall carry out the handling of the UCITS. The beginning of the settlement must be published in accordance with § 136 (4) and the reporting office (§ 12 KMG) is to be reported. From the date of this notice, the payment of shares is inadmissible.

(2) Securities are to be converted into money as soon as this is possible in the interests of the unit-holders. The distribution of the assets to the unit-holders shall be made only after the liabilities of the UCITS have been fulfilled and the payments to the management company and the custodian bank allowed under the provisions of the Fund. During the settlement, § 49 applies to the custodian bank in accordance with the relevant provisions.

(3) In the light of paragraph 2, advance payments may also be made to the distribution of the securities already converted into money.

(4) Paragraph 1 shall not apply if a UCITS which is set up for a certain period of time expires (Article 53 (3) (11)); if a UCITS resolves itself by the full return of all the shares (without termination), this is from the management company of the FMA to be notified immediately in accordance with § 151

Conversion into a special fund

§ 64. The conversion of a UCITS, the fund provisions of which have been approved in accordance with § 50, into a special fund (§ 163) is only permissible with simultaneous notification to the FMA if all the unit-holders have been shown to agree that the UCITS is not in accordance with § 139 of the be notified in another Member State and the conditions laid down in § 163 are met with regard to the minimum investment amount, the UCITS is not distributed in another Member State and all the unit-holders have previously been sold by the Management company of all legal consequences for the unit-holders from the Conversion has been elucted. The unit-holders are to be informed in accordance with § 133. In the event that transfers have already been made pursuant to § 28, the management company of the FMA shall immediately inform the FMA whether those transfers continue to be maintained. In the event of a simultaneous transfer of the administration to another management company, the latter shall make the notification.

Secession

§ 65. (1) Management companies may, with the consent of the Supervisory Board, with the consent of the custodian bank and after obtaining the approval of the FMA, unpredictably illiquid parts of the fund's assets of a UCITS managed by them, with the consent of the Supervisory Board, to a new -forming UCITS. This UCITS shall be wound up by the depositary bank in accordance with § 63, with the date of disconnection being published and the unit-holders being involved in the same ratio on the UCITS to be split. The publication shall include the UCITS affected by the secession, the UCITS which has been split up, the management company, the custodian bank, the FMA's notification of consent, and information on the participation in the UCITS to be newly formed. The fission shall be requested by the management company. Within four weeks of receipt of the application or, if this is incomplete, the FMA shall, within four weeks of the submission of all the information required for the authorization, either by means of a written declaration, or, if this is incomplete, the FMA To grant a modest consent or to notify the rejection of the application by means of a complaint. The authorization may be subject to conditions, deadlines and conditions. There shall be no costs to the unit-holder as a result of the secession. The FMA and the Reporting Office (§ 12 KMG) must be notified without delay of the split. The Reporting Office shall also disclose the ratio of the repurchase values of the shares in the split-off UCITS to the UCITS that is to be split off.

(2) The disconnection request shall, in any case, contain the following information:

1.		the description and extent of the assets affected by the secession;
2.		the reason for the illiquidity of those assets;
3.		Confirmation of the illiquidity of those assets by an auditor;
4.		whether or not in which other countries of the UCITS are distributed in the affir-nate.

(3) The UCITS which has been split shall have the addition "in liquidate" and is not a UCITS according to Article 1 (2) of Directive 2009 /65/EC. The FMA is to be reimbursed by the depositary bank for quarterly reporting on the UCITS which has been split off.

Section 3

Assessment provisions

General principles, risk-spreading

§ 66. (1) The securities, money market instruments and the other liquid financial assets of a UCITS referred to in § 67 shall be selected in accordance with the principle of risk spreading in accordance with § § 66 to 84, and the legitimate interests of the UCITS shall be subject to the following conditions: Unit-holders are not injured.

(2) In compliance with the principle of risk spreading, the maximum rates of § § 74 to 77 may be exceeded during the first six months from the start of the first edition of units of a UCITS by 100 vH.

Liquide financial assets

§ 67. (1) The assets of a UCITS shall be limited to:

1.		securities within the meaning of section 3 (2) of the Z 13 in conjunction with § 69,
2.		Money market instruments within the meaning of section 3 (2) of the Z 14 in conjunction with § 70,
3.		Shares in UCITS within the meaning of § 50 or Article 5 of Directive 2009 /65/EC in conjunction with § 71 and shares in other open-type organisms for joint assessment in liquid financial assets in accordance with the principles of risk-spreading (OGA),
4.		Deposits of sight or any other deposits within the meaning of § 72,
5.		Derivative financial instruments (derivatives), including equivalent cash, of financial instruments within the meaning of § 73
is acquired.

(2) The securities referred to in paragraph 1 (1), (1), (2) and (5), money market instruments and derivatives, subject to § 73, may only be acquired if:

1.		be listed or traded on a regulated market pursuant to § 1 para. 2 BörseG, or
2.		are traded on another regulated market of an EEA Member State which is recognised and open to the public and whose functioning is orderly; or
3.		on a stock exchange of a third country (Article 2 (8) of the Federal Elections Act) officially listed or traded on another regulated market of a third country which is recognised and open to the public and whose functioning is correct, provided that the choice of such a third country is The stock exchange or this market is expressly provided for in the Fund provisions.

(3) By way of derogation from paragraph 2, in the case of securities from new issues, it is sufficient if:

1.		the emission conditions include the obligation to apply for admission to official listing on a stock exchange or to another regulated market that is recognised and open to the public and the functioning of which is correct; , and provided that the choice of that exchange or market is provided for in the Fund's provisions, and
2.		the authorisation referred to in Z 1 shall be obtained no later than the end of one year after the emission.

(4) A maximum of 10 vH of the fund's assets may be assessed in securities and money market instruments other than those referred to in paragraphs 2 and 3 and § § 69 and 70.

Prohibition of predisposition in precious metals

§ 68. Precious metals or certificates in precious metals may not be purchased for the assets of a UCITS.

Securities

§ 69. (1) The following criteria must be available for the qualification as a security (§ 3 para. 2 Z 13):

1.		The potential loss incurred by UCITS through the holding of such instruments may not exceed the amount paid for it;
2.		its liquidity does not affect the ability of the UCITS to disburse the return price in accordance with Section 55 (2), the existence of such a condition in the case of securities listed on a regulated market within the meaning of section 67 (2) or (3), or shall be adopted unless the management company provides information which would lead to a different determination;
3.		a reliable evaluation of the instruments is available in the following form:
a)			in the case of securities which are listed or traded on a regulated market within the meaning of Article 67 (2) or (3), in the form of precise, reliable and current prices, which are either market prices or from an issuer-independent valuation system be made;
b)			in the case of other securities referred to in Article 67 (4), in the form of an evaluation carried out at regular intervals, derived from information provided by the issuer of securities or from a competent financial analysis;
4.		Adequate information on these financial instruments shall be available in the following form:
a)			in the case of securities which are listed or traded on a regulated market within the meaning of Article 67 (2) or (3), in the form of regular, accurate and comprehensive market information on the security or, where appropriate, the associated portfolio;
b)			in the case of other securities referred to in Article 67 (4), in the form of regular and accurate information on the security of the management company, or, where appropriate, the associated portfolio;
5.		they are tradable, the existence of this condition being accepted in the case of securities which are listed or traded on a regulated market within the meaning of section 67 (2) or (3), unless the management company provides information, which would lead to another finding;
6.		their acquisition shall be in line with the investment objectives or the investment strategy or the contribution of the capital investment fund;
7.		their risks are adequately covered by the risk management of the UCITS;

(2) Securities in accordance with § 3 (2) Z 13 shall include the following:

1.		Shares in closed-end funds in the form of an investment company or investment fund which meet the following criteria:
a)			They comply with the criteria set out in paragraph 1;
b)			the corporate control mechanisms applicable to capital companies shall be applicable to the closed funds;
c)			if the fund management is carried out by another legal entity on behalf of the closed fund, that legal entity shall be subject to legally binding rules on investor protection;
2.		Shares of closed-end funds in contract form, which meet the following criteria:
a)			They comply with the criteria set out in paragraph 1;
b)			Company control mechanisms, which are those in the sense of Z 1 lit. (b) shall be applicable to the closed fund;
c)			they shall be managed by a legal entity subject to legally binding rules on investor protection;
3.		Financial instruments that meet the following criteria:
a)			They comply with the criteria set out in paragraph 1;
b)			they are secured by other assets or are linked to the development of other assets, such assets being different from those referred to in Article 67 (1).

Money market instruments

§ 70. (1) A financial instrument, which is normally traded on the money market, when at least one of the following criteria is fulfilled, shall be considered as a money market instrument (Article 3 (2) (Z)):

1.		The financial instrument shall have a duration of up to 397 days at the issue of the issue;
2.		it has a residual maturity of up to 397 days;
3.		its yield shall be adjusted on a regular basis, but at least all 397 days in accordance with the money market situation;
4.		its risk profile, including credit and interest rate risk, corresponds to the risk profile of financial instruments which have a maturity according to Z 1 or Z 2 or which are subject to a yield adjustment according to Z 3.

(2) A financial instrument shall be liquid in accordance with Section 3 (2) (14) if, having regard to the obligation to pay out or redemption of the shares pursuant to section 55 (2), it is inalienable within a sufficiently short period of time with limited costs. The value of a financial instrument can then be accurately determined in accordance with § 3 (2) Z 14 if there are exact and reliable evaluation systems that are

1.		permit the UCITS to establish a net inventory value corresponding to the value to which the financial instrument held in the portfolio is exchanged in a business between experts, contracting parties and independent business partners; could and
2.		either on market data or valuation models, including systems based on the continuing acquisition costs.

(3) The existence of liquidity (par. 2) and the always precise determination of the value (par. 2 (1) and (2) shall be adopted in the case of money market instruments listed or traded on a regulated market within the meaning of Article 67 (2) or (3), unless the management company has information which is to be found in another would lead.

(4) By way of derogation from Section 67 (2), financial instruments which are not traded on a regulated market are also permitted to be freely transferable, subject to the definition of Section 3 (2) (2) (14), and to the appropriate information , including such information enabling an appropriate assessment of the credit risks associated with the investment in such instruments, provided that the issue or issuer of these instruments already has rules on the deposits and investor protection, provided that they become,

1.		by a central government, regional or local authority, or the central bank of a Member State, the European Central Bank, the European Union or the European Investment Bank, a third country, or, if this is the case, A federal state, a member state of the Federation, or an international body governed by public law, of which at least one Member State is a member, or is guaranteed, or
2.		issued by undertakings whose securities are traded on the regulated markets referred to in Article 67 (2); or
3.		issued or guaranteed by an institution which is subject to supervision in accordance with the criteria laid down by Union law, or issued or guaranteed by an institution, the prudential rules which, in the opinion of the FMA, are at least as stringent is subject to and complies with Union law, or
4.		issued by other issuers belonging to a category approved by the FMA, provided that installations in those instruments are subject to investor protection rules equivalent to those referred to in Article 67 (1) to (3), provided that: the issuer is either an undertaking with a capital of at least EUR 10 000 000, which shall draw up and publish its annual accounts in accordance with the provisions of Directive 78 /660/EEC, or a legal entity within the scope of the one or more publicly listed companies Group of companies responsible for the financing of this group, or a legal entity responsible for: to finance, in the form of a company, a company or a contract, the value-paper management of liabilities by the use of a credit line granted by a credit institution; the credit line has to be secured by a financial institution which itself meets the criteria set out in Z 3.

(5) The FMA may be replaced by a Regulation

1.		in relation to 'adequate information', in accordance with paragraph 4, in accordance with Article 5 of Directive 2007 /16/EC, determine what information is appropriate, with information on instruments, issuers, issuers, and related issues credit risks must be available;
2.		specify the criteria to be used to assess the equivalence of prudential rules in accordance with paragraph 4 (3), in accordance with Article 6 of Directive 2007 /16/EC;
3.		the criteria relating to the definition, designation, publication obligations, investor information and investment restrictions of money market funds and money market funds with a short maturity structure, in accordance with European practice in to set this area.

Shares in UCITS and OGA

§ 71. (1) Shares of UCITS authorised under Directive 2009 /65/EC may be acquired in respect of the fund's assets if the UCITS whose shares are to be acquired, under its terms and conditions of incorporation, shall not exceed 10% of its total assets under the UCITS ' Special assets may be applied in units of other UCITS or OGA.

(2) Shares in OGA may be acquired for the fund's assets, whether or not they are established in a Member State, provided that:

1.		they have been approved in accordance with legislation which they place under the supervision of a supervisor which, in the opinion of the FMA, is equivalent to that under Union law, and which provides sufficient guarantees of cooperation between the authorities,
2.		the level of protection of the unit-holders of the OGA is equivalent to the level of protection of the unit-holders of a UCITS and, in particular, the rules relating to the separate custody of the special assets, the borrowing, the granting of credit and the short selling of securities and money market instruments are equivalent to the requirements of Directive 2009 /65/EC,
3.		the OGA's business activities are the subject of half-yearly and annual reports, which allow to form a judgment on the assets and liabilities, income and transactions in the reporting period, and
4.		The OGA, whose shares are to be acquired, meets the criteria set out in paragraph 1.

(3) The FMA may lay down, by means of a regulation, criteria to be used by the management company to assess the equivalence of the level of protection of the unit-holders. They must ensure comparability with respect to the preservation of special assets, borrowing, lending, short selling, company control mechanisms and supervision, while at the same time ensuring that European customs and international law are respected. Standards.

Sight deposits and repayable deposits

§ 72. Sight deposits or repayable deposits of a maximum duration of 12 months in the case of credit institutions, provided that the credit institution concerned has its registered office in a Member State, or, where the head office of the credit institution is situated in a Member State, shall be subject to the following: Third country-it is subject to prudential rules which, in the opinion of the FMA, are equivalent to those of Union law for the assets of the UCITS.

Derivatives

§ 73. (1) Financial instruments (derivatives), including instruments of equivalent cash, which are traded on one of the regulated markets referred to in Article 67 (2), or derived financial instruments, may be used for the fund's fund assets. shall not be traded on a stock exchange or on a regulated market (OTC derivatives), provided that:

1.		the basic values are instruments within the meaning of Article 67 (1) (1) to (4) or financial indices, interest rates, exchange rates or currencies into which the UCITS may invest in accordance with the investment objectives set out in its Fund provisions, where the FMA is able to lay down criteria for the financial indices by means of a regulation, taking into account Article 9 of Directive 2007 /16/EC on sufficient diversification, the reference base for the market and the publication of the index To be taken into account,
2.		the counterparties are institutions of the categories subject to supervision approved by the FMA in the case of transactions with OTC derivatives of a supervisory authority;
3.		the OTC derivatives are subject to a reliable and verifiable day-to-day evaluation and can be sold, liquidated or smoothed at any time on the initiative of the management company at an appropriate time value, Where
a)			under the appropriate time value, the amount to which an asset could be exchanged or settled in a business between knowledgings, contract willing and independent business partners, and
b)			a reliable and verifiable valuation shall not be based exclusively on market quotations of the counterparty; the basis of the evaluation shall be either a reliable current market value of the instrument or, if the valuation of the counterparty is is not available, a pricing model based on a recognised adequate methodology; and, on the other hand, the valuation either by a suitable third party, independent of the counterparty of the OTC derivative, in sufficient frequency and in one by the management company verifiably or from any one of the to be reviewed within the management company of an independent and appropriately equipped asset; and
4.		they do not lead to the delivery or transfer of assets other than those referred to in Article 67 (1).

(2) (1) also applies to instruments which make it possible to transfer the credit risk of an asset within the meaning of paragraph 1 (1) (1), irrespective of the other risks associated with that asset.

(3) The use of commodity derivatives is inadmissible. Derivatives on indices that are not financial indices must not be acquired. Indices that are composed of derivatives on goods or property, plant and equipment are financial indices.

(4) The determination of the traffic value of OTC derivatives shall be carried out in accordance with § 92.

(5) The total risk associated with the derivatives shall not exceed the total net value of the fund's assets. In calculating the risk, account shall be taken of the market value of the underlying assets, the default risk, future market fluctuations and the liquidation period of the positions. A UCITS may, as part of its investment strategy, make investments in derivatives within the limits laid down in Article 74 (1), (4), (5), (6) and (7) and (76), provided that the overall risk of the underlying assets does not exceed the investment limits of § 74 and § 76.

(6) Assets of a UCITS in index-based derivatives shall not be taken into account for the investment limits of sections 74 and 76. Where a derivative is embedded in a securities or a money market instrument, it must be taken into account in respect of compliance with the provisions of paragraphs 1 to 5.

Quantitative restrictions on the avoidance of an issuer concentration

§ 74. (1) Securities or money market instruments of the same issuer may only be acquired by up to 10 vH of the fund's assets, the total value of the securities and money market instruments issued by issuers, in their securities and/or money market instruments More than 5 vH of the Fund's assets shall not exceed 40 vH of the Fund's assets. This limitation shall not apply to sight deposits, to any deposits and to transactions with OTC derivatives made by credit institutions or with financial institutions pursuant to Article 4 (5) of Directive 2006 /48/EC, which are subject to supervision are subject to Warrants are to be attributed to the issuer of the security to which the option can be exercised. Securities and money market instruments within the meaning of paragraphs 4 and 5 shall not be taken into account at the investment limit of 40 vH. Only up to 20 vH of the fund's assets may be invested in sight deposits and payable deposits at the same credit institution.

(2) The risk of default in transactions of a UCITS with OTC derivatives shall not exceed the following rates:

1.		if the counterparty is a credit institution within the meaning of § 72, 10 vH of the fund's assets,
2.		otherwise 5 vH of the fund's assets.

(3) In respect of the individual ceilings referred to in paragraphs 1 and 2, the following liquid financial assets for the fund assets may not be acquired in combination if this is to be made up of more than 20 VH of the fund's assets under one and the same financial assets. company would, namely:

1.		securities or money market instruments issued by that undertaking,
2.		Deposit and repayable deposits with this undertaking, or
3.		OTC derivatives acquired by this company.

(4) By way of derogation from paragraph 1, debt securities issued by a credit institution which has its registered office in an EEA Member State and which are subject to statutory provisions for the protection of the holders of such debt securities may be issued by a credit institution. special public supervision, up to 25 vH of the fund's assets. The proceeds from the issue of these bonds shall be invested in assets which, throughout the maturity of the debt securities, cover the resulting liabilities sufficiently and, as a matter of priority, for those in the event of failure of the debt securities. Issuers shall be subject to repayment of capital and interest due. Where the apportionment in such debt securities of the same issuer exceeds 5 vH of the fund's assets, the total value of such assets shall not exceed 80 vH of the fund's assets.

(5) By way of derogation from paragraph 1, securities or money market instruments issued by a Member State or its regional or local authorities, by a third country or by international organisations governed by public law, to which one or more EEA Member States shall be members, issued or guaranteed, up to 35 vH of the Fund's assets.

(6) The limits set out in paragraphs 1 to 5 may not be cumulated. All in all, the assets held in securities, money market instruments or derivatives of the same issuer, or in sight deposits and any deposits that may be cancelled, shall not exceed 35 vH of the fund's assets.

(7) Companies belonging to the same group of undertakings for the purpose of drawing up consolidated accounts within the meaning of Directive 83 /349/EEC or in accordance with recognised international accounting rules shall be included in the calculation of the the investment limits laid down in paragraphs 1 to 6 are considered to be a single issuer. Securities and money market instruments belonging to the same group of companies may be acquired up to 20 vH of the fund's assets.

Quantitative investment restrictions for index funds

§ 75. (1) By way of derogation from § 74, but without prejudice to the investment limits laid down in § 78, a UCITS may, where the Fund provisions expressly provide for the objective of its investment strategy, a specific share recognised by the FMA, or To reproduce the debt index, up to 20 vH of the fund's assets are placed in shares or debt securities of the same issuer (index funds). The index replica is to be understood as the replica of the base value of an index, in which case derivatives can also be used for this purpose.

(2) The index shall be recognised if, in particular:

1.		the composition of the index is in accordance with the risk diversification requirements of paragraphs 1 and 3;
2.		the index is an adequate reference basis for the market to which it relates, with the index provider applying a recognised methodology which does not lead to the exclusion of a major issuer from the market to which the index refers and
3.		the index shall be published in an appropriate manner. The index shall be deemed to be published in an appropriate manner if it is publicly accessible and the index provider is independent of the management company managing the index fund, and this does not exclude the fact that the index provider and the index provider are independent of the index. The management company managing index funds shall belong to the same group, provided that effective arrangements are provided for the handling of conflicts of interest.

(3) The index fund may invest up to 35 vH of the fund's assets in shares or debt securities of one single issuer only if justified by exceptional market conditions, in particular on regulated markets on which certain securities or money market instruments strongly dominate. An installation up to this limit is only possible with a single issuer. The maximum limit of 40 vH in accordance with Section 74 (1) is not applicable to index funds.

Quantitative restrictions on the investment in public sector-level or guaranteed emissions

§ 76. (1) By way of derogation from § 74, the principle of risk-spreading may result in up to 100 vH of the fund's assets in transferable securities and money market instruments of different emissions, which may be from one or more local authorities , a Member State, a third country or international organisations of a public-law nature belonging to one or more Member States shall be set up or guaranteed, if:

1.		they are securities and money market instruments within the meaning of Section 74 (5),
2.		the unit-holders of this UCITS enjoy the same protection as the unit-holders of UCITS, which comply with the limits laid down in section 74; and
3.		these securities have been issued within the framework of at least six different emissions, and the securities may not exceed 30 vH of the total amount of the fund's assets from a single issue.

(2) The Fund provisions explicitly mention the Member States, local authorities, third countries or international organisations of public law, of which the securities in which more than 35 vH of the Funds are intended to be invested, issued or guaranteed.

(3) The FMA has to examine the conditions set out in paragraph 1 (1) (2) within the framework of the approval of the Fund's provisions.

Quantitative restrictions on the installation in UCITS or OGA

§ 77. (1) Shares in other UCITS or OGA may be acquired for the fund assets, provided that no more than 20 VH of the Fund's assets are invested in units of the same UCITS or OGA.

(2) Shares in OGA may not exceed a total of 30 vH of the UCITS fund's assets.

(3) In the acquisition of shares in OGAs or other UCITS, the investment values of the UCITS or OGA concerned must not be taken into account in relation to the upper limits of § 74.

(4) In the acquisition of shares of other UCITS or OGA, which are managed directly or indirectly by the same management company or by a company with which the management company is managed by a joint administration or control or , the management company or the other company may not charge any fees for the subscription or the repurchase of shares of these other UCITS or OGA by the UCITS.

Quantitative restrictions on the avoidance of influence on issuers

§ 78. (1) A management company may not acquire for any of the UCITS managed by its management a voting right which allows it to have significant influence on the management of an issuer within the meaning of paragraph 2 (1) of this Regulation. . If another Member State has established a lower limit for the acquisition of shares with the voting rights of the same issuer, that limit shall be determined if a management company for the UCITS it manages has such shares of a Issuers with registered offices in that State shall acquire.

(2) For the fund assets of a UCITS, liquid financial assets may only be acquired by one and the same issuer to the following extent:

1.		shares up to 7.5 vH of the share capital of the issuing company, if the shares are connected with the exercise of a voting rights;
2.		shares up to 10 vH of the share capital of the issuing company, if the shares are non-voting;
3.		Debt securities up to 10% of the total volume of the same issuer;
4.		money market instruments up to 10 vH of the same issuer;
5.		only up to a maximum of 25 VH shares of the same UCITS or OGA.

(3) The investment limits set out in paragraphs 2 (3), (3), (4) and (5) shall not be complied with at the time of purchase if the gross amount of the debt securities or the money market instruments or the net amount of the shares issued at the time of purchase is cannot be calculated.

(4) The investment limits provided for in paragraph 2 shall not be complied with if they are concerned with:

1.		securities and money market instruments issued or guaranteed by a Member State or its public authorities;
2.		securities and money market instruments issued or guaranteed by a third country;
3.		securities and money market instruments issued by international bodies governed by public law, to which one or more Member States are members;
4.		Shares which a UCITS has in the capital of a company of a third country which deposits its assets essentially in securities issued by issuers resident in that State, if such a holding is made for the UCITS by reason of the The legislation of that State is the only way to make investments in securities issued by issuers of that State. However, this derogation shall apply only on condition that the company of the third country in its investment policy does not exceed the limits laid down in Articles 74 and 77 as well as in paragraphs 1, 2 and 3 of this provision. § 66 (2) and § 79 shall apply mutatily when the limits are exceeded.

Exceptions and deviations from the investment limits

§ 79. (1) The investment limits laid down in § § 66 to 78 must not be complied with in the exercise of subscription rights, which are linked to securities or money market instruments which are part of the fund's assets.

(2) If the limits laid down in § § 66 to 78 are exceeded inadvertently or as a result of the exercise of the rights of reference, the normalization of this situation, taking into account the interests, shall be a priority in the case of sales from the fund assets. of the unit-holders.

(3) The legal validity of the acquisition of securities, money market instruments and other liquid financial assets within the meaning of Section 67 (1) shall not be affected by a breach of the investment limits set out in § § 66 to 78.

(4) Two weeks before the maturity of a UCITS established at a specified maturity and one week before and after a date of merger, the maximum rates referred to in § § 74 to 77 shall not have to be respected, while safeguarding the interests of the unit-holders. is complied with. The same applies in the case of liquidate of a UCITS pursuant to § 63, in the case of UCITS in liquidate pursuant to § 65 and in the case of irrevocable orders for the complete redemption of all shares pursuant to § 63 (4).

Prohibition of borrowing and lending

§ 80. (1) The management company or the custodian bank may not borrow on account of the fund's assets, except for the provisions of the Fund, and these are loans which are temporarily recorded and which are no longer considered to be 10 vH of the value of the Fund's assets.

(2) The acquisition of foreign currency in the context of a "back-to-back" loan is permitted.

(3) The management company or the custodian bank may not grant loans or enter into obligations arising from a guarantee or guarantee contract on account of the fund's assets; § § 67, 68, 70 to 74 shall remain unaffected.

(4) However, the prohibition in accordance with paragraph 3 does not preclude the acquisition of securities, money market instruments or other financial instruments not yet fully paid in the form of securities, money market instruments or other financial instruments mentioned in § § 71 or 73.

Assets in rem relating to assets

§ 81. The assets of a UCITS may not be pledged or otherwise burdened, transferred to the security or to be secured for security purposes, except in the cases expressly provided for in this Federal Act. A provision which is contradicted by this provision is ineffective in relation to the unit-holders. This provision shall not apply to the extent to which a UCITS derivative transactions according to § 73 are concluded.

Short Sales

§ 82. Neither the management company nor the custodian bank may sell securities, money market instruments or other liquid financial assets referred to in § 67 (1) for the account of the fund's assets, which are not available at the time of the transaction. Fund assets belong. § 73 shall remain unaffected.

Pension transactions

§ 83. If expressly provided for in the Fund's provisions, the management company shall be entitled, on the account of the UCITS, to have assets with the obligation of the seller, within the limits of this Federal Law, with the obligation of the Seller To withdraw assets at a pre-determined point in time at a price determined in advance, to buy fund assets (repurchase transactions). FMA may, by means of a Regulation, in accordance with European practice and Article 11 of Directive 2007 /16/EC, lay down detailed criteria for the definition, publication obligations, investor information and investment restrictions. of pension transactions.

Securities lending

§ 84. Insofar as this expressly provides for the provisions of the Fund, the management company shall be entitled, within the limits of the assessment of this Federal Law, to have securities up to 30 vH of the fund assets under a recognised securities lending system Third-term, on condition that the third party is obligated to re-appropriate the overappropriated securities after expiry of a period of temporary loan. The securities lending system must be such as to ensure that the rights of the unit-holders are sufficiently secured (securities lending). Within the framework of this authorization, the management company may grant an authorisation pursuant to Section 8 of the Custody Act for the account of a UCITS. FMA may, by means of a Regulation, in accordance with European practice and Article 11 of Directive 2007 /16/EC, lay down detailed criteria for the definition, designation, disclosure requirements, investor information, Establish the security and investment restrictions of securities lending operations and systems.

Section 4

Risk management of the UCITS

Risk Management Procedures

§ 85. The management company shall use, in respect of the UCITS, a risk management procedure enabling it to take into account the risk associated with the investment positions and its share in the overall risk profile of the assets of the UCITS. to monitor and measure at any time. It has information asymmetries between the management company and the counterparty arising from the fact that the counterparty may have access to non-public information on the undertakings to which credit derivatives are referred, by means of which information is available to the counterparty. internal control mechanisms, in an appropriate manner, in accordance with this section.

(2) In order to ensure a precise and independent assessment of the respective value of OTC derivatives, it shall apply the procedure laid down in § 92.

Risk management principles

§ 86. (1) The management company shall establish, implement and maintain the nature, scope and complexity of its operations and of the UCITS it manages, in accordance with appropriate and documented risk management principles in which the management company shall establish, implement and maintain appropriate and documented risk management principles.

1.		the risks to which the UCITS it manages are or may be exposed;
2.		methods, means and arrangements for the fulfilment of the obligations laid down in § § 87 to 89;
3.		the distribution of responsibilities within the management company is defined in terms of risk management;
4.		Modalities, content and frequency of the reporting of the risk management function as provided for in § 17 to the management and, where appropriate, to the Supervisory Board.

(2) The risk management principles referred to in paragraph 1 shall include the procedures necessary for the management company to risk its market, liquidity and counterparty risk, as well as all other risks, for each UCITS it manages; , including operational risks, which could be essential for the individual UCITS it manages.

(3) The management company shall assess, monitor and periodically review:

1.		The appropriateness and effectiveness and compliance with the risk management principles and the arrangements, processes and procedures according to § § 87 to 89; and
2.		the appropriateness and effectiveness of the measures to remedy any weaknesses in the performance of the risk management process.

Risk measurement and risk management

§ 87. The management company shall have the nature, scope and complexity of its operations and of the UCITS managed by it to introduce appropriate and effective arrangements, processes and procedures to the UCITS risk profile in order to:

1.		the risks to which the UCITS it manages are or may be exposed at any time to be able to measure and manage; and
2.		to ensure compliance with the ceilings for the overall risk and the counterparty risk in accordance with Articles 89 and 91.

(2) The management company shall take the following measures within the meaning of paragraph 1 for each UCITS managed by it:

1.		Introduction of the necessary risk management arrangements, processes and procedures to ensure that
a)			the risks of outdated positions and their contribution to the overall risk profile are accurately measured on the basis of sound and reliable data; and
b)			the risk management arrangements, processes and procedures are adequately documented;
2.		If appropriate, periodic return comparisons ("Back-Testing") to check the validity of risk measurement arrangements, which include model-based forecasts and estimates;
3.		where appropriate, periodic stress tests and scenario analyses to assess the risks arising from potential changes in market conditions which could have a negative impact on the UCITS;
4.		Definition, implementation and maintenance of a documented system of internal limits for the measures to manage and control the relevant risks for each UCITS, taking into account all the risks referred to in Article 86 (1) and (2), the UCITS could be essential, and ensure consistency with the risk profile of the UCITS;
5.		ensuring that the respective risk level of each UCITS is in accordance with the risk limit system set out in Z 4;
6.		Establish, implement and maintain appropriate procedures which, in the event of actual or expected breaches of the UCITS ' risk-limit system, lead to timely remedial action in the best interest of the unit-holders.

(3) The FMA may, by means of a regulation, lay down European practices in this field;

1.		the conditions under which periodic recuperation pursuant to paragraph 2 (2) and periodic stress tests and scenario analyses are to be carried out in accordance with paragraph 2 (2) (3);
2.		what conditions must be met in order to ensure that the risk level of each UCITS with the risk system referred to in paragraph 2 (5) is consistent with the risk situation;
3.		Which criteria must be met by an appropriate risk management process for liquidity risks (§ 88);
4.		the concrete design of the risk management principles (§ 86) and the risk measurement and risk management (§ 87 (1) and (2));
5.		the definition of total risk (§ 89) and its quantitative and qualitative design in risk management;
6.		the calculation of the overall risk in the use of the Commitment Approach and its quantitative and qualitative design in risk management (§ 90);
7.		the calculation of the overall risk in the use of the value-at-risk approach and its quantitative and qualitative design in risk management (§ 89);
8.		the calculation of the counterparty or counterparty risk taking into account collateral and its quantitative and qualitative design in risk management (§ 90);
9.		the rules governing the coverage of derivative transactions and their quantitative and qualitative design in risk management;
10.		the permitted advanced measurement approaches (§ 89);
11.		the consideration of netting and hedging agreements in the commitment-approach (§ 90);
12.		the procedures for ensuring an adequate, precise and independent assessment of OTC derivatives on transport value (§ 92);
13.		what arrangements and procedures should be laid down, implemented and maintained, ensuring a suitable, transparent and fair assessment of UCITS risks from OTC derivatives and documenting them adequately (§ 92);
14.		which collateral and its level are permissible in the treatment of counterparties and issuer risks and the calculation of the risk from OTC derivative transactions (§ 91).

Liquidity risk management

§ 88. (1) The management company shall apply an appropriate risk management process for liquidity risks in order to ensure that any UCITS it manages is able at any time to withdraw and pay the shares pursuant to section 55 (2). In order to assess the liquidity risk of the UCITS in exceptional circumstances, the management company shall carry out stress tests.

(2) The management company shall ensure that the liquidity profile of the UCITS investments in each UCITS it manages is in accordance with the principles of withdrawal set out in the Fund's provisions and in the prospectus.

Calculation of the total risk

§ 89. (1) The management company shall calculate the overall risk of a managed UCITS within the meaning of Article 73 (5) and (6) at least once a day as one of the following quantities:

1.		additional risk and additional leverage generated by the managed UCITS through the use of derivative financial instruments including embedded derivatives within the meaning of section 73 (6) and which does not cover the total amount of the UCITS net asset value may exceed;
2.		Market risk of the UCITS portfolio.

(2) The overall risk shall be determined according to the appropriateness of the commitment approach, the value-at-risk model or an advanced measurement approach. In this context, "Value at Risk" refers to the maximum expected loss at a given confidence level over a certain period of time. The method chosen for the measurement of the overall risk shall be proportionate to the investment strategy chosen by the UCITS and to the nature and complexity of derivative financial instruments used and the share of derivative financial instruments in the UCITS portfolio. Transactions in accordance with § 83 and § 84 shall also be taken into account in the calculation of the overall risk.

Commitment approach

§ 90. (1) If the overall risk is calculated in accordance with the Commitment Approach, the management company shall:

1.		apply this approach to all positions in derivative financial instruments, including embedded derivatives within the meaning of Article 73 (6), whether or not they are part of the general investment policy of the UCITS, for the purpose of Risk reduction or for the purpose of efficient portfolio management in the sense of § § 83 and 84;
2.		Convert any position in derivative financial instruments to the market value of an equivalent position in the base value of the derivative in question (standard commitment approach).

(2) The management company may take into account netting and hedging agreements in the calculation of the overall risk, provided that such obvious and significant risks do not overlook and clearly lead to a reduction in the risk.

(3) If the use of derivative financial instruments for the UCITS does not generate any additional risk, the underlying risk position shall not be included in the commitment calculation.

(4) Temporary credit agreements pursuant to § 80 (1) must not be taken into account when applying the Commitment Approach to the calculation of the overall risk.

Counterparty risk and issuer concentration

§ 91. (1) The counterparty risk from non-listed derivative financial instruments (OTC derivatives) shall be subject to the upper limits laid down in § 74. For the purposes of calculating the counterparty risk of a UCITS, the management company shall, in accordance with the ceilings laid down in Article 74 (1) and (2), be based on the positive traffic value of the OTC derivative contract with the counterparty in question. .

(2) The management company may charge (netting) the derivative positions of a UCITS with one and the same counterparty (netting) if it has the option of netting agreements with the counterparty in question for the UCITS . Netting is only permitted in the case of OTC derivatives with a counterparty, not in other positions of the UCITS in relation to this counterparty.

(3) The management company may reduce the counterparty risk of a UCITS from an OTC derivative through the receipt of collateral. The security received must be sufficiently liquid so that it can be rapidly sold at a price close to the assessment that was found before the sale. The management company shall have to take into account collateral in the calculation of the default risk within the meaning of Article 74 (1) and (2) if the management company of an OTC counterparty provides a security for the UCITS. The security provided may only be taken into account on a net basis if the management company has the option of legally enforceable netting agreements with the counterparty in question for the UCITS.

(4) The management company shall calculate the ceilings established in § 74 for the issuer concentration on the basis of the underlying risk arising from the use of derivative financial instruments in accordance with the commitment-ment approach. With regard to the risk arising from transactions involving OTC derivatives in accordance with Section 74 (2), the management company shall include any counterparty risks arising from OTC derivatives in the calculation.

Procedures for the evaluation of OTC derivatives

§ 92. (1) Management companies must ensure that the risks of UCITS from OTC derivatives are assigned a traffic value which is based not only on the market quotations of the counterparties of the OTC transactions and which is referred to in § 73 para. 1 Z 3 lit. b fulfils the criteria laid down. To this end, the management company shall establish, implement and maintain arrangements and procedures which ensure a suitable, transparent and fair assessment of the risks of UCITS from OTC derivatives, and to ensure that they are adequately assessed in the light of the above document.

(2) The management company shall ensure that the traffic value of OTC derivatives is assessed in an appropriate, precise and independent way. The evaluation arrangements and procedures shall be appropriate and proportionate to the nature and complexity of the OTC derivatives concerned. If the arrangements and procedures for the valuation of OTC derivatives include the performance of certain tasks by third parties, the management company must comply with the requirements laid down in § 10 (1) Z 7 and § 30 (3).

Section 5

Master-Feeder-Structures

Feeder UCITS

§ 93. (1) A feeder UCITS is a UCITS or a sub-fund of a UCITS which, by way of derogation from § 2 (1) (1) (1), § 67, 68, 70, 71, 74, 76, 77, and 78 (3), is at least 85 vH of its assets in shares of another UCITS or a sub-fund of another UCITS ("Master-UCITS") .

(2) A feeder UCITS may hold up to 15 vH of its assets in one or more of the following assets:

1.		Deposits held in accordance with Section 67 (2) and the applicable deposits;
2.		derivative financial instruments in accordance with § 73, which may be used exclusively for the purposes of hedging purposes;
3.		if the feeder UCITS is an investment company, movable and immovable property, which is essential for the direct pursuit of its business.

(3) For the purposes of compliance with Article 73 (5) and (6), the feeder UCITS shall calculate its overall risk in connection with derivative financial instruments on the basis of a combination of its own direct risk as referred to in paragraph 2 (2) (2):

1.		either the actual risk of the master UCITS against derivative financial instruments in relation to the feeder UCITS ' investment in the master UCITS, or
2.		with the potential overall maximum risk of the master UCITS in relation to derivative financial instruments in accordance with the fund provisions or the statutes of the master UCITS in relation to the feeders ' UCITS investment in the master UCITS.

Master UCITS

§ 94. (1) A master UCITS is a UCITS or a sub-fund of a UCITS, which shall:

1.		has at least one feeder UCITS among its unit-holders,
2.		is not itself a feeder UCITS and
3.		does not hold any shares of a feeder UCITS.

(2) The following deviations apply to a master UCITS:

1.		If a master UCITS has at least two feeder UCITS as unit-holders, the requirement to obtain the capital to the public of the Member States (§ 2 para. 1 Z 1 in conjunction with § 4) does not apply, and the master UCITS has the option of acquiring capital at to procure other investors;
2.		in a Member State other than the one in which it is established and in which it has only one or more feeder UCITS, a master UCITS does not have any capital raised by the public, the provisions of the 5. Section of the 4. The main item and section 143 (1) (2) shall not be used.

Approval of the Master Feeder structure by the FMA

§ 95. (1) Assets of a feeder UCITS approved in Austria in a given master UCITS which exceed the limit in accordance with section 77 (1) for installations in other UCITS require the prior authorization by the FMA and a legally effective agreement within the meaning of § 96.

(2) Within 15 working days of the submission of a complete application, the FMA has to grant the feeder UCITS the facility of the feeder UCITS to the master UCITS by means of written decision-making or the rejection of the application by means of a complaint. . If the FMA has the applicant for missing documents or information in the application, Section 13 (3) of the last sentence of the AVG shall not apply. If the installation in the master UCITS is not prohibited in writing by the FMA within the period laid down in the first sentence, it shall be deemed to have been approved. However, at the request of the feeder UCITS, the FMA shall also issue a written communication in the event of non-refusal.

(3) The FMA shall grant the authorization if the feeder UCITS, its depositary and its auditor, as well as the master UCITS, meet all the requirements set out in this section. To this end, the feeder UCITS shall forward the following documents to the FMA:

1.		The fund rules or statutes of feeder UCITS and master UCITS,
2.		the prospectus and the customer information document referred to in § 134 for the feeder of feeder UCITS and the master UCITS;
3.		the agreement in accordance with § 96 between the feeder UCITS and the master UCITS or the corresponding internal regulations in accordance with § 98,
4.		in the case of a conversion of an existing UCITS, the information referred to in Article 111 (1) for the unit-holders,
5.		if the master UCITS and the feeder UCITS have different depositaries, the agreement in accordance with § 107 (1) between the depositaries, and
6.		if the master UCITS and the feeder UCITS have different statutory auditors, the agreement according to § 109 para. 1 between the auditors.

(4) Where the master UCITS is authorised in another Member State, the feeder UCITS shall also provide confirmation from the competent authorities of the master UCITS ' home Member State that the master UCITS is a UCITS or a partial fund of a UCITS, which complies with the provisions of Article 58 (3) (b) and (c) of Directive 2009 /65/EC. The feeder UCITS has to submit the documents in German or English or in a different language recognized by the FMA in accordance with the regulation (Section 7b (1) KMG).

(5) In order to submit to the competent authorities of the Member State of origin of a feeder UCITS, the FMA has, on its application for an intended assessment, in a UCITS approved by the FMA as a master UCITS and, in order to prove the conditions, a To issue a certificate that this is a UCITS, which itself is not also a feeder UCITS and does not hold any shareholdersof a feeder UCITS. In order to prove that no shares are held in a feeder UCITS, the custodian bank has to issue a confirmation that is not older than two weeks when the application is submitted.

Agreement between the feeder UCITS and the master UCITS

§ 96. The feeder UCITS shall conclude an agreement with the master UCITS in which the master UCITS undertakes to provide the feeder UCITS with all the documents and information required by the feeder UCITS in order to comply with the requirements of the of this federal law. The agreement shall contain at least the information referred to in paragraphs 2 to 7.

(2) The agreement referred to in paragraph 1 shall contain, in respect of access to information, the following information:

1.		How and when the master UCITS has to submit to the feeder UCITS copies of its fund rules or statutes, the prospectus and the essential information for the investor;
2.		How and when the master UCITS has to inform the feeder UCITS of the transfer of investment and risk management tasks to third parties in accordance with § 28;
3.		How and when the master UCITS has to submit internal operating documents to the feeder UCITS, if relevant, such as the description of the risk management procedure and the compliance reports;
4.		Details of the master UCITS ' failure to comply with legislation, fund rules or articles of association and the agreement between the master UCITS and the master UCITS of the master UCITS must be reported to the feeder UCITS, including details on the modalities and the rules of the master UCITS. the date of such notification;
5.		if the feeder UCITS invests in derivative financial instruments for security purposes, how and when the master UCITS has to provide the feeder UCITS with information on its actual risk exposure to derivative financial instruments, in order to: the feeder UCITS can determine its own overall risk in accordance with section 93 (3) Z 1;
6.		a declaration that the master UCITS informs the feeder UCITS of any further agreements on the exchange of information with third parties, and, where appropriate, how and when the master UCITS will inform the feeder UCITS of these agreements on the Exchange of information.

(3) The agreement referred to in paragraph 1 shall contain the following information in relation to the feeder UCITS ' asset and return base:

1.		The indication of the shares of the master UCITS of the feeder UCITS;
2.		costs and expenses to be borne by the feeder UCITS, as well as rebates or repayments of fees or expenses of the master UCITS;
3.		Where applicable, the modalities for any initial or subsequent transfer of intangible assets from the feeder UCITS to the master UCITS.

(4) The agreement referred to in paragraph 1 shall contain, in relation to standard trade agreements, the following information:

1.		coordination of the frequency and timing of the calculation of the net asset value and the publication of the share prices;
2.		Coordination of the forwarding of orders by the feeder UCITS, including, where appropriate, a description of the role of the persons responsible for the forwarding or third parties;
3.		where relevant, the necessary arrangements to take into account the fact that one or both UCITS are or are being traded on a secondary market;
4.		where necessary, other appropriate measures necessary to ensure the coordination of timetables (§ 99);
5.		if the shares of feeder UCITS and the master UCITS are denominated in different currencies, the basis for the conversion of orders;
6.		Settlement cycles and methods of payment for purchase and drawing, as well as the withdrawal or payment of shares of the master UCITS, in the case of appropriate agreements between the parties, including the modalities for the execution of the Disbursing orders by way of transfer of contributions in kind from the master UCITS to the feeder UCITS, in particular in the cases of settlement (§ 101) and the merger or division (§ 104);
7.		procedures to ensure appropriate processing of requests and complaints by unit-holders;
8.		if fund provisions or statutes and prospectuses of the master UCITS grant it certain rights or powers in respect of the unit-holders and the master UCITS decides, with respect to the feeder UCITS, all or certain rights and powers only in to a limited extent or not at all, a description of the relevant modalities.

(5) The agreement referred to in paragraph 1 shall contain, in respect of events affecting trade agreements, the following information:

1.		the modalities and timetable for the notification of the temporary suspension and resumption of withdrawal, payment, purchase or subscription of shares of each UCITS by the UCITS concerned;
2.		Arrangements for reporting and correcting errors in the price fixing in the master UCITS.

(6) The agreement referred to in paragraph 1 shall contain, in respect of standard agreements for the audit report, the following information:

1.		Have the same accounting years as the feeder and master UCITS, and the preparation of the regular reports;
2.		Feeder and master UCITS have different accounting years, arrangements for the transmission of all the necessary information by the master UCITS to the feeder UCITS, so that it can produce its regular reports in good time, and in order to: ensure that the auditor of the master UCITS is able to draw up an ad-hoc report in accordance with § 109 para. 2 at the closing date of the feeder UCITS.

(7) The agreement referred to in paragraph 1 shall contain, in respect of amendments to existing agreements, the following information:

1.		Modalities and timetable for the notification by the master UCITS of proposed and already effective amendments to the Fund's provisions or the Articles of Association, the prospectus and the customer information document, provided that this information is provided by the the terms and conditions of the contract, the statutes or the standard agreements for the information of the unit-holders laid down in the prospectus of the master UCITS;
2.		the modalities and timetable for the notification of a proposed or proposed liquidation, merger or division by the master UCITS;
3.		the modalities and the timetable for the notification by a UCITS that the conditions for a feeder UCITS or master UCITS are no longer met or will no longer be met;
4.		the modalities and timetable for the communication of the intention of a UCITS, its management company, its depositary, its auditor or any third party responsible for investment or risk management;
5.		Modalities and timetable for the communication of other amendments to existing agreements by the master UCITS.

(8) In so far as the agreements between the master UCITS and the feeder UCITS comply with the fund provisions of the master UCITS, which are attached to the prospectus of the master UCITS, a cross-reference in the agreement referred to in paragraph 1 shall be sufficient to cover the relevant parts of the master UCITS. Prospectus of the master UCITS.

Choice of the law applicable to the agreement

§ 97. (1) If the feeder UCITS and the master UCITS are approved in Austria, Austrian law shall apply to the agreement; the choice of another right or court of jurisdiction outside Austria shall be ineffective.

(2) If either the feeder UCITS or the master UCITS is approved in another Member State, either:

1.		the applicability of Austrian law, or
2.		the applicability of the law of the other Member State in which the master UCITS or the feeder UCITS are approved,
shall be agreed. In the case of Z 1, the choice of a court of jurisdiction outside Austria is ineffective. In the case of Z 2, only the jurisdiction of the courts of the other Member State may be agreed.

Internal rules between master UCITS and feeder UCITS

§ 98. (1) If the master UCITS and the feeder UCITS are managed by the same management company, the agreement (§ 96) may be replaced by internal regulations which ensure that the provisions are complied with in accordance with § 96.

(2) The internal rules referred to in paragraph 1 shall contain the following provisions:

1.		Appropriate measures to maintain conflicts of interest which may arise between the feeder UCITS and the master UCITS or between the feeder UCITS and other unit holders of the master UCITS, provided that the measures taken by the management company , in order to comply with the requirements of Sections 22 to 26, not sufficient;
2.		in relation to the feeder UCITS ' investment and return base, the rules laid down in Article 96 (3);
3.		in relation to standard trade agreements, the rules laid down in Article 96 (4) (1) to (6) and (Z) 8;
4.		in relation to events with effects on trade agreements, the rules laid down in Article 96 (5);
5.		with regard to the audit report, the regulations pursuant to § 96 (6).

Reconciliation of schedules

§ 99. Master UCITS and feeder UCITS have to take appropriate measures to coordinate their timetables for the calculation and publication of the net asset value, with a view to a timing of market timing ("market timing") with their shares and to prevent associated arbitrage opportunities.

Suspension of withdrawal, withdrawal or drawing

§ 100. (1) Where a master UCITS is on its own initiative, or where the master UCITS is authorised in another Member State, at the request of the competent authority of its Member State of origin, without prejudice to Sections 55 (2) and 56 of this Regulation, the withdrawal, withdrawal or drawing of its shares temporarily, each of its feeder UCITS shall be entitled to the withdrawal, withdrawal or subscription of its shares notwithstanding the conditions set out in section 56 (1), during the same period as the To suspend the master UCITS.

(2) If the unit-holders of the feeder UCITS have the right, in accordance with this Federal Act, to require payment in the event of a settlement, merger or division of the master UCITS, the exercise of this right shall not be allowed by the feeder UCITS by means of a temporary suspension of the withdrawal or withdrawal shall be undermined, unless there are exceptional circumstances which require it to safeguard the interests of the unit-holders.

Processing of a master UCITS

§ 101. (1) If a master UCITS is wound up, the feeder UCITS shall also be unwound, unless the FMA is approved:

1.		The installation of at least 85 vH of the assets of the feeder UCITS in units of another master UCITS or
2.		the amendment of the Fund's provisions or the Articles of Association in order to allow the feeder UCITS to convert into a UCITS which is not a feeder UCITS.

(2) Without prejudice to § § 60 to 63, the processing of a master UCITS shall be carried out at the earliest three months after the date on which all its unit-holders and the FMA are the competent authority of the feeder UCITS or, if the feeder UCITS is in another The competent authorities of the feeder UCITS ' home Member State have been informed of the binding decision to settle the issue.

Application for approval of the settlement

§ 102. (1) The feeder UCITS shall submit the following documents no later than two months after notification of the binding decision for settlement by the Master UCITS of the FMA:

1.		If the feeder UCITS intends to invest at least 85 vH of its assets in shares of another master UCITS pursuant to § 101 (1) (1) (1) (1):
a)			The application for the authorisation of this Annex;
b)			the application for the approval of the proposed changes to its Fund provisions;
c)			the changes to the prospectus and the customer information document in accordance with § 137 (1) (1) and (2);
d)			the other documents required in accordance with Article 95 (3);
2.		if the feeder UCITS is to convert into a UCITS which is not a feeder UCITS pursuant to § 101 (1) Z 2, the documents and information according to Z 1 lit. b and c;
3.		if the feeder UCITS is planning to carry out a settlement, the notification of that intention.

(2) If the master UCITS has informed the feeder UCITS more than five months before the start of the settlement of its binding decision to liquidate, the feeder UCITS has, by way of derogation from paragraph 1 of the FMA, submitted its application or notification in accordance with 1, 2 or 3 at the latest three months prior to the commencement of processing.

(3) The feeder UCITS shall immediately inform its unit-holders of the intended settlement.

Approval of the settlement

§ 103. (1) The FMA has to approve the application of the feeder UCITS by means of written complaint within 15 working days of the submission of the complete documents referred to in section 102 (1) (1) or (2), or the rejection of the application by the feeder UCITS. Submit an application in writing by means of a signon. If the FMA has the applicant for missing documents or information in the application, Section 13 (3) of the last sentence of the AVG shall not apply.

(2) Following the receipt of the authorization by the FMA in accordance with paragraph 1, the feeder UCITS shall inform the master UCITS about it.

(3) Once the FMA has granted the necessary permits pursuant to Section 102 (1) Z 1, the feeder UCITS shall take all necessary measures to comply with the requirements of § 111 without unnecessary delay.

(4) Where the settlement proceeds of the master UCITS are disbursed prior to the date on which the feeder UCITS starts to invest in other master UCITS in accordance with § 102 (1) (1) (1) or in accordance with its new investment objectives and its new investment objectives and new investment objectives and new investment objectives and new investment objectives. To make an investment policy pursuant to Section 102 (1) (2) of the Annex, the FMA shall grant its authorization only under the following conditions:

1.		of the feeder UCITS
a)			the liquidation proceeds in cash or
b)			a part of the proceeds or the total proceeds in the form of a transfer of contributions in kind, provided that this corresponds to the desire of the feeder UCITS and in the agreement between the feeder UCITS and the master UCITS or the internal rules in accordance with § 98 and the a binding decision on liquidation is provided for;
2.		any cash held or received in accordance with this paragraph may be made before the date on which the feeder UCITS starts to invest in another master UCITS or in accordance with its new investment objectives and its new investment policy, exclusively for the purpose of efficient liquidity management.

(5) Is paragraph 4 Z 1 lit. b), the feeder UCITS may, at any time, convert any part of the assets transferred as property deposits into cash values.

Merger or division of a master UCITS

§ 104. (1) In the case of the merger of a master UCITS with another UCITS or the division into two or more UCITS, the feeder UCITS shall be wound up, unless the FMA approves that the feeder UCITS

1.		the feeder UCITS of the master UCITS or of another UCITS which is derived from the merger or division of the master UCITS;
2.		at least 85 vH of its assets in shares of another master UCITS which has not emerged from the merger or division, or
3.		changes its fund provisions in the sense of a conversion into a UCITS which is not a feeder UCITS.

2. A merger or division of a master UCITS may be effective only if the master UCITS all its unit holders and the FMA or, if the feeder UCITS is approved in another Member State, the competent authorities of the Member States of the feeder UCITS, until 60 days before the proposed date of effect, the information referred to in § 120 (1) and (121) or with such comparable information has been provided.

(3) The feeder UCITS has the opportunity to obtain from the master UCITS the possibility of returning or paying off all shares in the master UCITS before the merger or division of the master UCITS becomes effective, unless the FMA or, if the feeder UCITS in another Member State, the competent authorities of the Member State of origin of the feeder UCITS have granted the authorization provided for in paragraph 1 (1) (1).

Application for approval of the merger or division

§ 105. 1. The feeder UCITS shall submit the following documents to the FMA within one month of the date on which the feeder UCITS was informed of the proposed merger or division in accordance with Section 104 (2):

1.		If the feeder UCITS intends to remain the feeder UCITS of the same master UCITS:
a)			the corresponding application for authorization;
b)			where relevant, the application for the approval of the proposed amendments to its fund rules or statutes;
c)			where relevant, the changes to the prospectus and the customer information document in accordance with § 137 (1) Z 1 and 2;
2.		if the feeder UCITS intends to become the feeder UCITS of another master UCITS resulting from the proposed merger or division of the master UCITS, or at least 85 vH of its assets in shares of another, not from the to apply the proposed merger or division to the following master UCITS:
a)			the application for the authorisation of this installation;
b)			the application for the approval of the proposed amendments to its Fund rules or statutes;
c)			the changes to the prospectus and the customer information document pursuant to § 137 (1) (1) and (2);
d)			the other documents required in accordance with Article 95 (3);
3.		if the feeder UCITS is to convert into a UCITS which is not a feeder UCITS in accordance with Article 101 (1) (2) of the Treaty, the following:
a)			the application for the approval of the proposed amendments to its Fund rules or statutes;
b)			the changes to the prospectus and the customer information document pursuant to § 137 (1) (1) and (2);
4.		if the feeder UCITS is planning to liquidate, the notification of that intention.

(2) In the context of paragraph 1 (1), (1) and (2):

1.		the term "shall remain feeder UCITS of the same master UCITS" in cases where:
a)			the UCITS acquiring the master UCITS is a proposed merger;
b)			the master UCITS remains one of the UCITS resulting from the proposed split, without any substantial changes;
2.		the expression "shall be the feeder UCITS of another master UCITS resulting from the proposed merger or division of the master UCITS" in cases where:
a)			the UCITS, which is a master UCITS, and the feeder UCITS becomes the unit-holder of the accepting UCITS as a result of the merger;
b)			the feeder UCITS becomes a unit-holder of a UCITS which is the result of a split, which is substantially different from the master UCITS.

(3) If the master UCITS transmits to the feeder UCITS the information referred to in § 120 (1) and (121) or comparable information more than four months before the proposed date of effect of the merger or division, the feeder UCITS shall have the following information: FMA may, by way of derogation from paragraph 1, submit its application or its notification in accordance with paragraph 1 at the latest three months before the proposed date of effect of the merger or division of the master UCITS.

(4) The feeder UCITS shall immediately inform its unit-holders and the master UCITS of the intended liquidated settlement.

Approval of the merger or division

§ 106. (1) The FMA has to approve the application of the feeder UCITS for merger or division within 15 working days of the submission of the complete documents referred to in § 105 (1) (1) to (3) by means of written complaint or the rejection of the Submit an application in writing by means of a signon. If the FMA has the applicant for missing documents or information in the application, Section 13 (3) of the last sentence of the AVG shall not apply.

(2) As soon as the feeder UCITS has received the notification of the approval of the merger or division by the FMA in accordance with paragraph 1, it shall inform the master UCITS about it.

(3) After the feeder UCITS has been informed that the FMA has granted the necessary permits pursuant to Section 105 (1) Z 2, it shall take all necessary measures to comply immediately with the requirements of Section 111.

(4) In the cases described in section 105 (1) (2) and (3), the feeder UCITS has the right, in accordance with § 104 (3) and § 123, to demand the withdrawal and payment of its shares in the master UCITS, provided that the FMA to the working day, that of the last day, to The feeder UCITS may require that its shares in the master UCITS be taken back or disburdened before the merger or division becomes effective, and that the permits required pursuant to Section 105 (1) are not granted. The feeder UCITS has the right to exercise this right also in order to safeguard the rights of its unit-holders for the withdrawal or payment of their shares in the feeder UCITS pursuant to Section 111 (1) Z 4. In doing so, the feeder UCITS shall, before exercising its rights to withdraw and pay its shares in the master UCITS, to consider possible alternatives which may contribute to transaction costs or other negative effects on its unit-holders. avoid or reduce.

(5) In order to obtain the withdrawal or payment of its shares in the master UCITS, the feeder UCITS shall be required to obtain:

1.		either the proceeds from the redemption or withdrawal in cash or
2.		a part or all of the proceeds of the withdrawal or payment in the form of a transfer of contributions in kind, provided that this corresponds to the wishes of the feeder UCITS and is provided for in the agreement between the feeder UCITS and the master UCITS.
In the case of Z 2, the feeder UCITS may at any time convert any part of the transferred assets into cash values.

(6) The FMA shall grant the authorization on condition that any cash held or obtained in accordance with paragraph 5 before the date on which the feeder UCITS starts, shall be granted to the new master UCITS or in accordance with its new Investment objectives and its new investment policy can be reinvested solely for the purpose of efficient liquidity management.

Depositaries of master UCITS and feeder UCITS

§ 107. Where the master UCITS and the feeder UCITS have different depositaries, those depositaries shall conclude an exchange of information agreement to ensure that both depositaries perform their duties.

(2) The feeder UCITS shall not make the investments in units of the master UCITS until such an agreement has been effective.

(3) In compliance with the provisions of this section, neither the depositary of the master UCITS nor that of the feeder UCITS may be subject to statutory or contractual provisions for the protection of data protection or the restriction of the disclosure of Breach information. Compliance with the provisions in question shall not be liable for any depositary or for any person acting on such a depositary.

The management company of the feeder UCITS shall communicate to the depositary of the feeder UCITS all the information about the master UCITS required for the performance of the obligations of the depositary of the feeder UCITS.

(5) The depositary of the master UCITS shall have the FMA and, where appropriate, the competent authority in another Member State, the feeder UCITS or, where applicable, the management company and the depositary of the feeder UCITS directly above all inform any irregularities which it finds in the performance of their duties with regard to the master UCITS, which may have a negative impact on the feeder UCITS. These are, in particular, the following events:

1.		Error in the calculation of the net asset value of the master UCITS;
2.		Errors in transactions or in the settlement of purchase and subscription or orders for the withdrawal or payment of shares in the master UCITS by the feeder UCITS;
3.		errors in the payment or capitalisation of the proceeds from the master UCITS or in the calculation of the related withholding tax;
4.		Breaches of the investment objectives, policy or strategy of the master UCITS as described in the fund regulations or the articles of association, in the prospectus or in the essential information for the investor.
5.		Breaches of this federal law, in the terms of the contract or in the articles of association, in the prospectus or in the customer information document, maximum limits for investments and borrowing.

Content of the agreement between the depositaries of the master UCITS and the feeder UCITS

§ 108. (1) The agreement on the exchange of information between the depositary of the master UCITS and the depositary of the feeder UCITS, referred to in Article 107 (1), shall contain the following:

1.		Description of the documents and categories of information that the two depositaries routinely exchange and indicate whether this information or documents are transmitted from one depositary to the other or available on request be made;
2.		the modalities and the timing, including the indication of all time limits, for the transmission of information by the depositary of the master UCITS to the depositary of the feeder UCITS;
3.		Coordination of the participation of both depositaries, taking due account of their participation in this Federal Act as well as in the BWG and in the Depository Law (BGBl. No 424/1969) as regards operational matters, including:
a)			the procedure for calculating the net asset value of each UCITS and all appropriate measures for protection against "market timing" in accordance with § 99;
b)			the processing of orders of the feeder UCITS for the purchase, drawing, withdrawal or payment of shares in the master UCITS and the settlement of such transactions, taking into account agreements for the transfer of substantive deposits;
4.		coordination of procedures for the preparation of annual accounts;
5.		Indication of which infringements of the master UCITS are communicated to the depositary of the feeder UCITS by the depositary of the master UCITS and the fund rules or the statutes, as well as the modalities and timing of the provision of the master UCITS this information;
6.		procedures for the processing of ad hoc requests for assistance between depositaries;
7.		Description of event-related events on which the ad hoc depositaries should inform each other, as well as modalities and timing for this.

(2) If the feeder UCITS and the master UCITS have concluded an agreement in accordance with Article 96 (1), the law of the Member State shall be applied to this agreement on the exchange of information between the depositaries of the master UCITS and the feeder UCITS; which shall apply in accordance with Article 97 of this Agreement; the two depositaries shall have the exclusive jurisdiction of the courts of the Member State in question, the law of which shall be applicable.

(3) If the agreement between the feeder UCITS and the master UCITS has been replaced in accordance with Article 96 (1) by means of internal regulations in accordance with § 98, the agreement on the exchange of information between the depositaries of the master UCITS and the feeder UCITS can be only either the law of the Member State in which the feeder UCITS has been approved or, if different, the law of the Member State in which the master UCITS is approved shall be agreed; the two depositaries shall have the exclusive right to To recognise the jurisdiction of the courts of the Member State whose right to The Agreement on the exchange of information shall be applied.

Auditor

§ 109. (1) If the master UCITS and the feeder UCITS have different statutory auditors, these auditors shall conclude an exchange of information agreement which shall comply with the established rules for the fulfilment of the requirements laid down in paragraph 2. in order to ensure that both auditors perform their duties. The Feeder UCITS may not make investments in units of the Master UCITS until such an agreement has been effective.

(2) The auditor of the feeder UCITS has to take into account in its audit report the audit report of the master UCITS. If the feeder UCITS and the master UCITS have different accounting years, the auditor of the master UCITS has to draw up an ad-hoc report on the closing date of the feeder UCITS. The statutory auditor of the feeder UCITS, in particular, shall state in its report any irregularities detected in the master UCITS audit report and its effects on the feeder UCITS.

(3) In order to comply with the provisions of this section, neither the auditor of the master UCITS nor that of the feeder UCITS may have a statutory or contractual provision for the protection of data protection or the restriction of disclosure. of information. Compliance with the provisions in question shall not be subject to liability for a statutory auditor or any person acting on the auditor's side.

Content of the agreement between the auditors of the master UCITS and the feeder UCITS

§ 110. (1) The agreement on the exchange of information between the auditors of the master UCITS and the feeder UCITS referred to in Article 109 (1) shall contain the following:

1.		Description of the documents and categories of information that the auditor routinely exchanges;
2.		Indication of whether the information or documents referred to in Z 1 are transmitted by a statutory auditor to the other or made available on request;
3.		Modalities and timing, including the indication of all deadlines, for the transmission of information by the auditor of the master UCITS to the auditor of the feeder UCITS;
4.		Coordination of the role of auditors in the procedures for the preparation of the annual accounts of UCITS;
5.		Indication of the irregularities to be mentioned in the audit report of the auditor of the master UCITS for the purposes of section 109 (2);
6.		Modalities and timetable for the processing of ad hoc requests for assistance between auditors, including requests for further information on irregularities referred to in the audit report of the auditor of the master UCITS.

(2) The agreement referred to in paragraph 1 shall contain provisions for the preparation of the reports referred to in § 109 (2) and § 49 (5), as well as the modalities and timetable for the transmission of the audit report for the master UCITS and its Drafts to the auditor of the feeder UCITS.

(3) If the feeder UCITS and the master UCITS have different closing dates, the agreement referred to in paragraph 1 shall specify the modalities and timetable for the preparation of the ad hoc report of the auditor of the auditor in accordance with section 109 (2) of the Master UCITS and for its transmission, including drafts, to the auditor of the feeder UCITS.

(4) If the feeder UCITS and the master UCITS have concluded an agreement in accordance with Article 96 (1), the agreement on the exchange of information between the auditors of the master UCITS and the feeder UCITS shall be the law of the Member State in accordance with § § 96 (1). 97 to this Agreement shall apply; both auditors shall have the exclusive competence of the courts of the Member State concerned.

(5) If the agreement between the feeder UCITS and the master UCITS has been replaced in accordance with Article 96 (1) by means of internal regulations in accordance with § 98, the agreement on the exchange of information between the auditors of the master UCITS and the feeder UCITS can be only either the law of the Member State in which the feeder UCITS has been approved or, if different, the law of the Member State in which the master UCITS is approved are agreed; the two auditors shall have the right to recognise the exclusive competence of the courts of the Member State whose right to the The Agreement on the exchange of information shall be applied.

Conversion of existing UCITS into feeder UCITS and modification of the master UCITS

§ 111. In the case of the conversion of an already existing UCITS into a feeder UCITS and in the event of a change of the master UCITS, the feeder UCITS shall have the following information available free of charge to its unit holders:

1.		a declaration that the FMA has approved the feeder UCITS ' investment in shares of this master UCITS,
2.		the customer information document referred to in Article 134 (1) concerning feeder UCITS and master UCITS,
3.		the date of the first installation of the feeder UCITS into the master UCITS, or, if it has already been invested in the master, the date on which its installations will exceed the investment limits in accordance with section 77 (1); and
4.		a declaration that the unit-holders have the right to demand, within 30 days, the free withdrawal or disbursing of their shares, apart from the charges levied by the UCITS to cover the disposal costs; this right shall take effect from the date on which the feeder UCITS has made available the information referred to in this paragraph.
This information must be made available no later than 30 days before the date referred to in Z 3.

(2) Where the feeder UCITS has been notified in accordance with section 139, the information referred to in paragraph 1 in the official language or an official language of the feeder UCITS host Member State or in a language approved by the competent authorities of the feeder UCITS shall be available to the investors. To be made available. The Feeder-UCITS is responsible for the compilation of the translation. The translation will reliably reflect the content of the original.

(3) Before the expiry of the 30-day period referred to in paragraph 1 Z 4, the feeder UCITS may not make investments in units of the master UCITS concerned which exceed the investment limit in accordance with Section 77 (1).

(4) The procedure described in § 133 shall apply to the information provided by the feeder UCITS to the information referred to in paragraph 1 above.

Supervision of the master UCITS by the management company of the feeder UCITS

§ 112. (1) The management company of the feeder UCITS shall have effective monitoring of the activities of the master UCITS. In order to comply with this obligation, the feeder UCITS may rely on the information and documents of the master UCITS or, where applicable, its management company, depositary or auditor, unless it is located Reasons to doubt the accuracy of this information and documents.

(2) The management company of the feeder UCITS or a person acting on behalf of the feeder UCITS or its management company shall, in connection with an installation in shares of the master UCITS, a distribution fee, a sales commission or any other monetary advantage, they shall be paid into the assets of the feeder UCITS.

Obligations of the Master UCITS and the FMA

§ 113. (1) The master UCITS approved in Austria shall immediately notify the FMA of the identity of each feeder UCITS which makes investments in its shares. Where the master UCITS and the feeder UCITS are established in different Member States, the FMA, concerning a master UCITS approved in Austria, has direct the competent authorities of the feeder UCITS ' home Member State via such Facilities to be informed.

(2) The master UCITS may not charge any drawing or repurchase fees for the investment of the feeder UCITS into its shares or for the sale of the same.

(3) The master UCITS has to ensure that all information required under this Federal Act, other federal laws or legislation of the European Union, the Fund provisions or the Articles of Association, the feeder UCITS or, if applicable, its management company, the competent authorities, the depositary and the auditor of the feeder UCITS shall be made available in good time.

6.

Mergers

Principles

§ 114. (1) mergers of UCITS are permissible under the application of one of the merger procedures in accordance with § 3 (2) Z 15. This applies both to cross-border mergers and to domestic mergers. Cross-border procedures are permitted irrespective of the legal form of UCITS. In the case of a merger through new education, § 50 shall apply. § § 115 to 126 shall apply to domestic mergers.

(2) § § 115 and 117 to 126 apply to cross-border mergers in respect of which the transferring UCITS is granted in Austria pursuant to § 50. Where the transferring UCITS is authorised in another Member State, the legislation of the Member State of origin of the UCITS to be transferred shall apply. A change in the legal form of the accepting UCITS approved in Austria is not permitted in the context of the merger.

(3) Any merger of a UCITS approved in Austria shall require the prior consent of the Supervisory Board of the management company managing the UCITS and the approval of the depositary bank of each UCITS.

Approval of the merger of a transferring UCITS approved in Austria

§ 115. (1) The merger of a transferring UCITS approved in Austria pursuant to § 50 requires the validity of the prior authorization by the FMA to its legal effect. The transmitting UCITS has to provide the FMA with all the following information:

1.		the joint merger plan approved by the transferring UCITS and the accepting UCITS,
2.		an up-to-date version of the prospectus and the customer information document referred to in § 134 (1) for the investor of the accepting UCITS, if the latter is established in another Member State,
3.		a declaration issued by all depositaries of the transferring and accepting UCITS, confirming, in accordance with § 118, that they comply with the requirements of this Federal Law, which complies with § 117 (1), (1), (6) and (7). Directive 2009 /65/EC, in so far as it is a cross-border merger, and have reviewed the fund provisions or the statutes of their respective UCITS; and
4.		the information which the transmitting and receiving UCITS intend to submit to their respective unit-holders in respect of the proposed merger.

(2) The information referred to in paragraph 1 shall be the FMA in German or in the case of a cross-border merger in the German language and in the official language or one of the official languages of the country of origin of the accepting UCITS or in the case of a in English or in a different language recognized by the FMA in accordance with the Regulation (Section 7b (1) of the KMG).

(3) If the FMA considers that the application in accordance with paragraph 1 is not complete, it shall request additional information no later than 10 working days after the receipt of the information in accordance with paragraph 2. Section 13 (3) of the last sentence of AVG shall not apply. In the event of a cross-border merger, after the complete application has been submitted, the FMA shall immediately examine the copies of the information referred to in paragraph 1 to the competent authorities of the home Member State of the accepting UCITS for consideration , Where the FMA receives from the competent authorities of the Member State of origin of the accepting UCITS within 15 working days of the transmission of the copies of the information referred to in paragraph 1, an indication of concerns about the information for investors of the accepting UCITS, the procedure shall be suspended within the meaning of section 38 of the last sentence of the AVG.

(4) In order to assess the adequacy of the information for the unit-holders, the FMA has to consider the potential impact of the proposed merger on the unit-holders of the transferring UCITS. It may require in writing to the transferring UCITS that the information for the unit-holders of the transferring UCITS is more clearly defined. This request inhibits the continuation of the assessment period referred to in paragraph 6 up to the receipt of the amended information for investors at the FMA.

(5) The approval of the merger shall be granted where the following conditions are met:

1.		The proposed merger complies with all requirements of this provision as well as § § 116 to 119;
2.		the receiving UCITS is notified in accordance with Article 93 of Directive 2009 /65/EC in respect of the marketing of its shares in all Member States in which the transferring UCITS either authorises or in accordance with Article 93 of Directive 2009 /65/EC for the the marketing of its shares is notified; and
3.		the FMA and, in the case of a cross-border merger, the competent authorities of the Member State of origin of the accepting UCITS, the information to be transmitted to the unit-holders is satisfactory or it is no mention has been made of concerns by the competent authorities in the Member State of origin of the accepting UCITS within the meaning of section 116 (2).

(6) The FMA has within 20 working days of the submission of the complete application in accordance with the provisions of paragraphs 3, 4 and 5 or in the case of a domestic merger in accordance with paragraphs 4 and 5 and § 116 para. 2 within 20 working days of the submission of the complete application. in writing, to approve the merger or to notify the rejection of the application by means of a notice in writing. At the same time, in the case of a cross-border merger, the competent authorities of the home Member State of the accepting UCITS must also be informed by the FMA of the decision.

Examination of the unit-holder information in the event of a merger of a receiving UCITS approved in Austria

§ 116. (1) In the context of the merger of a accepting UCITS approved in Austria, the FMA, in the case of a cross-border merger on the basis of the information transmitted by the competent authority of the home Member State of the transferring UCITS, has information to consider the potential impact of the proposed merger on the unit-holders of the accepting UCITS in order to assess the adequacy of the information for the unit-holders.

(2) If the FMA has concerns regarding the adequacy of the information for investors in the accepting UCITS, it shall have no later than 15 working days after receipt of the complete information or in the case of a cross-border merger to request, at the latest 15 working days after receipt of the copies of the complete information referred to in paragraph 1, a written request to the accepting UCITS to change the information for its unit-holders. In the case of a domestic merger, this request inhibits the continuation of the assessment period in accordance with Section 115 (6) to the receipt of the amended information for investors at the FMA.

(3) In the event of a cross-border merger, the FMA shall submit to the competent authorities of the home Member State of the transferring UCITS a reference to their concerns within the period referred to in the first sentence of paragraph 2, and after that date the FMA has have been presented to the unit-holders of the accepting UCITS, to inform the competent authorities of the home Member State of the transferring UCITS within 20 working days whether this amended information is are satisfactory.

Merger Plan

§ 117. The transferring UCITS and the receiving UCITS shall draw up a common draft terms of merger, which shall contain the following information:

1.		the nature of the merger and the UCITS involved,
2.		the background and motives for the proposed merger,
3.		the expected impact of the proposed merger on the unit-holders of both the transferring and the accepting UCITS,
4.		the criteria adopted for the valuation of assets and, where appropriate, of liabilities at the time of calculation of the exchange ratio pursuant to Section 125 (1) or (2),
5.		Method for calculating the exchange ratio,
6.		Planned effective merger date,
7.		the provisions applicable to the transfer of assets and to the exchange of shares; and
8.		in the case of a merger pursuant to § 3 paragraph 2 Z 15 lit. b and, where applicable, § 3 para. 2 Z 15 lit. c the Fund's provisions or the statutes of the newly established accepting UCITS.

(2) The FMA may not require further information to be included in the draft terms of merger. However, the transferring and the receiving UCITS may decide to include further points in the draft terms of merger.

Verification of the merger plan by the depositaries

§ 118. The depositaries of the transferring and the accepting UCITS have to examine the conformity of the information in accordance with § 117 (1) Z 1, 6 and 7 with the requirements of this federal law and the fund provisions of their respective UCITS and their Regularity.

Confirmation of the auditor

§ 119. (1) In the context of the merger of a transferring UCITS approved in Austria pursuant to Section 50, an independent auditor shall confirm the following:

1.		the criteria adopted for the valuation of assets and, where applicable, of liabilities at the time of calculation of the exchange ratio pursuant to § 125 (1) or (2);
2.		where applicable, the cash payment per share and
3.		the method of calculation of the exchange ratio and the actual exchange ratio at the time of the calculation of this exchange ratio in accordance with § 125 (1) or (2).

(2) The statutory auditors (§ 49 para. 5) of the transmitting UCITS or the accepting UCITS shall be deemed to be independent auditors for the purposes of paragraph 1.

(3) On request, a copy of the independent auditor's report shall be made available to the unit holders of the transferring and the accepting UCITS and to the FMA free of charge.

Information of the unit-holders

§ 120. (1) The transferring and receiving UCITS have to provide their unit holders with appropriate and accurate information on the proposed merger in order to obtain a substantiated judgment on the impact of the proposed merger. To be able to form a merger on their grounds and exercise their rights under Section 123. The information is to be kept short and to be written in a generally comprehensible language.

(2) Where a cross-border merger is proposed, the transferring UCITS and the acquiring UCITS shall, in a language which is easy to understand, explain all the terms and procedures relating to the other UCITS, which shall be based on the to distinguish between common terms and procedures.

The information for the unit-holders of the transferring UCITS shall be in line with investors who have no knowledge of the characteristics of the accepting UCITS and the nature of the activities of the UCITS. The unit-holders are to refer to the customer information document of the accepting UCITS and to ask them to read it.

(4) In the case of the information for the unit-holders of the accepting UCITS, the focus is on the process of merger and the potential impact on the accepting UCITS.

(5) If the transferring or the receiving UCITS has been notified in accordance with § 139, the information in the in an official language of the host Member State of the UCITS, or in a language approved by the competent authorities of the UCITS, to make available to the unit-holders. The UCITS, which shall transmit the information, shall be responsible for the compilation of the translation. This translation shall reliably reflect the content of the original.

(6) The information referred to in paragraph 1 shall be submitted to the respective unit-holders in accordance with § 133 at least 30 days before the last deadline for a request for withdrawal or payment or, where appropriate, conversion without additional costs pursuant to § 123, but only after Assent

1.		the FMA, provided that the transferring UCITS is approved in Austria, or
2.		the competent authority of the home Member State, provided that the transferring UCITS is authorised in another Member State,
shall be transmitted.

Contents of the information for the unit-holders

§ 121. (1) The information referred to in § 120 shall contain at least the following information:

1.		the background and motives for the proposed merger;
2.		potential impact of the proposed merger on the unit-holders, including but not limited to significant differences in investment policy and strategy, costs, expected outcome, periodic reports, possible Dilution of performance and, where appropriate, a clear warning to investors that their tax treatment may be subject to change in the course of the merger;
3.		specific rights of the unit-holders in relation to the proposed merger, including, but not limited to, the right to additional information, the right, on request, a copy of the report of the independent auditor or of the the right to require the free redemption or payment or, where appropriate, the conversion of their shares, in accordance with § 123, and the time limit for the exercise of this right, the following information must be included:
a)			information on the handling of the proceeds of the UCITS concerned;
b)			an indication of the way in which the independent auditor's report referred to in Article 119 (3) can be obtained,
4.		relevant procedural aspects, in particular details of any planned suspension of the trading of shares, with a view to enabling the merger to be carried out efficiently, and an indication of the date of effect of the merger in accordance with § 125 (planned effective merger date);
5.		A copy of the customer information document of the accepting UCITS referred to in § 134 (1).

(2) The information in accordance with § 120 for the unit-holders of the transferring UCITS also has to contain:

1.		details of differences in the rights of unit-holders of the UCITS to be transferred before and after the proposed merger becomes effective;
2.		if the customer information documents of the transferring UCITS and the accepting UCITS have synthetic risk and income indicators in different categories or in the accompanying explanatory description different essential Risks are described, a comparison of these differences;
3.		a comparison of all costs, charges and expenses of both UCITS on the basis of the amounts mentioned in the respective customer information documents;
4.		if the transferring UCITS charges a performance-related fee, an explanation of the collection of that charge until the merger becomes effective;
5.		if the receiving UCITS charges a performance-related fee, an explanation of the charging of that fee, while ensuring fair treatment of the unit-holders who previously held shares of the transferring UCITS;
6.		if the transferring or accepting UCITS or their unit-holders may be charged in connection with the preparation and implementation of the merger in accordance with § 124 costs, the details of the allocation of such costs;
7.		a statement as to whether the management company of the transferring UCITS intends to re-balance the portfolio before the merger becomes effective;
8.		if a cash payment in accordance with § 3 para. 2 Z 15 lit is used in the draft terms of the merger. (a) or (b), information on the proposed payment, including information on the date and arrangements for cash payment to the unit-holders of the transferring UCITS;
9.		Indication of the period during which the unit-holders in the transferring UCITS may still issue contracts for the drawing and payment of shares;
10.		Indication of the period during which the unit-holders who do not exercise their rights under Section 123 within the relevant time limit may exercise their rights as unit-holders of the accepting UCITS.

(3) The information referred to in § 120 for the unit-holders of the accepting UCITS shall also contain a statement of information as to whether the management company of the accepting UCITS assumes that the merger is essential Effects on the portfolio of the accepting UCITS and whether it intends to re-balance the portfolio before or after the merger becomes effective.

(4) Where the information documents are preceded by a summary of the main points of the proposed merger, reference should be made to the sections of the information documents which contain further information.

New unit-holders

§ 122. Between the date of transmission of the information in accordance with Section 120 to the unit-holders and the date on which the merger becomes effective, the information documents according to § 120 and the current customer information document for the investors of the receiving UCITS of any person who either purchases or records shares in the transferring or acquiring UCITS, or copies the fund's provisions or the articles of association, the prospectus or the customer information document of one of the two UCITS.

Right of back and exchange of the unit-holders

§ 123. The unit-holders of both the transferring and the accepting UCITS are entitled to do so without further costs than those which, in accordance with § 59 in conjunction with § 53, will be withheld to cover the costs of the return.

1.		the payment or withdrawal of their shares or,
2.		as far as possible, their exchange in shares of another UCITS with a similar investment policy managed by the same management company or any other company with which the management company is managed by a joint administration or control or through substantial direct or indirect participation,
. This right shall take effect from the date on which the unit-holders of the transferring UCITS and the unit-holders of the accepting UCITS are informed in accordance with Section 120 of the proposed merger, and shall be issued five working days prior to the date of the calculation of the exchange ratio according to § 125 (1) or (2).

Cost

§ 124. Any legal, advisory or administrative costs associated with the preparation and implementation of the merger shall not be charged to the transferring UCITS, the accepting UCITS or their unit-holders.

More effective

§ 125. (1) A domestic merger shall be effective with the date specified in the draft terms of merger pursuant to section 117 (1) (6). For the calculation of the ratio for the exchange of shares of the UCITS to be transferred into shares of the accepting UCITS and, where applicable, for the determination of the relevant net asset stock for cash payments, the Date specified in the draft terms of merger.

(2) For cross-border mergers in which the receiving UCITS is authorised in Austria, the time limits laid down in paragraph 1 shall apply, in which case the approval by the unit-holders of the transferring UCITS, in any case, shall be subject to the approval of the necessary authorization. is. In the case of cross-border mergers in which the acquiring UCITS is authorised in another Member State, the time limits laid down in paragraph 1 shall be governed by the law of the country of origin of the acquiring UCITS.

(3) The effect of the merger shall be published in accordance with Section 136 (4) (1), (3) or (5) and the FMA and, in the case of a cross-border merger, the competent authority of the Member State of origin of the transferring or receiving Member State UCITS.

(4) A merger which has become effective pursuant to para. 1 or 2 can no longer be annulled.

Effects of the merger

§ 126. (1) According to § 3 paragraph 2 Z 15 lit. a (gross merging by inclusion) has the following effects:

1.		All assets and liabilities of the transferring UCITS shall be transferred to the accepting UCITS or, where applicable, to the depositary of the accepting UCITS;
2.		the unit-holders of the transferring UCITS shall be the unit-holders of the accepting UCITS and, where appropriate, they shall be entitled to a cash payment of not more than 10% of the net assets of their shares in the transferring UCITS; and
3.		the authorization of the transferring UCITS shall be issued with the entry into force of the merger.

(2) A (b) 15 lit pursuant to § 3 (2). (b) The merger has the following effects (gross fusion by new education):

1.		All assets and liabilities of the transferring UCITS shall be transferred to the newly established accepting UCITS;
2.		the unit-holders of the transferring UCITS shall be the unit-holders of the newly formed accepting UCITS and, where appropriate, they shall be entitled to a cash payment of not more than 10% of the net assets of their shares in the transferring UCITS, and
3.		the authorization of the transferring UCITS shall be issued with the entry into force of the merger.

(3) A clause of Article 3 (2) (e) (15 lit). c (net merging) has the following effects:

1.		The net assets of the UCITS to be transferred shall be transferred to the accepting UCITS;
2.		the unit-holders of the transferring UCITS shall be the unit-holders of the accepting UCITS, and
3.		the authorization of the transferring UCITS shall not be extinguished until all liabilities have been satisfied.

(4) The management company of the accepting UCITS has to confirm to the depositary of the accepting UCITS that the transfer of the assets and in the case of paragraph 1 or 2 of the liabilities is completed.

(5) The provisions on the control of concentrations between undertakings under the Cartel Act 2005-KartG 2005 (BGBl. 61/2005) and Regulation (EC) No 139/2004 on the control of concentrations between undertakings (the 'EC Merger Regulation') remain unaffected.

Facilitation of fund mergers without cross-border reference

§ 127. (1) The merger (merger) of UCITS approved in Austria, which are not notified in accordance with § 139 in another Member State for distribution, is governed by § § 114 (3), (119) and (122) to (126). § § 120 and 125 as well as § 3 paragraph 2 Z 15 lit. c are not applicable. The FMA may only grant the authorization if the interests of all investors are sufficiently safeguarded.

(2) The management company of the accepting or new UCITS to be formed may manage the fund assets arising from the association as a UCITS under this Federal Act as of the date of the merger, provided that the meeting date is met with a minimum of three months Announcement period is published. The publication includes the UCITS concerned by the merger, the FMA's declaration of consent, information on the exchange of shares, information on the management company, which is responsible for managing the merged or newly formed UCITS, and any change of custodian bank transfer (§ 61) and the fund provisions in force from the date of the merger (§ 53). Fractions of fractions shall be subject to cash. The merging of a UCITS with an AIF is not permitted.

(3) The management company may manage a UCITS with the approval of the FMA without termination in accordance with Section 60 (1) by transferring the assets belonging to the fund assets to another, from the same or another management company managed to terminate UCITS or by merging them by means of new formation. The provisions of paragraph 1 shall apply. The unit-holder shall not be entitled to any costs arising from this procedure. It shall enter into force with the date indicated in the publication, but not earlier than three months after its publication.

4. Main piece

Information for investors, advertising and distribution

Section 1

Advertising and offer of shares

Advertising for UCITS units

§ 128. (1) The advertising of shares in UCITS may only take place with simultaneous reference to the prospectus published pursuant to § 136 (4) (§ 131) and the customer information document (§ 134) to be made available in accordance with § 138, and shall indicate on the basis of the manner in which the prospectus and the customer information document are available and accessible to the investor or potential investor in which language and language.

(2) Advertising to investors must:

1.		clearly recognizable as such,
2.		Reputable
3.		clear and
4.		not misleading
be. In particular, an advertisement containing a request for the acquisition of units of a UCITS and specific information on a UCITS may not make any statements contrary to the information contained in the prospectus and to the information referred to in section 134 (1) of the above-mentioned article. Customer information document or downgrade the meaning of this information.

(3) The advertising of shares in UCITS, which refers to the past performance of the Fund, shall contain a statement indicating that the value development of the past does not provide any reliable conclusions to the future development of a fund.

(4) A feeder UCITS has to include in each advertisement the indication that it permanently applies at least 85 vH of its assets to the shares of a given master UCITS.

(5) The following facts shall be pointed out in the advertisement in the advert to the following:

1.		the investment strategy of the UCITS, if the UCITS invests mainly in the categories of investment instruments other than securities or money market instruments as defined in Article 67 (1) Z 3 to 5, or reproduces a stock or debt index;
2.		increased volatility in the event that the net assets of a UCITS have increased volatility due to the composition of its portfolio or portfolio management techniques;
3.		the granting of the Fund's provisions by the FMA in the case of a UCITS within the meaning of § 76.

(6) A UCITS within the meaning of § 76 also has the Member States, local authorities or international bodies of a public-law nature in whose securities the UCITS intends to invest more than 35 vH of its special assets, or , shall indicate.

Offer of shares

§ 129. (1) An offer of shares in UCITS must be allowed-except for the provisions of the 5. Section-in Germany only if the UCITS has been approved by the FMA in accordance with § 50, no later than one working day before the offer the KID is available in accordance with § 138 and the prospectus has been published in accordance with § 136 paragraph 4.

(2) Both the prospectus and the provisions of the Fund, as well as its amendments (Section 131 (6)), as well as the KID in the current version and any translations, are to be transmitted to the Reporting Office in time for the They shall be available no later than the date of publication of the prospectus. The FMA may, after consulting the Reporting Office by means of a Regulation, lay down the requirements for the electronic filing of such documents and, by means of a Regulation, in accordance with European practices in this field, the transmission shall be made exclusively in electronic form. § 12 para. 1, 2 and 3 Z 1 and 2 KMG With the proviso that the period of delay for the reporting office is to be calculated from the time of settlement of the UCITS and that the obligation to provide information pursuant to Article 12 (3) Z 2 of the KMG is only on special occasion at the request of the Federal Minister of Finance, who FMA or the Oesterreichische Nationalbank.

(3) If agreements to the detriment of the consumer within the meaning of Section 1 (1) (1) (2) and (3) of the KSchG (German Act) deviate from the provisions of this Federal Act, they shall be ineffective.

Protection of labels

§ 130. (1) The names "capital investment company", "capital investment fund", "investment fund company", "investment fund", "co-ownership fund", "securities fund", "equity fund", "bond fund", "investment bank notes", "investment certificates", "Retirement Investment Fund", "Special Fund", "Index Fund", "bond fund", "Pension Fund", "Fund", "Thesauriding Capital Investment Fund", "Money Market Fund", "Money market fund with a short maturity structure", or similar names or abbreviations of such names may only be used for: Capital investment funds and their share certificates are used and only incorporated into the company of management companies. The name "UCITS" may only be used for UCITS and their shares. The addition of "oral proof" or equivalent names or abbreviations may be used in the name of capital investment funds and their shares only for UCITS pursuant to § 46 (3).

(2) Management companies from an EEA Member State may take part in the exercise of their activities within the framework of the second part of the second part. Main piece 3. Section of the same general names that they lead in their Member State of sitting. They must, however, add appropriate clariative additives to such names if there is a risk of misleading.

Section 2

Prospectus and information for investors

UCITS prospectus

Section 131. (1) The prospectus shall contain the information necessary to enable investors to make a sound judgment on the investment proposed to them and, above all, on the risks involved.

(2) The prospectus must-irrespective of the type of instruments invested in the prospectus-contain a clear and easily understandable explanation of the Fund's risk profile.

(3) The prospectus shall contain at least the information provided for in Schedule A of Annex I to the extent that such information is not already included in the Fund's provisions of the UCITS which are to be attached to the prospectus in accordance with paragraph 5 of this Annex.

(4) The prospectus shall contain, in particular, the following information:

1.		the categories of assets of the UCITS may be invested in;
2.		whether the UCITS is allowed to do business with derivatives;
3.		if the UCITS is allowed to invest in derivatives transactions (Z 2), it must be explained in the highlighted body whether these operations may be carried out in order to secure investment positions or as part of the investment strategy, and how the use of such assets should be of derivatives may have an effect on the risk profile;
4.		an indication of the investment strategy at a prominent position where a UCITS is the principal asset of a UCITS in the categories of investment instruments other than securities or money market instruments as defined in Article 67 (1) (3) to (5); , or if a UCITS reproduces a share or debt index in accordance with § 75;
5.		where appropriate, an indication of an increased volatility of the net assets of a UCITS on the basis of the composition of its portfolio or of the portfolio management techniques used;
6.		in the case of a UCITS within the meaning of section 76, a reference to the approval of the Fund's provisions by the FMA and an indication of the Member States, local authorities, third countries or international bodies public-law character in whose securities the UCITS intends to invest more than 35 vH of its special assets or has invested it;
7.		where a substantial part of the assets of a UCITS are invested in shares of other UCITS or other collective investment undertakings, the maximum level of the administrative fees charged by the UCITS itself and by the UCITS itself, other UCITS or other collective investment undertakings which are intended to invest;
8.		a list of the tasks assigned in accordance with § 28;
9.		the method of calculation of the total risk;
10.		where appropriate, the expected height of the lever in the use of derivatives and the possibility of higher values;
11.		where appropriate, information on the reference assets used.

(5) The Fund provisions approved by the FMA shall form part of the prospectus and shall be attached to the prospectus. The apportion may be maintained if the investor is informed that he may receive them on request or, upon request, be informed of the position at which he can consult them in each Member State in which the shares are distributed. This shall not affect the deposit of the Fund's provisions in accordance with Section 129 (2).

(6) Changes in the information provided for in paragraphs 1 to 4, which are likely to influence the assessment of the shares in UCITS, must be included in the prospectus as a supplement and must be published immediately.

(7) In the case of an offer of shares without a prior publication of the prospectus, § 5 (1) and (3) to (6) KMG shall apply mutatis mutudly. In the case of publication of amendments pursuant to paragraph 6, Section 6 (2) of the KMG shall apply mutatily.

The prospectus of the feeder UCITS shall contain, in addition to the information provided for in Annex I Scheme A and the information referred to in paragraphs 1 to 4, the following:

1.		a declaration that the feeder UCITS is a feeder fund of a given master UCITS and, as such, permanently deposits at least 85 vH of its assets in shares of this master UCITS,
2.		Indication of the investment target and investment strategy, including the risk profile, as well as whether the performance of the feeder UCITS and the master UCITS are identical or to what extent and for what reasons they differ, including: Description of the investments made pursuant to section 93 (2),
3.		a brief description of the master UCITS, its structure, its investment target and its investment strategy, including the risk profile, as well as information on how the updated prospectus of the master UCITS is available,
4.		a summary of the agreement concluded between the feeder UCITS and the master UCITS in accordance with § 96 (1) or the corresponding internal regulations in accordance with § 98,
5.		Indication of the possibilities for obtaining further information on the master UCITS and the agreement between the feeder UCITS and the master UCITS concluded pursuant to § 96 (1) by the unit-holders,
6.		a description of all remuneration and costs to be paid by the feeder UCITS as a result of the installation in shares of the master UCITS, as well as the aggregated fees of feeder UCITS and master UCITS, and
7.		Description of the tax implications of the installation in the master UCITS for the feeder UCITS.

Individual and punctual information requirements

§ 132. (1) At the request of a investor, the management company shall also, in addition to the investment limits of the risk management of the UCITS, the risk management methods and the latest developments in the risks and returns of the main categories, shall: of investment instruments in accordance with § 133.

(2) The management company shall inform the investors on a suitable durable medium in accordance with § 133 of the circumstances in accordance with section 25 (2) (potentially disadvantageous conflicts of interest), stating the reasons.

(3) A brief description of the strategies referred to in § 26 (1) for the exercise of voting rights is to be made available to investors free of charge; the information may also be provided in the context of the prospectus (§ 131). Further information on the measures taken on these strategies shall be made available to the unit holders free of charge on request in accordance with § 133.

(4) The management company shall have appropriate information to the unit-holders on the principles laid down in accordance with § 32 on the best possible execution of trading decisions and substantial changes thereto in the context of the prospectus or in accordance with § 133 to the public.

How to provide information

§ 133. (1) If the unit-holders are to be informed of certain facts or processes in accordance with this Federal Act, this information shall, unless otherwise expressly provided for in this Federal Act, be made available to the unit-holders on paper or on a in the case of any other durable medium, the following conditions must be fulfilled:

1.		The provision of the information shall be appropriate to the framework conditions under which the business activities between unit-holders and the UCITS or, where relevant, the management company concerned are to be or are to be carried out; and
2.		the unit-holder to whom the information is to be made available has expressly opted for the latter in the choice between information on paper or another durable medium.

(2) For the purposes of paragraph 1, the provision of information by electronic means in relation to the framework conditions under which the business activities of UCITS or its management companies and the unit-holder are carried out , it should be considered appropriate if the unit-holder has been shown to have regular access to the Internet. This shall be deemed to be proven if the unit-holder has provided an e-mail address for the execution of these transactions. Otherwise, the information shall be sent to the unit-holder in respect of an address which it has announced on the acquisition of the shares.

(3) Where shares are not held by the management company or where it is not possible to carry out the transmission of information itself, it shall appropriately provide the information to the custodians of the unit-holders with the information in respect of a Transfer to the unit-holders. The depository authorities shall forward the information immediately after the supply to the unit holders.

Section 3

Essential information for the investor-Customer Information document

Customer Information Document KID

§ 134. (1) The management company shall draw up a short document containing essential information for the investor for each UCITS which it manages. This document is referred to in Regulation (EU) No 583/2010 as "Key Investor Information" and in this Federal Act as "Customer Information Document" or "KID" for short. The term "Essential Investor Information" is to be mentioned in the KID clearly and clearly in the languages mentioned in § 142 (1) Z 3.

(2) The customer information document is pre-contractual information. It must be honest, clear and non-misleading and must be consistent with the relevant parts of the prospectus. The central elements (Section 135 (2)) of the KID must always be up-to-date (§ 131 (6)).

(3) Due to the KID, including the translation, the investor may not yet deduce any civil liability, unless the information is misleading, incorrect or inconsistent with the relevant parts of the prospectus. The KID must contain a clear warning in this respect.

(4) The KID is to be kept short and to be written in a generally understandable language. It is to be created in a uniform format in order to make comparisons possible, and to present in a way that is understandable for retail investors within the meaning of § 1 Z 14 WAG 2007. In doing so, the requirements of Regulation (EU) No 583/2010 must be complied with. The FMA may, by means of a regulation, in the light of European practices in this area, provide details of Art. 8 and Article 10 (2) (b) and Annex I of Regulation (EU) No 583/2010, in particular with regard to the transitional provisions, the description of a synthetic indicator, the risk categories, the value developments of the UCITS and the current costs.

(5) The KID shall be used in all Member States in which the distribution of the UCITS units has been notified in accordance with § 139, except for translation, without any changes or additions.

Contents of the KID

§ 135. (1) The KID shall contain appropriate information on the essential characteristics of the UCITS in question and shall enable investors to understand the nature and risks of the investment product offered and, on that basis, to provide a sound basis for To make an investment decision.

(2) The KID shall contain information on the following essential elements of the UCITS concerned:

1.		the identity of the UCITS,
2.		a brief description of the investment objectives and of the investment strategy,
3.		presentation of the previous value development or, where applicable, performance scenarios,
4.		costs and charges, and
5.		the risk/return profile of the facility, including appropriate information on the risks associated with the installation in the UCITS concerned and the appropriate warnings.
These essential elements must be able to understand the investor without the need for additional documents to be used for this purpose.

(3) The KID shall contain clear information as to where and how additional information can be obtained on the proposed facility, including where and how the prospectus and the accountability reports and half-yearly reports are available at any time on request free of charge and in which language this information is available.

(4) With regard to the precise configuration of the KID within the meaning of paragraphs 1 to 3, the Regulation (EU) No 583/2010 is relevant.

Section 4

Publications and information modalities

Publications

§ 136. (1) The management company shall publish the following documents for each of the UCITS it manages:

1.		a prospectus,
2.		an accounting report for each accounting year; and
3.		a half-yearly report covering the first six months of the accounting year.

(2) The accounting report and the half-yearly report shall be published within the following time limits, calculated from the end of each reporting period:

1.		for the accountability report for four months; and
2.		for the semi-annual report two months.
The accounting reports and half-yearly reports shall be available to the public in the areas referred to in the main investor information and in the prospectus or in other form authorised by the FMA by means of a regulation.

(3) In the event that an issue, a sale, a withdrawal or payment of its shares takes place, the UCITS shall publish, publish, republish or repay its shares in an appropriate manner each time, at least once in a suitable manner. but twice a month. However, the FMA may allow a UCITS to carry out this publication only once a month, provided that this does not adversely affect the interests of the unit-holders.

(4) Publications ordered by this Federal Act may be made:

1.		in the Official Journal to the Wiener Zeitung or otherwise in at least one newspaper with distribution throughout the territory of the Federal Republic of Germany or
2.		by providing access to the public in printed form free of charge at the head office of the management company, or
3.		in electronic form, on the Internet site of the management company and, where appropriate, on the Internet side of the financial intermediaries, including the paying agencies, who place or sell the shares, or
4.		in electronic form on the Internet site of a body charged by the FMA against reasonable remuneration, if the FMA has decided to offer this service.

(5) In the case of publications in electronic form as referred to in paragraphs 4 (3) and 4 (3) and (4), with the exception of the information to be published in accordance with paragraph 3 (issuing and withdrawal price), the investor must be from the management company, from the supplier from which the authorisation is granted are made available free of charge on request by the person applying for trading or by the financial intermediaries who place or sell the shares. In the case of publication in paper form pursuant to paragraph 4 (2) (2), the management company shall, at the request of the investor, submit an electronic version in accordance with § 133.

Information to the FMA

§ 137. (1) A UCITS approved in Austria has the FMA

1.		the KID and any modifications thereof,
2.		the prospectus of the UCITS and its amendments; and
3.		the accounting reports and half-yearly reports and the audit report of the UCITS
shall be transmitted. The documents mentioned in Z 1 and 2 are to be transmitted to the FMA by way of the Reporting Office (§ 12 KMG) in accordance with Section 129 (2). At the request of the competent authorities of the Member State of origin of the management company, the UCITS shall also have to make available to those authorities the documents in accordance with Z 1 to 3.

(2) In addition to the documents referred to in paragraph 1, the Feeder UCITS of the FMA approved in Austria shall have the prospectus, the KID referred to in § 134, including any relevant modification, as well as the accountability reports and half-yearly reports of the Master UCITS within the time limits set out in paragraph 3 in German or English, or in a language recognized by the FMA pursuant to Section 7b (1) of the KMG by a Regulation as referred to in paragraph 1.

(3) The audited accounting report and the audit report on the accountability report shall be submitted by the management company at the latest within four months of the end of the financial year of the UCITS of the FMA. The semi-annual report shall be submitted to the FMA within two months of the end of the reporting period.

Date and type of provision of prospectus, KID and investor reporting

§ 138. The management company shall, for each UCITS which it administers and which it sells, directly or through another natural or legal person acting on its behalf and under its full and unconditional liability, sell to the investors in good time before the subscription to the shares of the UCITS

1.		the KID for this UCITS in German and
2.		on request also
a)			the prospectus,
b)			the Fund's provisions, if they are not already included in the prospectus, and
c)			the most recently published annual and semi-annual report, and
d)			in the case of a master-feeder UCITS, the agreement between the master UCITS and the feeder UCITS in accordance with § 96
to be made available free of charge in paper form or on another durable medium (Regulation (EU) No 583/2010).

(2) Where the management company does not sell the UCITS directly or through any other natural or legal person acting in its own name and under its full and unconditional liability to investors, the UCITS shall have the Product designers, intermediaries, investors in such UCITS or in products that include, sell, sell, or advise on the investment risks of such UCITS to provide the KID at their request. The intermediaries who sell or advise investors potential investments in UCITS have their customers or customers. potential customers, the KID-and, at the request of the investors, also the fund regulations-made available free of charge in paper form or on another durable medium (Regulation (EU) No 583/2010).

(3) In addition to paragraphs 1 and 2, the management company shall have a website

1.		the customer information document is always in the current version as well as
2.		the prospectus is always in the latest version
to the public.

(4) The accounting reports and the half-yearly reports shall be made available to the investor in the form described in the prospectus and in the KID.

(5) Without prejudice to the obligations laid down in paragraphs 2 to 4, the unit-holders shall be subject to a paper version of the customer information document in the current version, the prospectus, the accounting reports and the half-yearly report, on request and free of charge, and in the case of a Master-feeder UCITS also to make available the prospectus as well as the accounting report and semi-annual report of the master UCITS by the feeder UCITS.

(6) In the event of a merger, the holder of the transferring UCITS shall be provided with an up-to-date version of the customer information document of the accepting UCITS in accordance with § 133 of the date specified in § 120 paragraph 6. If, on the basis of the proposed merger, changes to the customer information document are made for the investors of the accepting UCITS, the modified customer information document shall be the unit holder of the accepting UCITS in accordance with § 133 to the § 120 (6).

(7) A UCITS which is approved in Austria shall make available to investors in Austria all documents and information in accordance with this main piece in any case in German. With regard to a UCITS approved in another Member State, § 142 shall apply.

Section 5

Distribution of UCITS units in Member States other than the UCITS host country

Distribution of shares of a UCITS approved domestiy in other Member States

§ 139. (1) If a UCITS intends to distribute its shares in another Member State, it shall forward to the FMA a period of notice in accordance with Article 1 of Regulation (EU) No 584/2010, which shall include the following information and documents:

1.		information on the arrangements for the marketing of the UCITS units in the host Member State;
2.		where appropriate, information on the genera and sub-funds;
3.		provided that the UCITS is distributed by the management company which manages it (§ 37-Service and establishment freedom), an indication thereof;
4.		a current version
a)			the provisions of the Fund;
b)			the prospectus and
c)			where appropriate, the last report of the accounts and the subsequent half-yearly report
		in the translation into the official language or in one of the official languages of the host Member State of the UCITS, or in a language accepted by the competent authorities of the host Member State, or in a language accepted by the competent authorities of the host Member State, in accordance with Article 142 (1) (4) (4) of the Treaty Financial world common language and
5.		the customer information document referred to in § 134, in the translation into the official language or in one of the official languages of the host Member State of the UCITS or in one of the competent authorities of the UCITS in accordance with section 142 (1) (4) of the Host Member State accepted language.

(2) After verification of the completeness of the particulars and documents transmitted in accordance with paragraph 1, the FMA shall, at the latest ten working days after receipt of the information and documents submitted, shall be responsible for the competent authorities of the Member State in which the UCITS wishes to distribute its shares. To submit the complete documents referred to in paragraph 1 and to submit a certificate, in accordance with Article 2 of Regulation (EU) No 584/2010, to the UCITS as required under Article 2 of Regulation (EU) No 584/2010, to be submitted in full in accordance with Article 2 of Regulation (EU) No 584/2010. 2009 /65/EC. Section 13 (3) of the last sentence of AVG shall not apply.

(3) The FMA has to notify the UCITS immediately after the documentation has been sent. The UCITS may place its shares on the market from the date of such notification in the host Member State.

(4) The reference period referred to in paragraph 1 shall be indicated by the scoreboard and the certificate referred to in paragraph 2 shall be issued by the FMA in a language customary in the international financial world or in German, provided that it is also the case The official language of the host Member State shall be the official language.

(5) The electronic transmission and deposit of the documents referred to in paragraphs 1 and 2 shall be admissible and the FMA shall disclose an e-mail address in accordance with Article 3 of Regulation (EU) No 584/2010, to which the documents and documents and documents are to be submitted. information, as well as changes in the documents and information referred to in paragraph 1, either by means of a description of the change or by adding a new version in a commonly used electronic format.

(6) The management company of a UCITS approved in Austria shall ensure that all information and documents referred to in paragraph 1 (4) and (5), together with any translations, on an Internet site which is to be transmitted in accordance with the provisions of paragraph 1 of this Article The competent authority of the host Member State shall be kept up to date and the competent authority of the host Member State shall be informed of any changes to the information provided by the competent authority of the host Member State, indicating the notification of the notification. (1) and the electronic availability of such documents. Any document made available on this website shall be provided there in a generally customary electronic format.

(7) The FMA may provide for appropriate electronic data processing and central storage systems for the purposes of paragraphs 5 and 6, taking into account the requirements of ESMA.

Distribution of shares in domestic UCITS approved in another Member State

§ 140. (1) The shares of a UCITS approved by another Member State may be distributed in Austria as soon as the FMA has completed the complete documents and information pursuant to § 139 (1) and the certificate pursuant to § 139 (2) of the competent authority. the authority of the UCITS ' home Member State.

(2) UCITS may use the same reference in their legal form, such as "investment company" or "investment funds", as in their Member State of origin (§ 130), for the performance of their activities.

(3) A fee of EUR 1 100 is to be paid to the FMA for the processing of the ad pursuant to paragraph 1. This fee will be increased by EUR 220 from the second sub-fund for each fund, in the case of funds which contain several sub-funds (Umbrella-Fonds). For the purpose of monitoring compliance with the obligations laid down in this Section, it shall also be at the beginning of each calendar year, at the latest by the date of 15. To pay an annual fee of EUR 600 to FMA this year; this fee will be increased by EUR 200 for funds containing several sub-funds (Umbrella-Fonds), starting from the second sub-fund for each sub-fund. Fees which have not been paid at the latest on the due date shall be enforceable. The FMA has to produce a residue certificate in force as an exectable title. It shall contain the name and address of the person liable to pay, the amount of the debt, and the endorsement that the debt has become enforceable. The non-timely payment of the fee is a sales support reason in accordance with § 162 (2).

Arrangements for the protection of the unit-holders of the UCITS authorised in another Member State

§ 141. (1) The UCITS authorised in another Member State shall take the measures necessary to ensure that the unit-holders in Austria comply with Articles 55 to 57 and Articles 128, 132, 133, 136 and 138. the benefit of the payments, the repurchase and the withdrawal of the shares, and the information to be provided by the UCITS. To this end, the UCITS has to designate at least one credit institution which fulfils the conditions set out in § 41 (1), first sentence.

(2) The UCITS authorised in another Member State shall make available to the FMA all information and documents in accordance with Section 139 (1) (4) and (5), together with any translations thereof, on an Internet site, always on the latest Stand and inform the FMA of any change in these documents and their electronic availability.

(3) In the event of a change in the information on the modalities of the marketing or a change of the distributed interests or partial funds communicated in accordance with § 139 (1) (1) 1 (1), the information provided in accordance with § 139 (1) (2) has the following information in accordance with § 139 (1) (2) of the German law. to notify the FMA of a UCITS approved by another Member State in writing before the amendment is implemented.

(4) The UCITS authorised in another Member State intends to cease the distribution of shares in the public sector, to notify the FMA and to publish it in the light of the legal consequences. The obligations arising from the public distribution resulting from this Federal Law shall end at the earliest three months after the distribution has been set. The FMA may, in the interests of the unit-holders, order an extension of this period and a publication in this respect. Section 142 shall continue to apply.

Information requirements of the UCITS authorised in another Member State

Section 142. A UCITS which is approved in another Member State and which distributes its shares in Austria shall make available to investors in Austria all the information and documents and the modifications thereof which it shall make pursuant to Chapter IX of the Directive. 2009 /65/EC must make available to investors in its Member State of origin, namely:

1.		Without prejudice to the provisions of Chapter IX of Directive 2009 /65/EC, such information and documents as well as their amendments shall be made available to investors in accordance with § § 128, 132, 133, 136 and 138;
2.		the customer information document referred to in § 134 as well as its modifications shall be translated into the German language;
3.		other information or documents other than the customer information document referred to in § 134 as well as the changes thereof shall be in the German language or in the English language or in a KMG in the financial world according to § 7b (1) of the UCITS translating common language; and
4.		Translations of information and documents pursuant to Z 2 and 3 shall be drawn up under the responsibility of the UCITS and shall faithfully reproduce the content of the original information.

2. The frequency of publication of the prices for the issuing, selling or withdrawal of the UCITS shares shall be governed by the laws, regulations and administrative provisions of the UCITS ' home Member State.

5. Main piece

Supervision and European and International Cooperation

Section 1

Supervision

§ 143. (1) The FMA has

1.		Compliance with § § 5 to 35 by management companies domicated in Germany and their branches pursuant to § 37;
2.		compliance with the provisions of the 3. and 4. The main item, as well as the obligations contained in the Fund's provisions and in the prospectus of the UCITS, and of Regulations (EU) No 583/2010 and (EU) No 584/2010 with regard to the UCITS granted domestiy by the management company in accordance with § 5 (1) and by management companies from Member States who, in the exercise of the freedom to provide services or through a branch, perform activities of collective portfolio management domestily;
3.		compliance with § § 10 to 28 by management companies in accordance with § 36, which perform activities of collective portfolio management in the domestic sector in the exercise of the freedom to provide services;
4.		the compliance with § § 10 to 35 by branches of management companies from other Member States pursuant to § 36; and
5.		compliance with § § 141 and 142 and the provisions referred to therein by UCITS in accordance with § 140 and by its management companies;
, taking into account the economic interest in a functioning financial market and the financial stability of the financial markets.

(2) § 12 KMG concerning the tasks of the Reporting Office shall also apply to the scope of application of this Federal Act.

(3) The FMA and the Oesterreichische Nationalbank shall cooperate in the effective performance of their respective tasks in accordance with the provisions of the Federal Elections Act and this Federal Act.

(4) In the case of cooperation with other authorities, § 72 BWG shall apply.

Cost Determination

§ 144. With regard to the allocation of costs, § 69a BWG shall apply.

Data protection

§ 145. (1) The FMA and the Oesterreichische Nationalbank are authorized for the conventional and automated investigation and processing of data within the meaning of the DSG 2000, insofar as this is within its remit pursuant to this federal law; this includes:

1.		the concession of management companies and custodian banks and the circumstances in which they are granted;
2.		Management, administrative and accounting organization, and internal control (risk management) and revision of management companies, UCITS, AIF and custodian banks;
3.		Branches and the exercise of the freedom to provide services;
4.		Equity;
5.		Qualifying holdings in management companies;
6.		Annual accounts and accounts;
7.		Supervisory measures in accordance with § § 147 to 150 and appeal proceedings against such measures;
8.		Administrative penalties according to § § 190 to 192;
9.		Investigations according to § § 147 to 149 and 157, 158, 161 and 162 of this Federal Act, § 48q para. 1 or § 86 para. 6 BörseG, § 70 BWG, § 91 WAG 2007, § 8a sec. 2 KMG and § 22b FMABG;
10.		Information provided by competent authorities within the framework of the exchange of information pursuant to paragraph 2 of this provision, § § 157, 158, 160 to 162 of this Federal Act or pursuant to Sections 47a, 48r and 86 (8) and (9) of the Austrian Stock Exchange Act 1989 or by way of § 21 FMABG shall be obtained;
11.		the allocation of costs for the supervision of the investment funds;
12.		the approval of UCITS and AIF and the circumstances relevant to the issue;
13.		Compliance with the provisions of the second section of the 1. the main item;
14.		Assessments in UCITS and AIF;
15.		Remuneration data according to § 39b and § 39c BWG.

(2) The transmission of data referred to in paragraph 1 shall be admissible:

1.		by the Oesterreichische Nationalbank to the FMA and
2.		by the FMA in the framework of mutual assistance and
3.		by the FMA
a)			the Oesterreichische Nationalbank,
b)			competent authorities or central banks of Member States,
c)			ESMA,
d)			the European Systemic Risk Board (ESRB) (Regulation (EU) No 1092/2010) and the European Central Bank,
		as far as this is necessary for the performance of tasks which are the tasks of the FMA and the Oesterreichische Nationalbank pursuant to this Federal Act, the Stock Exchange Act 1989, the BWG, the WAG 2007, the KMG, the Regulation (EU) No 583/2010 or the Regulation (EU) No. 584/2010 by the Commission, or is required for the exercise of other statutory tasks under the supervision of the financial market of a requesting competent authority,
		and
e)			clearing houses, including Oesterreichische Kontrollbank AG, to the extent that this is necessary for the performance of their duties in order to ensure the functioning of these bodies in the event of possible infringements by market participants, or for others statutory tasks under the supervision of the financial market of the applicant authority is required and where a reasoned request is made
		and in so far as the data transmitted are subject to the obligation of professional secrecy pursuant to Article 102 of Directive 2009 /65/EC.
The FMA may draw attention to it when transmitting the information and, in the case of the transmission to clearing houses, including Oesterreichische Kontrollbank AG, the FMA has to point out that it is only with its express consent may be published.

(3) The transmission of data as referred to in paragraph 1 by the FMA is within the same framework, for the same purposes and with the same restrictions as the competent authorities of Member States referred to in paragraph 2, also to the authorities of third countries which have the The tasks of the FMA or the Oesterreichische Nationalbank shall be carried out in such a way as to allow the data transmitted to those authorities to be subject to a professional secrecy in accordance with Article 102 of Directive 2009 /65/EC. Professional secrecy, and transmission in accordance with Chapter IV of Directive 95 /46/EC on the protection of individuals with regard to the processing of personal data and on the free movement of such data, OJ No. OJ L 281 of 23.11.1995, p. 31.

(4) The FMA may, for the purposes of cooperation and exchange of information in accordance with paragraphs 2 and 3, insofar as this is necessary for the performance of tasks which are the tasks of the FMA under this Federal Act, the Stock Exchange Act 1989, the BWG, the WAG 2007, the KMG, the Regulation (EU) No 583/2010 or Regulation (EU) No 584/2010, is necessary or is necessary for the exercise of other statutory tasks in the context of supervision of the financial market of an applicant for securities supervision competent authority and requiring the applicant authority to submit a similar request to: cooperation and the exchange of information would also make use of its powers solely for the purposes of such cooperation, even if the conduct which is the subject of the investigation does not constitute a breach of a provision in force in Austria. The FMA may, for the purposes of such cooperation, also make use of all its powers pursuant to paragraph 1 (9) (9) vis-à-vis natural and legal persons who do not or in their country of origin for the purpose of providing services of the Asset management within the meaning of Directive 2009 /65/EC is authorised.

(5) In the context of the exchange of information as referred to in paragraph 2 or 3, the FMA considers information to the effect that it may only be published with the express consent of the communicating authority, or that the information obtained in accordance with paragraph 3 is derived from the information provided by the FMA. information from another Member State, the information contained therein may be transmitted only for the purposes for which the consent has been given; the exchange of information in the context of a judicial criminal procedure, Insolvency proceedings or business supervision procedures of the UCITS or of the However, the management company or the custodian bank shall remain admissible.

Professional secrecy

§ 146. Experts commissioned by the FMA or the Oesterreichische Nationalbank are subject to the obligation of confidentiality in accordance with § 14 para. 2 FMABG.

Investigations and examinations

§ 147. (1) The FMA has to carry out all investigations and to take those measures which are necessary for the performance of the tasks assigned to it under Section 3 (8) of the Federal Act of Law pursuant to this Federal Act pursuant to Section 143 (1) of the Federal Act.

(2) In the exercise of the competences referred to in paragraph 1, the BWG and the WAG 2007, the FMA is authorized at any time without prejudice to the powers conferred on it by other federal laws,

1.		in the books, documents and data media of the companies pursuant to § 143 (1), and to obtain copies of them; to the extent of the FMA's information, submission and inclusion rights and to the obligation to make documents available § 60 (3) of the Federal Elections Act (BWG)
2.		to request information from management companies and custodian banks and their institutions, as well as from all bodies to which services have been outsourced, and to preload and interview persons in accordance with the administrative procedure laws;
3.		carry out all necessary checks by auditors or other experts, subject to the exclusion grounds specified in Section 62 of the Federal Elections Act; the issuing of information by the FMA to the auditor appointed by the auditor shall be admissible in so far as it is appropriate for the performance of the examination contract;
4.		carry out on-the-spot audits by own auditors, auditor or other experts;
5.		for the examination of branches and representative offices in Member States, also the authorities of the host Member State to request the examination to be carried out if this simplifies or accelerates the procedure in relation to an examination in accordance with Z 4, or where: it is in the interests of convenience, simplicity, convenience or cost savings; under these conditions, FMA's own staff may participate in such a test;
6.		to obtain information from the auditor.

(3) In the case of an examination in accordance with paragraph 2 (2) (3) or (5), the examination bodies must be provided with a written examination order and have to show unsolicly before the start of the examination as well as to present the examination order. § 71 of the Federal Elections Act is also to be applied.

Supervisory measures

§ 148. (1) In order to avoid a risk to the financial interests of the unit-holders of a UCITS pursuant to § 50 or the clients of a management company in accordance with § 5 (1) in connection with their activities, the FMA may implement temporary measures by means of a shall not enter into force at the latest 18 months after the date of the effective date of the effective date. The FMA may, in particular,

1.		To prohibit, in whole or in part, the capital and profit taking of an administrative company;
2.		require, in the interests of the unit-holders or the public, the suspension of the issue, withdrawal or payment of shares;
3.		appoint a competent supervisory body (Government Commissioner) who is a member of the profession of attorneys or auditors; the supervising person, who shall be responsible for all the rights in accordance with Section 147 (2), has
a)			prohibit the management company from all transactions that are likely to increase the above risk, or
b)			in the event that the management company has been prohibited, in whole or in part, from continuing operations, to allow individual transactions which do not increase the risk described in the entry part of this provision;
4.		Directors of the management company, while at the same time communicating the institution responsible for the appointment of the directors, shall prohibit in whole or in part the management of the undertaking; the competent institution shall, within one month, to order the appropriate number of business managers; the order shall be subject to the consent of the FMA, which is to be refused if the newly appointed managers do not appear to be appropriate, a waste of the above risk to be brought about;
5.		Prohibit the continuation of business operations in whole or in part.

(2) The FMA may, at the request of the supervising person appointed pursuant to paragraph 1 (1) (3) or (3), appoint a deputy if and for so long for important reasons, in particular because of temporary prevention of the Supervising person, is required. The appointment of the Deputy as well as the rights and obligations of the Deputy shall apply the provisions applicable to the supervisory staff. The supervising person (Government Commissioner) may use the FMA to meet the duties of professional persons, insofar as this is necessary in terms of the scope and difficulty of the tasks. The approval of the FMA has to name these persons in particular and must also be granted to the management company. These persons act on instructions and on behalf of the supervisory staff (government commissioner) or their deputy. Section 70 (2b) and (3) and (6) of the BWG apply.

(3) All measures ordered by the FMA pursuant to paragraphs 1 and 2 shall rest for the duration of a business supervision procedure.

(4) insults, with which directors are prohibited in whole or in part from the management of a management company in accordance with section 5 (1) (paragraph 1). 1 Z 4), as well as a possible cancellation of this measure, are to be sent by the FMA to the Company's Book Court for entry in the Company Book.

(5) If a concession requirement in accordance with § 6 (1) is no longer available after the concession has been granted, or if a management company is infringed in accordance with Section 5 (1) Provisions in accordance with Section 143 (1) of this Federal Act or of the Federal Elections Act or of one on the basis of The FMA has the measures referred to in § 70 (4) (4) (1) to (3) of the Federal Act or of the Federal Law of the Federal Republic of Germany (BWG) or a provision of Regulations (EU) No 583/2010 or (EU) No 584/2010, the management company and, where appropriate, the concession pursuant to § 5 (1) or the authorization referred to in § 50 to be withdrawn. If the custodian bank violates the provisions of this Federal Act or of a regulation or a decision adopted pursuant to this Federal Act, § § 70 (3) and (96) of the Federal Elections Act must be applied with the proviso that the concession withdrawal shall be replaced by the Pursuant to Section 70 (4) (3) of the Federal Elections Act, the withdrawal of the authorization shall take place in accordance with §

Cooperation with courts and security authorities

Section 149. (1) In order to avoid a risk to the financial interests of the unit-holders of a UCITS pursuant to § 50 or the clients of a management company in accordance with Article 5 (1) in connection with their activities or for the performance of their other tasks in accordance with this federal law can be the FMA

1.		request existing records of telephone calls and data transfers;
2.		In the case of the competent public prosecutor's office, they request that they apply to the court with a request for freezing in accordance with § 109 Z 1 and 110 paragraph 1 Z 3 or seizure in accordance with § § 109 Z 2 and 115 (1) Z 3 Criminal Procedure Code 1975-StPO (BGBl. No. 631/1975).

(2) In the event of the FMA's suspicion that a transaction of money laundering or terrorist financing is used for the FMA, it shall have the Money Laundering Office (Bundeskriminalamt-Gesetz, BGBl, § 4 paragraph 2). I n ° 22/2002) should be immediately informed. Section 41 (6) of the BWG shall apply.

Publications

§ 150. (1) The FMA may, in order to avoid a risk to the financial interests of the unit-holders of a UCITS pursuant to § 50 or the clients of a management company in accordance with Article 5 (1), in connection with their activities of the measures taken by the FMA pursuant to § 148 (1), (2) and (5) by the Internet, printed in the "Official Journal of the Wiener Zeitung" or in a newspaper with distribution throughout the territory of the Federal Republic of Germany, or by means of an out-of-the-box office in the administrative offices of the management company (§ 2). 5). However, any publication of measures or sanctions may only be made where this is necessary in the light of the nature and seriousness of the breach of information to the public, and where the stability of the financial markets is not seriously compromised, is disadvantageous for the interests of investors and is proportionate in view of the potential disadvantages of the person concerned. These publication measures may also be taken cumulatively. FMA may further disclose any measure or sanction due to a violation of this Federal Act, the Federal Elections Act or on the basis of this Federal Act or of the Federal Act of Law of the Federal Republic of Germany, or of EU regulations issued in accordance with Directive 2009 /65/EC, provided that such disclosure does not seriously jeopardise the stability of the financial markets, would be detrimental to the interests of investors or would not cause disproportionate damage to the parties concerned. These publication measures may also be taken cumulatively.

(2) The FMA may inform the public that a named natural or legal person has been designated by the Internet, printing in the "Official Journal of the Wiener Zeitung" or in a newspaper with distribution throughout the territory of the Federal Republic of Germany. (person) is not entitled to issue UCITS shares (§ 50 para. 1), to manage investment funds (§ 1 paragraph 1 Z 13 BWG in conjunction with § 5 sec. 2 Z 1 and 2 of this federal law) or to provide investment advice or safekeeping (§ 5 para. 2 Z 4). provided that this person has given rise to and information to the public in accordance with the nature and seriousness of the Whereas it is necessary to ensure that the stability of the financial markets is not seriously jeopardised, it is not detrimental to the interests of investors and is proportionate to the possible disadvantages of the person concerned; These publication measures may also be taken cumulatively. This person must be clearly identifiable in the publication; for this purpose, as far as the FMA is known, business address or residential address and company book number, Internet address, telephone number and fax number may also be specified.

(3) The person affected by the publication may request a review of the legality of the publication in accordance with paragraph 1 or 2 in a procedure to be carried out in a modest way at the FMA. The FMA has to make known the introduction of such a method in the same way. If, in the context of the review, the unlawfulness of the publication is determined, the FMA shall correct the publication correctly or, at the request of the person concerned, either withdraw it or remove it from the internet presence. If a complaint against a communication which has been made known in accordance with paragraph 1 is granted suspensive effect in proceedings before the courts of the courts, the FMA shall disclose this in the same way. The publication shall be correct or, at the request of the person concerned, either to be revoked or to be removed from the internet presence if the communication is cancelled.

Notifiers to the FMA

§ 151. The management company shall notify the FMA in writing without delay of any change in the concession of the concession, and, in the event of a decision, not to wait for the effectiveness of the decision-making subject to be met, and Although:

1.		Any amendment to the statutes and the resolution;
2.		any change in the conditions laid down in Article 5 (1) (6), (7), (10) and (13) of the Federal Elections Act of existing
3.		any change in the person of the directors as well as the compliance with § 5 (1) Z 6, 7 and 9 to 13 BWG and § 6 para. 2 Z 8, 9, 10 and 12 lit. b of this federal law;
4.		the intended opening and the transfer, closure or temporary cessation of the business of the principal place of business;
5.		circumstances which allow the ordinary manager to recognise that the fulfilment of the obligations is at risk;
6.		the entry of insolvency or over-indebtedness;
7.		any intended extension of the business object;
8.		any reduction in the amount of paid-in capital (Section 6 (2) (5));
9.		the person or persons responsible for the internal audit, as well as changes in the person's person;
10.		the reduction of the amount of eligible own funds subject to the amounts referred to in Article 8;
11.		any non-compliance with standards pursuant to § 23 (1) to (5) and (7) to (17), (24), (25), (27) and (29) of the Federal Elections Act (BWG), and on the basis of which decrees or acts adopted pursuant to Article 23 (BWG) are continuing
12.		any appointment of a statutory auditor and any changes in the person of the auditor;
13.		any transfer pursuant to § 28 and any termination of the transfer;
14.		any substantial changes to the risk management process in accordance with Articles 85 to 92;
15.		any suspension of the withdrawal or withdrawal pursuant to section 56 and the resumption;
16.		the beginning of the settlement in accordance with § 63 (1);
17.		the termination of the management of the UCITS pursuant to Section 60 (2);
18.		the resolution without termination in accordance with Section 63 (4);
19.		the conversion in accordance with § 64.

Regular reporting requirements

§ 152. The management company, in agreement with the depositary bank, has to submit quarterly reports to the FMA with information which provides a true and fair view of the derivatives used for each managed UCITS, the underlying the risks involved, the limits of investment and the methods used to estimate the risks associated with derivative transactions. The FMA may regulate the type of transmission by means of a regulation, in particular by requiring the use of electronic reporting systems or data carriers and computer formats.

Form of communication with the FMA-electronic transmission

§ 153. (1) The FMA may, after hearing the Oesterreichische Nationalbank, prescribe by means of a regulation that the advertisements and transfers according to § § 151 and 152 of this Federal Act and § 20 (3), 28a (4), § 44 (1), first sentence and para. 4 and § 70a 5 BWG and § 2 para. 2 of the Mündelsafeguards Ordinance, Federal Law Gazette (BGBl). No 650/1993, as amended by the BGBl Regulation. II No 219/2003 shall be exclusively in electronic form, as well as in accordance with certain specifications, minimum technical requirements and modalities of transmission. The FMA must be guided by the principles of efficiency and appropriateness and ensure that the electronic availability of the data for the FMA and the Oesterreichische Nationalbank is guaranteed and that the data are available at all times. Supervisory interests are not affected. Furthermore, the FMA may, in this Regulation, allow auditors to participate in the electronic system of transmission in accordance with the first sentence, for certificates, transmissions, reports and reports pursuant to § 154. The FMA shall take appropriate measures to ensure that the notifiers or, where appropriate, their persons responsible for the movement of persons are in the system for a reasonable period of time in respect of the accuracy and completeness of the information provided by them or by their To ensure that persons responsible for the movement of persons are able to verify the data.

(2) The communication between the FMA and the competent authorities in other Member States in connection with the distribution of UCITS shares in accordance with Sections 139 to 142 is governed by Articles 3 to 5 of Regulation (EU) No 584/2010.

Reporting requirements of auditors

§ 154. (1) If a statutory auditor who examines the annual accounts of a management company (§ 5 para. 1) or the accounting report of a UCITS (§ 49) or performs other legally prescribed activities in the case of this UCITS, facts , in accordance with Section 273 (2) and (3) of the UGB (UGB), he shall immediately, at the latest at the same time, submit to the FMA and the Oesterreichische Nationalbank, the report to be refunded in accordance with Section 273 (3) of the UGB.

(2) The auditor shall, even if there is no reporting obligation pursuant to § 273 (2) and (3) of the UGB, immediately the FMA and the Oesterreichische Nationalbank, as well as the business managers and the supervisory body responsible under the law or statutes, without delay. in writing, if, in the course of its audit, it establishes facts which:

1.		see a significant breach of the regulations or regulations of the FMA issued pursuant to Section 143 (1) or the regulations or orders issued pursuant to this Federal Act; or
2.		the performance of the obligations of the management company or of the UCITS can be identified as being at risk; or
3.		the obstruction of the activities of the UCITS or of the management company or of a company to which activities have been transferred in accordance with Section 28; or
4.		significant balance sheet items or out-of-balance-sheet positions of the management company shall be deemed to be non-valued; or
5.		there are reasonable doubts as to the accuracy of the documents or the statement of completeness of the directors; or
6.		to reject the endorsement or to the statement of withholding.
If the auditor finds other defects, non-worrying changes in the risk situation or the economic situation, or only minor breaches of rules, and are the deficiencies and breaches of rules in the short term, the auditor of the FMA and the Oesterreichische Nationalbank must report only if the management company fails to comply within a reasonable period of time, but at the latest within three months, the deficiencies noted , and this has been proven by the auditor. Reports shall also be reported if the directors do not properly grant any information requested by the auditor within a reasonable period of time. In cases in which an accounting firm is appointed as a statutory auditor, the reporting obligation shall also apply pursuant to Section 88 (7) of the German Economic Scatter Act (WTBG) (BGBl). I n ° 58/1999), of natural persons.

(3) The auditor is also obliged to report such facts, of which he becomes aware in the exercise of one of the aforementioned activities in a company which is an affiliated company (Section 228 (3) of the UGB) on the basis of Article 5 (1) of the German Law. shall be the management company for which it pursues this activity.

(4) In the performance of his duties, the auditor shall also be obliged to communicate to the Chairman of the Supervisory Board outside of examination orders of the Supervisory Board, if reporting to the Executive Directors is due to the nature and The circumstances of the administrative offences established would not achieve the purpose of the elimination of the deficiencies and are serious.

(5) In good faith, the auditor shall provide a report in accordance with paragraphs 1 to 4 above, this shall not be deemed to constitute a breach of a contractual or legally regulated restriction of the disclosure obligation and shall not be liable for him.

Information of the FMA on relevant legislation

§ 155. (1) The FMA has to inform on its website about all laws and regulations as well as the minimum standards and circulars of the FMA, which relate to the establishment and business activities of a UCITS.

(2) Weiters has the FMA on its Internet site about all laws and regulations that have not already been adopted in the implementation or enforcement of Regulations (EU) No 583/2010 and (EU) No 584/2010 and which are applicable to the modalities of marketing of shares of UCITS approved in other Member States are of particular relevance in Austria. This information shall be prepared in the form of an explanatory description, or a combination of explanatory notes and references or links to the source documents. In particular, the following information shall be provided:

1.		the meaning of the term "marketing of UCITS shares" in accordance with applicable law;
2.		the requirements for the content, format and presentation of advertising, including all mandatory warnings and restrictions with regard to the use of specific words or phrases;
3.		without prejudice to Sections 1 to 4 of the 4. Main item details of any additional information that must be provided to investors;
4.		details of all exemptions from provisions and requirements for marketing agreements which apply to certain UCITS, certain UCITS units or sub-funds or certain categories of investors;
5.		requirements for the reporting or transmission of information to the FMA and the procedure for the transmission of updated versions of the required documents;
6.		requirements for fees or other sums to be paid either at the beginning of the marketing process or at regular intervals thereafter to the FMA or any other body of public law;
7.		requirements in relation to the possibilities which must be made available to the unit-holders in accordance with Article 141 (1);
8.		conditions for the cessation of the marketing of UCITS units in Austria by a UCITS, which is authorised in another Member State;
9.		detailed information on the content of the information which must be included in Austria in Part B of the display case referred to in Article 1 of Regulation (EC) No 584/2010;
10.		the e-mail address provided for the purposes of section 139 (5).

(3) The information referred to in paragraphs 1 and 2 shall be provided in full, unequivocal and unequivocal terms in both German and English, and shall always be kept up to date.

Information of the FMA on measures relating to master-feeder-funds

§ 156. If the master UCITS and/or the feeder UCITS are authorised in Austria, the FMA has direct access to the feeder UCITS of any decision, measure, determination of infringements of the provisions of the 3. Main piece 5. Section as well as all the information communicated in accordance with § 154 (1) and (4) that relate to the master UCITS or its management company, its depositary or its auditor, and, where appropriate, to inform the master UCITS of its own to ensure that the other unit-holders of the master UCITS are present.

Section 2

European and International Cooperation

Contact point and exchange of information

§ 157. (1) The FMA shall be the competent authority in accordance with Article 97 of Directive 2009 /65/EC. FMA may at any time provide information on the activities of Austrian management companies and UCITS in other Member States and in third countries, as well as on the situation of management companies from other Member States or third countries, the If this is necessary in the economic interest in a functioning financial market or in the interest of creditor protection, the Austrian financial market may have an impact on the Austrian financial market.

(2) The FMA may use

1.		competent authorities of other Member States,
2.		the European Central Bank and the central banks of other Member States, in their capacity as monetary and supervisory authorities, and
3.		other competent authorities in other Member States for the supervision of payment and settlement systems, clearing houses, the protection of natural persons with regard to the processing of personal data or the fight against money laundering and the terrorist financing, and
4.		ESMA
cooperate if this is carried out in order to carry out tasks as defined in Directives 2009 /65/EC, 2010 /43/EU or 2010 /44/EU, or in Regulations (EU) No 583/2010 or (EU) No 584/2010 or (EU) No 1095/2010, or by means of the Office and Legal assistance is required and, in so far as the information provided to these authorities is subject to the obligation of professional secrecy in accordance with Article 102 of Directive 2009 /65/EC, the FMA may, in particular, also request a request for consultation of Persons to the competent authority in another Member State.

(3) FMA may make use of its powers for the purposes of cooperation and for the transmission of data under this main piece, even if the conduct which is the subject of the investigation does not infringe any one in Austria , the FMA shall make use of the powers referred to above in order to allow the authorities of the host Member State of a management company, in accordance with Section 37, to collect the information referred to in Article 21 (2) of Directive 2009 /65/EC the information to be provided and the competent authorities of the home Member State of a inform the management company of any measures taken pursuant to section 38 (5), which include measures or sanctions against the management company or a restriction of its activities. By its powers under Section 147 (2) (1) and (2), the FMA may, for the purposes of cooperation, also make use of legal persons who, in their Member State of origin, are responsible for the provision of services of asset management as Management company within the meaning of Article 6 (1) of Directive 2009 /65/EC.

(4) The FMA shall forward to other competent authorities the information required for the performance of its tasks in accordance with Article 97 of Directive 2009 /65/EC, provided that such tasks are derived from this Federal Act or from Directive 2009 /65/EC , in particular in the event of infringements or alleged infringements of a branch or of a business unit, to which activities are to be outsourced. At the request of the FMA, the FMA shall provide all relevant information and, on its own, all essential information. If the FMA exchanges information with other competent authorities, it may, upon transmission, reserve the right that such information may only be published with the express consent of the FMA. In such a case, they may only be exchanged for the purposes for which the consent was given.

(5) The FMA, as well as other entities or natural or legal persons who receive confidential information pursuant to paragraph 2, in accordance with Section 145 (5) or from a third country, may, in the performance of their duties, in particular only for the following purposes: using:

1.		to check whether the conditions for the admission of UCITS or management companies or undertakings involved in their business activities are fulfilled and to facilitate the monitoring of the conditions for the pursuit of the activity, the administrative and accounting organisation and internal control mechanisms;
2.		for the imposition of sanctions;
3.		in the context of an administrative procedure relating to the fight against decisions of the competent authorities;
4.		in the context of a trial conducted by a court or by a public prosecutor.

(6) The FMA may provide confidential information to the following bodies and authorities for the performance of their duties:

1.		central banks, the European System of Central Banks and the European Central Bank, in their capacity as monetary authorities; and
2.		where appropriate, other public authorities entrusted with the supervision or legal control of the accounts of credit institutions, investment firms, insurance undertakings or other financial institutions or of the financial markets; or
3.		institutions involved in the liquidation or bankruptcy of UCITS; or
4.		ESMA,
5.		the European Banking Authority-EBA (Regulation (EU) No 1093/2010 of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716 /2009/EC and repealing the European Banking Authority (EBA) Commission Decision 2009 /78/EC: OJ L 327, 28.2.2009 No. OJ L 331, 15.12.2010, p.12),
6.		the European Insurance Supervisory Authority (EIOPA) (Regulation (EU) No 1094/2010 of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /79/EC: OJ L 349, 31.12.2009, p. No. OJ L 331, 15.12.2010, p.48); or
7.		the ESRB.
The obligation of official secrecy, paragraphs 2 to 4 and section 145 (3) and (5) shall be subject to this forwarding of information or a transfer by the authorities or bodies referred to in Z 1 to 7 to the competent authorities or to the authorities responsible for the administration of Investor-compensation schemes which require such information to carry out their tasks in accordance with Directive 2009 /65/EC, provided that those authorities or bodies are subject to professional secrecy within the meaning of Article 102 of the Directive 2009 /65/EC.

(7) FMA has any decision on the withdrawal of the authorization pursuant to § 50 and any other serious measure taken against a UCITS pursuant to § 148 or any measure imposed on it to suspend the issue, repurchase or withdrawal of its shares to the competent authorities of the host Member States of the UCITS and, where the management company of a UCITS is established in another Member State, to the competent authorities of the home Member State of the UCITS management company shall be notified without delay.

Cooperation in investigations and on-the-spot verification

§ 158. (1) The FMA may request the competent authority of another Member State to cooperate in the case of an on-the-spot verification or an investigation. Where the FMA receives a request for an investigation or a verification on the spot, it shall act within the limits of its powers by:

1.		carry out the checks or investigations themselves, or
2.		the requesting authority allows the verification or investigation to be carried out, in which case FMA staff may also accompany the staff of the applicant authority, or
3.		Auditors or experts in the official contract shall be allowed to carry out the inspection or investigation.

(2) If a management company pursues its activities in Austria via a branch, in accordance with Section 36, the competent authorities of the home Member State of the management company shall be allowed to inform the FMA, as described in § 161 , or to have it examined on the spot by intermediaries designated for that purpose by that authority. This does not affect the rights of the FMA to verify the suburb of the branch as a result of the tasks assigned to it by this Federal Act.

(3) If the FMA has reason to suspect that companies which are not subject to their supervision have infringed or have infringed the provisions of Directive 2009 /65/EC in the territory of another Member State, it shall: to inform the competent authority of the other Member State as precisely as possible. It shall, for its part, take appropriate measures if it has received such a notification from another competent authority and shall, as far as possible, on the basis of the outcome of those measures and, as far as possible, on the outcome of such measures, shall have the following: to inform any developments that have been made. The powers of the FMA as the competent authority shall not be affected by this paragraph.

Rejection of cooperation

§ 159. (1) The FMA may refuse a request for cooperation in the conduct of an investigation or a review on the spot or on the exchange of information pursuant to § 157 or 158 only if:

1.		the verification of information on the spot, identification or exchange of information could affect the sovereignty, security or public order of Austria;
2.		is already subject to proceedings before a court in Austria on the basis of the same acts and against the same persons;
3.		In Austria, a final judgment has already been given against the persons concerned on the basis of the same acts.

(2) In the event of a refusal, the FMA shall inform the objection pursuant to paragraph 1 of the requesting competent authority and shall provide it with the most accurate information possible.

(3) The FMA may inform ESMA of situations in which a request by the FMA

1.		the exchange of information was rejected in accordance with § § 157 or 158, or has not resulted in any reaction within a reasonable period of time;
2.		has been rejected on the spot or an investigation pursuant to § 158, or has not resulted in any reaction within a reasonable period of time, or
3.		the authorisation of FMA staff to accompany the staff of the competent authority of the other Member State has been rejected or has not resulted in any reaction within a reasonable period of time.

(4) If the FMA has rejected a request pursuant to paragraph 1 and in this context it has received a communication from the FMA to the management company or to the UCITS, the legal force of this decision shall be restricted in accordance with Section 21b FMABG.

Official consultation and notifications to the European Commission, ESMA and ESRB

§ 160. (1) The FMA shall consult the competent authorities of the other Member State concerned before a management company is granted the concession, which shall:

1.		a subsidiary of another management company, an investment firm, a credit institution or an insurance company which is authorised in another Member State, or
2.		a subsidiary of the parent undertaking of another management company, an investment firm, a credit institution or an insurance company which is authorised in another Member State; or
3.		is controlled by the same natural or legal person as another management company, an investment firm, a credit institution or an insurance company which is authorised in another Member State.

(2) The FMA shall, in particular, consult the authorities within the meaning of paragraph 1 if it is the suitability of the shareholders or members, as well as the reliability and experience of the persons who are the business of another undertaking of the same group. actually guide, check. It shall, on request, have all the information on the suitability of the shareholders or members, as well as the reliability and experience of the persons who actually manage the transactions, as well as all the information that is likely to be available to them. , the supervision of management companies shall be facilitated, provided that they are for the other competent authorities in the granting of the authorisation and the ongoing review of compliance with the conditions governing the exercise of the Activity is required.

(3) Where master UCITS and feeder UCITS are established in different Member States, the FMA concerning the master UCITS granted in Austria has the competent authorities of the feeder UCITS ' home Member State directly above each Decision, measure, determination of infringements of the provisions of 3. Main piece 5. Section as well as all the information communicated in accordance with § 154 (1) and (4) that relate to the master UCITS or its management company, its depositary or its auditor, and, where appropriate, to inform the master UCITS of its own to ensure that the other unit-holders of the master UCITS are present.

(4) The FMA has the Commission and ESMA:

1.		to communicate all the general difficulties encountered by UCITS in the distribution of their shares in third countries and have been brought to the attention of the FMA;
2.		To submit a list of the categories of debt securities and the categories of issuers referred to in § 74 (4) which, pursuant to Section 74 (4), are entitled to issue bonds which comply with the criteria laid down in § 74. These lists shall be accompanied by an endorsement explaining the status of the guarantees offered;
3.		to communicate the number and type of cases in which it has refused an authorisation pursuant to Section 37 (3) or an application pursuant to Article 36 (8); and
4.		to communicate the measures taken pursuant to section 38 (5).

(5) The FMA has to inform ESMA:

1.		Any concession granted in accordance with section 6 (3) as well as any withdrawal from the concession pursuant to § 7;
2.		all information received by it pursuant to Article 152 concerning all the management companies and UCITS regulated by it, in accordance with Article 35 of Regulation (EU) No 1095/2010 for the purpose of monitoring system risks at Union level.
The information referred to in Z 2 shall also be transmitted to the ESRB in accordance with Article 15 of Regulation (EU) No 1092/2010 for the purpose of monitoring system risks at Union level.

Cooperation for the supervision of a management company within the framework of § 38

Section 161. (1) The FMA shall, on request, submit to the authorities of the host Member State of a management company, in accordance with § 37, all the information relevant to the collection of the information referred to in Article 21 (2) of Directive 2009 /65/EC, and the to inform the competent authorities of the State of origin of a management company, in accordance with Section 36, of all measures taken pursuant to section 38 (5), the measures or sanctions against the management company or any restriction of their activities .

(2) The FMA shall, without delay, have any problems identified at the level of the management company by the competent authority of the home Member State of a UCITS managed by a management company in accordance with Article 5 (1) of the FMA. the ability of the management company to carry out its tasks properly in relation to the UCITS could significantly affect the management company, and all breaches of the management company against the 1. Main item to be notified.

(3) The FMA shall immediately inform the competent authorities of the home Member State of a management company, in accordance with Section 36, which manages a UCITS approved by the FMA in accordance with § 50, to communicate any problems identified at the level of the UCITS without delay, the ability of the management company to carry out its duties properly or to comply with the requirements of this Federal Law, which fall within the competence of the FMA as the competent authority of the UCITS ' home Member State, could influence.

Security measures

§ 162. (1) The FMA, as the competent authority of the host Member State, has clear and demonstrable grounds for believingthat a UCITS whose shares are distributed in Austria pursuant to Article 140 thereof is in breach of the obligations imposed on it by the latter Federal Law or Regulations (EU) No 583/2010 or (EU) No 584/2010, which does not confer jurisdiction on the FMA as the competent authority of the host Member State, it shall have its findings from the competent authority of the The UCITS ' Member State of origin shall be notified.

(2) Where the measures taken by the competent authorities of the UCITS ' home Member State or the management company do not, or prove to be inadequate, or the competent authorities of the UCITS home Member State or the competent authorities of the UCITS, management company shall not act within a reasonable period not exceeding three months, and the UCITS or the management company for the UCITS shall continue to act in a manner which shall serve the interests of investors in In the case of Austria, the following measures may be taken by the FMA:

1.		shall, after informing the competent authorities of the UCITS ' home Member State or the management company, take all the measures necessary to protect investors, including the possible reduction in the further distribution of the shares of the UCITS concerned in Austria, whereby the Commission and ESMA shall be informed without delay of any action taken;
2.		Take note of the matter ESMA, which may act within its powers under Article 19 of Regulation (EU) No 1095/2010.

(3) In order to safeguard the interests of investors in accordance with paragraph 2, the FMA has to prohibit the further distribution of the UCITS units, if:

1.		the display in accordance with § 140 has not been reimbursed,
2.		in the case of distribution, has been seriously infringed on other provisions of domestic law,
3.		the authorisation has been withdrawn by the competent authorities of the Member State in which the management company has its registered office,
4.		the conditions of distribution pursuant to section 141 are no longer fulfilled; or
5.		the obligations of § 142 shall not be complied with.

(4) The inversion of the sales person shall be notified to the competent authorities of the EEA Member State in which the management company has its registered office, and shall be published in the Official Journal of the Vienna newspaper. The obligations arising out of the public distribution resulting from this Federal Act shall end at the earliest three months after the publication of the intended discourse of the sales. In the interest of the unit-holders, the FMA may order an extension of this period as well as a publication in this respect.

Part 3

AIF

1. Main item

Domestic AIF: Special Funds, Other Special Assets, Pension-vestment Fund

Section 1

Special funds

§ 163. (1) A special fund is a special fund consisting of liquid financial assets within the meaning of section 67 (1) which departs in equal shares embodied in transferable securities, is co-owned by the unit-holders and is subject to the provisions of this Federal law is formed and its share certificates are held by no more than ten unit-holders, which must be known to the management company, on the basis of the Fund's provisions.

(2) In the case of the acquisition of shares by a natural person, the minimum investment sum shall be EUR 250 000. A unit-holder of this kind shall also be considered to be a group of unit-holders, provided that all the rights of such unit-holders are exercised in a uniform manner in relation to the management company by a common representative. The minimum investment sum must be reached by any natural person in a group of unit holders. The provisions of the Fund have to contain a scheme to ensure that the transfer of the shares may only be carried out by the unit-holders with the consent of the management company. Special funds are not UCITS as defined in Article 1 (2) of Directive 2009 /65/EC. In the case of special funds, the management companies comply with the publication obligations under this Federal Act by demonstrably in writing or on another type negotiated with the respective unit-holders. information.

Applicable provisions

§ 164. (1) A special fund may only be administered by a management company in accordance with § 5 (1). The provisions of Part 2. Main piece 1. Section 28 (1) (1), (1) to (8) and (2) and (2) shall apply in such a way that the application of paragraph 1 (3) and (5) may be waited, provided that a written order from the investors is provided for that purpose.

(2) The provisions relating to the custodian bank in accordance with § § 39 to 45 shall apply with the proviso that the FMA may authorise the selection of the depositary bank for special funds at the request of the management company in general.

(3) The provisions of

1.		§ § 46 (1) to (4), 47 to 48, 52, 53 (1) and (3), 54, 55, 63 and 85 to 92 shall apply;
2.		§ § 49, 136 and 137 shall apply, with the proviso that the provisions of the Fund may be omitted in the accountability report, that the account of the accounts and the half-yearly report in the custodian bank may be omitted and replaced by the publication of the audited accounting report and the half-yearly report to all unit-holders, and the submission of half-yearly reports and the audit report on the FMA's accountability report only upon request;
3.		Section 53 (4) shall apply with the proviso that the approval of the FMA is not required and that the publication may not be published;
4.		§ 56 shall apply with the proviso that the notification to the FMA pursuant to Section 56 (1) can be prevented;
5.		§ 57 shall apply with the proviso that the obligation pursuant to Section 57 (3) for the publication of the issuing and withdrawal price shall not be paid at least twice a month;
6.		§ § 58 to 60 as well as 61 and 62 shall apply with the proviso that the transfer of the administration to another management company does not require the approval of the FMA, but the immediate indication to the FMA;
7.		§ 65 shall apply with the proviso that in the case of a distribution of special funds abroad, the respective competent supervisory authority as well as the unit-holders shall be informed of the secession that has taken place.
8.		Special funds can also be set up in the form of "other special assets". § § 166, 167 (2) (1), (3) to (5) and (7) and (8) shall apply. "

(4) The provisions of § § 66 to 83 shall apply with the proviso that the investment limits defined in sections 66 (2), 67 (4), 71 (1), 74 (1), 74 (1), (2), 77 (1) and (2), 77 (1) and (2), (2) may be exceeded by 100 vH, if this expressly provides for the provisions of the Fund and § 84 with the proviso that the limit of 30 vH is not applicable to special funds, if the unit-holder is a credit institution within the meaning of Article 1 (1) of the BWG or the unit-holders Credit institutions within the meaning of Article 1 (1) of the Federal Elections Act (BWG) and the borrowers shall be the securities awarded as collateral within the framework of Refinancing operations with the European Central Bank, with a central bank of a Member State of the EEA, the Swiss National Bank, or with the US Federal Reserve, which it concludes for the unit-holder, and all the unit-holders expressly agree.

(5) The provisions on master-feeder structures (§ § 93 to 113) apply with the proviso that instead of the word part "UCITS" the word part "special funds" occurs and the obligation to grant the FMA in the § § 95, 101 to 106 is deleted; Instead, the unit-holders have previously been shown to agree and must notify the management company of the FMA immediately before the change takes effect. The approval of the unit-holders is necessary for the effectiveness of the measures.

(6) The provisions of § § 114 to 127 shall apply with the proviso that cross-border mergers are not permissible and that the merger of a special fund with another capital investment fund, which is not a special fund, shall not be permitted. is. In addition, special funds do not require the approval of the FMA; instead, the unit-holders have to be shown to be informed. The information of the unit-holders is necessary for the effectiveness of the merger.

(7) The provisions of § § 128, 132, 133, 137 and 138 shall apply with the proviso that the provisions relating to prospectus and KID shall not apply.

(8) Special funds shall be supervised by the FMA in accordance with § § 143 to 154.

Notification duty

§ 165. The management company shall immediately, after 30 June and 31 December, have the FMA and the Oesterreichische Nationalbank in the form of a collection in each case the special funds set up and closed in the preceding six months (§ 163) . The list shall specify, in addition to the name of the special assets, the type of fund, the number of investors, the custodian bank and the financial year. If, in the case of a special fund already displayed, an amendment to this information occurs, the FMA and the Oesterreichische Nationalbank shall be notified within two months of the date of the change being made. Obligations and mergers of special funds are also to be reported to the FMA without delay. After hearing the Oesterreichische Nationalbank, the FMA may prescribe, by means of a regulation, that the advertisements shall be made exclusively in electronic form in accordance with the first and third sentences, as well as certain links, technical specifications and technical specifications. Minimum requirements and transmission modalities shall be met. The FMA must be guided by the principles of efficiency and appropriateness and ensure that the electronic availability of the data for the FMA and the Oesterreichische Nationalbank is guaranteed and that the data are available at all times. Supervisory interests are not affected. The FMA shall take appropriate measures to ensure that the notifiers or, where appropriate, their persons responsible for the movement of persons are in the system for a reasonable period of time in respect of the accuracy and completeness of the information provided by them or by their To ensure that persons responsible for the movement of persons are able to verify the data.

Section 2

Other special assets

§ 166. (1) "Other special assets" within the meaning of this Federal Law is a special fund which departs in equal shares embodied in transferable securities, is in the co-ownership of the unit-holders and is formed in accordance with the provisions of this Federal Law and which In addition to the items of investment required by Section 67 (1) under the Fund provisions, it is permitted to purchase up to 100 vH of the fund's assets:

1.		shares in the same UCITS or OGA in accordance with § 71 in conjunction with Section 77 (1), irrespective of whether the UCITS may apply a maximum of 10 vH of the fund's assets in units of other UCITS under its fund regulations or its articles of association, up to 50 vH of the fund's assets;
2.		Shares in one and the same domestic special fund within the meaning of this Federal Law up to 50 vH of the fund's assets, provided that the acquiring other special fund itself is a special fund and all the unit-holders of the special fund to be acquired before the Acquire their consent to this effect;
3.		Shares in collective investment undertakings which are assessed in accordance with the law, the statutes or the actual exercise in accordance with the principles of risk spreading and which do not comply with the requirements of Section 71 in conjunction with Section 77 (1), in each case up to 10% of the fund's assets; such collective investment undertakings may also invest in investments which are limited to the market, subject to high price volatility, have limited risk diversification or are difficult to assess, where an obligation to pay for the investor may not be provided;
4.		Shares in one and the same real estate fund according to § 1 Real Estate Investment Fund Act-ImmoInvFG (BGBl. I n ° 80/2003) and shares in one and the same real estate fund managed by a capital investment company established in the EEA, up to 10% of the fund's assets. In total, shares in real estate funds according to § 1 ImmoInvFG and shares in real estate funds managed by a capital investment company with registered office in the EEA may not exceed 20 vH of the fund's assets. The acquisition of shares in real estate special funds in accordance with § 1 para. 3 ImmoInvFG and shares in real estate special funds managed by a capital investment company with registered office in the EEA is permitted, provided that the acquiring other special fund a special fund is itself and all the unit-holders of the real estate special fund to be acquired will give their consent before the acquisition;
5.		Section 78 (2) (5) shall not apply;
6.		Shares in one and the same other special assets in accordance with this provision shall each up to 10 vH of the fund's assets. This investment limit may be raised to 50 vH of the Fund's assets, provided that this other special fund may, according to its Fund provisions, apply a total of no more than 10 VH of the Fund's assets in shares in collective investment undertakings according to Z 3.
"Other special assets" means no UCITS as defined in Article 1 (2) of Directive 2009 /65/EC.

(2) The limits laid down in § § 66 to 84 shall not apply to the apportionment referred to in points 1 to 4 and 6 of the first paragraph of this paragraph.

Applicable provisions

§ 167. (1) The provisions of the second part of this Federal Act, with the exception of § § 36 to 38, apply to other special assets, insofar as in § 166 and in the para. 2 to 7 of this provision is not expressly arranged otherwise. § § 50 to 65 shall apply with the proviso that in the case of a distribution of another special assets abroad, the respective competent supervisory authority as well as the unit-holders shall be informed of the secession that has been made.

(2) Other special assets may provide in the Fund's provisions that:

1.		the share issue and, by way of derogation from section 55 (2), the share return can only be made on certain dates, but at least once in each calendar quarter;
2.		by way of derogation from § 57 (3), the management company or custodian bank shall publish the issue and withdrawal price at least once a month. In any case, the publication must also be made in each issue and the withdrawal of the shares.

(3) The management company may, on behalf of a "other special asset", which has a majority in assets under Article 166 (1) (3), include short-term loans up to the amount of 20 vH of the fund's assets if the Fund's provisions so . After careful consideration of the individual case, the FMA may authorise the inclusion of higher loans or order their reduction.

(4) The investment and issuer limits applicable to "other special assets" shall be laid down in the Fund's provisions. The principle of risk-spreading shall be deemed to be respected even if the capital investment funds to be acquired for the "other special assets" include, to a considerable extent, shares in one or more other capital investment funds and those other funds Capital investment funds, directly or indirectly, in accordance with the principle of risk-spreading.

(5) The directors of the management company which manage "other special assets" must be suitably qualified for the intended apportionment.

(6) The prospectus in accordance with § 131 and the customer information document according to § 134 have to contain a special reference to special valuation and repayment modalities in accordance with paragraph 2. In the case of other special assets, which apply to more than 10 vH in apportionment pursuant to § 166 (1) Z 3, the customer information document and the prospectus shall contain a warning in this respect. The warning is required for the approval of the FMA. In the advertisement for shares of other special assets, the warning must always be used in the form approved by the FMA.

(7) The acquisition of shares in a foreign capital investment fund or of an open-type investment company or of a real estate fund managed by a capital investment company established in the EEA, by means of another Special assets do not constitute a public offering in Germany alone (Section 129 (1), § 140 and § 175 (1)).

(8) "Other special assets" shall be supervised by the FMA in accordance with § § 143 to 154.

Section 3

Retirement investment fund

Applicable rules

§ 168. A pension fund is a special fund consisting of liquid financial assets within the meaning of section 67 (1) which departs in equal shares embodied in transferable securities and is co-owned by the unit-holders and in accordance with the provisions of this Fund Federal law, which in accordance with the provisions of the Funds, leads to the designation of pension investment funds. The provisions of the second part of this federal law apply mutatis mutualto the provisions of the second part of this federal law, unless otherwise indicated in the following provisions of this section. A retirement investment fund is not a UCITS pursuant to Article 1 (2) of Directive 2009 /65/EC, which satisfies all the provisions of this Directive. Pension investment funds are to be supervised by the FMA in accordance with § § 143 to 154.

Requirements for the acquisition

§ 169. The shares of pension fund funds are to be presented by collecting certificates (Section 24 of the Depository Act).

Profit Usage

§ 170. Distributions of a pension investment fund are not permitted.

Assessment rules

§ 171. In the case of a pension fund, securities may only be acquired under the following conditions and restrictions:

1.		Up to 50 vH of the fund's assets may be acquired by exhibitors who have their registered office outside the EEA.
2.		At least 15 vH of the fund's assets must be invested in shares, securities via participation capital within the meaning of Section 23 (4) of the Federal Elections Act and Section 73c (1) VAG, Genussseem and profit-training securities.
3.		At least 30 vH of the fund's assets must be invested in partial bonds, cash obligations, convertible bonds, Pfandbriefe, municipal bonds and federal treasury bills.
4.		Up to 10 vH of the fund's assets may be acquired by shares in real estate funds according to § 1 para. 1 ImmoInvFG and shares in real estate funds managed by a capital investment company with registered office in the EEA.
5.		Warrants may not be purchased.

Derivative products

§ 172. For a pension investment fund, the acquisition of derivative products according to § 73 is only permissible for the protection of assets of the fund's assets.

Prospectus

§ 173. In the prospectus and in the customer information document of pension fund funds, it should be pointed out that the pension fund fund is used for the purpose of retirement provision and therefore pursues a long-term investment policy.

Fund provisions and payment plan

§ 174. (1) The provisions of the Fund shall provide that the issue of shares shall be admissible only

-		to unlimited taxable persons within the meaning of Section 1 (2) of the Income Tax Act 1988, which have previously completed an irrevocable repayment plan for the shares to be issued with the depository credit institution, and
-		to insurance undertakings for the assessment of the cover stock of supplementary pension insurance, and
-		on pension funds in the context of the assessment of the assets assigned to an investment and risk community; and
-		to operating pension funds in the context of the apportionment of assets assigned to an investment community.

(2) The payment plan shall have to provide that the payment of shares of the pension investment fund can only be made under the following conditions:

1.		If, in the case of the unit-holder, the conditions for benefits pursuant to Section 108b (1) (1) (2) of the Income Tax Act 1988 have occurred and
2.		the unit-holder assigns the depository credit institution the equivalent of the shares existing at the time of fulfilling the terms of Z 1, or the shares itself, to an insurance undertaking of its choice as a one-off premium for a Proof of completed pension supplementary insurance (§ 108b of the Income Tax Act 1988) by the unit-holder.

2. Main piece

Rules on the distribution of shares in foreign AIF in Germany

Scope

§ 175. (1) The provisions of this Section shall apply to a public offering domestically owned by shares in a foreign right, which is based on the principle of risk spreading (foreign capital investment interests). 4. Main part of the 2nd part as well as of the 4. and 5. Part.

(2) The provisions of this Section shall not apply to foreign capital investment shares admitted to official trading or regulated free circulation on a domestic stock exchange, provided that, with the exception of those prescribed by the stock exchange, Announcements, no public offer within the meaning of paragraph 1.

Conditions for the admissibility of a public offer

§ 176. The public offering of foreign capital investment shares shall be permitted if:

1.		the FMA's foreign management company names a credit institution fulfilling the requirements of Section 41 (1) as a representative,
2.		the fund assets are held by a custodian bank or by an institution entitled to the depository transaction, or, in the case of land, the holdings of which are held by a custodian bank or by an institution responsible for the depository business. shall be subject to supervision, which shall secure the unit-holders in a manner comparable to the provisions of § 40, subject to § 6 (2) (2) (8) and (9), 28 (1), (1), (5) and (44),
3.		one or more credit institutions which fulfil the conditions set out in Article 41 (1), first sentence, are designated as paying agents, through which payments made by the unit holders or for which certain payments are made; shall be paid and Transfers via a paying agency shall ensure that the amounts are transferred immediately to the custodian bank or to the unit-holders and to the transfer of funds to the depositary bank and to the unit-holders.
4.		provide for the fund rules or the articles of association of the capital investment company to:
a)			the buyer is immediately transferred to the buyer after payment of the purchase price,
b)			the unit-holders are entitled to claim the payment of the part of the assets which are covered by the share, provided that the corresponding shares are not held on the stock exchange of an OECD Member State or on another recognised, regulated, for the public the open and properly functioning securities market of such a State,
c)			in the case of a reduction in shares agreed for a period of several years, a maximum of one third of each of the payments agreed for the first year shall be used to cover costs and the remaining costs shall be applied to all subsequent payments be evenly distributed,
d)			the assets belonging to the fund may not be pledged or otherwise burdened unless they are in accordance with the borrowing requirements referred to in point (e),
e)			Loans at the expense of the Fund's assets only in the short term of 10% of the Fund's assets, at the expense of property assets only within the framework of sound economic management up to a total of 50 vH of the value of the assets located in the assets. be allowed to be included in the loan, and the borrowing shall be subject to the approval of the depositary bank on the terms of the loan; and
f)			No business shall be carried out at the expense of the Fund's assets which are not the object of the sale of property belonging to the fund, unless it is derivative transactions in accordance with Section 73, and Section 73 (3) does not apply to the Fund. Application.

Publicity provisions

Section 177. (1) The acquirer of a foreign capital investment fund is the fund provisions and/or the articles of association of the capital investment company, a prospectus of the foreign capital investment company and a copy of the application for the conclusion of the contract to hand out free of charge before the contract is concluded. The application form must contain an indication of the amount of the expenditure and of the remuneration to be paid annually to the capital investment company.

(2) The prospectus shall contain all the information which is essential for the assessment of foreign capital investment products at the time the application is submitted. A prospectus which does not contain at least the information required in Annex 1, Scheme A, is incomplete, unless the prospectus provides conclusive evidence of the absence of individual information. The prospectus shall also contain, in particular, details of:

1.		by name or company, legal form, registered office and equity (basic or stock capital less the outstanding deposits plus the reserves) of the foreign investment company, the company which determines the investment of the money placed (management company), the company which has acquired the distribution of the shares of the capital investment (distribution company), and the custodian bank;
2.		the firm, the registered office and the address of the representative and the paying agencies;
3.		, which objects may be acquired for the assets, according to which principles they shall be chosen, whether only securities admitted to the exchange trading and, where applicable, on which exchanges, such as the proceeds of the assets, are acquired and whether and, where applicable, within which limits a portion of the assets is held in bank accounts;
4.		on the conditions and conditions to which the unit-holders may request the payment of the asset part to be paid, and the competent authorities for the payment of the share of assets.
For information according to Z 1 to 4, paragraph 2, second sentence, shall apply mutatily. In addition, the prospectus shall include a report on which the reference date may not be longer than eighteen months and, if the reporting date is longer than nine months, to include a half-yearly report, or shall be annexed to the prospectus. The prospectus must also contain a reference to the fact that the foreign management company is not subject to any government supervision by an Austrian authority. The FMA may require further information to be included in the prospectus if this is necessary in the interest of the domestic investors. The prospectus and its amendments shall be checked by the representative as a prospectus control or with the diligence of a prudent and conscientious business manager within the meaning of § 39 BWG for their accuracy and completeness. § § 6, 8 (1) and (2a) as well as § 11 KMG apply mutatis mutually to the creation, modification, control and responsibility for the contents of the prospectus; the representative shall be responsible for the content of the prospectus. (prospectus control gate) shall not be liable for prospektwidrige acts or omissions of the foreign capital investment company or investment company or any other third party involved in the investment process. Section 10 (3) and (8) of the KMG shall apply to the publications of the prospectus and to its amendments.

Accountability report, asset purchase, issue and withdrawal price

§ 178. (1) The foreign capital investment company has to publish (Section 136 (4)):

1.		for the closure of each financial year, having regard to Annex I Scheme B of this Federal Law or, where appropriate, Annex B Scheme B of the ImmoInvFG, an account report which has been broken down according to the nature of the expenses and income An expense and income statement, a statement of the assets belonging to the property, specifying the type, nominal amount or number and price value, a statement of the land belonging to the property, indicating the size of the land, the type of property, the type of property, the amount and the value of the assets. and location, construction and employment year, building protection area, traffic value and other has to include the status of the assets belonging to the assets and the difference between the number of shares issued and withdrawn during the period under review; the indication of the assets belonging to the assets; Property and the status of the assets belonging to the assets shall also be given in each case the changes to the last report,
2.		for the middle of each financial year, provided that it does not publish for that date a further account report as referred to in Z 1, a list of assets belonging to the assets with those for the preparation according to Z 1 the required information, the status of the accounts belonging to the assets and the difference between the number of shares issued and withdrawn during the reporting period; the last half-sentence of Z 1 shall apply,
3.		the price of expenditure and withdrawal daily in a sufficiently common economic or daily newspaper published in the prospectus, with its place of publication domestiated; the price of the expenditure and withdrawal calculated for the lowest investment amount shall be: .

(2) The issue and withdrawal price may only be jointly referred to in publications and promotional literature; the last half-sentence of paragraph 1 Z 3 shall apply.

Authoritity of German

§ 179. The publications, promotional literature and the relevant documents are to be written in German or provided with a German translation; the German text is relevant.

Representative

§ 180. (1) The representative shall represent the foreign capital investment company in court and out of court. It shall be deemed to be authorized to receive the documents intended for the investment company, the management company, the distribution company and the public service provider. These powers cannot be limited.

(2) For claims against a foreign capital investment company, a management company or a distribution company related to the distribution of foreign capital investment goods in the domestic territory, and for claims against the public The provider is responsible for the local court responsible for the representative office. This place of jurisdiction cannot be ruled out by agreement.

(3) The appointment of the representative and the termination of his/her position shall be published by the foreign capital investment company in the Official Journal of the Vienna newspaper.

Notification duty

§ 181. (1) The foreign capital investment company intends to publicly offer foreign capital investment shares in Germany to the FMA.

(2) The ad shall be accompanied by:

1.		All essential information on the foreign capital investment company, its institutions and its domestic and foreign representatives, as well as on the management company, the distribution companies, the depositary bank and the paying agencies,
2.		the terms and conditions of the contract or the articles of association of the capital investment company and the prospectus, which the representative is prepared to submit as a prospectus,
3.		Accounting reports which meet the requirements of section 178 for the last three financial years or, if the investment company and/or the capital investment fund are not yet in existence for the previous financial years, and a An overview of the assets of the assets in which the shares are held, which may not be more than two months old and contain the information referred to in Article 178; these documents must be accompanied by the unqualified opinion of a the auditor,
4.		the established annual accounts of the last three financial years, or, if the investment company does not yet exist for so long, the previous financial years, in addition to the profit and loss account (annual accounts), which have been concluded with the full balance sheet an auditor's opinion must be endorsed, and
5.		the declaration by the foreign capital investment company that it is committed to:
a)			of the FMA to submit the annual financial statements and the financial statements of the Fund no later than six months after the end of each financial year and the half-yearly report no later than three months after the end of each half-year; the annual accounts and the The audit report must be accompanied by an auditor's opinion,
b)			to inform the FMA of any substantial changes in circumstances which have been indicated on the indication of the intention of the sales person,
c)			to submit, at the request of the FMA, a statement of the value of the assets held in custody of the depository bank on a date determined by that date, which shall be accompanied by the endorsement of a verifier who, on the basis of his professional experience is able to assess the value of the assets of the assets, and that in the last three years does not have the accounting and semi-annual reports of the foreign capital investment fund or the annual accounts of the management company,
d)			the FMA the temporary maintenance of the withdrawal of the shares, whereby exceptional circumstances must be available in accordance with § 56 (1), and the resumption of the withdrawal of the shares must be reported immediately, and the investors shall be informed by public to inform the notice of the maintenance of the withdrawal of the shares and the resumption of their withdrawal;
e)			submit any change to the FMA prospectus no later than two months before the date of entry into force; and
f)			to apply risk management within the meaning of Article 85 (1) and (2) for investment management;
6.		the proof of payment of the fee referred to in paragraph 3.
Foreign-language documents must be provided with a German translation.

(3) A fee of EUR 4 500 is to be paid to the FMA for the processing of the ad pursuant to paragraph 1. This fee is increased by EUR 1 000 from the second sub-fund for each fund, in the case of funds containing several sub-funds (Umbrella-Fonds). For the examination of the particulars and documents required pursuant to paragraph 2 (2) Z 5, it shall also be at the beginning of each calendar year, at the latest by 15. This year, an annual fee of EUR 2 500 is payable to the FMA; this fee is increased by EUR 600 for funds which contain several sub-funds (Umbrella-Fonds), starting from the second sub-fund for each sub-fund. Fees which have not been paid at the latest on the due date shall be enforceable. The FMA has to produce a residue certificate in force as an exectable title. It shall contain the name and address of the person liable to pay, the amount of the debt, and the endorsement that the debt has become enforceable. The non-timely payment of the fee is a reason for the distribution of the fee in accordance with § 182 (2).

(4) The foreign capital investment company has the intention to discontinue the public distribution of shares, to display the FMA and to publish it with reference to the legal consequences. The obligations arising from the public distribution resulting from this Federal Law shall end at the earliest three months after the distribution has been set. The FMA may, in the interests of the unit-holders, order an extension of this period and a publication in this respect.

Waiting Period-Sales Subsaation

§ 182. (1) The distribution of foreign capital investment shares may not be accepted until four months have elapsed since the receipt of the complete advertisement, without the FMA having prohibited the admission of the sales person; § 13 para. 3 last Sentence AVG does not apply with regard to the calculation of the period of four months. When displaying a partial fund of an umbrella construction already under this main piece, this deadline is two months. The admission of the distribution is to be prevented if the foreign capital investment company does not fulfil a condition in accordance with § 176 or if the advertisement according to § 181 is not reimbursed properly.

(2) The FMA has to prohibit the further distribution of foreign capital investment shares if:

1.		the display according to § 181 has not been reimbursed,
2.		a condition in accordance with § 176 has been omitted,
3.		the obligations assumed by the FMA in respect of obligations under section 181 (2) (5) are not complied with in spite of the warning,
4.		in the case of the public offer of foreign capital investment products, has been significantly violated by law,
5.		a claim by a unit holder established by a final judgment or by a court settlement with respect to the foreign capital investment company, the management company or the distribution company has not been fulfilled;
6.		the obligations provided for in Articles 177 and 178 shall not be properly fulfilled;
7.		in the case of the distribution of the foreign capital investment products, a significant breach of the terms of the contract or the statutes has been infringed, or
8.		the authorisation has been withdrawn by the competent authorities of the State in which the capital investment company has its registered office.
The obligations arising from the public distribution resulting from this Federal Law shall end at the earliest three months after the publication of the discourse of the sales. In the interest of the unit-holders, the FMA may order an extension of this period as well as a publication in this respect.

(3) If the FMA prohibits the inclusion of the distribution or the further distribution of foreign capital investment shares, the foreign capital investment company shall be entitled to have these foreign capital investment components within the scope of this To expel the Federal Act, to re-display at the earliest in accordance with § 181, if a year has passed since the day of subsatiation.

(4) In the case of Umbrella Constructions, the FMA may also prohibit the distribution of foreign capital investment shares which may be distributed within the scope of this Federal Law, with due regard to the second paragraph (final part), if further Foreign capital investment fund shares of sub-funds of the same umbrella construction are distributed within the scope of this federal law which have not undergone the notification procedure in accordance with Section 181 correctly.

Advertising

§ 183. (1) Advertising with the reference to the powers of the FMA under this Act is prohibited.

(2) The advertising may only be carried out in compliance with § 128 (1) to (3).

(3) If the foreign capital investment company, its representative or a person dealing with the sales person is against para. 1 or 2 and if the violations are not set in spite of the warning, the FMA has the further distribution of shares to .

Free access to prospectuses, accountability report and semi-annual report

§ 184. The potential acquirer of a foreign capital investment fund is, however, also the prospectus in the version in force before the contract is concluded as well as the interested unit-holder, the last published account report and the subsequent half-yearly report, provided it is published, free of charge and in German language.

Re-use of general names

§ 185. The capital investment company may use the same general terms which it justifiably carries out in the State in which it is situated. However, it must attach appropriate clariative additives to such names if there is a risk of misleading.

Part 4

Taxes

Taxes on income, income and wealth

§ 186. (1) The distributed income from income within the meaning of § 27 of the Income Tax Act 1988 minus the related expenses of a capital investment fund are taxable income in the case of the unit-holder. If the income in the sense of § 27 (3) and (4) of the Income Tax Act 1988 is lost after deduction of the expenses related to it, the income is to be compensated for with other income from the Fund. If such a compensation is not possible, a settlement with income from the Fund in the following years shall be effected primarily with income from the Fund within the meaning of Article 27 (3) and (4) of the Income Tax Act 1988.

If a distribution is made, for tax purposes the current income and the income earned in previous years within the meaning of § 27 of the Income Tax Act 1988 and thereafter amounts which are not income within the meaning of § 27 of the German Income Tax Act (§ 27) of the German Income Tax Act (§ 27) of the German Income Tax Act ( Income Tax Act 1988, as being distributed.

(2)		1. In the absence of actual distribution within the meaning of paragraph 1, or not all proceeds are distributed within the meaning of para. 1, all proceeds from the transfer of capital shall apply with payment of the capital gains tax (§ 58 (2) first sentence). as defined in Article 27 (2) of the Income Tax Act and 60 vH of the positive balance of income within the meaning of Article 27 (3) and (4) of the Income Tax Act 1988, minus the related expenses of a capital investment fund to the Unit-holders in the extent to which the share is paid as distributed (equal earnings). If the payment is not made within four months of the end of the financial year, the same income shall be deemed to have been paid out after the expiry of that period. In the case of shares held in an operating assets, the total positive balance of income within the meaning of Section 27 (3) and (4) of the Income Tax Act 1988 minus the expenses related to it shall be deemed to be distributed. If the returns in effect are subsequently distributed, they are tax-free.
2.		The tax and the amount of the capital gains tax on the payout within the meaning of the first paragraph and the payout-like income within the meaning of Z 1 are the reporting body according to § 129 (2) by a tax representative for the purpose of publication to be known. As a tax representative, only a domestic business unit or a person who has comparable professional qualifications can be appointed. If the reporting body rejects a tax representative because of doubts as to the comparability of the qualification, the Federal Minister of Finance decides. In addition, the tax representative shall forward the breakdown of the composition of the income and actual distribution equal to the payout, together with the necessary changes to the cost of acquisition in accordance with paragraph 3 of the Reporting Office. This breakdown shall be published in an appropriate form by the Reporting Office. The deadline, content and structure of the transmission, any corrections as well as the manner and manner of publication by the Reporting Office shall be laid down in greater detail by the Federal Minister of Finance's Regulation. § 12 (1), last sentence, KMG is to be applied in a reasonable way.
3.		If no notification is made according to Z 2 concerning the distribution, the payout is entirely taxable. If no notification is made in accordance with Z 2 concerning the same yields as for the purposes of Z 1, these are equal to 90% of the difference between the first and last withdrawal price fixed in the calendar year, but at least in the amount of the withdrawal price. of 10 vH of the withdrawal price fixed at the end of the calendar year. The distribution of the same income as determined in this way shall be deemed to have been received by 31 December each year. The unit-holder can prove the amount of the income equal to the payout or the tax exemption of the actual payout, with the supplement of the documents required for this purpose.
4.		If the capital gains tax has been deducted, proof in accordance with Z 3 is to be provided to the offtake. If no implementation within the meaning of paragraph 3 has yet been made, he/she shall reimburse or recharge the capital gains tax and correct the acquisition costs in accordance with paragraph 3.

(3) The realised value increase in the case of the sale of the share is subject to taxation in accordance with Section 27 (3) of the Income Tax Act 1988. Increase equal income, tax-free distributions within the meaning of Section 2 (1) (1) of the last sentence and payouts which are not deemed to be income within the meaning of Section 27 of the Income Tax Act 1988 are reduced by the unit-holder. Acquisition costs of the shareholder within the meaning of § 27a (3) Z 2 of the Income Tax Act 1988. In the event of secession within the meaning of section 65, the taxable acquisition costs of the shares in the capital investment fund to be split off shall be reduced to the extent and, to the same extent, as the acquisition cost of the shares of the split-off. A capital investment fund in which the values which enter into a share value calculation within the meaning of section 57 (1) are postponed by the split. The granting of new shares due to a secession does not apply as a swap. The payment of the shareholder pursuant to section 55 (2) and the settlement in accordance with § 63 shall be deemed to be divestited.

(4) In the case of mergers according to § § 114 to 127:

1.		The acquisition costs of all assets of the transfer fund shall be continued by the accepting fund if there is no final postponement of stiller reserves. Otherwise, all assets of the transferring fund shall be deemed to be sold at the date of the merger as a common value (liquidation fictitious).
2.		The income generated up to the date of the merger on the basis of the Z 1 as well as all other equalization-like income (para. 2) the transferring fund shall be deemed to have been received on the date of the date of the merger and losses referred to in paragraph 1 of the transferring fund shall be considered as having been received. The acquisition costs are to be increased in accordance with the second sentence of paragraph 3 and an amount is to be paid out in accordance with § 58 (2), first sentence.
3.		The exchange of shares on the basis of a merger shall not be considered as a realization within the meaning of paragraph 3 and the acquisition costs of the shares of the transferring fund increased in accordance with Z 2 shall be the acquisition cost of the shares of the receiving fund to continue.
4.		Cash payments (§ 126 (1) (2) and § 126 (2) (2) (2)) shall be deemed to have been realised by the shareholder as a realised increase in value in accordance with paragraph 3 of the first sentence.

Retirement investment fund

§ 187. For shares in pension vestment funds in the sense of the 3. Part 1. Main piece 3. Section fulfilling the requirements of § 108h (1) (1) (2) to (5) of the Income Tax Act 1988 shall apply to:

1.		Income equal to income tax is exempt from income tax and capital gains tax.
2.		Proof of retained domestic capital gains tax on profit distributions (dividends) to be paid to the pension fund can be refunded at the request of the management company. The provisions of the Funds shall have to be regulated until such time as a corresponding application has to be submitted.
3.		The exchange of shares in other shares of pension investment funds within the meaning of the 3. Part 1. Main piece 3. Section which meets the requirements of § 108h (1) (1) (2) to (5) of the Income Tax Act 1988, or in order to fulfil the payment plan, is as follows with regard to the implementation in accordance with Article 27 (3) of the Income Tax Act 1988. for free transmission.

Application to foreign capital investment funds

§ 188. The provisions of Section 186 shall also apply to foreign capital investment funds. As such, irrespective of the legal form, any property under a foreign law which is laid down in accordance with the law, the statutes or the actual exercise according to the principles of risk spreading. Predisposition communities within the meaning of Section 42 of the Real Estate Investment Fund Act are excluded.

Part 5

Penal provisions, transitional and final provisions

1. Main item

Criminal provisions

Judicial penalties

§ 189. (1) Those who, in connection with a public offer of foreign investment fund shares, offer such shares in Germany, although

1.		the display according to § 181 has not been reimbursed; or
2.		the waiting period referred to in § 182 has not yet elapsed, or
3.		the FMA has prohibited the recording of the distribution, or
4.		the FMA has prohibited further distribution, or
who, in connection with a public offer of domestic investment fund shares, offers such shares in Germany, although the fund set up in Austria has not been approved by the FMA in accordance with § 50 or § 95,
, unless the act is threatened under other provisions with a stricter penalty, is punishable by the court with imprisonment for up to two years or with a fine of up to 360 days ' rates.

(2) It is also necessary to punish who in a published prospectus or in a customer information document of a domestic or foreign investment fund or in a statement changing or supplementary to such a prospectus or in an account or semi-annual report of an investment fund or a foreign investment fund or, in the context of the information provided for in § 120, unravelled or unfavourable information or concealment of any adverse facts.

(3) In accordance with paragraph 1, it is not necessary to punish those who voluntarily, before the service required for the acquisition has been provided, prevent the acquisition of the fund parts. The perpetrator shall not be punished even if the performance is not provided without his intervention, but in ignorance of his/her voluntarily and seriously endeavor to prevent them.

(4) The criminal liability according to paragraph 2 shall be repealed under the conditions of Section 167 of the StGB (German Civil Code) by active repudiation, provided that the indemnity of the claim relates to the entire service required for the acquisition, including the related costs.

(5) The FMA shall be notified of the initiation and termination of a judicial criminal proceedings pursuant to para. 1 or 2.

Administrative penalties

§ 190. (1) If the offence does not constitute the offence of a criminal offence within the jurisdiction of the courts, an administrative surrender shall be carried out and shall be punished by the FMA with a fine of up to 30,000 euros.

1.		in a published prospectus or in a customer information document of an investment fund, or in a statement changing or supplementary to such a prospectus, or in a financial or semi-annual report of an investment fund or in the the information provided in accordance with § 120 on significant circumstances makes inaccurate information available, or omits the indication of adverse facts;
2.		otherwise violates the provisions of § § 129 or 177 to 185;
3.		, contrary to § 128 without a published prospectus or an available KID for a UCITS,
4.		in the advertising of a UCITS, the content referred to in § 128 shall not be provided;
5.		otherwise violates § § 132, 133, 136, 138, 140, 141 or 142 of this Federal Act or against Articles 3 to 5 or 7 to 36 or 38 of Regulation (EU) No 583/2010 or in violation of Article 1 of Regulation (EU) No 584/2010;
6.		without being entitled to it, the designations "capital investment company", "capital investment fund", "investment fund company", "investment fund", "joint ownership fund", "securities fund", "equity fund", "bond fund", "investment bank notes", "investment certificates", "pension fund", "special fund", "index fund", "bond fund", "pension fund", "fund of funds", "thesauriding capital investment fund", "money market fund", "money market fund with a short running time structure", the additional "mündelsafely" or equivalent names, or Abbreviations of such designations are contrary to § 130.

(2) If the offence does not constitute the offence of a criminal offence within the jurisdiction of the courts, an administrative surrender shall be committed and shall be punished by the FMA with a fine of up to EUR 30 000, who shall be deemed to be a criminal offence. Responsible (§ 9 VStG) of a capital investment company or of a management company,

1.		the disclosure requirements are infringed in accordance with § § 37, 113 (1), 125 (3), 137 or 151;
2.		the reporting obligations are infringed in accordance with § § 152 or 153;
3.		the obligations pursuant to Sections 10 to 35, 39 (1), 41 (4), 42 or 45 of which are infringed;
4.		§ § 46 (2) and (3), 47 (1) and (2), 49, 52, 53 (4), 57, 59, 60 (1) or (2), 61, 63, 64, 65;
5.		the withdrawal or payment of shares pursuant to § 55 without the existence of exceptional reasons within the meaning of Section 56 (1) or the obligation to inform the investors or the authorities in other Member States in violation of Section 56 (2);
6.		the provisions of § § 66 to 84 or the provisions on the risk management of § § 85 to 92 are infringed;
7.		the provisions of § § 120 to 124 or 127 (2) or (3) are violated;
8.		the provisions of § 163 (2), § 164 (1) or (3) (1) to (8), (4) to (6) or (§ 165) are violated;
9.		the provisions of § 166, § 167 (1), (3), (5) or (6) are violated;
10.		Violates the provisions of § § 168 to 174;
11.		in the framework of the provision of services pursuant to § 5 (2) (3) and (4), § § 17 to 26 and 29 to 57 as well as 58 (4), 60 (3) or 4 (4) or § § 73 or 74 WAG 2007.

(3) If the offence does not constitute the offence of a criminal offence within the jurisdiction of the courts, an administrative surrender shall be committed and shall be punished by the FMA with a fine of up to EUR 30 000, who shall be deemed to be a criminal offence. Person responsible (§ 9 VStG) of a management company from another Member State pursuant to § 36

1.		In the context of the activity of collective portfolio management, § § 10 to 28 or 36 (1) to (6) and (9) are violated;
2.		in the context of the activity of collective portfolio management, § § 46 (2) and (3), 47 (1) and (2), 49, 52, 53 (4), 57, 59, 60, 61, 63 (1) to (3), 64, 65) are infringed;
3.		the withdrawal or payment of shares pursuant to § 55 without the existence of exceptional reasons within the meaning of Section 56 (1) or the obligation to inform the investors or the authorities in other Member States in violation of Section 56 (2);
4.		in the context of the activity of the collective portfolio management, the provisions of § § 66 to 92 are violated;
5.		in the context of the activity of collective portfolio management, violates § § 96 to 106, 107 (2), 111, 112, 113 (2) and (3).
6.		in the framework of the provision of services pursuant to § 5 (2) (3) and (4), § § 17 to 26 and 29 to 57 as well as 58 (4), 60 (3) or 4 (4) or § § 73 or 74 WAG 2007.

(4) If the offence does not constitute the offence of a criminal offence within the jurisdiction of the courts, an administrative surrender shall be carried out and shall be punished by the FMA with a fine of up to EUR 30 000, who shall be deemed to be a criminal offence. Responsible (§ 9 VStG) of a branch of a management company from another Member State pursuant to § 36

1.		In the context of the activity of collective portfolio management, § § 10 to 35 or 36 (1) to (6) and (9) are violated;
2.		in the context of the activity of collective portfolio management, § § 46 (2) and (3), 47 (1) and (2), 49, 52, 53 (4), 57, 59, 60, 61, 63 (1) to (3), 64, 65) are infringed;
3.		the withdrawal or payment of shares pursuant to § 55 without the existence of exceptional reasons within the meaning of Section 56 (1) or the obligation to inform the investors or the authorities in other Member States in violation of Section 56 (2);
4.		in the context of the activity of the collective portfolio management, the provisions of § § 66 to 92 are violated;
5.		in the context of the activity of collective portfolio management, violates § § 96 to 106, 107 (2), 111, 112, 113 (2) and (3);
6.		in the framework of the provision of services pursuant to § 5 (2) (3) and (4), § § 17 to 26 and 29 to 57 as well as 58 (4), 60 (3) or 4 (4) or § § 73 or 74 WAG 2007.

(5) If the offence does not constitute the offence of a criminal offence within the jurisdiction of the courts, an administrative surrender shall be carried out and shall be punished by the FMA with a fine of up to EUR 30 000, who shall be deemed to be a criminal offence. Responsible (§ 9 VStG) of a custodian bank

1.		in violation of § § 39 para. 2, 40 para. 2 to 4, 41 para. 3 and 4, 42, 44, 45,
2.		§ § 12, 13, 20, 21 para. 6, 31, 57, 63, 64 are violated, provided that the custodian bank has been assigned the corresponding tasks pursuant to Section 5 (5) of the German Law.
3.		violates § 107 (1), (3), (4) or (5) or § 108, or
4.		confirms the regularity according to § 118 against better knowledge;

(6) If the offence does not constitute the offence of a criminal offence within the jurisdiction of the courts, an administrative surrender shall be carried out and shall be punished by the FMA with a fine of up to EUR 30 000, who shall be deemed to be a criminal offence. Auditor of a UCITS,

1.		is in breach of § § 109 or 110; or
2.		carry out a confirmation in accordance with § 119 (1) against better knowledge.

Violations of the BWG

§ 191. § § 96, 97, 98 (1) and (2) (2) Z 3 to 5 and Z 8 to 10, Z 11 BWG with a view to § 44 BWG, § 98 paragraph 3 Z 10, 11a, 12 and paragraph 5 as well as § 99 paragraph 1 Z 3 to 10, 15 and 16 and paragraph 2 as well as the § § 99a to 101 BWG are on management companies ,

Penalty

§ 192. § § 70 (4) and (96) of the Federal Elections Act (BWG) are to be applied in accordance with the provisions of this Federal Act or of a regulation issued under this Federal Act, in accordance with the provisions of Section 70 (4) and (96) of the Federal Elections Act (BWG). Pursuant to Section 70 (4) (3) of the Federal Elections Act (BWG) the withdrawal of the authorization shall take place in accordance with § 50 sec. 2

Procedure and conciliation

§ 193. (1) The FMA is responsible for the imposition of administrative penalties in accordance with § § 190 to 191 as well as of compulsory penalties in accordance with § 192.

(2) In the case of administrative transgressions in accordance with § § 190 to 191, a limitation period of 18 months shall be applied instead of the limitation period of § 31 para. 2 VStG of six months. Periods of judicial criminal proceedings are not to be included in this period of limitation and that pursuant to Section 31 (3) of the VStG (German Civil Code).

(3) In the investigation into administrative criminal proceedings according to § § 190 to 191, the FMA shall apply all competencies in accordance with § § 147 to 150.

(4) The FMA has customers of management companies or UCITS who have a complaint against a breach of a management company or a UCITS against the § § 10 to 35 or against a provision of the 3. or 4. To display the possibility of a complaint with the out-of-court FIN-NET Schlichtungsstelle (§ 3 Z 9 ZaDiG), indicate the location and address of the main piece.

Civil-law implications of illegal activity

§ 194. Anyone who dispenses or distributes investment funds without the necessary authorization shall not be entitled to any remuneration, costs and charges related to these transactions. The legal invalidity of the agreements concluded with these transactions does not result in the legal invalidity of the whole business. Conflicting agreements as well as guarantees and guarantees relating to these transactions shall be legally ineffective.

2. Main piece

Transitional and final provisions

Transitional provisions

§ 195. (1) The limited liability companies and companies with limited liability which, upon the entry into force of this Federal Act with the approval of the FMA, operate the investment business (Article 1 (1) (c) 13 of the BWG) are management companies within the meaning of this Federal law and do not require re-approval for business operations.

(2) For the distribution of shares of foreign capital investment funds within the meaning of § 3 paragraph 2 Z 31 lit. (c) and of the EEA capital investment funds, which were legitimately offered to the public at the time of the entry into force of this Federal Act, is not required to be displayed in accordance with § 140 or § 176. Foreign capital investment funds within the meaning of § 3 paragraph 2 Z 31 lit. c, however, have the declaration of commitment pursuant to § 181 paragraph 2 Z 5 lit. e and f to be submitted to the FMA by 31 December 2011; the FMA has to act in accordance with Section 182 (2).

(3) Investment firms within the meaning of Article 3 (2) (1) of the WAG 2007 and investment service companies according to § 4 WAG 2007 may request a concession pursuant to § 5 to manage UCITS and to act as management companies themselves if they , at the same time, their concession after WAG 2007 in the event of the granting of a concession as a management company.

(4) management companies which have already received authorisation for the management of UCITS in the form of an investment fund or an investment company before 1 July 2011 in their Member State of origin under Directive 85 /611/EEC; shall be deemed to be concessioned within the meaning of this provision if the legislation of the Member State of origin provides that the companies must comply with the conditions laid down in Articles 7 and 8 of the Directive in order to take up those activities 2009 /65/EC. Insofar as such management companies already perform activities in Austria in compliance with § 32a InvFG 1993 or distribute UCITS units in Austria pursuant to § 36 InvFG 1993, a renewal of the certificate pursuant to § 36 of this Federal law not required. If such management companies intend to use the collective portfolio management of a UCITS set up in Austria, § § 36 and 50 of this Federal Act as well as the provisions of the 4. Keep to the main piece. However, the distribution of new shares or partial funds is to be communicated in accordance with section 141 (3).

(5) Capital investment funds within the meaning of InvFG 1993, which have already been approved by the FMA before 1 September 2011, are subject to the approval of UCITS or AIF within the meaning of this Federal Law and do not require any new authorization. You have to comply with the provisions of § § 134 and 135 at the latest from 1 July 2012; until then they may continue to provide a simplified prospectus in accordance with Annex E Scheme E InvFG in 1993 instead of the KID.

References and Regulations

§ 196. (1) As far as other federal laws are referred to in this Federal Act, these are to be applied in their respectively applicable version, except it is expressly arranged otherwise.

(2) Where reference is made in this Federal Act to the following acts of the European Union, these acts, unless otherwise arranged, shall be applied in the following text:

1.		Directive 2009 /65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast) (OJ L 196, 27.7.2009, p. 1). No. 32), as amended by Directive 2010 /78/EU amending Directives 98 /26/EC, 2002 /87/EC, 2003 /6/EC, 2003 /41/EC, 2003 /71/EC, 2004 /39/EC, 2004 /109/EC, 2005 /60/EC, 2006 /48/EC, 2006 /49/EC and 2009 /65/EC with regard to the Powers of the European Supervisory Authority (European Banking Authority), of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and of the European Supervisory Authority (European Securities and Markets Authority): OJ L 327, 28.4.2002; Bull. No. 120), where references in laws or regulations to Directive 85 /611/EEC are to be considered as references to Directive 2009 /65/EC;
2.		Directive 2006 /48/EC on the taking up and pursuit of the business of credit institutions, OJ L 177, 30.4.2006, p No. 1., as amended by Directive 2010 /78/EU amending Directives 98 /26/EC, 2002 /87/EC, 2003 /6/EC, 2003 /41/EC, 2003 /71/EC, 2004 /39/EC, 2004 /109/EC, 2005 /60/EC, 2006 /48/EC, 2006 /49/EC and 2009 /65/EC as regards the Powers of the European Supervisory Authority (European Banking Authority), of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and of the European Supervisory Authority (European Securities and Markets Authority): OJ L 327, 28.4.2002; Bull. No. OJ L 331, 15.12.2010, p.120);
3.		Directive 2010 /43/EU on the implementation of Directive 2009 /65/EC as regards organisational requirements, conflicts of interest, well-being, risk management and the content of the agreement between depositary and management company (OJ L 206, 22.7.2010, p. No. (OJ L 176, 10.7.2010, p. 42);
4.		Directive 2010 /44/EU on the implementation of Directive 2009 /65/EC as regards the provisions relating to the merging of funds, master-feeder structures and the notification procedure (OJ L 46, 17.2.2010, p. No. OJ L 176, 10.7.2010, p.28);
5.		Regulation (EU) No 583/2010 on the implementation of Directive 2009 /65/EC as regards the essential information for investors and the conditions to be complied with when the essential information for the investor or prospectus is available on: be made available to another durable medium, either as a paper or on a website (OJ L 327, 30.4.2004 No. OJ L 176, 10.7.2010, p.1);
6.		Regulation (EU) No 584/2010 implementing Directive 2009 /65/EC as regards the form and content of the standard model for the advertising and the UCITS certification, the use of electronic means of communication by the competent authorities for the notification and procedures for on-the-spot checks and investigations, and for the exchange of information between the competent authorities (OJ C 327, 28.4.2002 No. (OJ L 176, 10.7.2010, p. 16);
7.		Directive 2004 /39/EC on markets in financial instruments, amending Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC and repealing Directive 93 /22/EEC (OJ L 145, 30.4.2004, p. 1), as amended by Directive 2010 /78/EU amending Directives 98 /26/EC, 2002 /87/EC, 2003 /6/EC, 2003 /41/EC, 2003 /71/EC, 2004 /39/EC, 2004 /109/EC, 2005 /60/EC, 2006 /48/EC, 2006 /49/EC, and 2009 /65/EC as regards the Powers of the European Supervisory Authority (European Banking Authority), of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and of the European Supervisory Authority (European Securities and Markets Authority): OJ L 327, 28.4.2002; Bull. No. OJ L 331, 15.12.2010, p.120);
8.		Directive 2003 /6/EC on insider dealing and market manipulation (market abuse) (OJ L 196, 27.7.2003, p. No. 16), as amended by Directive 2010 /78/EU amending Directives 98 /26/EC, 2002 /87/EC, 2003 /6/EC, 2003 /41/EC, 2003 /71/EC, 2004 /39/EC, 2004 /109/EC, 2005 /60/EC, 2006 /48/EC, 2006 /49/EC and 2009 /65/EC with regard to the Powers of the European Supervisory Authority (European Banking Authority), of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and of the European Supervisory Authority (European Securities and Markets Authority): OJ L 327, 28.4.2002; Bull. No. OJ L 331, 15.12.2010, p.120);
9.		Regulation (EU) No 1287/2006 on the implementation of Directive 2004 /39/EC on recording obligations for investment firms, the reporting of transactions, market transparency, the admission of financial instruments to trade and certain terms in the For the purposes of this Directive (OJ C No. OJ L 241, 2.9.2006, p.
10.		Regulation (EU) No 1095/2010 of 24 November 2010 establishing a European Supervisory Authority (Securities and Markets Authority), amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /77/EC (OJ L 108, 24.4.2009, p. No. OJ L 331, 15.12.2010, p.84);
11.		Regulation (EU) No 1092/2010 of 24 November 2010 on the financial supervision of the European Union at the macro level and on the establishment of a European Systemic Risk Board (OJ L 327, 22.12.2010, p. No. OJ L 331, 15.12.2010, p.1);
12.		Directive 2005/60 of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, OJ C 327, 28.11.2005 No. 15., as amended by Directive 2010 /78/EU amending Directives 98 /26/EC, 2002 /87/EC, 2003 /6/EC, 2003 /41/EC, 2003 /71/EC, 2004 /39/EC, 2004 /109/EC, 2005 /60/EC, 2006 /48/EC, 2006 /49/EC and 2009 /65/EC as regards the Powers of the European Supervisory Authority (European Banking Authority), of the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and of the European Supervisory Authority (European Securities and Markets Authority): OJ L 327, 28.4.2002; Bull. No. OJ L 331, 15.12.2010, p.120);
13.		Directive 95/46 of 24. 1 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data, OJ C No. OJ L 281, 23.11.11. 31, as amended by Regulation (EC) No 1882/2003 of 29 September 2003 (OJ L 284, 31.10.2003, p. No. OJ L 284, 31.10.2003, p. 1);
14.		Seventh Directive 83 /349/EEC of 13 June 1983 based on Article 54 (3) (g) of the Treaty on consolidated accounts, OJ L 327, 31.12.1983, p. No. OJ L 193 of 18.07. 1), as amended by Directive 2006 /99/EC of 20 November 2006 (OJ L 327, 22.12.2006, p. No. OJ L 363, 20.12.2006, p.137);
15.		Regulation (EC) No 1781/2006 of 15 November 2006 on the transmission of information to the payer on transfers of funds (OJ L 393, 30.12.2006, p. No. OJ L 345 of 08.12. 1);
16.		Directive 2007 /16/EC of 19 March 2007 on the implementation of Council Directive 85 /611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) with a view to the Clarification of certain definitions (OJ C 139, No. OJ L 79, 20.3.2007, p.11).

(3) Regulations on the basis of this Federal Act, as amended, may already be issued from the day following the presentation of the Federal Act to be carried out; however, they may not be issued prior to the application of the Act to be carried out. Legislative provisions enter into force.

(4) Where reference is made in other federal laws to provisions of the InvFG in 1993, the relevant provisions of this Federal Act shall be replaced by the provisions of the InvFG in 1993.

Linguistic equality

§ 197. Insofar as personal names are only mentioned in male form in this federal law, they refer to women and men in the same way. The gender-specific form is to be used in the application to certain persons.

Out-of-Force Trees

§ 198. (1) The Investment Fund Law-InvFG 1993 (BGBl. No. 532/1993), as amended by the Federal Law BGBl. I n ° 111/2010 will be repealed at the end of 31 August 2011; sections 6 (1), 20a (7), 21a (1), 2 and 3, 23f and 35, and Annex E Scheme E, respectively, to the simplified prospectus shall be applied to UCITS and AIF, which shall be published before 1 September 2011. , and as long as no KID has yet been submitted to the FMA, until 30 June 2012. § § 3 (2) and (14) (4) apply to mergers of capital investment funds with regard to which a full application for authorization has been submitted by the FMA until 31 August 2011. § 44 InvFG 1993 is to be fully applied to acts that were set before 1 September 2011.

(2) The following provisions of the Investment Fund Act 1993 in the version prior to the Federal Law BGBl. I n ° 111/2010 remain in force:

1.		§ 13 4. The sentence, section 40 (1) and (2) and section 42 (1) and (3) shall continue to apply without prejudice to the provisions of Section 200 (2), first sentence, for financial years of the Fund, which start in the calendar year 2012. Section 42 (2) and (4) shall apply until 31 March 2012.
2.		The extent of a fifth referred to in Article 40 (1), second sentence, shall be increased for:
a)			Financial years of the Fund, which begin after 30 June 2011, to a percentage of 30 vH;
b)			Financial years of the Fund, which start in the calendar year 2012, to a percentage of 40 vH;
3.		The obligation to report the capital gains tax on a daily basis, as provided for in § 40 (2) (2) (2), shall not be required from 1 April 2012. From this point in time, regardless of Z 1, Section 186 (2) Z 2 to 4, as amended by the Investment Fund Act 2011, is already applicable, BGBl. I No 77/2011.

Enforcement clause

§ 199. With the enforcement of this federal law, it is

1.		Section 189 of the Federal Minister for Justice,
2.		with regard to § § 10 to 35, 50 to 65, 128 to 138 and 194 of the Federal Minister of Finance in agreement with the Federal Minister for Justice and
3.		in respect of all other provisions of the Federal Minister for Finance.

entry into force

§ 200. (1) This federal law shall enter into force on 1 September 2011.

(2) § § 186 and 188 shall enter into force on 1 April 2012. By way of derogation:

1.		Section 186 (3) shall apply for the first time in respect of divestments after 31 March 2012, of the shares set up after 31 December 2010. For such shares, a correction of the acquisition costs in accordance with Section 186 (3), for payouts and distributed income, shall be made, which shall be paid after 31 December 2010. shall be deemed to have been granted. Section 40 (3) of the Investment Fund Act 1993 in the version before the Federal Law BGBl. I No 111/2010 shall be applicable until 31 March 2012.
2.		By way of derogation from Article 186 (2) (1), the percentage of non-operating assets held in place of the percentage of 60 vH shall be replaced by Financial years of the Fund, which begin in calendar year 2013, a percentage of 50 vH.

(3) § § 157 to 161 apply retroactively from 1 July 2011. For management companies in accordance with Article 6 of Directive 2009 /65/EC, which are concessioned in another Member State and operate through a branch, by way of freedom to provide services or collective portfolio management in Austria § § § 145; § § 145; § § 145; § § 145; § § 145; § § 145; § § 145; § § 145; § § 145; § § 145; § § 145; § § 145; § § 145; § § § 152; § § § 152; § § § 152; § § 153 Paragraph 2.

Appendix I to Art. 2 InvFG 2011

SCHEMA A

I. Investment funds
1.		Information on the investment fund
1.1.		Label
1.2.		Date of establishment of the investment fund. Indication of the duration, if this is limited
1.3.		-
1.4.		Where the Fund's provisions and periodic reports are available,
1.5.		Short-term information on the tax rules applicable to investment funds when they are relevant to the unit-holder. Indication of whether source deductions are levied on the income and capital gains made by the unit holders of the investment fund
1.6.		Reporting date for the annual accounts and frequency of the distribution
1.7.		Name of the persons who are charged with the final examination pursuant to § 49 (5)
1.8.		-
1.9.		-
1.10.		Indication of the nature and main characteristics of the shares, in particular:
-			The nature of the right (right, right or other) represented by the proportion
-			Original documents or certificates relating to these documents, registration in a register or in an account
-			Characteristics of the shares: name or bearer documents, if appropriate the denomination
-			Description of the voting rights of the unit-holders, if this exists
-			the conditions under which the dissolution of the investment fund may be decided, and details of the dissolution, in particular with regard to the rights of the unit-holders
1.11.		Where appropriate, the stock exchanges or markets in which the shares are listed or traded
1.12.		Modalities and conditions for the issue and/or sale of the shares
1.13.		The modalities and conditions for the withdrawal or payment of the shares and conditions under which they may be suspended
1.14.		Description of the rules for the determination and use of yields
1.15.		Description of the investment objectives of the investment fund, including the financial objectives (e.g. Capital increase or increase in earnings), investment policy (e.g. (b) specialisation in geographical or economic areas), any restrictions on this investment policy and the indication of any techniques and instruments or powers for borrowing, from which the administration of the Investment funds may be made use of
1.16.		Rules for the valuation of assets
1.17.		Determination of the sales or issuance and withdrawal prices or withdrawal prices of the shares, in particular:
-			Method and frequency of calculation of these prices
-			Information relating to the costs associated with the sale, issue, withdrawal or payment of the shares
-			Indication of the nature, location and frequency of publication of these prices
1.18.		information on the method, the amount and the calculation of the remuneration for the management company, the depositary or the third party and the reimbursements to the management company, the depositary or the depositary or the third party to the detriment of the investment fund; or Third through the investment fund
2.		Information on the depositary:
2.1.			the name or company, legal form, registered office and place of the head office, if the head office does not coincide with the registered office;
2.2.			Main activity.
3.		Information about the external consulting firms or investment advisers when their services are used on a contractual basis and the remuneration for this is taken from the assets of the UCITS:
3.1.			the name of the firm or of the consultant,
3.2.			details of the contract with the management company or the investment company, which are of interest to the unit-holders, with the exception of details of the remuneration,
3.3.			other activities of importance.
4.		information on the measures taken to make the payments to the unit-holders, the repurchase or withdrawal of the shares and the dissemination of the information on the UCITS. Such information shall in any case be made with regard to the Member State in which the UCITS is authorised. In addition, if the shares are distributed in another Member State, the information referred to above shall be made in respect of that Member State and shall be included in the prospectus disseminated therein.
5.		Further information:
5.1.			Where appropriate, previous results of the UCITS-this information may be either included in the prospectus or may be attached to it,
5.2.			Profile of the typical investor for which the UCITS is designed.
6.		Economic information:
6.1.			Any costs or charges other than those referred to in point 1.17, broken down by those payable by the unit-holder and those to be paid out of the special assets of the UCITS.

II. Managing Society
1.		Information on the management company, indicating whether the management company is established in another Member State than in the UCITS home Member State
1.1.		Name or company, legal form, registered office and place of the head office, if the head office does not coincide with the registered office
1.2.		Date of establishment of the company. Indication of the duration, if this is limited
1.3.		If the company manages other investment funds, indication of these further investment funds
1.4.		-
1.5.		-
1.6.		-
1.7.		-
1.8.		Name and function of the members of the administrative, management and supervisory bodies. Indication of the main functions that these persons exercise outside of society if they are of importance to them
1.9.		Capital: the amount of the subscribed capital and the amount of the capital that has been paid
1.10.		-
1.11.		-
1.12.		-
1.13.		-
1.14.		-
1.15.		-
1.16.		-
1.17.		-
1.18.		-
2.		Information on the depositary:
2.1.			the name or company, legal form, registered office and place of the head office, if the head office does not coincide with the registered office;
2.2.			Main activity.
3.		Information about the external consulting firms or investment advisers when their services are used on a contractual basis and the remuneration for this is taken from the assets of the UCITS:
3.1.			the name of the firm or of the consultant,
3.2.			details of the contract with the management company or the investment company, which are of interest to the unit-holders, with the exception of details of the remuneration,
3.3.			other activities of importance.
4.		information on the measures taken to make the payments to the unit-holders, the repurchase or withdrawal of the shares and the dissemination of the information on the UCITS. Such information shall in any case be made with regard to the Member State in which the UCITS is authorised. In addition, if the shares are distributed in another Member State, the information referred to above shall be made in respect of that Member State and shall be included in the prospectus disseminated therein.
5.		Further information:
5.1.			Where appropriate, previous results of the UCITS-this information may be either included in the prospectus or may be attached to it,
5.2.			Profile of the typical investor for which the UCITS is designed.
6.		Economic information:
6.1.			Any costs or charges other than those referred to in point 1.17, broken down by those payable by the unit-holder and those to be paid out of the special assets of the UCITS.

III. Investment Company
1.		Information about the investment company
1.1.		Name or company, legal form, registered office and place of the head office, if the head office does not coincide with the registered office
1.2.		Date of establishment of the company. Indication of the duration, if this is limited
1.3.		In the case of investment companies with different sub-funds, indication of these sub-funds
1.4.		Indication of the body in which the statutes and periodic reports are available
1.5.		Short-term information on the tax rules applicable to the company, if they are relevant to the unit-holder. Indication of whether source deductions are levied on income and capital gains made by the unit holders of the company
1.6.		Reporting date for the annual financial statements and frequency of dividend payments
1.7.		Name of the persons who are charged with the final examination pursuant to § 49 (5)
1.8.		Name and function of the members of the administrative, management and supervisory bodies. Indication of the main functions that these persons exercise outside of society if they are of importance to them
1.9.		Capital
1.10.		Indication of the nature and main characteristics of the shares, in particular:
-			Original documents or certificates relating to these documents, registration in a register or in an account
-			Characteristics of the shares: name or bearer documents, if appropriate the denomination
-			Description of the voting rights of the unit-holders
-			Conditions under which the dissolution of the investment firm may be decided, and details of the dissolution, in particular with regard to the rights of the unit-holders
1.11.		Where appropriate, the stock exchanges or markets in which the shares are listed or traded
1.12.		Modalities and conditions for the issue and/or sale of the shares
1.13.		The terms and conditions for the withdrawal or payment of the shares and conditions under which they may be suspended. In the case of investment companies with different sub-funds, indication of how a unit-holder can switch from one sub-fund to another, and what costs are associated with it
1.14.		Description of the rules for the determination and use of yields
1.15.		Description of the investment objectives of the company, including the financial objectives (e.g. capital increase or increase in earnings), investment policy (for example specialisation in geographical areas or economic areas), any Restrictions on this investment policy, as well as the indication of any techniques and instruments or powers of borrowing which may be used in the management of the company
1.16.		Rules for the valuation of assets
1.17.		Determination of the sales or issuance and withdrawal prices or withdrawal prices of the shares, in particular:
-			Method and frequency of calculation of these prices
-			Information relating to the costs associated with the sale, issue, withdrawal or payment of the shares
-			Indication of the nature, location and frequency of publication of these prices
1.18.		Information about the method, the amount and the calculation of the remuneration to be paid by the company to its directors and members of the administrative, management and supervisory bodies, to the depositary or to third parties, and to the Unreimbursed payments to the directors of the company, to the depositary or to third parties by the company
2.		Information on the depositary:
2.1.			the name or company, legal form, registered office and place of the head office, if the head office does not coincide with the registered office;
2.2.			Main activity.
3.		Information about the external consulting firms or investment advisers when their services are used on a contractual basis and the remuneration for this is taken from the assets of the UCITS:
3.1.			the name of the firm or of the consultant,
3.2.			details of the contract with the management company or the investment company, which are of interest to the unit-holders, with the exception of details of the remuneration,
3.3.			other activities of importance.
4.		information on the measures taken to make the payments to the unit-holders, the repurchase or withdrawal of the shares and the dissemination of the information on the UCITS. Such information shall in any case be made with regard to the Member State in which the UCITS is authorised. In addition, if the shares are distributed in another Member State, the information referred to above shall be made in respect of that Member State and shall be included in the prospectus disseminated therein.
5.		Further information:
5.1.			Where appropriate, previous results of the UCITS-this information may be either included in the prospectus or may be attached to it,
5.2.			Profile of the typical investor for which the UCITS is designed.
6.		Economic information:
6.1.			Any costs or charges other than those referred to in point 1.17, broken down by those payable by the unit-holder and those to be paid out of the special assets of the UCITS.

SCHEMA B

Information that must be included in the periodic reports

1.		Asset:
-			securities,
-			Bank deposits,
-			other assets,
-			total assets,
-			liabilities,
-			Net inventory value.
2.		Number of revolving shares
3.		Net stock value per share
4.		Stock of securities, distinguishing between:
a)			securities admitted to official listing on a stock exchange;
b)			securities which are traded on another regulated market;
c)			newly issued securities referred to in Article 67 (3);
d)			the other securities referred to in Article 67 (4);
		in accordance with the most appropriate criteria, taking into account the investment policy of the UCITS (for example, by economic or geographical criteria, by foreign exchange and so on) by percentage shares in the net net assets. ; for each securities referred to above, an indication of its share in the total assets of the UCITS.
		Indication of changes in the composition of the stock of securities during the reporting period.
5.		Information on the development of the assets of the UCITS during the reporting period, which shall include:
-			Income from installations;
-			other income;
-			Expenditure incurred by the administration;
-			expenses incurred by the depositary;
-			other expenses and charges;
-			Net income;
-			Distributions and reinvested earnings;
-			Increase or decrease of the capital account;
-			greater or lower value of the installations;
-			any other changes affecting the assets and liabilities of the UCITS;
-			Transaction costs (costs incurred by the UCITS in transactions with its portfolio).
6.		A comparative overview over the last three financial years, with the following information at the end of each financial year:
-			total net stock value;
-			Net stock value per share.
7.		Indication of the amount of the existing liabilities from the transactions effected by the UCITS during the reporting period in the sense of § § 73, 83 and 84, whereby to be differentiated according to categories.
8.		Calculation method of total risk:
8.1.			Total Risk Calculation Method Used
8.2.			If applicable, information on the reference assets used
8.3.			If applicable, the lowest, the highest, and the average level of value-at-risk in the past year
8.4.			If applicable, the model used and the inputs used for the calculation of the value-at risk (calculation model, confidence interval, holding period, length of data history)
8.5.			When using the value-at-risk, the amount of the leverage during the past period, calculated from the sum of the nominal values of the derivatives

Article 3

Amendment of the Banking Act

The Banking Act-(BWG), BGBl. No. 532/1993, as last amended by the Federal Law BGBl. I No 118/2010, shall be amended as follows:

1. § 1 (1) Z 13 reads:

" 13.		the management of investment funds according to the investment fund law 2011-InvFG 2011, BGBl. I No 77/2011 (investment business); "

2. § 2 Z 35 reads:

" 35.		Investment fund shares: shares in an investment fund according to § 3 paragraph 2 Z 30 InvFG 2011; "

3. § 3 (4) reads:

"(4) In the case of credit institutions which are entitled to operate the investment business, § § 4 and 5 as well as the remaining provisions of this Federal Act shall only be applied to the extent to which the InvFG in 2011 arranges this; paragraph 8 shall apply."

4. In § 3 (8), the term "InvFG 1993" by the term "InvFG 2011" replaced.

5. In Section 22a (5) Z 5, the reference to "§ 20 sec. 3 Z 7 InvFG 1993" by reference to "§ 74 paragraph 4 InvFG 2011" replaced.

6. In § 23 para. 9 Z 3 the term "Capital Investment Fund" by the term "investment funds" replaced.

7. In § 25 (10) Z 9 lit. a will be the parenthesis "(§ 21 InvFG 1993)" by the parenthesis expression "(§ 73 InvFG 2011)" replaced.

8. In Section 73, Section 1, Z 3, after the phrase "and 13" the phrase "and in the case of a custodian bank pursuant to § 41 InvFG 2011, compliance with § 41 para. 2 InvFG 2011" inserted.

9. § 93 (5) Z 5 reads:

" 5.		Deposits and claims of undertakings for collective investment in transferable securities (Directive 2009 /65/EC), management companies and investment funds, and deposits and claims of contract insurance undertakings, pension insurance, Pension funds, pension funds, "

10. The following paragraph 73 is added to § 107:

" (73) § 1 para. 1 Z 13, § 2 Z 35, § 3 para. 4 and 8, § 22a paragraph 5 Z 5, § 23 para. 9 Z 3, § 25 Abs. 10 Z 9 lit. a, § 73 sec. 1 Z 3 and § 93 Abs. 5 Z 5 in the version of the Federal Law BGBl. I No 77/2011 will enter into force on 1 September 2011. '

Article 4

Amendment of the Securities and Markets Act 2007

The Securities and Markets Act 2007-WAG 2007, BGBl. I n ° 60/2007, as last amended by the Federal Law BGBl. I No 72/2010, shall be amended as follows:

1. § 2 para. 1 Z 9 reads:

" 9.		Management companies according to § 5 Section 1 Investment Fund Act 2011-InvFG 2011, BGBl. I n ° 77/2011, subject to paragraph 3 as well as to capital investment companies for real estate pursuant to § 2 para. 1 Real Estate Investment Fund Act-ImmoInvFG (BGBl. I n ° 80/2003); "

2. § 2 (3) reads:

" (3) The provisions of Sections 16 to 26 and 29 to 51, 52 (2) to (4), 54 (1) and 94 to 96 shall apply to management companies pursuant to § 5 (1) InvFG 2011, which provide services pursuant to § 5 (2) Z 3 or 4 InvFG 2011. These companies must be taken into account for the purposes of Section 90 (1) and in the case of the release of the Regulation pursuant to Section 90 (2) to 67 (vH) of the Financial Services Subaccounting Group. The amounts to which they are subject shall be required by communication. "

Section 40 (5) reads as follows:

" (5) In the case of units of a UCITS subject to Directive 2009 /65/EC, a customer information document (KID) within the meaning of Section 134 InvFG 2011 and in accordance with Article 78 of Directive 2009 /65/EC shall be deemed to be adequate information for the purposes of Section 1 (2) and (5) of Directive 2009 /65/EC. With regard to the costs and additional costs, including delivery and withdrawal charges, the KID shall be deemed to be the appropriate information with regard to paragraph 1 (1) (4). The KID or in accordance with § 195 (5) InvFG 2011 of the simplified prospectus is to be made available to the investors pursuant to § 138 paragraph 2 InvFG 2011. Until 30 June 2012, provided that no KID has been created for the UCITS (Section 195 (5) InvFG 2011), the simplified prospectus pursuant to Article 28 of Directive 85 /611/EEC, as amended by Directive 2004 /39/EC, shall be considered as adequate information with regard to: 1 (2), (4) and (5).

4. § 91 (1) Z 8 reads:

" 8.		Management companies according to § 5 paragraph 1 InvFG 2011 within the scope of § 2 para. 3. "

(5) The following paragraph 10 is added to § 108:

" (10) § 2 para. 1 Z 9, § 2 para. 3, § 40 para. 5 and § 91 paragraph 1 Z 8 in the version of the Federal Law BGBl. I No 77/2011 will enter into force on 1 September 2011. '

Article 5

Amendment of Real Estate Investment Fund Law

The Real Estate Investment Fund Act-ImmoInvFG, BGBl. I n ° 80/2003, as last amended by the Federal Law BGBl. I n ° 111/2010, is amended as follows:

1. In § 3 (2), the following sentence shall be added at the end:

"The merger of a real estate special fund with another real estate special fund does not require the approval of the FMA."

2. In § 3 (3) (1) (1), after the word "Transfer" the phrase "as well as any termination of the transfer" inserted.

Section 6 (6) reads as follows:

" (6) In accordance with the provisions of the Fund (Article 34 (2) (8)), a number of classes of shares may be issued for a real estate fund, in particular with regard to the use of income, the output charge, the withdrawal discount, a Minimum lagesumme, the currency of the share value, the administrative remuneration or a combination of the above criteria. For genera genera, which provide for a minimum amount of at least 750,000 euros, provision may be made for the withdrawal of shares with return periods set out in the Fund's provisions which do not exceed six months may be carried out. The costs of introducing new shares for existing special assets must be charged at the expense of the share prices of the new share classes. The value of the share shall be calculated separately for each share of the shares. "

(4) The following paragraph 4 is added to § 11:

" (4) The capital investment company for real estate has to inform the investors by public notice of the loss of the withdrawal of the share certificates and the resumption of the withdrawal of the shares. The FMA shall immediately indicate the resumption of the withdrawal of the share certificates. "

Section 32 (1) Z 3 reads as follows:

" 3.		Shares in UCITS pursuant to § 2 Investment Fund Act 2011-InvFG 2011, BGBl. I n ° 77/2011 or special funds pursuant to § 163 InvFG 2011 which, under the provisions of the Fund, may apply exclusively, directly or indirectly, to assets according to Z 1, 2 and 4; "

Section 32 (2) reads as follows:

" (2) In accordance with the provisions of the Fund, bank deposits may be held, up to an amount of 20 VH of the Fund's assets, in the same credit institution group (§ 30 BWG). In the case of assessments pursuant to paragraphs 1, Z 2, 4 and 5, § 72 shall apply in conjunction with Section 74 (1) and (3) of the 2011 InvFG in the same way. In the case of assessments in accordance with paragraph 1 Z 3, § 71 shall apply in conjunction with Section 77 (1) and (2) of the InvFG 2011. "

7. In § 33 (3) Z 1 the reference to "§ 2 Z 20 BWG" by reference to "§ 72 InvFG 2011" replaced.

8. § 34 para. 2 Z 8 reads:

" 8.		the extent to which the annual income to the unit-holders is to be shaken out. In this connection, it can also be determined that a number of genera of shares shall be issued for a real estate fund in accordance with Section 6 (6); "

Section 34 (5) reads as follows:

" (5) The capital investment company for real estate has the financial market supervisory authority and the Oesterreichische Nationalbank immediately after 30 June and 31 December in the form of a collection order which in the past half-year listed and closed real estate special funds (§ 1 para. 3). The list shall include the name of the real estate special fund, the number of investors, the depositary bank and the financial year. If a change in this information occurs in the case of an already displayed real estate special fund, this is to be reported to the Financial Supervisory Authority and the Oesterreichische Nationalbank within two months of the date of the change being made. Furthermore, the FMA and the Oesterreichische Nationalbank are to be immediately notified of conditions and mergers of special funds. After hearing the Oesterreichische Nationalbank, the FMA may prescribe, by means of a regulation, that the advertisements shall be made exclusively in electronic form in accordance with the first and third sentences, as well as certain links, technical specifications and technical specifications. Minimum requirements and transmission modalities shall be met. The FMA must be guided by the principles of efficiency and appropriateness and ensure that the electronic availability of the data for the FMA and the Oesterreichische Nationalbank is guaranteed and that the data are available at all times. Supervisory interests are not affected. The FMA shall take appropriate measures to ensure that the notifiers or, where appropriate, their persons responsible for the movement of persons are in the system for a reasonable period of time in respect of the accuracy and completeness of the information provided by them or by their To ensure that persons responsible for the movement of persons are able to provide information. "

10. In § 38 (1), after the reference to "§ 3 para. 3 Z 1" the phrase ", the deposit obligation in accordance with § 7 para. 3, the notification obligations pursuant to § 11 para. 1 or 4 or § 15 para. 2, the prepayment period pursuant to § 13 para. 3 or the reporting obligations pursuant to § 34 para. 5" is included.

§ 38 the following paragraph 3 is added:

"(3) In the case of administrative transgressions pursuant to this provision, a limitation period of 18 months shall be applied instead of the limitation period of § 31 para. 2 VStG of six months."

12. In § 44 (6), first sentence, the date designation shall be " 1. October 2011 " using the date label "1. April 2012" replaced.

13. In § 44 (6), last sentence, the phrase "Assessment 2011" through the phrase "Assessment 2012" replaced, and it will be the date label " 1. October 2011 " using the date label "1. April 2012" replaced.

14. The following paragraph 7 is added to § 44:

" (7) § 3 para. 2 and 3 Z 1, § 6 para. 6, § 11 para. 4, § 32 para. 1 Z 3 and para. 2, § 33 para. 3 Z 1, § 34 paragraph 2 Z 8 and para. 5 and § 38 para. 1 and 3 in the version of the Federal Law BGBl. I No 77/2011 will enter into force on 1 September 2011. '

Article 6

Amendment of the Financial Market Supervisory Authority Act

The Financial Market Supervisory Authority Act-FMABG, BGBl. I n ° 97/2001, as last amended by the Federal Law BGBl. I No 107/2010, shall be amended as follows:

1. In Section 2 (1), the phrase " Investment fund law, BGBl. N ° 532/1993 ' through the phrase " Investment Fund Act 2011, BGBl. I No 77/2011 " replaced.

2. According to § 21, the following § § 21a and 21b shall be inserted together with the headings:

" Cooperation with the European Supervisory Authority

§ 21a. (1) The FMA is a comprehensive mutual cooperation with

1.		the European Banking Authority-EBA (Regulation (EU) No 1093/2010 of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716 /2009/EC and repealing the European Banking Authority (EBA) Commission Decision 2009 /78/EC: OJ L 327, 28.2.2009 No. OJ L 331, 15.12.2010, p.12),
2.		the European Securities and Markets Authority (ESMA) (Regulation (EU) No 1095/2010 of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 1095/2010 of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority) 716 /2009/EC and repealing Commission Decision 2009 /77/EC: OJ L 136, 31.7.2009, p. No. OJ L 331, 15.12.2010, p.84) and
3.		the European Insurance Supervisory Authority (EIOPA) (Regulation (EU) No 1094/2010 of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716 /2009/EC and repealing Commission Decision 2009 /79/EC: OJ L 349, 31.12.2009, p. No. OJ L 331, 15.12.2010, p.48) and
4.		the other participants in the European System of Financial Supervisors-ESFS (Art. 1 (3) of Regulation (EU) No 1092/2010 of 24 November 2010 on the financial supervision of the European Union at the macro level and on the establishment of a European Systemic Risk Board)
shall be entitled and obliged.

For the purposes of paragraph 1, the FMA shall, upon request, provide the participants of the ESFS with all the information necessary for the performance of the tasks within the framework of the ESFS. FMA may, for the purposes of cooperation pursuant to this paragraph or Regulation (EU) No 1092/2010, make use of its powers exclusively for the purposes of such cooperation, even if the Behaviour which is the subject of the investigation does not contravene a provision in force in Austria.

Limitation of the legal force of foes of the FMA

§ 21b. (1) As soon as a European Supervisory Authority takes a decision pursuant to Article 17 (6), (18) (4) or (4) (4). Regulation (EU) No 1093/2010, (EU) No 1094/2010 or (EU) No 1095/2010, which is directly addressed to a financial institution within the meaning of Articles 17, 18 or 19 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 or (EU) No 1095/2010, shall not enter into force at that date in the same case of the FMA.

(2) In so far as the FMA is a recommendation, a request, or a decision of the European Supervisory Authority or the European Commission pursuant to Articles 17, 18 or 19 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 or (EU) No 1095/2010 shall, by way of derogation from Section 68 (3) of the AVG, amend the communication to the detriment of the Party or of the parties under the conditions laid down in Articles 17, 18 or 19. "

Section 22 (1) reads as follows:

" (1) The FMA is responsible for the enforcement of the acts adopted by the FMA, with the exception of the administrative penalties. Furthermore, the FMA is authorised to execute all decisions, other than administrative penalties, which are authorised by the participants of the ESFS within the framework of Article 28 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 or (EU) No 1095/2010. The Administrative Enforcement Act 1991-VVG, BGBl. No 53 shall apply unless otherwise indicated in paragraph 2. "

(4) The following paragraph 20 is added to § 28:

" (20) § § 2 Para. 1, 21a, 21b and 22 (1) in the version of the Federal Law BGBl. I No 77/2011 shall enter into force with the day following the event. '

Article 7

Amendment of the Pensionskassengesetz

The Pensionskassengesetz-PKG, BGBl. No. 291/1990, as last amended by the Federal Law BGBl. I n ° 58/2010, is amended as follows:

1. In § 23 (1) (3a), the reference to "§ 1 para. 2 InvFG" by reference to " § 163 Investment Fund Act 2011-InvFG 2011 (BGBl. I No 77/2011) " replaced.

2. § 23 (1) Z 4 reads:

" 4.		Shares of investment funds according to § 3 paragraph 2 Z 30 InvFG 2011 are to be used with the return price within the meaning of § 55 paragraph 2 InvFG 2011 or comparable regulations in the OECD member states; "

3. In § 23 (1) Z 6 and in § 25 (1) Z 6 the reference to "§ 21 InvFG 1993" by reference to "§ 73 InvFG 2011" replaced.

4. § 25 (7) reads:

" (7) apportionments in assets of the same issuer, with the exception of investments in debt securities issued by the Federal Government, a federal state, another EEA Member State or a member state of another EEA Member State, or , are limited to a maximum of 5 vH of the assets allocated to the investment and risk community; investments in assets of exhibitors belonging to a single group of companies within the meaning of Section 74 (7) of the InvFG 2011 shall be at most 10 vH of the investment and risk community assigned assets. "

5. § 25 (8) reads:

" (8) Investments in units of investment funds and real estate funds shall be apportioned in accordance with the actual allocation to the investment categories referred to in paragraph 2 (1) (1) to (6). For assets of a UCITS (§ 2 InvFG 2011), a settlement with respect to paragraph 7 may be maintained if:

1.		in the form of a share of this investment fund, it shall be assessed to the extent of no more than 5 vH of the assets allocated to the investment and risk community; or
2.		Shares of this investment fund shall be held by another investment fund to the extent of a maximum of 5 vH of the fund's assets of this other investment fund. "

6. According to § 33f, the following § 33g and title shall be inserted:

" Cooperation with EIOPA

§ 33g. (1) The FMA may cooperate with the European Insurance and Occupational Pensions Authority (EIOPA) if this is necessary for the exercise of the provisions of Directive 2003 /41/EC or in Regulation (EU) No 1094/2010 of 24 June 2010. November 2010 on the establishment of a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716 /2009/EC and repealing Decision 2009 /79/EC of the European Parliament and of the Council of the European Communities Commission: OJ C No. 4. or by means of official and legal assistance.

(2) The FMA shall inform the EIOPA of the following:

1.		Each registration of a cross-border activity in the register pursuant to Section 11a (8) and, for the first registration, the concession pursuant to section 8 (1) of the pension fund concerned;
2.		any withdrawal of the concession pursuant to Article 10 (1);
3.		any reduction in the continuation of the business in accordance with § 33 (4) (4) (4).

(3) The FMA has to inform EIOPA about the national supervisory rules which are relevant to pension funds but are not covered by the labour and social legislation referred to in Article 11b (4) (4) (1) and (2) of this Regulation and this information. regularly, but at least every two years. "

Section 51 shall be added to the following paragraphs 33 and 34:

" (33) § 23 (1) Z 3a, 4 and 6 and § 25 (1) Z 6 and (7) and (8) in the version of the Federal Law BGBl. I No 77/2011 will enter into force on 1 September 2011.

(34) § 33g in the version of the Federal Law BGBl. I n ° 77/2011 is 1. Jänner 2012 in force. "

Article 8

Amendment to the BMSVG

The company employee and self-employment pension law-BMSVG, BGBl. No 100/2002, as last amended by BGBl. I No 92/2010 shall be amended as follows:

1. § 29 (1) reads:

" (1) The BV cash register shall establish provisions governing the legal relationship of the eligible persons to the BV cash register as well as to the custodian bank. The assessment provisions and their amendments shall be submitted to the depositary bank for approval after the approval of the Supervisory Board of the BV cash register. The apportionment provisions and their amendments require the approval of the FMA. This authorization shall be granted if the provisions of the assessment do not conflict with the legitimate interests of the eligible persons. "

2. § 30 (2) Z 5 reads:

" 5.		Equity securities of investment funds according to § 3 paragraph 2 Z 30 investment fund law 2011-InvFG 2011 (BGBl. I No 77/2011); "

3. In § 30 (3) Z 3, the reference to "§ 7 para. 3 InvFG 1993" by reference to "§ 57 (3) InvFG 2011" replaced.

4. § 30 (3) Z 4 reads:

" 4.		Assessment pursuant to paragraph 2 Z 5
a)			must be issued by a management company established in an EEA Member State or an OECD Member State,
b)			shall be divided according to the actual allocation to the apportionment referred to in paragraph 2 (1) (1) to (6),
c)			Derivative products according to § 73 InvFG 2011, which were not acquired to hedge price risks, may contain up to 5 vH of the assets assigned to the investment community;
d)			Shares in collective investment undertakings (OGA) in accordance with § 71 (2) and (3) of the InvFG 2011 may contain up to 30 vH of the assets allocated to the investment community;
e)			may contain apportionments pursuant to § 166 (1) Z 3 InvFG 2011 up to 5 vH of the assets assigned to the investment community; "

5. § 30 (3) Z 7 reads:

" 7.		Assessment pursuant to paragraph 2 Z 5, which is referred to in AIF according to Article 3, Section 2, Z 31 lit. c InvFG 2011 shall be limited to a maximum of 10 vH of the assets allocated to the investment community; "

6. In Section 31 (1) (3a), the reference to "§ 1 para. 2 InvFG" by reference to "§ 163 InvFG 2011" replaced.

7. § 31 (1) Z 4 reads:

" 4.		Equity securities of investment funds are to be used with the return price within the meaning of § 55 paragraph 2 InvFG 2011 or comparable regulations in the OECD member states; "

8. In § 44 (1), after the word "coming up" the phrase "or violates the limits laid down in Section 31 (1) (3a) (3a)" inserted.

Section 73 is added to the following paragraph 16:

" (16) § 29 (1), § 30 (2) (5) and (3) (3) (3), (4) and (7) and § 31 (1) (1) (3a) and (4) and § 44 (1) in the version of the Federal Law BGBl (Federal Law) I No 77/2011 will enter into force on 1 September 2011. '

Article 9

Amendment of the Insurance Supervision Act

The Insurance Supervision Act-VAG, BGBl. No 569/1978, as last amended by the Federal Law BGBl. I No 107/2010, shall be amended as follows:

1. In § 81h (2a) the word order shall be " Capital investment funds pursuant to § 1 (1) of the Investment Fund Act, BGBl. No. 818/1993 [InvFG] and special funds according to § 1 para. 2 InvFG " through the phrase " UCITS pursuant to § 2 Investment Fund Act 2011-InvFG 2011, BGBl. I n ° 77/2011 and special funds according to § 163 InvFG 2011 " replaced.

2. § 119i is added to the following para. 29:

" (29) § 81h (2a) in the version of the Federal Law BGBl. I n ° 77/2011 will enter into force on 1 September 2011. "

Article 10

Amendment of the Income Tax Act 1988

The Income Tax Act 1988, BGBl. N ° 400/1988, as last amended by the Federal Law BGBl. I n ° 111/2010, is amended as follows:

1. § 14 para. 7 Z 4 lit e reads:

" e)			Shares in investment funds within the meaning of Section 3 (2) (30) of the Investment Fund Act 2011, with the exception of alternative investment funds within the meaning of Section 3 (2) (2) (c) (31) (lit). c of the Investment Fund Act 2011. These investment funds
-				in accordance with the provisions of the Fund, only securities of the in lit. (a) to (d), where derivatives within the meaning of Section 73 of the Investment Fund Act 2011 may only be acquired for protection; or
-				have to be provided with fund regulations which comply with Section 25 (1) (5) to (8), Section 25 (2) to (4) and Section 25 (6) to (8) of the Pensionskassengesetz (Pensionskassengesetz).
		Securities lending operations in accordance with Section 84 of the Investment Fund Act 2011 are permitted. The first issue price shall be replaced by the nominal value. "

2. In § 27a (2) (2) (2) (2), the second indent is the expression "§ 42 of the Real Estate Investment Fund Act" .

3. In Section 95 (1), the word order shall be "Section 40 (2) (2) of the Investment Fund Act" through the phrase "§ 186 (2) (2) (2) of the Investment Fund Act 2011" replaced.

4. In Section 108a (5), the phrase "Section 23g (2) of the Investment Fund Act 1993" through the phrase "§ 174 (2) of the Investment Fund Act 2011" replaced.

Section 108b (1) Z 3 reads as follows:

" 3.		In the case of a fund-linked life insurance, the technical provisions, with the exception of premium income, the provision for insurance cases not yet uncovered and the additional technical provisions relating to Minimum guarantees guaranteed at least 75% with shares in investment funds within the meaning of Section 3 (2) (30) of the Investment Fund Act 2011, with the exception of alternative investment funds within the meaning of § 3 paragraph 2 Z 31 lit. c) of the Investment Fund Act 2011, whereby these investment funds must in each case comply with the provisions of § § 171 and 172 of the Investment Fund Act 2011. "

6. § 108h para. 1 Z 1 lit. a is:

" (a)			Pension investment fund within the meaning of Section 168 of the Investment Fund Act 2011 and/or "

7. In § 108i paragraph 1 Z 3 lit. b becomes the phrase "§ 23g (2) (2) of the Investment Fund Act 1993" through the phrase "§ 174 (2) (2) (2) of the Investment Fund Act 2011" replaced.

8. In § 108i (2), first sentence, the word order shall be "§ 23g para. 2 InvFG 1993" through the phrase "§ 174 (2) of the Investment Fund Act 2011" replaced.

9. The following paragraph 202 is inserted in § 124b:

" 202.		§ 14 para. 7 Z 4 lit. e, § 27a para. 2 Z 2, § 95 para. 1, § 108a para. 5, § 108b para. 1 Z 3, § 108h para. 1 Z 1 lit. a, § 108i para. 1 Z 3 lit. b and paragraph 2 in the version of the Federal Law BGBl. I No 77/2011 will enter into force on 1 September 2011. '

Article 11

Amendment of the EU withholding tax law

The EU's Source Tax Law-EU-QuStG, BGBl. I n ° 33/2004, as last amended by the Federal Law BGBl. I n ° 111/2010, is amended as follows:

(1) § 7 is amended as follows:

(a) (5) and (6):

" (5) In the case of an interest payment within the meaning of Section 6 (1) (4), a withholding tax shall be withheld for the same income as defined in Section 186 (2) (1) of the Investment Fund Act 2011 where interest is included in the interest in accordance with Article 6 (1) (1) (1) and (2).

In the case of notifications pursuant to Section 186 (2) (2) of the Investment Fund Act 2011, the capital investment company also has the composition of the payout and the payout-like income as well as the resulting withholding tax in the sense of this Federal law on direct or indirect interest, including income compensation, to be disclosed separately. In addition, the capital investment company has to report the withholding tax within the meaning of this Federal Act to the directly or indirectly collected interest, including income compensation of the Reporting Office in accordance with § 129 (2) on a daily basis.

With regard to liability, Section 95 (1) of the Income Tax Act applies in a reasonable way.

(6) No notifications within the meaning of paragraph 5 remain withholding tax until the next reporting of the payout-like income withholding tax

-				of the payouts,
-				on 31 December, from an amount equivalent to 6% of the withdrawal price of the share;
-				in the cases referred to in paragraph 2 (2) (2) to (6), from an amount equal to 0.5% of the last-recorded withdrawal price for each of the calendar months of the current calendar year,
.
The regulation to be adopted pursuant to Section 186 (2) (2) (2) of the Investment Fund Act 2011 may contain provisions for the extent to which, in the event of a notification of technical problems, the issue may be deviated from this procedure. "

(b) The previous paragraph 6 shall be replaced by "(7)" .and the previous paragraph 7 is given the name "(8)" .

2. § 14 para. 2 reads:

" (2) § 7 in the version of the Federal Law BGBl. I n ° 77/2011 will enter into force on 1 April 2012. "

Article 12

Amendment of the Consumer Protection Act

The Consumer Protection Act (KSchG), BGBl. No. 140/1979, as last amended by the Federal Law BGBl. I No 22/2011, shall be amended as follows:

1. § 28a (1) KSchG reads:

" (1) Those who in the course of business dealings with consumers in connection with door-to-door transactions, consumer credit relations, package travel agreements, timeshare relationships, distance selling, and the agreement of abusive Contractual clauses, the guarantee or guarantee in connection with the purchase or production of mobile physical objects, or in connection with information society services in electronic commerce or in connection with Investment services or services of Without prejudice to Section 28 (1), asset management or payment services or the issue of e-money in violation of a statutory bid or prohibition and thereby impairs the general interests of the consumer may, without prejudice to Section 28 (1), be subject to a charge of "

2. § 41a the following paragraph 26 is added:

" (26) § 28a (1) in the version of the Federal Law BGBl. I n ° 77/2011 will enter into force on 31 August 2011. "

Article 13

Amendment of the Financial Collateral Act

The Financial Collateral Act-FinSG, BGBl. I n ° 117/2003, as last amended by the Federal Law BGBl. I No 90/2010, shall be amended as follows:

§ 2 Z 3 lit. e and f are:

" e)			Undertakings for collective investment in transferable securities within the meaning of Article 1 (2) of Directive 2009 /65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), (OJ L 136, 31.5.2009, p. L No 302, 17.11.2009, p. 32);
f)			Management companies within the meaning of Article 2 (1) (lit). (b) Directive 2009 /65/EEC; "

Fischer

Faymann