Investment Funds Act 2011 - Invfg 2011 As Well As Amendments Of The Banking Act, The Securities Supervision Act 2007, The Real Estate Investment Fund Act, The Financial Market Authority Act,...

Original Language Title: Investmentfondsgesetz 2011 - InvFG 2011 sowie Änderung des Bankwesengesetzes, des Wertpapieraufsichtsgesetzes 2007, des Immobilien-Investmentfondsgesetzes, des Finanzmarktaufsichtsbehördengesetzes, ...

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
77. Federal law, a Federal Act on investment funds (Investment Fund Act 2011 - 2011 InvFG) adopted, as well as the Banking Act, the securities supervision Act 2007, the real estate investment Fund Act, the financial market Authority Act, the pension fund law, the operational staff and self-employed pension law, the insurance supervision Act, the income tax Act 1988, the EU withholding tax law, the consumer protection act and the financial collateral law be changed

The National Council has decided:

Table of contents



Article 1

Transposition of directives of the European Union



Article 2 Federal Act on investment funds (investment funds act 2011 - 2011 InvFG)



Article 3 amendment to the Banking Act



Article 4 amendment of the securities supervision Act 2007



Article 5 amendment of the real estate investment Fund Act



Article 6 amendment of the financial market Authority Act



Article 7 amendment of the Pension Fund Act



Article 8 amendment of 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 act



Article 12 amendment of the consumer protection act



Article 13 amendment of the financial collateral law article 1

This federal law is the implementation of the directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ No. L 302 of 17.11.2009, p. 32), as well as the directive implementing directive 2009/65/EC in regard to organizational requirements, conflicts of interest, conduct, risk management and the content of the agreement between depositary and management company (OJ 2010/43/EU L 176 of July 10, 2010, p. 42) and the directive implementing directive 2009/65/EC as regards certain provisions concerning fund mergers, master-feeder structures and the notification procedure (OJ 2010/42/EU L 176 of July 10, 2010, p. 28), as well as the directive 2010/78/EC 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) , the European supervisory authority (European insurance and occupational pensions authority) and the European supervisory authority (European Securities and markets authority) - OJ No. L 331 of the 15.12.2010, p. 120). In the context of the revision of the investment fund law (article 2) also it is taken into account already I no. 69 / 2008 implemented Directive 2007/16/EC with Federal Law Gazette.

Article 2

Federal Act on investment funds (investment funds act 2011 - 2011 InvFG)

Table of contents



1 part general provisions



§ 1.



Scope of application



§ 2.



Organisms to the joint investment in transferable securities (UCITS)



§ 3.



Definitions



§ 4.



Exceptions



2.Teil management and supervision of UCITS



1. main piece of management companies



1 section conditions for the commencement of the activity



§ 5.



Requirement and scope of licence



§ 6.



Licence application and licence



§ 7.



Withdrawal and termination of the concession



2. conditions for the pursuit of activities section



§ 8.



Own resources



§ 9.



State Commissioners



§ 10.



General organisational requirements



§ 11.



Investor complaints



§ 12.



Electronic records



§ 13.



Accounting



§ 14.



Control of management and Supervisory Board



§ 15.



Compliance



§ 16.



Internal audit (internal audit)



§ 17.



Risk management



§ 18.



Personal business



§ 19.



Recording of portfolio transactions



§ 20.



Recording of subscription and redemption orders



§ 21.



Retention obligations



section 22.



Criteria for determining conflicts of interest



section 23.



Principles for dealing with conflicts of interest



§ 24.



Independence in the conflict management



§ 25.



Dealing with activities that lead to a damaging conflict of interest



section 26.



Strategies for the exercise of voting rights in investments



§ 27.



Investor protection in individual portfolio management



section 28.



Delegation of tasks to a third party management company



section 29.



Duty to act in the best interests of the UCITS and its shareholders



section 30.



Due diligence



§ 31.



Processing of subscription and redemption orders and reporting obligations



§ 32.



Best execution trading decisions for the UCITS



§ 33.



General principles for the processing of orders in the context of portfolio management



§ 34.



Aggregation and allocation of trade orders



section 35.



Granting and acceptance of advantages at the expense of the UCITS



3. cut off freedom of establishment and free movement of services



section 36.



Management companies from Member States in Austria



section 37.



Austrian companies in Member States



section 38.



Supervision within the framework of services and freedom of establishment



2. main piece of custodian bank



§ 39.



Requirement of the depositary bank



section 40.



Duties of custodian



section 41.



Requirements to the custodian bank



§ 42.



Content of the agreement between the management company and depositary



§ 43.



Liability of the depositary bank



§ 44.



Independence of the depositary bank



§ 45.



Compensation of the custodian and the management company



3. main piece of UCITS



1. cut off funds



§ 46.



Share certificates



§ 47.



Fund of part of



section 48.



Financial year of the capital investment fund



paragraph 49.



Accounting



2. section authorization of UCITS and general provisions



§ 50.



Authorization of UCITS



§ 51.



Register of shareholders



§ 52.



Right of disposal of the assets of the UCITS



section 53.



Fund regulations



§ 54.



Contingent liabilities



Article 55.



Issue, redemption and payment of shares



Article 56.



Suspension of the redemption or withdrawal



§ 57.



Calculation of the unit value; Issue price



section 58.



Appropriation of profit and dividends



section 59.



Remuneration



section 60.



Termination of management by the management company



section 61.



Change the management company or the depositary bank



§ 62.



Managed by the custodian or another management company



section 63.



Management of UCITS



section 64.



Conversion to alternative investment funds (AIF)



section 65.



Secession



3. section investment provisions



§ 66.



General principles of risk diversification



section 67.



Liquid financial assets



section 68.



Ban on investments in precious metals



section 69.



Securities



Article 70.



Money market instruments



§ 71.



Shares in UCITS and UCIS



section 72.



Demand deposits and deposits can be terminated



Article 73.



Derivatives



section 74.



Quantitative restrictions to avoid a concentration of issuer



§ 75.



Quantitative investment restrictions on index funds



section 76.



Quantitative restrictions for the plant in a issued by public bodies or guaranteed emissions



§ 77.



Quantitative restrictions for the investment in UCITS or UCIS



§ 78.



Quantitative restrictions to avoid the influence on issuers



section 79.



Exceptions and deviation from the limits on investments



section 80.



Ban on borrowing and lending



Article 81.



REM disposals of assets



Article 82.



Short selling



section 83.



Repurchase agreements



§ 84.



Securities lending



4 section risk management of the UCITS



§ 85.



Risk management process



§ 86.



Risk management principles



section 87.



Risk measurement and risk management



§ 88.



Liquidity risk management



§ 89.



Calculation of overall risk



Article 90.



Commitment approach



section 91.



Contracting Party risk and issuer concentration



section 92.



Procedures for the valuation of OTC derivatives



5. section master-feeder structures



Article 93.



Feeder UCITS



§ 94.



Master UCITS



section 95.



Approval of master-feeder structure by the FMA



§ 96.



Agreement between the feeder UCITS and master UCITS



Article 97.



Choice of the law applicable to the agreement



Article 98.



Internal arrangements between the master UCITS and the feeder UCITS



section 99.



Coordination of schedules



section 100.



Suspension of collection, disbursement, or drawing



§ 101.



Processing of master UCITS



§ 102.



Application for approval of the settlement



§ 103.



Approval of the settlement



section 104.



Merger or Division of a master UCITS



§ 105.



Application for approval of the merger or Division



Section 106.



Approval of the merger or Division



§ 107.



Master UCITS and the feeder UCITS depositaries



section 108.



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



section 109.



Statutory auditor



section 110.



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



section 111.



Conversion of existing UCITS in the feeder UCITS and the master UCITS change



§ 112.



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



§ 113.



Obligations of the master UCITS and the FMA



6 section mergers



§ 114.



Principles



section 115.



Approval of the merger of transmitting UCITS authorised in Austria



section 116.




Check the share holder information merge a receiving UCITS authorised in Austria



§ 117.



Merger plan



§ 118.



Examination of the merger plan by the depositaries



§ 119.



Confirmation of the auditor



section 120.



Information of the shareholders



§ 121.



Content of the information for the shareholders



Article 122.



New shareholders



section 123.



Rear and right of the shareholders to Exchange



section 124.



Cost



section 125.



Be effective



§ 126.



Effects of the merger



section 127.



Concessions for fund mergers without reference to cross-border



4. main piece information of investors, advertising and sales



1. section advertising and offer of shares



section 128.



Advertising for UCITS



§ 129.



Offer of shares



§ 130.



Protection of designations



2. section brochure and information for investors



§ 131.



UCITS brochure



§ 132.



Individual and specific information requirements



section 133.



Way of providing information



3. section material information for investors - customer information document



section 134.



Customer information document - KID



§ 135.



Content of the KID



4. section publications and practices



section 136.



Publications



section 137.



Information to the FMA



section 138.



When and how to deploy brochure, KID and accountability reports for investors



5. cut off distribution of UCITS in Member States other than the State of registration of the UCITS



section 139.



Marketing of units of UCITS domestically approved in other Member States



section 140.



Sales of shares in another Member State of authorised UCITS in the domestic



section 141.



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



§ 142.



Information obligations of UCITS authorised in another Member State



5. main piece supervision and European and international cooperation



1. section supervisory provisions



section 143.



Supervisory



section 144.



Cost determination



section 145.



Data protection



section 146.



Professional secrecy



§ 147.



Examinations and tests



§ 148.



Supervisory measures



section 149.



Cooperation with the courts and security authorities



section 150.



Publications



§ 151.



Obligations of the FMA



§ 152.



Reporting requirements



section 153.



Form of communication with the FMA - electronic delivery



§ 154.



Reporting by auditors



§ 155.



Details of the FMA-related legislation



§ 156.



Details of the FMA on measures in connection with master-feeder funds



2. cut off European and international cooperation



section 157.



Point of contact and exchange of information



§ 158.



Cooperation in investigations and the review site



section 159.



Rejection of cooperation



section 160.



Authority consultation and reporting to the European Commission, ESMA, and ESRB



section 161.



Cooperation in the monitoring of a management company within the framework of the section 38



§ 162.



Precautionary measures



3. part AIF



1 piece of main domestic AIF, special funds, other funds, pension investment funds



1 article of Fund



§ 163.



Special funds



§ 164.



Applicable provisions



§ 165.



Duty of disclosure



2. section other funds



§ 166.



Another special fund



section 167.



Applicable provisions



3. section pension investment funds



section 168.



Applicable regulations



§ 169.



Conditions for the acquisition



§ 170.



Appropriation of profit



section 171.



Investment provisions



section 172.



Derivative products



§ 173.



Brochures



section 174.



Fund regulations and payment schedule



2. main piece relating to the distribution of shares in foreign non-UCITS in the domestic



paragraph 175.



Scope



§ 176.



Conditions for the admissibility of a public offer



section 177.



Publicity provisions



Section 178.



Accountability report, assets, issue and redemption price



§ 179.



Relevant German texts



section 180.



Representative



section 181.



Duty of disclosure



section 182.



Waiting duty - sales ban



§ 183.



Advertising



§ 184.



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



§ 185.



Continued use of general terms



4. portion control



§ 186.



Taxes on income, the income and the capital



section 187.



Pension investment funds



§ 188.



Application on foreign capital investment funds



5. part of penal provisions, transitional and final provisions



1. main piece of penal provisions



section 189.



Court fines



section 190.



Administrative penalties



§ 191.



Violations of the BWG



§ 192.



Compulsory punishment



section 193.



Procedure and Arbitration Board



§ 194.



Civil consequences of unlawful activity



2. main piece of transitional and final provisions



section 195.



Transitional provisions



§ 196.



References and regulations



section 197.



Linguistic equal treatment



section 198.



Except force



§ 199.



Enforcement clause



§ 200.



Entry into force 1 part

General terms and conditions

Scope of application

§ 1. This Federal Act lays down the conditions to which UCITS (section 2) in Austria may be applied, managed and distributed. Also determines under what conditions other funds, pension funds and special funds in Austria may be applied, managed and distributed, as well as the conditions for admission to the public distribution of alternative investment funds from other Member States or from third countries in Austria.

Organisms to the joint investment in transferable securities (UCITS)

2. (1) an organism to the joint investment in transferable securities (UCITS) 1 serves the sole purpose of the investment of funds procured by the public for joint statement under the principle of risk spreading in the liquid financial assets referred to in section 67 and 2. its shares are withdrawn at the request of the shareholders directly or indirectly to the detriment of the assets of the UCITS and paid; These withdrawals and payouts are assimilated to acts which, are designed to ensure that the price of the units of the UCITS does not vary significantly from their net asset value; 3. He is granted in accordance with article 50 or granted in accordance with article 5 of Directive 2009/65/EC in the Member State of origin

(2) a UCITS can be built as a special fund in accordance with section 46, which decays in same, embodied in securities shares and in the joint ownership of the shareholders, in Austria. If this federal law lays down obligations of UCITS, a consequent obligation refers to the management company manage these UCITS.

(3) a UCITS may be composed of different sub-funds; 3. part 3 section each sub-fund of UCITS is considered for the purposes of the 2nd part own UCITS. For the purposes of the 2nd part 3rd part 6 section and 4 main piece includes UCITS a the corresponding sub-fund.

Definitions

§ 3 (1) on the content of the terms used in this law the term provisions of the Banking Act - BWG shall not own definitions are set in this federal law, (BGBl. No. 532/1993), the capital market law - CMM (BGBl. No. 625/1991) as well as the regulations (EU) No. 583/2010 and (EU) No. 584/2010 to apply.

(2) for the purposes of this federal law are: 1 management company (investment company): each company in accordance with article 5 or article 6 of Directive 2009/65/EC, whose regular business under the management of UCITS in accordance with article 2 and, where appropriate, of alternative investment funds (AIF) under the 3rd is part of this federal law;

2. regular business of a management company: collective management tasks of portfolio, which the asset management and, where appropriate, administrative activities pursuant to § 5 para 2 subpara 1 lit. include b and distribution;

3. collective portfolio management: the management of portfolios on joint account of the shareholders within the framework of the Fund regulations in accordance with article 53;

4. share holder: any natural or legal person that holds one or more shares of a UCITS in accordance with § 2 paragraph 2 or to an AIF within the meaning of Z 31;

5. depositary: an institution that carrying out the tasks referred to in section 40 is entrusted and, provided that it is established in Austria, as the depositary bank is subject to sections 41 to 45 of this Federal Act or the provisions laid down in chapter IV and chapter V, section 3 of the directive 2009/65/EC;

6. home Member State of the management company: the Member State in which the management company is established;

7 host Member State of the management company: a Member State which is not the home Member State and in whose territory a management company has a branch or provides services;

8th Member State of origin of the UCITS: the Member State in which the UCITS in accordance with article 5 of Directive 2009/65/EC is granted;

9 host Member State of a UCITS: the Member State which is not the of the UCITS home Member State and sold in the units of the UCITS;

10.

Branch Office: an Office, which forms a legally dependent part of a management company and provides services for which the management company has been authorised, where several offices in one host Member State apply as a single branch;

11. competent authorities: that the Member States in accordance with article 97 of the directive 2009/65/EC designated authorities;

12 durable medium: every medium, which allows an investor to save that the investors may consult them in the sequence for a time adequate for the purposes of information, to him personally-oriented information and which allows the unchanged reproduction of the information stored;

13 securities a) shares and other equities equivalent securities ("shares"), b) debt securities and other forms of securitised debt ('debt securities'), c) all other marketable securities entitling to the purchase of securities within the meaning of this Federal Act by subscription or Exchange, pursuant to section 69 with the exception of the techniques referred to in article 73 and instruments;

14. money market instruments: instruments normally dealt in on the money market, are liquid and their value which can be at any time pursuant to section 70;

15 mergers: Transactions, where a) one or more UCITS or sub-fund thereof (the "transferor UCITS") transferred their resolution without processing UCITS all assets and liabilities to another existing or part Fund of this UCITS (the ' receiving UCITS') and their shareholders receive units of the receiving UCITS and, if necessary, a cash payment in the amount of up to 10 vH of the net stock value of these shares (gross merger by absorption);

(b) two or more UCITS or sub-fund thereof (the "transferor UCITS") transfer all assets and liabilities at their resolution without processing to a UCITS formed by them or a sub-fund of that UCITS (the ' receiving UCITS') and their shareholders receive shares of the receiving UCITS and, if necessary, a cash payment in the amount of maximum 10 vH of the net stock value of these shares (gross merger by formation);

(c) one or more UCITS or sub-fund thereof (the "transferor UCITS") that continue until the liabilities are wiped out, transfer their net assets (NET fusion) to an other sub-funds of the same UCITS, a UCITS formed by them or an another existing UCITS or a sub-fund of that UCITS (the ' receiving UCITS');

16 cross-border merger: a merger of UCITS, a) are approved by which at least two different Member States or b) which are granted in the same Member State, to a newly formed and in another Member State of authorised UCITS;

17 domestic merger: a merger of UCITS which are granted in the same Member State, if one or more of the involved UCITS pursuant to § 139; been notified

18 shares: securities that embody co-ownership interests in the assets of the investment fund and the rights of shareholders against the management company and the custodian bank as well as financial instruments pursuant to section 1, no. 6 lit. c securities supervision Act 2007 - WAG 2007 (Federal Law Gazette I no. 60/2007) are to be classified.

19 investment funds: UCITS in the form of a Fund pursuant to § 2 para 2 and alternative investment funds (AIF) pursuant to section 3 para 2 No. 31 lit. a and c;

20 customer: any natural or legal person or any other company including a UCITS or AIF for a management company provides a service of collective portfolio management or services pursuant to § 5 para 2 Z 3 or 4;

21 relevant person: in relation to a management company a) a shareholder or a similar person or a member of the Executive Board of the management company, b) an employee of the management company, as well as any other natural person whose services the management company be made available and controlled by this and that is participating in the collective portfolio management provided by the management company, or c) a natural person , that within the framework of an agreement for the delegation of tasks to third parties directly in the provision of services for the management company is involved, enabling collective portfolio management management of the management company;

22 Executive: the people who actually conduct the business of a management company in accordance with § 6 par. 2 Z 10;

23 supervisory function: a relevant person, place or places, that for the oversight of the Executive Board and for the review and periodic review of the adequacy and effectiveness of the risk management process and the principles, arrangements and procedures introduced to comply with the obligations laid down in this Act, is responsible or

24 counterparty risk: the risk of loss for UCITS, that stems from the fact that the opposing party of a business prior to the final settlement of the cash flows associated with the business not can fulfil their obligations;

25. liquidity risk: the risk that a position in the portfolio of the UCITS can be sold, liquidated within a sufficiently short time with limited cost or closed and that this affected the ability of the UCITS pursuant to § 55 para 2 at any time to comply with the take-back and payment obligation,

26. market risk: the risk of loss for the UCITS resulting from fluctuations in the market value of positions in the portfolio of the UCITS are to changes in market variables such as interest rates, exchange rates, equity and commodity price, or the credit rating of an issuer due;

27 operational risk: the risk of loss for the UCITS, that insufficient internal processes as well as human or system failure with the management company or from external events results and includes legal and documentation risks and risks arising from the trade operated for UCITS, billing and assessment procedures;

28 rebalancing of the portfolio: a significant change in the composition of the portfolio of UCITS;

29 synthetic risk and yield indicators: synthetic indicators within the meaning of article 8 of the Regulation (EU) No. 583/2010;

30 mutual funds: UCITS and AIF in accordance with Z 31 lit. a and c regardless of their legal form;

31 alternative investment funds (AIF): undertakings for collective investment, the either a) in accordance with section 3 1 main piece be made as funds are granted in the same, in transferable securities embodied shares crumble and are in the ownership of the shareholders; or b) real estate investment according to the real estate investment funds act – ImmoInvFG (BGBl I 80/2003); or c) mutual funds, which are not UCITS and in accordance with section 3 2 distribution in Austria are admitted to main piece;

32. index funds: a UCITS, the Fund regulations shall explicitly stipulate as a particular target its investment strategy by the financial market authority (FMA) to replicate recognised stock or debt securities index;

33. customer information document (KID): document containing key investor information referred to in article 3 of Regulation (EU) No. 583/2010.

Exceptions

§ 4. may the shares in accordance with the Fund regulations or the statute only to the audience in third countries marketed, or sold the shares to the public in Austria or in other Member States, so the 2nd part of this Federal Act shall not apply.

2.Teil

Management and supervision of UCITS

1. main piece

Management companies

1 section

Conditions for the commencement of the activity

Requirement and scope of licence

5. (1) the provision of the activities of a management company headquartered in Germany requires of the concession in accordance with § 1 para 1 Z 13 Banking Act in connection with § 6 paragraph 2 this Federal Act by the FMA. A management company may exercise no other activities except for the activities referred to in paragraph 2 and shops, that are required for the investment of own assets as well as the activities that are directly related to the concession requirement.

(2) a management company may following activities: 1. the management of UCITS in the framework of collective portfolio management, which includes the following activities: a) asset management;

b) administrative activities, aa) statutory and prescribed in fund management accounting services, bb) customer inquiries, cc) valuation and pricing (including tax returns), dd) monitoring compliance with the legislation, ee) leadership of the share holders register, ff) payout, gg) hh issue and redemption of shares,) contract settlements (including delivery of certificates), ii) record keeping;

(c) distribution;

2. in addition to the management of UCITS in accordance with no. 1 the management of AIF pursuant to section 3 para 2 No. 31 lit. a, provided that the management company in this regard is subject to supervision by the FMA;

3.

In addition to the management of UCITS in accordance with no. 1 the individual management of portfolios - including the portfolios of pension funds - with discretion within the framework of the mandate of the investor, if the relevant portfolios one or more of in annex I section C of Directive 2004/39/EC instruments contain (section 3 para 2 No. 2 WAG 2007);

4. following activities: a) investment advice in relation to one or more in annex I section C of Directive 2004/39/EC instruments;

b) custody and technical management in relation to the shares of UCITS.

(3) the exclusive provision of services pursuant to par. 2 Nos. 3 and 4 or the provision of ancillary services in accordance with paragraph 2 Z 3 Z 4, without permission to the provision of services referred to in paragraph 2 is under the concession as a management company is not allowed. § 1 para. 3 Banking Act for management companies shall not apply.

(4) under para 2 Z 3 and 4 listed services do not relate to services provided by the State, the Central Bank of a Member State or other national bodies with a similar function in the framework of the monetary, exchange rate, debt or reserve policy of the Member State concerned by a counterparty.

(5) management companies, UCITS approved by the FMA and, where appropriate, AIF manage, can tasks pursuant to para 2 subpara 1 lit. b sublit. CC transfer to hh at the custodian bank, if this is provided for in the prospectus.

Licence application and licence

Section 6 (1) the applicant has the application for a licence in section 4 subsection 3 to connect Z 1, 2, 4, 5 and 6 BWG information and documents, as well as, where the organisational structure of the management company, the planned strategies and mechanisms for monitoring, control and limit the risks described in § 86 para. 3 and the procedures and plans referred to in paragraphs 86 to 89 emerge from a business plan.

(2) the licence shall be granted if: 1. operated the company as management company in the form of a joint stock company or limited liability company

2. the shares of the joint-stock company name and in accordance with the articles of association or articles of association the transfer of shares or shares requires the consent of the Supervisory Board of the company;

3. in the case of management companies in the form of the society with limited liability in accordance with the social contract a supervisory board to order is;

4. management companies in the legal form of limited liability company the premium of a special reserve to assign is, used only to compensate for impairments and to cover other losses

5. the initial capital amounts to EUR 2.5 million and the business managers is unlimited and without load at home free of charge; If the value of the asset of management company exceeds EUR 250 million, must pass additional own funds (§ 23 para 1 Nos. 1 and 2 BWG) have. This additional capital must be at least 0.02 vH of the amount to the value of the portfolios of the management company exceeds EUR 250 million. As far as the additional own funds calculated in this way will not exceed an amount of 2.375.000 euros, however no additional capital must be fed. Maximum EUR 7.5 million must be kept of additional own funds. But not mutual funds, which manages them itself on behalf of third parties are considered for the purposes of this provision no. 2 including mutual funds, in charge of third portfolios of the management company managed UCITS and AIF within the meaning of § 5 para 2 with their management, the §§ 22-22q, § 23 para 6, section 26, Article 26a, § 39a as well as § 103 No. 9 lit. b BWG Z are not applicable; 13 Banking Act on credit institutions with a concession in accordance with section 1, paragraph 1

6. at least half of the paid-up share capital or registered capital is mündelsicher;

7. the management company indefinitely is built;

8. neither a Director nor a member of the Supervisory Board of the depositary are a member of the Supervisory Board of the management company;

9. the Managing Director or the manager who is neither a Director nor a member of the Supervisory Board, an authorized representative of the depositary management company;

10 all business leaders are technically suitable due to their educational background and management experience, as well as have experience required for the operation of a management company, and at least two directors in relation to the type of UCITS managed by the management company have sufficient practical and theoretical experience;

11. adequate and effective risk management principles, arrangements, processes and procedures in accordance with § 86 para. 3 are provided;

12 in the case of provision of activities pursuant to § 5 para 2 No. 3 or 3 and 4 also a Z) the initial capital amounting to at least the pursuant to section 9 para 2 WAG 2007 amount may be determined the managers is unlimited and free of charge domestically available;

(b) the Managing Director in addition to the requirements of the Z 10 the requirements pursuant to § 3 para 5 No. 3 WAG 2007 meet;

(c) the conditions of § 3 para 5 No. 4 WAG 2007 complied;

13. as well as the requirements of § 5 par. 1 Z 2 to 4a, 6, 7 and 9 to 14 Banking Act are met.

(3) the FMA has the applicant within six months after receipt of the request or, if this is incomplete, within six months after submission of all the information required for the decision either to grant the concession or the rejection of the application by means of notification in writing. The concession is at any other cancellation in writing to grant; She can be, equipped with appropriate terms and conditions, where also set is to what extent the management company for the provision of services pursuant to § 5 para 2 Z 2 to 4 is entitled and, where appropriate, on what types of UCITS and AIF extends their permit collective portfolio management.

(4) that are articles 5, paragraph 2, sentence 1 and 3 BWG and section 160 subsection 1 of the Federal Act on the procedure for the granting of the concession to apply.

Withdrawal and termination of the concession

7. (1) in addition to those in § 6 BWG has mentioned reasons to take back the FMA of the concession, when 1 the requirements for the granting of the licence no longer exist (§ 148 paragraph 7 of Federal Act in conjunction with section 70 para 4 Z 3 BWG);

2. the provisions on the own resources (section 8) are not respected;

3. tasks in a way or a range of third party transmitted that the management company becomes a letter box (§ 28 para 2); or 4 the management company otherwise in serious manner or repeatedly against this federal law or against directive 2009/65/EC adopted regulations has violated, and in this case also has the procedure pursuant to section 70 para 4 BWG to the application.

(2) with regard to the termination of the concession, § § 7 and 7a BWG are used.

(3) a management company may not decide their resolution before their right to manage all UCITS in accordance with section 60 has ended.

2. section

Conditions for the pursuit of activities

Own resources

8. (1) the own funds of the management company may at any time under the section 6 para 2 Z 5 sink mentioned amount. otherwise has the FMA pursuant to section 70 para 4 BWG, to proceed.

(2) regardless of the own funds requirement referred to in paragraph 1 may the own funds of the management company at any time under the pursuant to section 9 para 2 WAG 2007 fall to be determined amount.

State Commissioners

§ 9. The Federal Minister of Finance shall appoint a State Commissioner and his Deputy for a term of not longer than five years; at each management company the re-appointment is permissible. The State Commissioners and their deputies act as organs of the FMA and are subject to only its instructions in this function. § 76 shall apply paragraph 2 to 9 BWG.

General organisational requirements

§ 10 (1) a management company has clearly set 1 decision processes and an organizational structure, through the reporting requirements and documented and the roles and tasks are clearly assigned and documented to establish and continually apply and maintain;

2. to ensure that all relevant persons aware of the procedures which must be observed for a proper performance of their duties,

3. adequate internal control mechanisms, which ensure the compliance of decisions and procedures at all levels of the management company to establish and continuously maintain;

4. at all relevant levels a smoothly functioning internal reporting and disclosure of information, as well as a smooth flow of information with all participating third parties to set up and continuously to ensure;

5. adequate and systematic records of their business activities and internal organisation to lead;

6 to ensure that the tasks are met by employees who have the necessary skills, knowledge, and experience;

7.

to provide the resources and expertise for effective monitoring of by third parties within the framework of an agreement with the management company running activities are needed, what applies in particular for the management of the risks associated with the agreement;

8 to ensure that the ordinary, honest and professional fulfilment of the tasks is also guaranteed if relevant people with multiple tasks are entrusted.

It is the nature, the scope and the complexity of doing business to take into account management company as well as the type and the range of services and activities.

(2) the management company has adequate systems and procedures to protect of the security, integrity and confidentiality of data in addition to set up and continuously apply and taking into account the type of this data. The data privacy regulations relevant provisions (§ 14 DSG 2000 - safety measures) must be observed.

(3) the management company has adequate arrangements to ensure the continuity and regularity of operations. To this end, it has appropriate and adequate systems, resources and procedures to set up and to meet other appropriate arrangements that ensure that essential data and functions are preserved when an interruption in their systems and procedures and services and activities can be continued. If this is not possible, these data and functions can be restored in a timely manner, the services and activities to be included in due time.

(4) the adequacy and effectiveness of the systems created according to para 1 to 3, internal control mechanisms and arrangements are to monitor, regularly evaluate and are to take the measures necessary to remedy any shortcomings.

(5) management companies, which are entitled, such as 3 or 4, also to the provision of services pursuant to § 5 para 2 have furthermore with regard to these activities the provisions of articles 16 to 26 and 29 to 51, 52 paras 2 to 4, 54 (1) and 94 to 96 WAG 2007 to comply. Have management companies that distribute also shares, are not managed by themselves, also with regard to this activity the articles 36, 38 to 59 and 61 to 66 WAG 2007 to comply.

(6) management companies have paragraphs 2, 20-21, § 23 para 1 to 5 and paragraph 7 to 16, the §§ 24 and 25, the §§ 27 to 28, § 28 para 1 to 4, to comply with sections 29 and 30, paragraphs 35 to 39, section 39 b, the §§ 40 to 41, 43 to 68, section 70, paragraphs 74 to 76 and 81 to 91 the §§ 93 to 93 c BWG.

Investor complaints

§ 11 (1) the management company has to create effective and transparent procedures for the adequate and prompt handling of investor complaints, to use and to maintain. Each complaint and all measures taken for their resolution must be recorded and stored.

(2) the investor must have appealed for free. Details of the procedures referred to in paragraph 1 are to provide to investors free of charge.

(3) if the UCITS managed by the management company in another Member State has been granted, the management company has to take measures in accordance with article 141, paragraph 1 and to provide appropriate procedures and arrangements to ensure a proper handling of investor complaints, and to ensure that there are no restrictions on the exercise of their rights for investors. These measures must enable the investors to submit complaints in the official language or one of the official languages of the Member State of origin and, where appropriate, of the UCITS host Member State.

(4) the management company has to provide appropriate procedures and arrangements to information at the request of investors, otherwise interested persons or bodies or the competent authorities of the Member State of origin of the UCITS, including information within the meaning of article 38, paragraph 1 for competent authorities, to provide.

Electronic records

§ 12 (1) the management company has to make appropriate arrangements for appropriate electronic systems, a prompt and proper recording of each portfolio business and any subscription or redemption order and thereby to enable compliance with the sections 19, 20 and 31 to 33.

(2) the management company has to ensure a high level of safety and the integrity and confidentiality of the data recorded in the electronic data processing. The data privacy regulations relevant provisions (§ 14 DSG 2000 - safety measures) must be observed.

(3) in the event that the management company in accordance with § 5 ABS. 5 instructed the custodian with the tasks of issuing and redemption of units, the obligations under paragraphs 1 and 2 with regard to article 20 of the custodian bank must be observed.

Accounting of management company

Section 13 (1) has the management company to set to protect of the shareholders accounting principles and methods, to implement and to maintain continuously, enabling it to submit in time accounts of the FMA on request, which give a true and fair picture of their financial situation and with all applicable accounting standards and rules into line. Are the management company to monitor, regularly assess the adequacy and effectiveness of these principles, methods and arrangements and are to take the measures necessary to remedy any shortcomings.

(2) In relation to the financial reporting of the UCITS management company 1 has accounting principles and methods to determine to apply and maintain, that comply with the accounting standards of the Member State of origin of the respective UCITS managed by a) a precise calculation of the net asset value of any single UCITS on the basis of accounting to ensure and b) to ensure that subscription and redemption requests at this net asset value; correctly

2. appropriate procedures to create, to ensure a proper and accurate assessment of the assets and liabilities of the UCITS in accordance with § 57.

The accounting of the UCITS is such a way, that all assets and liabilities of the UCITS can be determined at any time. A UCITS has several sub-funds, separate accounts are for each of these sub-fund to do. With regard to UCITS by the FMA approved paragraph 49 is taken into account.

(3) in the event that the management company in accordance with § 5 par. 5 instructed the custodian with the tasks of financial reporting, the obligations under paragraphs 1 and 2 of the custodian bank must be observed.

(4) with the financial statements of the management company are to publish also the UCITS managed by the management company for the shareholders and the amount of their assets.

Control of management and Supervisory Board

14. (1) the Executive Board and the Supervisory Board are responsible for ensuring that the management company to comply with their obligations under this federal law and other applicable federal laws and regulations adopted on the basis of this federal law and the EU regulations adopted pursuant to the directive 2009/65/EC. The internal allocation of tasks of the management company is to design accordingly.

(2) the Executive Board 1 is responsible, in particular, that is implemented at each managed UCITS the General investment policy, as in the prospectus and the Fund regulations or in the statutes of a company referred to in article 1 paragraph 3 of Directive 2009/65/EC is set

2. has each managed UCITS authorisation of investment strategies to monitor;

3. is in particular responsible for the management company has a permanent and effective compliance function (section 15), even if this function was transferred to a third party in accordance with section 28;

4. has to ensure and regularly to ensure that the General investment policy, the investment strategies and the risk limits for each managed UCITS are properly and effectively implemented and adhered to, even if the risk management function (section 17) was transferred to a third party in accordance with section 28;

5. has the adequacy of internal procedures, according to which each managed UCITS investment decisions be taken to determine and regularly check to ensure that such decisions with the approved investment strategies in line;

6. has the principles referred to in article 86, paragraph 1 and 2 for risk management, as well as the measures used to implement these principles, to adopt procedures and methods and to check also the risk limits for each managed UCITS as regards regularly;

7. does the effectiveness of the principles, provisions and procedures that have been introduced for the fulfilment of the obligations which are set adopted regulations and the EU regulations adopted pursuant to the directive 2009/65/EC, to evaluate and to check regularly in this Federal Act and other relevant federal legislation and on the basis of this federal law;

8 has appropriate measures to take to eliminate any defects.


(3) the obligations referred to in paragraph 1 are subject to Nos. 7 and 8 additional examiners to control of the Supervisory Board.

(4) the Executive Board can be in connection with their duties according to paragraphs 1 and 2 also reports, namely: 1 regular reports on the implementation in paragraph 2 investment strategies referred to Z 2-5 and internal procedures for investment decisions. and 2 regularly, at least once a year, written reports on issues of compliance, internal audit (section 16) and risk management (section 17), where specified in particular, whether to eliminate any deficiencies appropriate corrective measures were taken.

(5) that 2 reports referred in paragraph 4 are Z to submit also the Supervisory Board regularly. The FMA can set by means of regulation, to what extent, in what time frame and in what form the reports referred to in paragraph 4 to the Executive Board and the Supervisory Board are to submit. It has to be taken into account on the European practices in this field.

Compliance

Section 15 (1) has the management company 1 reasonable policies and procedures to determine to apply and maintain, who designed it, any risk of non-compliance with the obligations set out in this Act and EU regulations adopted pursuant to the directive 2009/65/EC by the management company as well as to uncover the risks, and appropriate policies and procedures to create 2 limit the risk in accordance with subpara 1 on a minimum and the FMA can effectively exercise their powers.

It is the nature, the scope and the complexity of transactions as well as the kind and the spectrum in the course of these transactions to take account of services and activities.

(2) the management company has permanently set up an effective and independent compliance function, which has the following responsibilities: 1. monitoring and regular evaluation of the adequacy and effectiveness of the measures established in accordance with paragraph 1, principles and procedures, as well as the measures taken to eliminate any deficiencies.

2. advice and support of the relevant persons responsible for services and activities with regard to compliance with the requirements for management companies, which are set in this federal law and regulations adopted on the basis of this Federal Act and EU regulations adopted pursuant to the directive 2009/65/EC.

(3) so that the compliance function properly and independently can perform their duties, the management company makes sure that 1 the compliance function has the necessary authority, resources and expertise and has access to all relevant information;

2. a compliance officer named will, who is responsible for the compliance function and the preparation of reports, regularly, at least once a year, provided the Executive Board on issues of compliance and where in particular indicating whether the corrective measures required to eliminate any deficiencies; taken

3. relevant people who are involved in this function, are incorporated not into the services monitored by them or activities;

4. the procedures according to which the remuneration of relevant persons involved in the compliance function is determined, without compromising their objectivity or makes this likely.

(4) the Z 3 and 4 referred to are not requirements in para 3, if the management company can prove that these are disproportionate because of the nature, the scope and the complexity of their business and the nature and the range of its services and activities and that the compliance function still fulfilled their task.

Internal audit (internal audit)

Section 16 (1) has the management company permanently set up an internal audit function, which is among the managers and is used exclusively on the ongoing and comprehensive testing of the legality, regularity and usefulness of the entire company and - insofar as this is appropriate and proportionate in view of the nature, the scope and the complexity of their business and the way of the spectrum of collective portfolio management services provided in the course of these transactions - by the other functions and activities of the management company is separate and independent. People where exclusion reasons, may not be entrusted with the tasks of internal auditing.

(2) exclusion reasons are circumstances to see which not likely make the proper exercise of the functions of internal auditing. In particular, exclusion reasons exist if 1 the required expertise and experience in the investment fund industry is missing the data subjects and 2 the objective perception of the function may be impaired, particularly if the persons concerned are ordered at the same time to the external auditor at the same management company or on these people through their work in internal audit one Z 6, 12, and 13 BWG exclusion reasons as bank auditors of the management company would apply in § 62.

(3) the internal audit function has the following responsibilities: 1. creating, implementing, and maintaining a revision programme with the target, the adequacy and effectiveness of the systems, to examine internal control mechanisms and arrangements of the management company and to evaluate;

2nd Edition of recommendations on the basis of the results of the work carried out pursuant to no. 1;

3. compliance with the recommendations referred to in item 2;

4. preparation of reports on issues of internal audit pursuant to § 14 para 4 No. 2.

(4) the internal audit relevant dispositions must be taken jointly by at least two managers. The internal audit has also to consider: 1. the correctness and completeness of the notifications and reports to the FMA and the OeNB.

2. compliance with articles 40, 40a, 40 b, 40 c, 40 d and 41 BWG.

3. the usefulness and application of procedures pursuant to § 39 para 2 BWG.

(5) the internal audit has to prepare an annual audit plan and then carry out the tests. Held it has occasion also to carry out unplanned tests.

Risk management

Section 17 (1) has the management company to establish permanently to a continuous risk management function, which, as far as this is appropriate and proportionate in view of the nature, scope and complexity of the transactions and of the UCITS managed by the management company - by the operational departments is hierarchically and functionally independent.

(2) the management company must be able to demonstrate that reasonable measures to protect against conflicts of interest made to enable an independent risk management, and that their risk management process complies with the provisions of the 4th section of the 3 main piece.

(3) the continuous risk management function has the task of: 1 the risk management policies and procedures to implement;

2. compliance with the UCITS risk limits to provide, including covered also the legal limits for the total and the counterparty credit risk in accordance with the sections 89, 90 and 91;

3. UCITS managed senior management in determining the risk profile of the individual to advise;

4. the Executive Board and regularly to the supervisory board the following topics to report: a) coherence between the current risk levels for each managed UCITS and the for the agreed risk profile;

b) compliance with the relevant exposure limits by each managed UCITS;

c) adequacy and effectiveness of the risk management process, and in particular, whether appropriate corrective measures were initiated for possible defects

5. the Executive Board regularly about the current risk level for each managed UCITS and any actual or foreseeable exceeded the limits for the respective UCITS report to reimburse, to ensure immediate appropriate measures can;

6. the arrangements set out in article 92 and procedures for the valuation of OTC derivatives, in the case of article 5 par. 5 in collaboration with the custodian bank, to review and, where appropriate, to reinforce.

(4) the continuous risk management function has the necessary authority and access to all relevant information to have, that are required to carry out the tasks referred to in paragraph 3.

Personal business

Section 18 (1) the management company has to set reasonable, to implement and maintain, the relevant persons, their Tätigkeiten might give rise to a conflict of interest or that as a result of activities which they carry out for the management company, access to inside information within the meaning of section 48a para 1 No. 1 Austrian Stock Exchange Act 1989 - BörseG (Federal Law Gazette No. 555/1989) or to other confidential information via UCITS or the with or for UCITS, transactions have , to prevent from 1 a personal business (§ 23 WAG 2007) to make, in which at least one of the following conditions is met: a) the person must not make the personal business pursuant to §§ 48 b-48 d Austrian Stock Exchange Act or a regulation issued in another Member State on the basis of Directive 2003/6/EC;

b)

It is connected with the abuse or the illegal disclosure of confidential information;

(c) conflicts with an obligation of the management company of this federal law, the WAG 2007 or a regulation adopted pursuant to the directive 2009/65/EC or of Directive 2004/39/EC, or is expected to collide;

2. outside their regular employment or service contract of another person to recommend a deal with financial instruments, that - would make it themselves to a personal business (§ 23 WAG 2007) the relevant person acting - under Z 1 or under § 37 para 2 No. 1 or 2 WAG 2007 fall or other misuse of information about current orders would represent, or to cause that person to such a business;

3. outside their regular employment or service contract and without prejudice to § 48B para. 1 Z 2 BörseG information or opinions to someone else to pass, when the relevant person is clear or reasonably should this disclosure will cause the other person to do so, or may cause, be clear, a) to enter into a transaction with financial instruments, that - would make it up to a personal business (§ 23 WAG 2007) the relevant person acting - under Z 1 or under § 37 para 2 subpara 1 or 2 WAG 2007 fall or misuse information about running jobs otherwise represent.

(b)) to advise someone else to such a business or to help.

(2) the provisions prescribed in paragraph 1 shall ensure in particular the following: 1. each relevant person covered by paragraph 1 is the restrictions on personal business (§ 23 WAG 2007) and to know the measures taken by the management company in terms of personal business and information dissemination in accordance with paragraph 1.

2. the management company is immediately about any personal business (§ 23 WAG 2007) a relevant person to teach, either by message of the business, or by other procedures that allow the determination of such transactions the management company.

3. in gemeldetes of the management company or provided by this personal business (§ 23 WAG 2007) as well as any permission and every prohibition in connection with such a business should be noted.

(3) specific activities of third parties (section 28) carried out, as the management company for the purposes of paragraph 2 has to make sure no. 2, that the company that performs the activity, personal business (§ 23 WAG 2007) holds all relevant persons and immediately submit the management company this information upon request.

(4) paragraphs 1 and 2 does not include: 1 personal transactions effected under a contract with discretionary portfolio management if no relevant contacts between the Portfolio Manager and the relevant person or of the person on whose behalf, the business is conducted, take place before the deal.

2. personal business with UCITS or shares in undertakings for collective investment governed by the supervision according to the legislation of a Member State, which stipulates an equal high level of diversification for their plants, if the relevant person or any other person for whose account the transactions are effected, is not involved in the management of this organism.

Recording of portfolio transactions

Section 19 (1) is the management company to make sure that each portfolio business relating to UCITS will be recorded without delay so that the order and running business in particular can be reconstructed.

(2) the record referred to in paragraph 1 shall contain: 1. the name or the other name of the UCITS and the person acting on behalf of the UCITS;

2. the necessary finding of the instrument concerned details;

3. the quantity;

4. the nature of the job or business;

5. the price;

6 in the case of orders the date and exact time of job submission and the names or the other name of the person to whom the request has been received, or transactions the date and exact time of the business decision and execution;

7. the name of the person who submitted the job or running the business;

8. where appropriate, the reasons for the revocation of an order;

9. when executing transactions the counterparty and the execution venue.

(3) under an execution location pursuant to par. 2 Z 9 is a regulated market within the meaning of § 1 para 2 BörseG, a multilateral trading facility, within the meaning of § 1 Z 9 WAG 2007, a systematic internaliser in the sense of article 1 No. 10 WAG 2007 or a market maker (§ 56 para 1 BörseG), an other party of liquidity or a facility that performs a similar function in a third country understand.

Recording of subscription and redemption orders

Section 20 (1) the management company has to take adequate precautions to ensure that the received UCITS subscription and redemption orders directly are centrally recorded after receipt and recorded.

(2) the following information shall be recorded: 1. the name of the UCITS;

2. person who placed the order or delivered;

3. person who receives the order;

4. date and time of the request;

5. terms of payment and means;

6. type of the order;

7 date of order execution;

8 number of subscribed or redeemed shares;

9 subscription or redemption price for each share;

10 Gesamtzeichnungs - or -redemption value of the shares;

11 gross value of the order including subscription fees or net amount after deduction of redemption fee.

(3) in the event that the management company in accordance with § 5 ABS. 5 instructed the custodian with the tasks of issuing and redemption of units, the obligations under paragraphs 1 and 2 of the custodian bank must be observed.

Retention obligations

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

(2) in the presence of exceptional circumstances, the FMA may require that the management company kept all or some of these records for a period longer, dependent on the type of instrument or portfolio business, if this is necessary, the FMA the perception of its supervisory role in accordance with this federal law or pursuant to Directive 2009/65/EC adopted EU regulations to allow.

(3) the FMA may in the notice of the concession will be denied with the of the withdrawal, arranged that the records to be kept will be up to a maximum five-year period.

(4) transfers the management company pursuant to §§ 61 or 62 para 2 the tasks which it has related to the UCITS, another management company, the FMA may require precautions to ensure that the records for the preceding five years will be provided this company.

(5) the records are to be kept on a disk, on the so can be stored, that the FMA in the future they can access and the following conditions are met: 1. the FMA must; Access to the records and reconstruct any significant level of editing each individual portfolio business

2. any correction or other change as well as the contents of the records prior to such a correction or any other amendment must be easily identifiable;

3. the records may not otherwise manipulated or to change.

(6) in the event that the custodian has entrusted with the tasks of issuing and redemption of units the management company pursuant to § 5 para. 5, the obligations referred to in paragraph 1 to 5, with regard to article 20 of the custodian bank must be observed.

Criteria for determining conflicts of interest

22. (1) the management company has the types of conflicts of interest that can occur and be detrimental to the interests of a UCITS in service delivery and the execution of activities, to determine, taking into account: 1 its own interests, including those from the interests of customers and the commitment of the management company to the UCITS; result of membership of the management company to a group or the provision of services and activities,

2. the interests of two or more UCITS.

(2) also has the management company in identifying conflicts of interest at least to take into account whether the management company, a relevant person or a person who is directly or indirectly through control of the management company, due to the fact that it is active in the collective portfolio management or another area, one of the following situations is true: 1. There is a risk that the management company or the person concerned is charged a financial gain of the UCITS or avoid a financial loss

2.

the management company or the person concerned has a vested interest, which was not consistent with the interest of the UCITS to this result; in the outcome of a service provided for the UCITS or other customer or a business for the UCITS or other customer

3. for the management company or the person concerned, there is a financial or other incentive to make the interests of another customer or customer group above the interests of the UCITS;

4. the management company or the person in question performs the same activities for UCITS and one or more other customers which are not UCITS;

5. the management company or the person concerned receives an incentive in the form of money, goods or services currently or in the future by another person than the UCITS in relation to services of collective portfolio management, provided for the UCITS in addition to this standard Commission or fee.

Principles for dealing with conflicts of interest

Section 23 (1) the management company has to establish effective principles for dealing with conflicts of interest, to comply with and maintain. These principles are to be defined in writing and must be proportionate to the scope and complexity of their operations the size and organisation of the management company, as well as the way.

(2) the management company belongs to a group, these principles must take into account all circumstances, which the company is known, or should be and who might give rise due to the structure and the activities of other group members to a conflict of interest.

(3) the principles established in accordance with paragraphs 1 and 2 for dealing with conflicts of interest is to set: 1. with regard to the services of collective portfolio management, which are provided by or for the management company, exists in the circumstances in which a conflict of interest, which could significantly harm the interests of the UCITS or one or more other customers or arising;

2. What procedures for dealing with these conflicts to comply and what measures to take.

Independence in the conflict management

Section 24 (1) in article 23, paragraph 3 are 2 procedure and measures Z to ensure that relevant persons who perform various activities, which entail a conflict of interest, perform these activities with a degree of independence, the size and the field of the management company and of the group which it belongs, and the significance of the risk that the interests will be damaged by customers , is appropriate. Furthermore these procedures and measures - as far as this to ensure of the required degree of independence of the management company is necessary and reasonable - have to include the following: 1. effective procedures that prevent the exchange of information between relevant persons, who are active in the collective portfolio management and their Tätigkeiten might consider a conflict of interest in, or control, if this 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, which added interests may collide or representing different, possibly conflicting interests in other ways, including the interests of the management company;

3. the Elimination of any direct connection between the remuneration of relevant persons, who are mainly engaged in an activity, and the remuneration or the revenue of other relevant persons, dealing mainly with any other activity, if a conflict of interest could arise in such activities

4. measures which prevent any undue influence on the manner in which a relevant person executes the collective portfolio management, or limit;

5. measures that prevent the simultaneous or subsequent involvement of a relevant person in a different collective portfolio management or control if such participation could be a proper conflict management in the way.

(2) should provide one or more of these measures and procedures referred to in paragraph 1 in practice not the necessary degree of independence, so you have to set management companies for the purposes necessary and reasonable alternative or additional measures and procedures.

Dealing with activities which entail a potentially detrimental conflict of interest

§ 25 (1) the management company has to result in a conflict of interest has occurred the collective portfolio management provided by them or for them which kinds or still could occur in ongoing portfolio management, where the risk of damage, take the interests of one or more UCITS or other customers is significant, and these records to update records.

(2) in cases in which, the organisational or administrative arrangements of the management company to deal with conflicts of interest has not been sufficient to ensure reasonably that the risk of damage to the interests of the UCITS or its shareholders can be excluded, the Executive Board or other competent internal body of the management company is promptly notify so that she can take the necessary decisions to ensure , that the management company always acts in the best interests of the UCITS and its shareholders. The management company has to inform the investors pursuant to § 132 paragraph 2.

Strategies for the exercise of voting rights in investments

Section 26 (1) is the management company to develop effective and appropriate policies in this regard, when and how the voting rights attached to the instruments in the managed portfolios should be exercised so that this is solely for the benefit of the UCITS.

(2) the strategies referred to in paragraph 1 must include measures and procedures that a trace of the relevant corporate operations enable 1.

2. make sure, that the exercise of voting rights with the investment objectives and investment policy of the UCITS in accordance;

3. conflicts of interest resulting from the exercise of voting rights, prevent or settle.

Investor protection in individual portfolio management

§ 27. A management company, whose licensing Z 3 also covers with discretionary portfolio management pursuant to § 5 para 2, 1 may the assets of the investor either partially or entirely in shares which create your managed UCITS or AIF, unless the Subscriber has previously given a general consent; and 2 is subject to the requirements set out in article 93 in relation to the services according to § 5 ABS. 2 Z 3 para 2a BWG.

Delegation of tasks to a third party management company

28. (1) the management company is entitled to transfer one or more of its tasks in accordance with § 5 para 2 for the purpose of a more efficient management to a third party. The third party is this connection on behalf of the unit holders. Following requirements must be met with: 1 the management company must immediately the FMA pursuant to § 151 that show transmission. the FMA must immediately transmit this information to the competent authorities of the Member State of origin of the UCITS pursuant to § 161;

2. the order may impair the effectiveness of the supervision of the management company in any way; in particular, he may prevent the management society to act in the interests of their investors, nor can he prevent that the UCITS in the interest of the investors is managed

3. when the delegation concerns the collective portfolio management, so the order be granted to only companies, that are licensed or registered for the purpose of asset management and subject to prudential supervision; the transfer must be with the requirements regularly set by the management company for the distribution of plants in line;

4. If the order concerns the collective portfolio management and will be granted a third country entities, so also must be cooperation between the FMA and the supervisory authorities concerned;

5. no order for the main services of collective portfolio management may depositary or other undertaking whose interests may conflict with which the management company or the unit-holders (§ 5 para 2 subpara 1 lit. a) granted;

6. it must be ensured that the management company may at any time effectively monitor the activities of the company, which was awarded the contract

7. it must be ensured that the management company the undertakings to which tasks have been delegated, can give at any time further instructions and the order at any time with immediate effect can be withdrawn, if this is in the interest of investors;

8. taking into account the nature of the tasks to be transferred, the company transferred these tasks must have the necessary qualifications and be able to perform the relevant function;

9.

in the UCITS brochures (section 131) are the tasks list;

10 be transferred activities in the field of risk management to a third party, moreover § 30 para 3 must be observed.

(2) the duties of the management company, as well as the duties of the custodian in accordance with this federal law are not affected by any such transfer. The management company is absolutely liable for the behavior of the third like for their own behavior. The management company may transfer their tasks not on a scale which allows it to become a letter box; a letter-box companies is to go out when the management company largely transfers its business to third parties. The data privacy regulations relevant provisions (§§ 10 ff DSG 2000) must be observed.

Duty to act in the best interests of the UCITS and its shareholders

Section 29 (1) the management company has to handle unit-holders in UCITS and the interests of a particular group of shareholders does not have the interests of another group of shareholders.

(2) the management company has to apply appropriate policies and procedures to prevent illegal practices, as well as practices of which usually an affecting of the financial stability or integrity would expect.

(3) within the framework of their duty in the best interest which has to be shareholders that the management company to ensure that a fair, correct and transparent pricing models and valuation systems used for the UCITS managed by them and to prevent that disproportionate costs provided the UCITS and their shareholders. The management company, in the case of a transfer in accordance with § 5 paragraph 5 to the custodian bank but that can prove that the UCITS portfolios were accurately assessed. The management company in Austria manages, UCITS, §§ 57 to 59 are to comply with. The management company has to seek the avoidance of conflicts of interest and to ensure that the funds managed by be treated according to law and equity when inevitable conflicts of interest.

(4) the management company is responsible for the adoption and implementation of all agreements and organizational decisions that are required to comply with the conditions in relation to the establishment and the functioning of the UCITS and the obligations contained in the Fund rules or the articles of Association, as well as the obligations contained in the prospectus.

(5) the management company has in carrying out their responsibilities to act independently and solely in the interest of the shareholders.

Due diligence

Section 30 (1) the management company has in the best interests of the UCITS and the market integrity in the selection and ongoing monitoring of the facilities exercise special care. Here, the management company has to ensure that it has sufficient knowledge and sufficient understanding of the assets in which UCITS are invested. The management company has to set written policies and procedures to comply with the due diligence and take effective measures to ensure that investment decisions are taken for the UCITS, comply with their objectives, investment strategy and risk limits.

(2) in implementing its risk management principles (article 86) and as far as this taking into account the nature of a planned system is appropriate, as regards the contribution of the investment to the composition of the portfolio of the UCITS, its liquidity and its risk and return profile, the management company prior to payment of the investment has to make predictions and to make analyses. Quantitatively as qualitatively, these analyses may rely only on reliable and up-to-date information.

(3) if the management company closes third agreements (§ 28) on the implementation of activities in the field of risk management, managed such agreements or ended, it has to apply the available skill, care and diligence. Prior to the conclusion of such agreements, which has management company to make sure that the third party has the necessary skills and capacities to reliably, professionally and effectively perform the activities in question. The management company has set also methods for the ongoing evaluation of the services of third parties.

(4) the management company has to comply with all rules applicable to the performance of their duties in the best interests of its investors and the integrity of the market. She has available to provide all information to the investors so that it can fulfil its tax disclosure and verification duties.

Processing of subscription and redemption orders and reporting obligations

31. (1) the management company has a share holder, whose drawing or redemption order has run this version as soon as possible, but no later than on the first business day following execution of the order or, if the management company receives the confirmation by a third party - to confirm no later than on the first business day after receipt of confirmation of the third on a durable medium in accordance with section 133. There is already an obligation of another person, the unit-holder without delay send this information, the confirmation of the management company can be avoided.

(2) the notice referred to in paragraph 1 has, if applicable, to contain the following information: 1. name of the management company;

2. name or other designation of the holder;

3. date and time of the receipt of the order and payment;

4. date of execution;

5. name of the UCITS;

6. type of the order (drawing or withdrawal);

7 number of affected units;

8 piece value at which the shares were drawn or withdrawn;

9. reference value date;

10 gross order value including subscription fees or net amount after redemption fees;

11 sum of the invoiced commissions and expenses as well as upon request of the investor breakdown by line item.

(3) in the case of regular order execution for a shareholder, the management company has the information referred to in paragraph 2 to submit 1 or at least every six months of transactions relating to this period the shareholders either in accordance with.

(4) the management company has to provide information on the status of his order in accordance with section 133 the shareholders upon request.

(5) in the event that the management company in accordance with § 5 ABS. 5 instructed the custodian with the tasks of issuing and redemption of units, the obligations referred to in paragraphs 1 to 4 by the custodian must be observed.

Best execution trading decisions for the UCITS

32. (1) the management company has to act when she performs 1 for them to manage their portfolios trading decisions or forwards 2. in managing their portfolio of orders to trade for the UCITS to perform at other institutions, and has to take all reasonable measures to achieve the best possible result for the UCITS in the best interests of the UCITS it manages , where she has the price, costs, speed and likelihood of execution and settlement, to take into account the extent and the nature of the contract, as well as all other aspects relevant to the execution of the order as factors.

(2) the relative importance of these factors referred to in paragraph 1 is to determine on the basis of the following criteria: 1. objectives, investment policy and specific risks of the UCITS, as in the prospectus or, where appropriate, in the Fund rules or the articles of Association of the UCITS set forth;

2. characteristics of the job;

3. characteristics of the financial instruments which are the subject of the relevant order;

4. characteristics of the execution venues (§ 19 para. 3), the order can be forwarded to the.

(3) the management company has to make effective arrangements for compliance with the obligation laid down in paragraph 1 and to implement and to establish particular principles and to implement, which allow you to achieve the best possible result in accordance with paragraph 1 for UCITS orders. In this policy no. 2 for each are for the purposes of paragraph 1 the institutions instrument genus, where orders can be placed. The management company may conclude only execution agreements No. 2 referred to in paragraph 1, if they are compatible with the obligations laid down in this provision.

(4) the management company managing a UCITS in the form of an investment company, so she has to the principles for the execution of the order to obtain the prior consent of the company.


(5) the management company has the effectiveness of their arrangements and the principles laid down in accordance with paragraph 3 for the execution of the order, and in the case of paragraph 1 Z to monitor 2 to uncover any defects in particular the quality of the execution by the bodies referred to in this policy periodically and fix if necessary. In addition, the management company has to undergo its principles for the execution of the order a review each year. A review has also always then to take place when a major change occurs, which impairs the ability of the management company for the UCITS continue to achieve the best possible results.

(6) the management company can prove that she in the case of paragraph 1 in accordance with their principles for the execution of the order has run Z 1 orders for UCITS and in the case of paragraph 1 has placed orders for UCITS in accordance with the principles laid down pursuant to paragraph 3 No. 2.

General principles for the processing of orders in the context of collective portfolio management

33. (1) the management company has to set procedures and arrangements and to implement, which ensure a prompt, fair and speedy execution of portfolio transactions for UCITS and meet the following requirements: 1. ensure, that running jobs; promptly and correctly recorded and assigned to the respective UCITS UCITS

2. otherwise comparable UCITS jobs run immediately after, unless, the characteristics of the order or prevailing market conditions make this impossible, or the interests of the UCITS demand something else.

(2) financial instruments or funds that have entered into the settlement of orders executed, are by the management company, or in the event that the management company pursuant to § 5 para. 5 instructed the custodian with the tasks of the contract settlement, by the custodian to post promptly and correctly on the account of the UCITS.

(3) the management company may not misuse information relating to ongoing UCITS orders and has all appropriate measures must be taken to prevent the misuse of such information by their relevant persons.

Aggregation and allocation of trade orders

34. (1) the management company allowed a UCITS order together with the order of another UCITS or other customers or together with an order for its own account to perform except under the following conditions: 1. it must be unlikely that combining the orders for a UCITS or customers, whose commissioned will be merged with other total will disadvantage;

2. principles for the assignment of the contract must be set and implemented, precisely enough governing the fair allocation of laid together orders, also in this regard, such as volume and price determine the assignments and as for partial executions must be.

(2) the management company puts together a UCITS order with one or more other UCITS or customer orders and partly runs the combined order, so she has to assign the related business in accordance with their policies for mission assignment.

(3) has the management company is merged with transactions for own account with one or more orders of UCITS or other customers, she must proceed in the allocation of its business in a manner detrimental to the UCITS or other customers.

(4) if the management company puts together a UCITS or other clients with a business on their own account and sometimes performs the combined order, it has its own shops in the allocation of the associated businesses the UCITS or other customers to give priority to. Can the management company to the UCITS or its other customers present but conclusively, that she not on such favorable terms or not at all would have can do the job without merging, it can according to the business on their own account in accordance with its paragraph 1 Z 2 principles assign pro rata.

Granting and acceptance of advantages at the expense of the UCITS

35. (1) not honestly, is the management company honestly and professionally in the best interests of the UCITS, if she pays or receives relating to portfolio management for UCITS for a fee or Commission, or if she granted a donation offered not in the form of money or accepting.

(2) without prejudice to paragraph 1 acceptance or granting of benefits is nevertheless allowed if 1 is it a fee, a fee, or a grant offered not in the form of money, which is paid to the UCITS or any person acting on his behalf or granted by the UCITS or any person acting on its behalf;

2. a fee, a fee, or a grant offered not in the form of money is, which is paid to a third party or any person acting on his behalf or granted by one of these people, if the following conditions are met: a) the existence, the nature and the amount of the fee, Commission or allowance, or - if the amount is not possible to determine - the manner of the calculation of this amount must the UCITS before provision of the relevant service in comprehensive , true and understandable way; clearly disclosed

(b) the payment of the fee or Commission, or the granting of donation offered not in the form of money must have the purpose to improve the quality of the relevant service and may prevent the management company not dutifully in the best interests of the UCITS to act;

3. fees is, that enable the provision of the relevant service or are necessary - including custody, settlement and trading venue fees, administration fees or legal fees and that nature does not conflict with the obligation of the management company can produce, honest to act honestly and professionally in the best interests of the UCITS.

(3) the management company may for the purposes of para 2 subpara 2 lit. a, the main provisions of the agreements on fees, commissions and not in the form of money disclose offered donations in summary form. The management company has to disclose further details at the request of the holder.

3. section

Freedom of establishment and free movement of services

Management companies from Member States in Austria

The activities of a management company pursuant to § 5 para 2 to section 36 (1) 2009/65/EC in Austria about a branch by a management company in accordance with article 6 of Directive 2009/65/EC, which is licensed in accordance with the directive in another Member State or in the way of the freedom to provide services provided they are, as far as entitled their concession. A management company intends the collective portfolio management of UCITS authorised in Austria, so she has, apart from compliance with the procedures provided for in that provision to also apply pursuant to § 50 para 3 of the FMA.

(2) the establishment of a branch office in Austria may, if the competent authority of the Member State of origin of the FMA has transmitted all information in accordance with § 37 para. 1 and the FMA has confirmed the receipt of thereof to the home Member State authority, no later than two months after the receipt of the information in accordance with § 37 para 1 of the FMA. The FMA can make arrangements to oversee the compliance of falling under their jurisdiction, which must be observed by the branch, within the period referred to in sentence 1.

(3) the provision of activities carried out under the freedom to provide services in Austria is - apart from para 6 - permissible, if the competent authority of the Member State of origin of the FMA management company in accordance with § 37 para 5 and, where appropriate, paragraph 6 has transmitted all information and the FMA confirms the receipt of thereof has, but not later than one month after the authority of the Member State of origin of the management company has received the information. The approval of the FMA pursuant to § 50 para 4 is also to be seen in the case of collective portfolio management of UCITS authorised in Austria. In the case of the planned distribution of UCITS section 140 must be observed.

(4) management companies, which carry out activities in Austria over a branch, have the pursuant to sections 10 to 35, to comply with the provisions of the 4 main piece, the §§ 151 to 153 of the Federal Act and sections 40 and 41 BWG. Management companies, which carry out activities of collective portfolio management in Austria over a branch, have to comply also with the provisions of the 3 main piece, as well as the obligations contained in the Fund regulations and the prospectus of UCITS. Management companies, performing activities of collective portfolio management in Austria under the freedom to provide services, have the pursuant to sections 10 to 28, to comply with the provisions of the 3rd and 4th main piece as well as §§ 151 to 153 of the Federal Act, as well as the obligations contained in the Fund regulations and the prospectus of UCITS §§ 40 and 41 BWG and the.


(5) the management company has at least one month prior to their making and any change in the information provided in accordance with § 37 para 5 prior to their making writing any change in the information provided pursuant to § 37 para 1 of the FMA, the FMA can make a decision on any change regarding information according to § 36 para 2.

(6) if the collective portfolio management of UCITS authorised in Austria is intended, has to apply for the management company at the FMA pursuant to § 50 and to submit the following documents: 1 the written agreement with the depositary pursuant to articles 23 and 33 of Directive 2009/65/EC and 2. information on transfer agreements with regard to the tasks of portfolio management and administration pursuant to § 5 para 2 subpara 1 lit. a and b.

The management company already managed UCITS of the same kind in Austria, so the reference to the already submitted documents is sufficient.

(7) the FMA can, request if this is necessary to ensure of compliance in their responsibilities, information explanations and details of the documents by the competent authorities of the management company's home Member State according to paragraph 6, as well as on the basis of the certificate referred to in § 37 para 2 and 6 extent to the type of UCITS for the approval is sought that is covered by the scope of the licence of the management company.

(8) the FMA can reject the request referred to in paragraph 6 within the period referred to in article 50 paragraph 5 after consultation with the competent authorities of the Member State of origin of the management company in accordance with paragraph 7, if: 1. the management company Nos. 2, 3 and 4 does not comply with the provisions of this Federal Act in accordance with the jurisdiction of the FMA pursuant to article 143, para. 1, 2. no authorisation to manage the type of UCITS has received the management company by the competent authorities of the Member State of origin , is requested for the admission, or 3. the documents not presented the management company pursuant to paragraph 6.

(9) the management company has to inform all future substantive changes to the documents pursuant to paragraph 6 of the FMA.

Austrian companies in Member States

37. (1) every management company pursuant to § 5 para 1, which wants to build a branch in the territory of another Member State, has to display this beforehand in writing to the FMA and to provide the following information: 1. the Member State in whose territory the establishment of a branch is planned;

2. the business plan, in which the planned activities and services in accordance with section 5, paragraph 2, and the organizational structure of the branch are specified and which includes a description of the risk management process, which was established by the management company has to include also a description of the procedures and arrangements in accordance with article 11 par. 3 and 4, and article 141, paragraph 1;

3. the address under the in the management company's host Member State documents can be requested;

4. the name of the branch managers.

(2) if the FMA given has no reasoned doubts as to the adequacy of the administrative structure or the adequacy of the financial situation of the management company concerned the intended activity, she has this period of two months after receipt of all information referred to in paragraph 1 and if the management company of the activity of collective portfolio management pursuant to § 5 para 2 subpara 1 lit. a exercise would, a certificate of the concession of the management company in accordance with Directive 2009/65/EC, as well as a description of the scope of the licence and, where appropriate, details concerning restrictions on the types of UCITS, for their management, the management company has received an approval, to send the competent authorities of the management company's host Member State and to inform the management company. In addition, the FMA must submit details of any compensation scheme intended to protect of investors.

(3) the FMA is the establishment of the branch within two months after receipt of all information by means of written notice to prohibit, if the conditions of in paragraph 1 are not met.

(4) upon receipt of a communication from the competent authority of the host Member State, or at their non-statement no later than two months after receipt of the documents referred to in paragraph 1 to the competent authority of the host Member State the Branch Office can be built.

(5) each management company pursuant to § 5 para 1, would like to performing activities in accordance with § 5 para 2 for the first time in the territory of another Member State in the way of the free movement of services, has to show this the FMA prior written and submit the following information: 1. does the business plan, in which the planned activities and services in accordance with § 5 para 2 are specified and a description of the risk management process to include the Member State in whose territory the management company would like to pursue their activities, and 2. , which was established by the management company, and has to include also a description of the procedures and arrangements in accordance with article 11 par. 3 and 4, as well as in accordance with article 141, paragraph 1.

(6) the FMA has the information referred to in paragraph 5 the competent authority of the host Member State of the management company and, if the management company of the activity of collective portfolio management pursuant to § 5 para 2 subpara 1 lit. a would like to exert, to submit a certificate of the approval of the management company in accordance with Directive 2009/65/EC, as well as a description of the scope of the authorisation and, where appropriate, details concerning restrictions on the types of UCITS, for their management, the management company has received an approval, within one month after receipt by the FMA. In addition, the FMA must submit details of any compensation scheme intended to protect of investors. Subject to a collective portfolio management required approval of the competent authority of the Member State of origin of the UCITS and § 139 a month after receipt of the information referred to in paragraph 5 of the FMA of the activity can absorb at the latest the management company from the FMA the routing information in the host Member State.

(7) the mere marketing of units of UCITS managed by the management company in another Member State, which is not the of the UCITS home Member State, without establishing a branch office and to offer other activities or services, require any declaration pursuant to paragraph 1 or 5; only the procedure in accordance with article 139 applies.

(8) unless the management company intends to manage a UCITS authorised in another Member State, it has to submit the documentation referred to in § 36 para 6 directly from the competent authority of the Member State of origin of the UCITS. The FMA in this context receives a request for the competent authority of the Member State of origin of the UCITS within the meaning of § 36 para 7, the FMA has to give its opinion within ten working days after receipt of the original request for information.

(9) the management company has at least one month prior to their making and any change in the information provided pursuant to paragraph 5 before their execution in writing any change in the information provided pursuant to paragraph 1 of the FMA and the competent authorities of the host Member State, so that the FMA and the competent authorities of the management company's host Member State to take a decision on any change regarding the information referred to in paragraph 1. The FMA of the competent authority of the host Member State has changes in the data submitted in accordance with paragraph 2 and of UCITS, for managing the management company has received a registration changes in the scope of the authorisation of the management company, as well as details on restrictions on the types, if necessary, update the information contained in the certificate referred to in paragraph 2 to communicate.

Supervision within the framework of services and freedom of establishment

38. (1) has to compliance with the provisions referred to in section 36 (4) by statutory auditors check that each management company in accordance with section 36, which operates through a branch in Austria. On the outcome of the examination, an examination report in German language is to create and, where necessary, to explain. The Branch Office of the management company has to submit this examination report of the FMA within six months after completion of the financial year. A management company within the meaning of section 36 has to ensure that the FMA receives the information referred to in this paragraph directly from her.

(2) determines the FMA that a management company has a branch office in accordance with section 36 in Austria or provides services, against one of 1 Z 2-5 ABS violates provisions in § 143, so has the management company to call on the FMA, stop the violation, and to inform the competent authorities of the management company's home Member State accordingly.


(3) a management company refuses to allow the FMA the information falling within the competence of the FMA or takes, not the steps to stop the violation referred to in paragraph 2, the FMA has to inform the competent authorities of the Member State of origin of the management company about it.

(4) the FMA receives information in the meaning of paragraph 3, according to which a management company pursuant to § 37 to this authority denied information or sets no sufficient steps to the termination of an infringement within the meaning of paragraph 2, by a competent authority of another Member State the FMA has to take without delay all appropriate measures to ensure that the management company by the host Member State of the management company pursuant to par. 1 provides the requested information or stop the violation. The FMA has to inform the competent authorities of the management company's host Member State nature and contents of such measures. Any measure referred to in this paragraph is justified and the management company in writing.

(5) a management company in accordance with § 36 despite the measures taken by the competent authorities of the Member State of origin of the management company, or due to missing or inadequate measures of that Member State refuses, by the FMA pursuant to par. 1 provide information requested, or it continues against the provisions referred to in paragraph 2, is contrary to the FMA is to take one of the following measures: 1. after informing the competent authorities of the management company's home Member State appropriate measures, including the measures referred to in paragraphs 147-150 , to prevent further violations or to punish; where necessary, the FMA of this management company can prohibit new stores in Austria. It's at the service of the management company in accordance with section 36 to the management of UCITS provided in Austria the FMA can require that the management company will manage this UCITS, and withdraw the permit referred to in section 50, paragraph 7 of the management company; or 2 in the event that the competent authorities of the Member State of origin of the management company have become active opinion of the FMA in an appropriate manner, the FMA may the European Securities and markets authority - ESMA (Regulation (EU) No 1095/2010) inform about this fact, which in turn no. 1095/2010 can operate within the framework of their powers pursuant to article 19 of Regulation (EU).

Any measure referred to in this paragraph is justified and the management company in writing. Has been issued on the basis of Z 1 or 2 an administrative decision by the FMA, the authority of this decision pursuant to section is 21 b financial market supervisory authority Act - FMABG (Federal Law Gazette I no. 97/2001) limited.

(6) in the case of the delivery of official documents of the competent authorities of the host Member State of a management company pursuant to § 37, the receiver can the adoption in accordance with § 12 ABS. 2 extra law - ZustG (Federal Law Gazette No. 200/1982) only refuse if those documents not in the official language of a Member State are drawn up.

(7) in cases of urgency, the FMA prior to the initiation of the procedure provided for in paragraph 2, 3 or 5 may take the precautionary measures that are necessary to protect of the interests of investors or other persons, for the services provided. ESMA, the European Commission and the competent authorities of the other Member States concerned are as soon as possible to inform of such measures by the FMA. The FMA has to take appropriate measures to safeguard the interests of investors when it is informed by the competent authority of the Member State of origin of the management company that it plans the withdrawal of the concession. These measures may include decisions that will prevent that the management company concerned carries out new stores in Austria. An administrative decision by the FMA is taken in this context, so the legal force of this decision pursuant to section is restricted 21B FMABG.

(8) the FMA has to consult the competent authorities of the UCITS home Member State, before it escapes the concession management company pursuant to § 37, so that the competent authorities of the UCITS home Member State may take appropriate measures to safeguard the interests of investors.

2. main piece

Custodian Bank

Requirement of the depositary bank

39. (1) is to transfer a custodian within the meaning of article 41, paragraph 1 the custody of the assets of the UCITS.

(2) the shares must be before its issue of the custodian in custody. They may only spend it when the equivalent to section 55 paragraph 1 without any restriction has been made her available. The custodian has received equivalent immediately to feed the Fund's assets.

Duties of custodian

40. (1) has the management company with the safekeeping of securities belonging to a UCITS (section 50) and with the management of the accounts belonging to the UCITS a custodian bank, which meets the requirements of section 41, to hire.

(2) the custodian bank has to ensure that 1 the sale, the issue, redemption, payment and cancellation of units carried out for the account of the UCITS or by the management company, is carried out in accordance with the provisions of this Federal Act and the Fund regulations in the interest of the shareholders;

2. the calculation of the value of the shares in accordance with the provisions of this Federal Act and the Fund regulations in the interest of the shareholders takes place;

3. her operations which relate to the assets of the investment funds, immediately transmitted equivalent.

4. the income of the Fund in accordance with the provisions of this Federal Act and the Fund regulations are used.

(3) the custodian has to follow the instructions of the management company, unless these policies violate the provisions of this federal law or the Fund rules.

(4) the custodian is is entitled and obliged, on his/her own behalf pursuant to § 37 EO action opposition to raise, if on a to a UCITS corresponding asset execution conducted, unless it is justified claims against the UCITS to one referred to in paragraphs 80 to 84.

Requirements to the custodian bank

41. (1) as custodian can only a credit institution, to the operation of the storage business (article 1, paragraph 1 Z 5 BWG) is entitled, or one in accordance with § 9 para 4 BWG built domestic branch of EEA credit institution be ordered. The appointment requires the approval of the FMA. She may only be issued if the credit institution to ensure the fulfilment of the duties of the custodian. The order of the custodian bank shall be published; the publication has the granting to lead.

(2) in the procedure for the approval of the custodian bank, the FMA is also to consider whether the directors of the depositary bank have adequate experience in relation to the type of UCITS to safekeeping.

(3) the custodian has to ensure that the FMA or the competent authority of the Member State of origin of the UCITS at the request receives all information received by the custodian bank in the performance of their duties and which requires the FMA to monitor compliance with the provisions of this Federal Act, the Austrian Banking Act and the EU regulations on the implementation of the directive 2009/65/EC.

(4) is managed the UCITS of a management company in accordance with article 36, or a management company headquartered in Austria manages a UCITS in another Member State, to the custodian and the management company in accordance with section 36 or the management company pursuant to § 5 para 1 with the depositary in the home Member State of the UCITS have to sign a written agreement on the exchange of information, which deemed necessary will be, so that the Depositary their duties according to § 40 and the other for depositaries in the home Member State of the UCITS of relevant laws, regulations and administrative provisions can meet. The agreement has to include at least the requirements laid down in article 42.

Content of the agreement between the management company and depositary

42. (1) in section 41 paragraph 4 called agreement has to include at least the following in regard to the procedures to be followed by the parties to agreement and service deliverables: 1. Description of procedures among the storage for the individual types of assets of the UCITS, which are entrusted to the depositary, to set are;

2. Description of the procedures that must be observed, if the management company wishes to change the Fund regulations or the prospectus of UCITS, where it is also set when the depositary should be informed or the change requires the consent of the depositary,

3.

Description of the means and procedures, that the depositary of the management company submitted all relevant information, which requires them to carry out their tasks, including a description of the means and procedures for the exercise of any with financial of rights as well as the means and procedures used, so that the management company and the UCITS have access to timely and accurate information on the accounts of the UCITS;

4. Description of the means and procedures with which the depositary receives access to all relevant information that it requires to carry out its tasks;

5. Description of the procedure, with which the depositary has the opportunity to investigate the conduct of the management company and to assess the quality of the information transmitted, including through visits;

6. Description of the procedure, with which the management company can verify the performance of the depositary in relation to their contractual obligations.

(2) also has to include the agreement referred to in section 41 (4) in regard to the exchange of information and the obligations with regard to confidentiality and money laundering at least the following: 1. collection of all information, exchanged in relation to drawing, redemption, issue, cancellation and redemption of units of a UCITS between the UCITS, its management company and the depositary

2. the agreement Parties governing confidentiality obligations;

3. information on the roles and responsibilities of the agreement parties in relation to the requirements as regards the fight against money laundering and terrorist financing, if applicable.

The duties referred to in item 2 are to formulate, the competent authorities of the Member State of origin of the management company nor the competent authorities of the Member State of origin of the UCITS it be prevent to gain access to relevant documents and information.

(3) Furthermore has the agreement referred to in section 41 (4), provided that the depositary or the management company intend to hire to include at least the following third parties with the execution of their respective duties: 1. an obligation of bipartisan of agreement, regular details to any third party to submit; entrusted the depositary or the management company with the execution of their respective duties

2. an obligation on request of a party she grant each other information about, what criteria the third was selected and what steps were taken to monitor its activity;

3. a declaration that the envisaged liability of the depositary thereof affected pursuant to § 43 of this Federal Act or in article 24 and article 34 of Directive 2009/65/EC, that she fully or partially entrusted the assets held by a third party.

(4) also has at least the following provisions relating to any changes and the termination of the agreement to include the agreement referred to in section 41 (4): 1. term of the agreement;

2. conditions under which the agreement may be modified or terminated;

3. requirements that are necessary to switch to an other depositary and procedures after the other depositary in such a case a depositary submitted all relevant information to make it easier.

(5) the depositary and the management company have to set in the agreement that the agreement is governed by the law of the Member State of origin of the UCITS.

(6) if the agreement an electronic transmission of the information exchanged between the parties entirely or partially provided for in the agreement to contain also provisions which ensure that the appropriate information is recorded has.

(7) the agreement shall be managed UCITS for more than one of the management company, UCITS falling within its scope of should be so in the agreement.

(8) details of 3 and 4 above means and procedures are Z para 1 to settle the agreement provided for pursuant to § 41 para 4 or in a separate written agreement.

Liability of the depositary bank

43. (1) the custodian is liable to the management company and the unit-holders for any damage which has been caused by their culpable violation of duty.

(2) the liability of the depositary referred to in paragraph 1 shall not affect that she transfers all or some of the assets in its safe-keeping has taken over, a third party.

Independence of the depositary bank

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

(2) the custodian bank has in carrying out their responsibilities to act independently and solely in the interest of the shareholders.

Compensation of the custodian and the management company

§ 45. The remuneration related to the management company after the Fund regulations for the management and compensation for expenses related to the administration are to be paid by the custodian bank at the expense of the accounts of the Fund. The custodian may charge the Fund the remuneration due to her for safekeeping of securities of the Fund and for the account management. These measures may be the depositary bank only on the basis of an order of the management company.

3. main piece

UCITS

1 section

Special Fund

Share certificates

46. (1) has a UCITS in the form of a Fund pursuant to § 2 para 2 no separate legal personality; It decays into same, embodied in securities shares (share certificates). The shares are financial instruments (section 1 No. 6 lit. c WAG 2007). they embody the co-ownership share in the assets of the UCITS and the rights of shareholders against the management company and the custodian bank. The share certificates can be in bearer or name. They will be in name, so the articles 61 para 2 to 5 holds for them, 62 and 63 AktG - German Stock Corporation Act (Federal Law Gazette No. 98/1965) mutatis mutandis.

(2) the unit certificates shall be signed by the management company as well as a business manager or an employee appointed to the custodian bank. § 13 German Stock Corporation Act shall apply by analogy to. The share certificates can be issued on one or more shares or fraction thereof.

(3) shares in funds are suitable for the conditioning of Ward money, unless as a result of the Fund regulations 1 the Fund assets in securities in accordance with § 230; payer b ABGB

2. bank balances as well as the income; not exceed 10 vH of the Fund assets

3. transactions with derivative products within the meaning of § 73 exclusively to hedge the Fund's assets may be carried.

Securities lending transactions are permitted in accordance with section 84. Such share certificates are suitable for the system in the cover stock of a domestic bank for savings under section 230a ABGB.

(4) in accordance with the Fund regulations (section 53 para 3 Z 7 and 14) can multiple genera, issued for a Fund of unit certificates in particular with regard to income using the subscription fee, the redemption discount, the currency of the share value, the management fee or a combination of the above criteria. The cost of introducing new share classes for existing funds must be made at the expense of the share prices of new share classes in invoice. The component value is to calculate separately for each genus of share of.

(5) an offer of unit certificates may be domestically only in compliance with § 50 and the provisions of the 4 main piece.

Fund of part of

47. (1) under can several funds which differ with regard to the investment policy or an other facilities feature (sub-Fund) taking into account the definition in the regulations of the FMA pursuant to paragraph 3, be summarized (umbrella construction). The costs for the launch of new sub-funds must be made at the expense of share prices of the new sub-fund in invoice. The Fund regulations of each sub-Fund and changes thereto are to grant by the FMA pursuant to § 53 para 2. For all sub-fund of a Fund, the same custodian is appointed. Moreover, all sub-fund of a Fund have to exhibit the same accounting year.

(2) the respective sub-funds of an umbrella construction are vermögensrechtlich and liability legally separated from the other part funds of the umbrella construction. Each sub-fund as a stand-alone Fund is treated in the ratio of investors themselves. The rights of investors and creditors relating to a sub-fund, in particular its launch, management, transfer and resolution, are limited to the assets of this sub-fund. Only the relevant sub-fund shall be liable for the liabilities attributable to the individual subfunds.

(3) the FMA may lay down by regulation detailed provisions for accounting presentation, accounting and determination of the value of each sub-fund.

Financial year of the capital investment fund

section 48. The financial year of the Fund is the calendar year, if nothing else the Fund regulations.

Accountability and half-year reports


49. (1) the management company has an account, for each accounting year of each Fund as well as to create a half-yearly report for the first six months of each financial year of each Fund.

(2) the report has an income statement to contain a statement of the assets and the Fund regulations, to report on the changes of the asset inventory, and to specify the number of shares at the beginning of the reporting period and at the end. The report has a report on the activities of the past financial year and any other Annex I schema (B) provided information, as well as all the essential information, which allow investors to make a judgement about the development of the activities and the results of the Fund informed, to contain. In the report, also is to indicate how high the share of management fees are maximum have to wear the UCITS on the one hand and the UCITS or other collective investment undertakings, in which the UCITS has invested, on the other hand. The assets of the Fund are to take the values in accordance with article 57, paragraph 1. The accountability report of the feeder UCITS in addition has a in annex I scheme of B provided information to include explanation of the aggregate fees of the feeder UCITS and the master UCITS. The accountability report of the feeder UCITS shall contain information about where the accountability report of the master UCITS is available.

(3) the half-yearly report has to contain at least the sections 1 to 4 of annex I; schema (B) provided information the figures have, if the UCITS has made interim distributions or proposed, to show the result after tax for the respective half of the carried out or proposed interim dividend. The assets of the Fund are to take the values in accordance with article 57, paragraph 1. The half-year report of the feeder UCITS has to contain information about, where the half-yearly report of the master UCITS is available.

(4) a management company for the account of a Fund (section 83) repurchase or securities lending transactions (section 84) operates, to identify them separately in the half-year and annual report, and to explain.

(5) the report is by a chartered accountant or an accounting firm, or even the bank auditors of the management company can be to check; that apply to this audit §§ 268 to 276 corporate code – UGB (dRGBl. 1897, p. 219) mutatis mutandis. The examination has to extend to compliance with this Act and the Fund regulations. The audit report of the statutory auditor and, where appropriate, restrictions thereof are fully reflect in each report.

(6) the audited annual report and the half-yearly report shall be provided to the Supervisory Board of the management company.

(7) the audited annual report and the half-yearly report in the management company and the custodian bank for the inspection to be up. In addition, the sections 136 to 138 must be observed.

2. section

Authorisation of UCITS and general provisions

Authorization of UCITS

Section 50 (1) the issue of share certificates of UCITS in Austria requires the approval of the FMA.

(2) the FMA has to grant the following grants in the framework of the authorisation of a UCITS referred to in paragraph 4: 1st Edition of the UCITS in accordance with the Fund regulations (article 53);

2. management of UCITS by the applicant management company;

3. order the Custodian Bank (section 41).

(3) who has to make an application for the approval of the UCITS of the FMA management company, which wants to set up the UCITS in Austria and manage, and this request to join the following information and documents: 1. the Fund regulations (article 53);

2. company and seat of the management company, as well as proof that the management company a) to manage a UCITS within the meaning of 1 the Fund regulations is entitled in accordance with Z and b) in the event that the management company does not have the proof that it meets the requirements of § 36, by means of a certificate of origin Member State authority; a licence pursuant to section 6 para 2,

3. company and seat of the depositary bank (section 41) and the name of the Managing Director of the custodian and the proof that the requirements laid down in article 41.

(4) of the UCITS authorisation is granted if 1 the Fund rules comply with this federal law and provided that a deviation from the investment limits of section 74 pursuant to section 76, the Fund regulations pursuant to article 76, paragraph 3 have been tested and section 76 para 1 No. 2 match;

2. the custodian bank which meets the requirements of sections 40 to 45 and its Managing Director have sufficiently experienced also in relation to the type of UCITS to safekeeping;

3. the distribution of the units of the UCITS in Austria not on reason which is denied Fund regulations; and 4 the applicant management company either a) has a licence pursuant to section 6 para 2 and entitled to the administration of the proposed UCITS or, b) unless it is established in another Member State, the requirements of § 3 No. 2 lit. b are met.

(5) the FMA has the management company within two months after receipt of the request or, if this is incomplete, within two months after submission of all the information required for the decision in writing to either grant approval of the UCITS or the rejection of the application by means of notification in writing. The permit can be equipped with conditions, limitations and requirements.

(6) the authorisation expires, if the management company it makes use not within one year since they were granted or she previously expressly waives the permit.

(7) the FMA has to withdraw the permit if 1 the permit on the basis of false declarations or in any other unlawful manner has received the management company;

2. the conditions no longer exist pursuant to paragraph 4;

3. the management company effectively violates the provisions of this Federal Act.

In the case of the withdrawal of approval according to Z 1, 2 or 3, the custodian in accordance with section 63 has perform the processing.

Register of shareholders

Section 51 (1) for share certificates registered in name, is to make a register of shareholders at the registered office of the UCITS. For each shareholder, the following information in the register of shareholders are to include: 1 name (company) and which is relevant for the delivery address and, where appropriate, electronic address of the holder, for natural persons at the date of birth, legal entities, where appropriate, the register and the number of the legal person in the State of origin is exported;

2. quantity or number of the share;

3. a bearer share account with a credit institution in accordance with Article 10a, paragraph 1, AktG, to which all payments have to be made;

4. If the shareholders the shares holds on behalf of another person, according to Nos. 1 and 2 in relation to that person, provided that the unit-holder is not a credit institution within the meaning of § 10 para 1 German Stock Corporation Act.

(2) the provisions of §§ 61 para 2-5, 62 and 63 AktG apply mutatis mutandis.

Right of disposal of the assets of the UCITS

§ 52. Only the management company is entitled to dispose of the assets of a UCITS it manages and to exercise the rights in the assets; It is in its own name on behalf of the unit holders. She has to protect the interests of unit-holders, to apply the care of an ordinary business leader within the meaning of article 84, paragraph 1 German Stock Corporation Act and to comply with the provisions of this Federal Act and the regulations adopted on the basis of this Federal Act and the Fund regulations.

Fund regulations

53. (1) the provisions of the Fund are to be set up by the management company and govern the legal relationship of the shareholders of the management company and the custodian bank. After obtaining the consent of the Supervisory Board of the management company, they are the custodian bank to agree to submit.

(2) the provisions of the Fund are subject to the approval of the FMA. This authorisation shall be granted if the Fund regulations comply with this federal law.

(3) the provisions of the Fund have except otherwise prescribed by this federal law provisions in addition to include: 1 whether the shares to bearer or name are;

2. According to what principles selected the securities, money market instruments and liquid financial assets which are acquired for the Fund;

3. what proportion of the Fund's assets in bank deposits may be held;

4. whether and if so to what extent a minimum proportion of the Fund's assets in bank deposits is to keep;

5. what remuneration received by management company for the management of the Fund and which to replace her expenses (section 59);

6 whether and if so to what extent the issue of share certificates calculated share an additional fee to cover the costs of the issue of the management company may be added to the value (§ 57 par. 2 and 59);

7.

to what extent the annual yield to shareholders to pay. This connection can also be determined that a UCITS several genera, issued by unit certificates namely unit certificates, the entitlement to annual distributions of annual income to the shareholders securitize (capitalisation shares) (section 58) or other distinctions within the meaning of § 46 para 4; (dividend share certificates) and share certificates that securitize any claim to distributions of annual income to the shareholders

8. at what times the value of the shares is to identify (§ 57 para 1);

9 whether and if so to what extent the withdrawal of unit certificates by the redemption price deducted a remuneration for the management company allowed (§ 55 section 2 and section 59);

10. what remuneration (section 59) receives the custodian bank in settlement of the UCITS;

11. in what way, the Fund's assets, provided that it is made only for a limited period, is unwound and distributed to the shareholders.

12 company and seat of the management company;

13 name and registered office of the custodian;

14. whether, and if so, what genres are issued by unit certificates (§ 46 para. 4).

(4) the management company may change the Fund regulations with the consent of its Supervisory Council and with the consent of the custodian bank; the change requires the approval of the FMA. This authorisation shall be granted if the amendment of the Fund rules does not contradict the legitimate interests of the unit holders. The change is to publish in accordance with article 136 par. 4. She three months after the publication of the date specified in the publication, but not before, into force. The publication can be avoided, if the amendment of the Fund rules shall be communicated to all unit holders in accordance with § 133; in this case the change with the day specified in the notice, not earlier than 30 days after notification to the shareholders enter into force.

Contingent liabilities

Section 54 (1) to ensure or to the sold receivables against shareholders can execute execution on their shares, but not on the assets of the UCITS.

(2) in order to ensure or to recover from claims arising from liabilities, which effectively founded the management company of a UCITS under the provisions of this Federal Act, execution can be used only on the assets of the UCITS.

Issue, redemption and payment of shares

55. (1) the issue of units of a UCITS is allowed only if the equivalent of the net issue price immediately flows to the Fund assets. The introduction of transferable securities, money market instruments and liquid financial assets referred to in article 67, paragraph 1 is permitted only if they have a market price, where the inclusion of such securities, in article 67, paragraph 1 of liquid financial assets with their stock price on the day of issue of the shares according to the Fund regulations to be money market instruments and other has.

(2) upon request of a shareholder, his share of the UCITS is this to pay off against return of the unit certificate, the coupons coupons and the renewal certificate. The conditions of payment are to settle in the Fund regulations (article 53). The co-ownership of the unit-holders of the assets of the UCITS can be lifted only in accordance with section 63.

Suspension of the redemption or withdrawal

56. (1) the payment of the return price of UCITS approved by the FMA pursuant to § 50 can be avoided temporarily under simultaneous display at the FMA and made by the sale of assets of the UCITS, as well as of the receipt of the proceeds depending on which, if exceptional circumstances exist, this appear necessary taking into account legitimate interests of shareholders.

(2) the management company has to inform the investors by public notice in accordance with § 136 paragraph 4 failure of redemption of the share certificates and the resumption of the redemption of shares and at the same time to communicate this fact in accordance with § 151 of FMA. Are sold the shares in another Member State, as the management company of this information has immediately whose competent authorities to announce.

Calculation of the unit value; Issue price

The value of a share is 57 (1) from the Division of the total range of UCITS including the income by the number of shares. The total value of the UCITS is according the Fund regulations due to the respective prices of securities belonging to him, money market instruments and rights issue plus the value of belonging to the UCITS liquid financial assets in accordance with 67 par. 1, funds, credits, receivables and other rights, minus liabilities by the management company or, if this § 5 paragraph 5 to the custodian bank transferred the management company tasks in accordance with has to identify the custodian bank. For a security no or no current market price available, so is the market value which is appropriate for careful assessment, taking into account the overall circumstances, to be used.

(2) the issue price of a share has its calculated value to match. An additional fee specified in the Fund regulations (article 53) cannot be attributed to the calculated value to the output cost of the management company.

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

Appropriation of profit and dividends

58. (1) the Fund regulations shall contain rules about the nature of the distributions of UCITS to unit-holders in. The Fund's assets must be less than but 1 150 000 euro by distributions in any case.

(2) within four months after the end of the financial year is, if no distribution is an amount, in any case on the dividend-equivalent earnings in accordance with section 186, para 2 subpara 1 first set of allocated capital gains tax plus the amount pursuant to § 124 b Z 186 of the income tax Act 1988 voluntarily worked to pay off. Also amounts, providing new shareholders for the income from interest, dividends and substance assigned to the date of issue (income equalisation on interest, dividend and substance yields) belong to the income. The payout can be avoided for UCITS, or certain classes of unit certificates of a fund if the UCITS administrative management society in the unique form of evidence, that are subject to the distributed and dividend-equivalent earnings of all holders of the issued shares, not the domestic income or corporation tax or the conditions for an exemption in accordance with section 94 of the income tax Act 1988 apply. The cumulative occurrence of statements from the custodian bank as well as the management company, that no sale to other persons is known to them, as well as fund regulations, which provide for the exclusive distribution of certain species from abroad is considered such proof.

Remuneration

section 59. The remuneration and the reimbursement of costs, which can refer to the management company of the Fund's assets, as well as the type of calculation are to settle in the Fund regulations. Is there no regulation, no entitlement to reimbursement of costs or compensation from the Fund's assets is to the management company.

Termination of management by the management company

60. (1) may terminate the management of UCITS management company after obtaining the approval of the FMA in compliance with a notice period of at least six months by public notice (article 136 par. 4). The authorisation shall be granted if the interests of the unit holders are adequately safeguarded. The publication can be avoided if the cancellation is communicated all unit-holders in accordance with § 133 demonstrably. In this case the notice with the date specified in the notice, not earlier than 30 days after notification to the shareholders, enter into force.

(2) the management company may terminate publication of the management under simultaneous display to the FMA without compliance with a notice period with the tag if the Fund's assets is less than 1 150 000 euro. A termination due to shortfall in fund assets is not permissible during termination of the management of the Fund's assets in accordance with paragraph 1.

(3) the right of the management company to manage a UCITS goes off with the removal of the concession for the investment business (§ 1 para 1 Z 13 Banking Act in connection with § 6 section 2 of the Federal Act) or the authorisation in accordance with article 6 of Directive 2009/65/EC or with the decision of their resolution with the withdrawal of authorisation pursuant to § 50 para 7.

Change the management company or the depositary bank

61. (1) the management company can manage a UCITS without notice according to article 60, paragraph 1 to another management company transferred, if following conditions are met: 1. approval of the FMA, 2. consent of the Supervisory Board of the management company and the Custodian Bank and 3.

Approval of Directors and of the Supervisory Board of the management company, on which the Administration is to be transferred.

No cost and no disadvantages may not be because this way the unit-holders. The conferral of management shall be published in accordance with article 136 par. 4. She three months after the publication of the date specified in the publication, but not before, into force. The publication can be avoided if the transfer of Administration to another management company but at least 30 days prior to the conferral of management is communicated to all unit holders in accordance with § 133.

(2) the change of the custodian bank also needs the approval of the FMA. This caution is to take this change on the protection of unit-holders.

Managed by the custodian or another management company

62. (1) ends the right of the management company to manage a UCITS, way over the management in accordance with the Fund regulations to the custodian.

(2) the custodian bank may transfer in the event of termination pursuant to § 60 paragraph 1 with the approval of the FMA management of UCITS within six months after the end of management by the management company of another management company. This authorisation shall be granted if the legitimate interests of the unit holders are adequately safeguarded. The entrustment of the other management company is to publish in accordance with article 136 par. 4 of this.

Management of UCITS

63. (1) transfers the custodian pursuant to § 62 para 2 Administration to another management company, so she has to settle the UCITS. The beginning of the processing is in accordance with article 136 par. 4 and the Registrar to publish (§ 12 KMG) to display. From the date of this notice, the withdrawal of shares is not permitted.

(2) securities are as soon as this is possible in the interests of the shareholders, to translate into money. The distribution of assets on the shareholders is to perform only after fulfilment of the liabilities of the UCITS and the permitted under the Fund regulations payments to the management company and the custodian bank. During the process, paragraph 49 of the custodian bank shall apply mutatis mutandis.

(3) taking into account paragraph 2, also advances to the distribution of the securities already in money can be made.

(4) paragraph 1 shall not apply, if a UCITS established on certain runtime (section 53 para 3 Z 11) expires; provided that dissolves a UCITS by full restitution of all shares (without notice), this is the FMA by the management company immediately in accordance with § 151 to inform.

Transformation into a special fund

section 64. The conversion of a UCITS, the Fund regulations have been granted in accordance with section 50 in a Special Fund (section 163) is only permitted under simultaneous display on the FMA if all shareholders agree to verifiably, of the UCITS pursuant to § 139 for distribution in another Member State is notified and the provisions of section 163 as regards the minimum investment amount, the UCITS in another Member State is distributed and all shareholders by the management company of all legal consequences , arising from the conversion of unit-holders, were cleared up. The shareholders are to inform in accordance with section 133. If there is already displayed transfers pursuant to section 28, the management company of the FMA has forthwith, whether those transfers are still upright. In the case of a simultaneous transfer of Administration to another management company, this has that message to carry.

Secession

Management companies can break away unpredictably illiquid become parts of the Fund assets of UCITS managed by them with the consent of the Supervisory Board, with the consent of the custodian bank, and after obtaining the approval of the FMA on one to fine UCITS section 65 (1). These UCITS is to conduct by the custodian in accordance with the § 63, where the separation date to publish and unit-holders in the same proportion to the to divisive UCITS are involved. The UCITS that are affected by the separation, the UCITS spun-off, the management company, the custodian bank, the granting of the FMA and details of the participation in the UCITS to be formed are to lead in the publication. Secession shall be requested by the management company. The FMA is the management company within four weeks after receipt of the request or, if this is incomplete, either to approve the secession by means of written notification within four weeks after submission of all the information required for the approval or the rejection of the application by means of notification be communicated to. The permit can be equipped with conditions, limitations and requirements. The shareholders may incur no costs as a result of the secession. The FMA and the registration office (§ 12 KMG) was secession is to display immediately. The registration office is to announce the buyback values of the shares in the most disruptive from UCITS to the UCITS spun-off in addition.

(2) the secession request shall contain at least the following information: 1. Description and scope of the assets affected by the separation.

2. reason of the illiquidity of assets;

3. confirmation of the illiquidity of assets by a public accountant;

4. whether, and if so in which other States the UCITS is marketed.

Is not a UCITS under article 1 paragraph 2 of Directive 2009/65/EC (3) the UCITS spun-off has to the suffix "in liquidation" The FMA is to report quarterly on the breakaway UCITS by the custodian.

3. section

Investment provisions

General principles of risk diversification

Securities, money market instruments and the others in section 67 are referred to liquid financial assets of UCITS section 66 (1) to select according to the principle of risk spreading in accordance with §§ 66 to 84 and it the legitimate interests of the unit-holder must not be violated.

(2) in accordance with the principle of risk-spreading, you can % exceeded the maximum rates of sections 74 to 77 during the first six months from the start of the first issue of units of a UCITS to 100.

Liquid financial assets

67. (1) for the assets of a UCITS Z 13 in conjunction with § 69, allowed only 1 securities within the meaning of § 3 para 2 2. money market instruments within the meaning of § 3 para 2 Z 14 in connection with § 70, 3. shares in UCITS within the meaning of article 50 or article 5 of Directive 2009/65/EC in conjunction with article 71 and shares in other organisms of the open type for the joint investment in liquid assets according to the principles of risk diversification (OGA) , 4. sight deposits or deposits can be terminated within the meaning of § 72, 5. derivative financial instruments (derivatives) including equivalent cash-settled instruments within the meaning of article 73 are acquired.

(2) allowed Z 1, 2 and 5 listed securities, money market instruments and derivatives subject to § 73 para 1 only be purchased when she recorded 1 on a regulated market in accordance with § 1 para 2 BörseG or traded, or 2 on another regulated market in an EEA Member State, which recognised, open to the public and whose functioning properly, traded, or 3rd on a stock exchange of a third country (§ 2 Z 8 BWG) officially listed or on another regulated market of a third country , the recognized, open to the public and how it works properly, be traded unless the choice of the stock exchange or market in the Fund regulations is expressly provided.

(3) by way of derogation from paragraph 2 enough securities recently issued if the terms and conditions 1 the obligation, that the admission to official listing on a stock exchange or on another regulated market, which recognised, open to the public and how it works properly, if requested, and if the choice of the stock exchange or market in the Fund regulations is intended, and 2. the approval referred to in subpara 1 no later than is achieved before the expiry of one year after the issue.

(4) not more than 10 vH of the Fund's assets may be Fund invests in other than those in paragraph 2 and 3 and paragraphs 69 and 70 above securities and money market instruments.

Ban on investments in precious metals

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

Securities

Section 69 (1) for the qualification as securities (section 3 para 2 Z 13) following criteria must be present: 1 the potential loss which the UCITS may arise from keeping such instruments, can the amount paid does not exceed;

2. your liquidity affected not the ability of the UCITS to the payment of the return price according to § 55 para 2, assuming the existence of this requirement for securities which record or are traded on a regulated market within the meaning of section 67, paragraph 2 or 3, unless information is available of the management company, which lead to a different conclusion;

3. a reliable evaluation of the instruments is available in the following form: a)

securities, which record on a regulated market within the meaning of section 67, paragraph 2 or 3, or traded in the form of precise, reliable and standard prices, which are market prices or are provided by an independent issuer rating system

(b) in other securities, which in article 67 par. 4, referred to in the form of an evaluation carried out in regular intervals; derived from information of issuers of securities or from a competent financial analysis

4. adequate information on these financial instruments must be available in the following form: a) for securities which record within the meaning of section 67, paragraph 2 or 3 on a regulated market or traded in the form of regular, accurate and comprehensive information of the market over the securities or, where appropriate, the corresponding portfolio.

(b) in other securities, which in article 67 par. 4, referred to in the form of regular and accurate information of the management company on the securities or, where appropriate, the corresponding portfolio.

5. they are tradable, assuming the existence of this requirement for securities which record or are traded on a regulated market within the meaning of section 67, paragraph 2 or 3, unless information is available of the management company, which would lead to a different conclusion.

6. your purchase is in line with the investment objectives, investment strategy, or both of the capital investment fund;

7. your risks are recorded by the risk management of the UCITS in an appropriate manner;

(2) securities pursuant to section 3 para 2 Z 13 the following include: 1. shares in closed-end funds in the form of an investment company or an investment fund, that meet the following criteria: a) the criteria in paragraph 1.

(b) the business control mechanisms applicable to corporations are applicable for the closed-end funds;

(c) is the management of the funds is perceived by an another entity on behalf of the closed-end Fund, so this legal entity is subject to legally binding provisions for the protection of investors;

2. shares in closed-end funds in the form of contract, which meet the following criteria: a) the criteria in paragraph 1.

b) business control mechanisms, which those in the meaning of subpara 1 lit. b coming, are applicable to the closed-end funds.

(c) they are managed by a legal entity which is subject to legally binding provisions for the protection of investors;

3. financial instruments which fulfil the following criteria: a) the criteria in paragraph 1.

(b) they are secured by other assets or coupled to the development of other assets, where these assets may be different mentioned which in article 67, paragraph 1.

Money market instruments

70. (1) as a money market instrument (section 3 para 2 Z 14) is a financial instrument, usually traded on the money market, if at least one of the following criteria is met: 1 the financial instrument has the issuance a runtime of up to 397 days;

2. it has a residual maturity of up to 397 days;

3. its yield is regularly, but at least every 397 days according to the money market situation adapted;

4. his risk profile, including credit and interest rate risks, corresponds to the risk profile of financial instruments which have a maturity in accordance with no. 1 or no. 2 or are subject to a yield adjustment in accordance with no. 3.

(2) a financial instrument is the Z 14 liquide pursuant to § 3 para 2, if it is saleable, taking into account the obligation for the payment or redemption of the shares pursuant to § 55 para 2, within a sufficiently short period of time with limited costs. The value of a financial instrument is then in accordance with article 3 par. 2 Z 14 exactly determinable if there is exact and reliable assessment systems, the 1 allow the calculation of net stock the UCITS, corresponding to the value at which the financial instrument held in the portfolio in a transaction between knowledgeable, willing and independent business partners could be replaced and 2 either on market data or valuation models including systems , which is based on the amortized cost, are based.

(3) the existence of liquidity (para. 2) and the always exact determinability of the value (para. 2 Nos. 1 and 2) is in money market instruments which are listed or traded on a regulated market within the meaning of section 67, paragraph 2 or 3 accepted unless the management company are prior information that would lead to a different conclusion.

(4) by way of derogation by section 67, paragraph 2 may be invested in money market instruments, which are traded on a regulated market, are freely transferable, fall under the definition of § 3 para 2 Z 14 and on the adequate information is available, including such information that allow the appropriate assessment of the credit risks related to the investment in such instruments, if the issue or issuer of such instruments is already subject relating to the deposit and investor protection , as long as they are, 1 by a central Government, regional or local authority or Central Bank of a Member State, the European Central Bank, the European Union or the European Investment Bank, a third country, provided that it is a federal State, a State of the Federation, or by an international institution public character, at least one Member State is a member of the beta or guaranteed or go 2 companies, whose securities are traded designated regulated markets on the under section 67, paragraph 2 , or 3 by an Institute issued or guaranteed, in accordance with the criteria laid down in EU law of supervision is subordinated, or issued by an institution or guaranteed, is subject to the regulatory provisions that are at least as stringent as those of European Union law, according to the FMA and follows, or Beta 4 by other issuers, which belong to a category which has been approved by the FMA , provided for investments in these instruments for investor protection rules, which are equivalent to the referred to in article 67 par. 1 to 3 and if it when the issuer either to a company with a capital of at least 10 000 000 euros, according to the provisions of Directive 78/660/EEC creates its annual financial statements and published, or to a legal entity , within a corporate group comprising one or more publicly traded companies for the financing of this group is in charge, or is a legal entity which in enterprise, corporate, or form of contract finance the value paper based reporting of liabilities by using a line of credit granted by a credit institution; the line of credit secured by a financial institution to be, that itself satisfies the criteria referred to in no. 3.

(5) the FMA can set by regulation 1 on "appropriate information" referred to in paragraph 4 in accordance with article 5 of Directive 2007/16/EC, which are reasonable information, and information about instruments, issuers and credit risks associated of issuance programmes must be;

2. the criteria which are to attract Z 3, set in accordance with article 6 of Directive 2007/16/EC for assessing the equivalence of prudential regulation in accordance with paragraph 4;

3. the criteria relating to the definition, designation, disclosure requirements, investor information and investment restrictions by money market funds and money market funds with a short maturity structure taking on the European practices in this field set.

Shares in UCITS and UCIS

71. (1) shares after the directive 2009/65/EC of approved UCITS may be acquired for the Fund's assets if the UCITS, whose Anteile should be purchased, may invest no more than 10 vH of its assets in units of other UCITS or UCIS according to its terms or its Statute.

(2) shares in OGA may regardless of whether in a Member State are established, acquired for the Fund's assets, provided that 1 it under legislation approved, that they insinuate a supervision which is equivalent, according to the FMA of those under Union law and is sufficient guarantee for the 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 in a UCITS, and in particular the provisions for the segregation of the Fund , borrowing, lending, and uncovered sales of transferable securities and money market instruments are equivalent to the requirements of the directive 2009/65/EC, 3. the business activities of the OGA is subject to semi-annual and annual reports which will allow, is an assessment of the assets and the liabilities to make the income and the transactions in the period under review, and 4th OGA, whose Anteile should be purchased meets the criteria of paragraph 1.


(3) the FMA can set criteria that can to be used by the management company to assess the equivalence of the level of protection of shareholders, with regulation. You must comply with the comparability with regard to the custody of the Fund, borrowing, lending, selling, business control mechanisms and supervision ensure and thereby the European customs and international standards.

Demand deposits and deposits can be terminated

section 72. Sight deposits or terminable deposits with a maturity of not more than 12 months with credit institutions may, unless the relevant credit institutions established in a Member State, or - if the seat of the credit institutions located in a third country - it is subject to prudential rules which are equivalent to those of Union law according to the FMA, obtained for the assets of the UCITS.

Derivatives

73. (1) for the Fund's assets derivative financial instruments (derivatives), including equivalent cash-settled instruments traded, or derived financial instruments that are traded (OTC derivatives), not on a stock exchange or a regulated market are used, one of the regulated markets referred to in article 67, paragraph 2 must unless: 1 it when the underlying instruments within the meaning of section 67, paragraph 1 Z 1 to 4 or to financial indices , Interest rates, exchange rates or currencies in which the UCITS in accordance with the investment objectives referred to in the provisions of his Fund may invest, with the FMA regulation may lay down criteria for the financial indices are, and under consideration of article 9 of Directive 2007/16/EC on the adequate diversification, the reference point for the market and the publication of the index is to be taken into account, 2. the counterparties in transactions involving OTC derivatives of supervision are subordinate institutions of the categories , have been approved by the FMA regulation, 3. the OTC derivatives in a reliable and verifiable valuation on a daily basis are subject to and at any time on the initiative of the management company to the reasonable fair value are sold, liquidated or closed by an offsetting transaction can, using a) under reasonable fair value is the amount to understand to which an asset in a transaction between knowledgeable, willing and independent business partners could be exchanged or a liability settled , and b) a reliable and verifiable valuation has to rely not only on market quotations of the counterparty; Assessment has to be a either a reliable current market value of the instrument or, if this is not available, a pricing model that is based on an adequate recognised methodology; on the other hand the evaluation has either through a suitable independent from the counterparty of the OTC derivative third party in sufficient frequency and in a manner verifiable by the management company, or by one of the asset management independent and suitably equipped body within the management company to be examined and not lead 4. these assets to the delivery or transfer other than those in article 67, paragraph 1.

(2) section 1 also applies to instruments that enable the transfer of credit risk of an asset within the meaning of paragraph 1 Z 1 regardless of the other risks associated with this asset.

(3) the use of commodity derivatives is not permitted. Derivatives on indices, which are not financial indexes, may not be purchased. Indexes that are composed of derivatives on goods or tangible assets are financial indices.

(4) the calculation of the market value of OTC derivatives shall be effected in accordance with section 92.

(5) the total risk associated with the derivatives must not exceed the total net value of the Fund assets. The market value of the underlying assets, the counterparty risk, future market fluctuations and the liquidation period of the positions are included in the calculation of risk. A UCITS must make investments in derivatives as part of its investment strategy within the limits laid down in article 74, paragraph 1, 4, 5, 6 and 7 and section 76, provided that the overall risk of the underlying assets of the section 74 and section 76 does not exceed the investment limits.

(6) investments of a UCITS in index-based derivatives are not included in the investment limits of sections 74 and 76. A derivative into a transferable security or money market instrument is embedded, so para 1 to 5 must be considered's compliance with the regulations.

Quantitative restrictions to avoid a concentration of issuer

74. (1) transferable securities or money market instruments of the same issuer may be acquired only up to 10 vH of the Fund's assets, with the total value of the transferable securities and money market instruments of issuers in their securities or money market instruments are more than 5 vH of the Fund's assets, shall not exceed 40 vH of the Fund assets. This limitation does not apply on demand deposits, puttable deposits and transactions in OTC derivatives that can be made with credit institutions or financial institutions referred to in article 4 No. 5 of Directive 2006/48/EC, which are subject to prudential supervision. Warrants are attributable to the issuer of the security to which the option can be exercised. Transferable securities and money market instruments are within the meaning of paragraph 4 and 5% not to take into account in the investment limit of 40. Wide up to 20 vH of the Fund assets in deposits and puttable deposits with the same credit institution may be created.

(2) the risk of UCITS to OTC derivatives transactions must not exceed the following rates: 1. If the counterparty is a credit institution within the meaning of § 72, 10 per cent of the Fund assets, 2. otherwise 5 per cent of the Fund assets.

(3) Notwithstanding the individual limits referred to in paragraphs 1 and 2 the following liquid financial assets for the Fund's assets not in combination may be acquired if this would lead to an investment of more than 20 vH of the Fund assets in a single company, namely: 1 securities issued by the company or money-market instruments, 2. demand deposits and puttable deposits with this company or 3. OTC derivatives purchased from this company.

(4) by way of derogation from paragraph 1 may bonds which are issued by a credit institution which has its headquarters in a Member State of the EEA, and due to mandatory provisions relating to the protection of holders of these bonds of special public supervision is up to 25% of the Fund's assets are acquired. The proceeds from the issuance of these bonds are assets to create that sufficient to cover the liabilities arising from this and primarily intended for maturing in the event of failure of the issuer reimbursement of the principal and interest during the entire term of the notes. Investments in such debt securities of the same issuer exceeds 5 vH of the Fund assets, so the total value of such assets 80 may not exceed % of the Fund's assets.

(5) Notwithstanding paragraph 1, securities or money market instruments, which from a third country or by international organisations of public character, one or more EEA Member States belong, issued or guaranteed by a Member State or its local authorities, up to 35 vH of the Fund's assets may be acquired.

(6) the limits referred to in paragraphs 1 to 5 shall not be cumulated. Total in transferable securities, money market instruments or derivatives of the same issuer or in demand deposits and puttable deposits with this issuer may not exceed % of Fund assets made systems 35.

(7) companies, which belong to same group with regard to the preparation of consolidated financial statements within the meaning of Directive 83/349/EEC or according to recognised international accounting rules, are considered when calculating the investment limits laid down in paragraph 1 to 6 as a single issuer. Securities and money market instruments of the same group up to 20 vH of the Fund's assets may be acquired.

Quantitative investment restrictions on index funds

75. (1) may be contrary to § 74, without prejudice to the investment limits set out in section 78, a UCITS fund provisions expressly targeting its investment strategy, specific, to replicate recognised stock or debt securities index by the FMA sets up to 20 vH of the Fund's assets in equities or debt securities of the same issuer (index funds). Under the index replica, replica of the underlying index is to understand, but also derivatives can be used.

(2) the index is to recognize when particular 1 the composition of the index corresponds to the risk diversification rules of paragraphs 1 and 3, the index an adequate benchmark for the market represents 2, to which he refers, with the index provider to apply a recognized methodology has, not to the exclusion of a major issuer of the market, the index refers to the, leads and 3.

the index in an appropriate manner will be published. The index is published in appropriate manner, if he is open to the public and the index provider by the management company manage the index fund is independent, but this does not exclude that the index provider and the administrative management society include the index funds to the same group, provided that effective arrangements for the handling of conflicts of interest are provided.

(3) the index fund may invest up to 35 vH of the Fund's assets in equities or debt securities of only a single issuer, if this is justified on the basis of exceptional market conditions, in particular on regulated markets where certain transferable securities or money market instruments strongly dominate. A system is possible only with a single issuer up to this limit. The maximum limit of 40 vH in accordance with article 74, paragraph 1 is not applicable to index funds.

Quantitative restrictions for the plant in a issued by public bodies or guaranteed emissions

76. (1) can by way of derogation from § 74, observing the principle of risk-spreading up to 100 vH of the Fund assets in securities and money market instruments of different emissions, by a Member State, one or more authorities of a Member State, a third State or international organizations of public service character of one or more Member States belong, issued or guaranteed, be applied, if 1 to securities and money market instruments within the meaning of article 74, paragraph 5 is , 2. that UCITS shareholders enjoy the same protection as the unit-holders in UCITS which comply with the investment restrictions of paragraph 74 and 3. these securities in from at least six different issues are been issued, where the securities from a single issue may not exceed 30 vH of the total amount of the Fund's assets.

(2) in the Fund regulations, the Member States, local authorities, are expressly to mention third States or international organisations of public character of which issued or guaranteed the securities in which to create more than 35 vH of the Fund's assets is intended.

(3) the FMA has to check the conditions of in paragraph 1 Z 2 within the framework of the authorisation of the Fund regulations.

Quantitative restrictions for the investment in UCITS or UCIS

Shares in other UCITS or UCIS may 77. (1) for the Fund's assets are acquired, if applied more than 20 vH of the Fund assets in units of the same UCITS or UCIS.

(2) shares in OGA may not exceed a total of 30 vH of the Fund assets of the UCITS.

(3) the assets of the UCITS or UCIS in the upper limits of section 74 must be ignored in the case of the acquisition of shares in Ucis or other CIU.

(4) in the case of the acquisition of units of other UCITS or UCIS that are managed directly or indirectly by the same management company or by a company with which it is linked to the management company by a common management or control, or by a substantial direct or indirect holding, the management company or other company for the drawing or the redemption of shares of such other UCITS or UCIS by the UCITS must charge no fees.

Quantitative restrictions to avoid the influence on issuers

78. (1) a management company, for none of the UCITS managed by stocks, which involves a voting rights, may acquire enabling it to exert a significant influence within the meaning of section 2 No. 1 on the management of an issuer. Another Member State set a lower limit for the acquisition of shares with voting rights of the same issuer, this limit is decisive, if a management company of UCITS managed by acquires such shares of issuers domiciled in this State.

(2) for the assets of a UCITS may be acquired from the same issuer liquid financial assets only to the following extent: 1 shares up to 7.5 per cent of the share capital of the issuing corporation, if connected to the exercise of voting rights shares;

2. shares up to 10 per cent of the share capital of the issuing corporation, in the case of non-voting shares;

3. debt securities up to 10 per cent of the total emissions of a single issuer;

4. money market instruments up to 10 per cent of the same issuer;

5. vH only up to a maximum 25 units of the same UCITS or UCIS.

(3) the quantitative limits referred to in paragraph 2 are not required Nos. 3, 4 and 5 at the time of the acquisition, if the gross amount of the debt securities or of the money market instruments, or the net amount of issued shares at the time of acquisition not calculate.

(4) the investment limits laid down in paragraph 2 are not required, if it is transferable securities and money market instruments to 1, which are issued or guaranteed by a Member State or its public authorities;

2. from a third country issued or guaranteed securities and money market instruments are;

3. transferable securities and money market instruments are issued by international organisms public, one or more Member States belong;

4. shares are having a UCITS in the capital of a company of a third country, which essentially creates their assets in securities of issuers that are located in that State, if such participation for the UCITS under the legislation of this State is the only way, to make investments in securities of issuers of that State. This exception applies only under the condition that the society of the third country does not exceed the limits laid down in their investment policy in the §§ 74 and 77 as well as in paragraphs 1, 2 and 3 of this provision. Article 66 par. 2 and section 79 shall apply mutatis mutandis when crossing borders.

Exceptions and deviation from the limits on investments

79. (1) in paragraphs 66 to 78 laid down investment limits must in the exercise of subscription rights linked to securities or money market instruments that are part of the Fund's assets, are not respected.

(2) are accidentally or as a result of the exercise of subscription rights exceeded established limits in paragraphs 66 to 78, so the remedying of that situation, taking into account the interests of shareholders in sales out of the assets primarily aim is to.

(3) the validity of the purchase of securities, money market instruments and other liquid financial assets within the meaning of article 67, paragraph 1 is not affected by a violation of §§ 66 to 78 against the established investment limits.

(4) two weeks before the end of the term of a UCITS established on certain runtime and a week before and after an effective date in sections 74 to 77 is not required mentioned maximum rates while preserving the interests of the unit-holders. The same applies to processing of a UCITS in accordance with section 63, UCITS in processing in accordance with section 65 and occurrence of irrevocable orders for the full redemption of all shares pursuant to § 63 para 4.

Ban on borrowing and lending

80. (1) the management company or the depositary bank may accept no credit for the account of the Fund's assets, unless the Fund rules provide for this and it's loans, which amounted to not more than 10 per cent of value of the Fund's assets be temporarily recorded.

(2) the acquisition of foreign currencies in the framework of a "back-to-back" loans is allowed.

(3) the management company or the depositary bank may on account of the Fund's assets not grant loans or commitments under a guarantee or warranty agreement. the articles 67, 68, 70 to 74 remain unaffected.

(4) However, the prohibition referred to in paragraph 3 does not preclude the acquisition of still not fully paid securities, money market instruments or other instruments referred to in the §§ 71 or 73, not yet fully paid.

REM disposals of assets

§ 81. assets of a UCITS may be except in the cases expressly provided for in this federal law, not pledged or otherwise, transferred to the backup, or ceded to secure. A decision contrary to that provision is ineffective compared to the shareholders. This provision is not applied, as far as derivative transactions are concluded according to § 73 for a UCITS.

Short selling

Article 82. Neither the management company nor the depositary may sell called liquid financial assets money market instruments or other for the account of the Fund assets in securities, in article 67, paragraph 1, which do not belong to the Fund's assets at the time of the conclusion of the transaction. Article 73 remains unaffected.

Repurchase agreements


section 83. The management company is entitled to take back these assets at a predetermined time at a predetermined price on account of the UCITS, within the limits of investments of this Federal Act assets with the obligation of the seller, for the Fund's assets to buy (repurchase agreements) if the Fund regulations expressly provide for this. The FMA may set further criteria by means of regulation, taking into consideration the European conventions, and article 11 of Directive 2007/16/EC in terms of the definition, disclosure requirements, investor information and investment restrictions of repurchase agreements.

Securities lending

§ 84. The management company is if the Fund regulations expressly provide for this, within the limits of investments of this Federal Act entitled to assign up to 30 vH of the Fund assets in the framework of a recognized securities lending system to third parties securities, fixed-term under the condition that the third party is obliged the GC securities after a temporary period in advance again zurückzuübereignen. The securities lending system must be such that the rights of the shareholders are adequately secured (securities). Within the framework of this permission, the management company on behalf of a UCITS may grant an authorisation pursuant to § 8 custody law. The FMA may set further criteria by means of regulation, taking into consideration the European conventions, and article 11 of Directive 2007/16/EC in terms of on the definition, description, publication requirements, investor information, Ward security and investment restrictions of securities lending transactions and systems.

4 section

Risk management of the UCITS

Risk management process

85. (1) the management company has to use a risk management procedure which allows you at any time to monitor the risk of the positions and their contribution to the overall risk profile of the assets of the UCITS and measure on the UCITS. She has informational asymmetries between the management company and the counterparty, resulting from the fact that the counterparty on non-public information about the company on the credit derivatives can refer, access by the internal control mechanisms to capture in an appropriate manner in accordance with this section.

(2) in order to ensure an accurate and independent assessment of the value of OTC derivatives, she has the procedure laid down in article 92 to apply.

Risk management principles

86. (1) has the management company the kind of reasonable and documented risk management principles to set the scope and the complexity of their business and the UCITS it manages, to implement and maintain, where 1 the risks, identified where the UCITS it manages are or could be.

2. methods, means and measures to fulfil in the § § 87 to 89 laid down obligations; set the

3. the allocation of competences within the management company in relation to the risk management sets;

4. modalities, content and frequency of reporting of the risk management function to senior management and, if necessary, be set to the Supervisory Board provided for in article 17.

(2) the risk management principles referred to in paragraph 1 who can evaluate to cover procedures that are necessary, so that the management company at each UCITS it manages its market, liquidity and counterparty risk, as well as all other risks, including operational risks, which may be essential for the single UCITS it manages.

(3) the management company has to assess, monitor and periodically to check: 1. the adequacy and effectiveness, and compliance with the risk management principles and the arrangements, processes and procedures referred to in §§ 87 to 89. and 2 the adequacy and effectiveness of measures to remedy any weaknesses in the performance of the risk management process.

Risk measurement and risk management

Section 87 (1) has the management company of the nature, the scope and the complexity of their business and her UCITS managed adequate and effective, as well as the UCITS risk profile to be able to measure the risks which the UCITS it manages are exposed, or could be, at any time and manage appropriate arrangements to implement processes and procedures 1. 2. compliance with the limits on the total risk and counterparty risk in accordance with the sections 89 and 91 to ensure.

(2) the management company has to take the following measures within the meaning of paragraph 1 for all UCITS managed by: 1. introduction of necessary risk management arrangements, processes and procedures, to ensure that a) the risks of positions and their contribution to the overall risk profile based on solid and reliable data are accurately measured and b) the risk management arrangements, processes and procedures are adequately documented

2. If necessary, conducting periodic back-testing ("back-testing") to check the validity of risk measuring arrangements, which include model-based forecasts and estimates;

3. If necessary, conducting periodic stress tests and scenario analyses for assessing the risks arising from potential changes of in market conditions, which could be detrimental to the UCITS

4. establishing, implementing and maintaining a documented system of internal limits for the measures with which the relevant risks to each UCITS are, managed and controlled account of all risks referred to in article 86, paragraph 1 and 2, which could be essential for UCITS, and ensured compliance with the risk profile of the UCITS;

5. ensuring that the respective risk level to each UCITS with the risk limit system set out in no. 4 in line is;

6 establishing, implementing and maintaining proper procedures, which lead to timely corrective measures in the best interest of the shareholders in the case of actual or anticipated breaches of the system of risk limits of the UCITS.

(3) which can FMA, taking into consideration the European practices in this field by means of regulation set, periodic back-testing programme in accordance with paragraph 2 pursuant to par. 2 No. 2 as well as periodic stress tests and scenario analyses Z 3 are 1 under what conditions;

2. What requirements must be met to ensure the compliance of the respective risk level of each UCITS risk system in accordance with paragraph 2 Z 5;

3. what criteria an appropriate liquidity risks to meet risk process of management has (§ 88);

4. the specific design of risk management principles (article 86) and the risk measurement and risk management (article 87, paragraph 1 and paragraph 2);

5. the definition of total risk (section 89) and its quantitative and qualitative design in risk management;

6. the calculation of the total risk in using the commitment approach and its quantitative and qualitative design in managing risk (section 90);

7. the calculation of the overall risk when using the value-at-risk approach and its quantitative and qualitative design in risk management (article 89);

8. the calculation of the counterparty or counterparty risk taking into account collateral and its quantitative and qualitative design in managing risk (section 90);

9. the rules for the coverage of derivatives transactions and their quantitative and qualitative design in risk management;

10. the allowed advanced measurement approaches (section 89);

11. the consideration of netting - and hedging agreements the commitment approach (section 90);

12. the procedures for ensuring an adequate, accurate and independent assessment of OTC derivatives to market value (section 92);

13. what arrangements and procedures be established to implement and maintain are that to ensure an appropriate, transparent and fair assessment of UCITS risk on OTC derivatives and adequately documenting them (section 92);

14. what collateral and the amount in the treatment of counterparty and issuer risks are allowed and the calculation of the risk from OTC derivative transactions (section 91).

Liquidity risk management

88. (1) has the management company to apply a reasonable risk management process for liquidity risks, to ensure that each UCITS it manages is able at any time to the withdrawal and redemption of the units pursuant to § 55 para 2. To the evaluation of the liquidity risk of the UCITS in exceptional circumstances, the management company of stress tests has.

(2) the management company has to ensure that the liquidity profile of each UCITS managed by UCITS facilities complies with the principles of withdrawal laid down in the Fund rules and the prospectus.

Calculation of overall risk

89. (1) the management company has to calculate the overall risk of a UCITS within the meaning of § 73 para 5 and 6 at least once a day as one of the following sizes: 1 additional risk and additional leverage, which creates the managed UCITS by the use of derivative financial instruments, including embedded derivatives within the meaning of § 73 para 6; not exceeding the total amount of the UCITS net asset value

2.

Market risk of UCITS's portfolio.

(2) the overall risk is, according to expediency, after the commitment approach to determine the value-at-risk model or an advanced measurement approach. "Value at risk" means in this context the loss to be expected at a given confidence level over a certain period of time. The method chosen for measuring the overall risk must be commensurate with the investment strategy selected by the UCITS, as well as the type and complexity of used derivative financial instruments and the amount of derivative financial instruments in the portfolio of the UCITS. Transactions in accordance with section 83 and section 84 are also taken into account in the calculation of the overall risk.

Commitment approach

90. (1) the overall risk is calculated according to the commitment approach, the management company 1 has this approach all positions in derivative financial instruments including embedded derivatives within the meaning of § 73 para 6 to apply, regardless of whether they used in the course of the General investment policy of the UCITS risk mitigation purposes, or for the purpose of efficient portfolio management within the meaning of §§ 83 and 84;

2. each position in derivative financial instruments in the market value of an equivalent position in the underlying of the relevant derivative to be converted (default-commitment approach).

(2) the management company may consider when calculating the total risk netting - and hedging agreements if this obvious and significant risks not let and clearly cause a reduction of the risk.

(3) the use of derivative financial instruments for UCITS produces no additional risk, so the underlying risk position must not be included in calculating the commitment.

(4) temporary loan agreements referred to in article 80, paragraph 1 must be excluded from application of the commitment approach to calculate the overall risk.

Contracting Party risk and issuer concentration

Section 91 (1) of the counterparty risk from non-Exchange-traded financial derivatives (OTC derivatives) the ceilings laid down in article 74 shall apply. Here, the management company for the calculation of the risk of counterparty of a UCITS in accordance with the ceilings laid down in article 74, paragraph 1 and 2 has to consider the positive fair value of OTC derivative contract with the other party concerned.

(2) the management company may merge the derivative positions of UCITS with a single counterparty (netting), if it has the possibility to legally enforce netting agreements with the relevant counterparty of the UCITS. The netting is allowed not at other positions of the UCITS compared to this counterparty only in OTC derivatives with a counterparty.

(3) the management company can mitigate the counterparty of a UCITS in an OTC derivative by the acceptance of collateral. The accepted safety must be sufficiently liquid so that she quickly can be sold at a price, which is close to the evaluation identified prior to the sale. The management company has to take into account collateral if the an OTC counterparty of the UCITS management company provides a safety when calculating the risk within the meaning of article 74, paragraph 1 and 2. The provided security may only be considered on a net basis, if the management company has the possibility to legally enforce netting agreements with the relevant counterparty of the UCITS.

(4) the management company has the ceilings laid down in article 74 of the issuer concentration on the basis of the underlying risk to calculate that arises after the commitment approach through the use of derivative financial instruments. With regard to the risk from transactions in OTC derivatives in accordance with article 74, paragraph 2, the management company has to include any counterparty risks arising from OTC derivatives in the calculation.

Procedures for the valuation of OTC derivatives

92. (1) management companies have to make sure that UCITS from OTC derivatives traffic assigns a value to the risks, which is based not only on the market quotes of the counterparty of the OTC businesses and that in § 73 para 1 No. 3 lit. b laid down criteria. To this end, the management company has to lay down arrangements and procedures, to implement and to maintain a suitable, transparent and fair evaluating the UCITS risk from OTC derivatives make sure and adequately to document this.

(2) the management company has to ensure that the market value of OTC derivatives is appropriately, accurately and independently assessed. The assessment measures and procedures must be suitable and be appropriate to the nature and complexity of the relevant OTC derivatives. The arrangements and procedures for the valuation of OTC derivatives include carrying out certain tasks by a third party, so must the management company who meet Z 7 and § 30 para 3 requirements set down in article 10, paragraph 1.

5. section

Master-feeder structures

Feeder UCITS

93. (1) a feeder UCITS is a UCITS or a Fund of UCITS, which by way of derogation from article 2, paragraph 1 Z 1, §§ 67, 68, 70, 71, 74, 76, 77, and 78 para. 3 at least 85 vH of its assets in units of other UCITS or any sub-fund of another UCITS ("master UCITS") creates.

(2) a feeder UCITS may 15 vH of its assets in one or more of the following assets hold: 1. demand deposits held in accordance with section 67, paragraph 2 and puttable deposits;

2. derivative financial instruments in accordance with section 73, used only for hedging purposes are allowed;

3. If the feeder UCITS to an investment company is, movable and immovable property which is essential for the direct pursuit of its business.

(3) for the purposes of compliance with § 73 para 5 and 6 of the feeder UCITS has to calculate its overall risk associated with derivative financial instruments based on a combination of his own immediate risk Z 2 pursuant to par. 2: 1 either with the actual risk of the master UCITS to derivative financial instruments in relation to the investment of the feeder UCITS in the master UCITS or 2nd with the potential total maximum risk of the master UCITS in relation to derivative financial instruments pursuant to the Fund rules or the articles of Association of the master UCITS in proportion to the Investment of the feeder UCITS in the master UCITS.

Master UCITS

94. (1) If a master UCITS is a UCITS or a Fund of UCITS which has 1 at least a feeder UCITS, its shareholders, 2 is not itself a feeder UCITS and not a feeder UCITS holds 3.

(2) following deviations apply a master UCITS: 1 a master UCITS has at least two feeder UCITS as unit-holders, is the need for the procurement of capital in the public of the Member States (article 2, par. 1 Z 1 in conjunction with § 4) not and the master UCITS has the ability to raise capital for other investors.

2. a master UCITS takes up in a Member State other than that in which he is established, and in which he possesses only one or more feeder UCITS, no capital procured by the public, so come the provisions of the 5th section of the 4th main piece and of article 143, paragraph 1 Z 2 does not to the application.

Approval of master-feeder structure by the FMA

Equipment a feeder UCITS authorised in Austria in a particular article 95 (1) master UCITS, which exceed limit in accordance with article 77, paragraph 1 for investment in other UCITS, shall require the previous approval by the FMA and a legally effective agreement within the meaning of section 96.

(2) the FMA has to grant the plant of the feeder UCITS in the master UCITS by means of written notification to the feeder UCITS within 15 working days after submission of a complete application or to share with the rejection of the application by means of notification. The FMA has the applicant in the request missing documents or information, so the last sentence AVG § 13 para 3 not apply. Is the investment into the master UCITS 1 by the FMA not writing prohibited within the period referred to in sentence, he shall be deemed granted. At the request of the feeder UCITS, the FMA also in case of a non-prohibition has to issue a written opinion.

(3) the FMA to issue the permit if the feeder UCITS, its depositary and its auditor, as well as the master UCITS meet all requirements set forth in this section. The feeder UCITS has the FMA to this end to submit the following documents: 1 the Fund regulations or statutes of the feeder UCITS and the master UCITS, 2. the brochure and the customer information document referred to in section 134 for the investors of the feeder UCITS and the master UCITS, 3. the agreement referred to in section 96 between feeder UCITS and master UCITS or the internal regulations in accordance with article 98, 4. in the case of a conversion of existing UCITS , the information referred to in article 111, paragraph 1 for the holders of certificate, 5. If the master UCITS and the feeder UCITS have different depositaries, the agreement referred to in section 107, paragraph 1 between the custodians, and 6 If the master UCITS and the feeder UCITS have different Auditors, the agreement in accordance with article 109, paragraph 1 between the statutory auditors.


(4) is granted the master UCITS in another Member State, so the feeder UCITS has also a confirmation of the competent authorities of the Member State of origin of the master UCITS to teach that the master UCITS is a UCITS or a Fund of UCITS, the provisions referred to in article 58 paragraph 3 b and c of the directive 2009/65/EC meets. The feeder UCITS has the documents in German or English language or in one of the FMA pursuant to Regulation (§ 7 para 1 b KMG) recognized other language to present.

(5) for submission to the competent authorities of the Member State of origin of a feeder UCITS has to exhibit a certificate to the FMA on whose request for intended investment in a UCITS that is approved by the FMA as a master UCITS and establishing the conditions, that this is a UCITS, this itself is not a feeder UCITS and a feeder UCITS holds no shares. To prove that no shares are held in a feeder UCITS, the custodian has to issue a confirmation, which is not older than two weeks for application.

Agreement between the feeder UCITS and master UCITS

Section 96 (1) of the feeder UCITS has to conclude an agreement with the master UCITS in which the master UCITS undertakes to provide all documents and information the feeder UCITS, the feeder UCITS needed to meet the requirements of this federal law. The agreement has to contain at least the information referred to in paragraph 2 to 7.

(2) the agreement referred to in paragraph 1 shall contain in relation to access to information the following information: 1. how and when the master UCITS has to transmit the feeder UCITS copies of its fund rules or statutes, the prospectus and the key investor information;

2. how and when the master UCITS has to inform the feeder UCITS about the transfer of the tasks of the investment and risk management to a third party in accordance with section 28;

3. how and when the master UCITS the feeder UCITS - if has to submit relevant - internal operating documents such as the description of the risk management process and the compliance reports;

4. what information on violations of the master UCITS with laws and regulations, to notify the feeder UCITS Fund regulations or statutes and the agreement between the master UCITS and the feeder UCITS of the master UCITS has, including modalities and time of this message;

5. If the feeder UCITS for the purpose of securing invested in derivative financial instruments, as and when the master UCITS to provide information on its actual risk exposure to derivative financial instruments the feeder UCITS has, so that the feeder UCITS own total risk pursuant to § 93 par. 3; determine Z 1

6. the Declaration which teaches the feeder UCITS about any further agreements on the exchange of information with third parties according to the master UCITS and, where appropriate, as and when the master UCITS delivered these agreements on the exchange of information the feeder UCITS.

(3) the agreement referred to in paragraph 1 has in the investment and following withdrawal base of the feeder UCITS information to include: 1. providing; invest in what proportion of genera of the master UCITS, the feeder UCITS

2. costs and expenses which are of the feeder UCITS, as well as discounts or refunds of fees or expenses of the master UCITS;

3. If appropriate, the modalities of any initial or subsequent transfer of contributions in kind by the feeder UCITS on the master UCITS.

(4) the agreement referred to in paragraph 1 has in relation to standard trade agreements to contain the following information: 1. vote of the frequency and the time schedule for the calculation of the net asset value and the publication of share prices.

2. vote the forwarding of orders by the feeder UCITS, including a description of the role of the persons responsible for forwarding or any third party;

3. as long as the necessary agreements to take account of the fact that one or both UCITS in a secondary market listed are relevant, or traded;

4. If necessary, further appropriate measures which are necessary to ensure the coordination of schedules (section 99);

5. If the shares of the feeder UCITS and master UCITS in different currencies are the basis for the conversion of contracts;

6 processing cycles and payment for purchase and drawing as well as withdrawal or withdrawal of units of the master UCITS, corresponding agreements between the parties, including the procedures for the execution of payment orders in the way of the transfer of contributions in kind from the master UCITS on the feeder UCITS, in particular in the cases of settlement (section 101) and the merger or Division (§ 104);

7. procedure to ensure of a reasonable processing of requests and complaints of shareholders;

8. If grant this certain rights or powers in relation to the unit-holders Fund regulations or bylaws and prospectus of the master UCITS and the master UCITS decides, in relation to the feeder UCITS all or certain rights and powers only to a limited extent or not at all to perceive a description of the relevant procedures.

(5) the agreement referred to in paragraph 1 has in relation to events that affect trade agreements to contain the following information: 1. arrangements and schedule for the release of the temporary suspension and resumption of withdrawal, withdrawal, purchase or subscription of units of a UCITS by the UCITS;

2. arrangements for notification and correction of errors in price fixing in the master UCITS.

(6) the agreement referred to in paragraph 1 has in relation to standard agreements for the test report the following information to contain: 1 feeder and master UCITS, the same accounting years, coordination of preparation of regular reports;

2. have feeder and master UCITS different accounting years, arrangements for the transmission of all information required by the master UCITS, the feeder UCITS, and to ensure that the statutory auditor of the master UCITS in the situation is to create an ad-hoc report pursuant to § 109 paragraph 2 the closing date of the feeder UCITS for this in time to create its regular reports.

(7) the agreement referred to in paragraph 1 has on changes to existing agreements to contain the following information: 1. arrangements and schedule for the release of proposed and already effective changes of the Fund regulations or the articles of Association, of prospectus and of customer information document by the master UCITS, if this information from the standard arrangements laid down in the terms and conditions of the statute or in the prospectus of the master UCITS for informing the holder of the share;

2. arrangements and schedule for the notification of a planned or proposed liquidation, merger or Division by the master UCITS;

3. arrangements and schedule for the release of a UCITS, that the conditions for a feeder UCITS and master UCITS are no longer met or; to be no longer fulfilled

4. arrangements and schedule for the notification of the intention of a UCITS, to replace its management company, its depositary, its accountants or any third parties, who are entrusted with tasks of the investment or risk management;

5. arrangements and schedule for the release of other changes in existing agreements by the master UCITS.

(8) as far as the agreements between the master UCITS and the feeder UCITS comply with the Fund regulations of the master UCITS, which are annexed to the prospectus of the master UCITS, reaches a cross reference in the agreement referred to in paragraph 1 to the relevant parts of the prospectus of the master UCITS.

Choice of the law applicable to the agreement

Feeder UCITS are section 97 (1) and master UCITS in Austria granted, applies Austrian law on the agreement; the choice of any other right or a jurisdiction outside Austria is ineffective.

(2) either the feeder UCITS or the master UCITS in another Member State is granted, so 1 can be agreed either the applicability of Austrian law, or 2. the applicability of the law of that other Member State in which the master UCITS or the feeder UCITS are approved. In the case of no. 1, the choice of a jurisdiction outside of Austria is ineffective. In the case of the No. 2, only the jurisdiction of the courts of that other Member State can be agreed.

Internal arrangements between the master UCITS and the feeder UCITS

Master UCITS be 98 (1) and feeder UCITS by the same management company managed, can the agreement (§ 96) be replaced by internal rules, which is to make sure, compliance with the requirements set forth in section 96.

(2) the internal rules referred to in paragraph 1 have to contain the following provisions: 1. adequate measures for the prevention of conflicts of interest that can arise if the measures which the management company is taking to meet the requirements of articles 22 to 26, is not sufficient; between feeder UCITS and the master UCITS or between other unit-holders of the master UCITS and the feeder UCITS

2. with respect to the investment and return base of the feeder UCITS regulations according to § 96 para 3;

3. in relation to standard trade agreements the regulations referred to in article 96 par. 4 Z 1 to 6 and Z 8;

4.

in relation to events that affect trade agreements the regulations according to § 96 para 5;

5. in relation to the report the provisions pursuant to § 96 para 6.

Coordination of schedules

§ 99. master UCITS and the feeder UCITS have appropriate measures to vote their schedules for the calculation and publication of the net asset value to a timing of market decisions ("market timing") with their shares and thus to prevent related arbitrage opportunities.

Suspension of collection, disbursement, or drawing

100. (1) If a master UCITS without prejudice to §§ 55 ABS. 2 and 56 on its own initiative, or if the master UCITS in another Member State is granted, at the request of the competent authority of its home Member State, which temporarily suspends withdrawal, payment or drawing his shares each of its feeder UCITS is entitled to suspend the withdrawal, payment or drawing its units notwithstanding the conditions formulated in article 56, paragraph 1 during the same period as the master UCITS.

(2) the unit-holders of the feeder UCITS in accordance with this federal law have the right to demand a payout merger or Division of the master UCITS, in the event of a settlement, so the exercise of this right must be not undermined by the feeder UCITS with a temporary suspension of the redemption or withdrawal unless it has's exceptional circumstances exist that require this to safeguard the interests of shareholders.

Processing of master UCITS

101. (1) will be handled if a master UCITS, so also the feeder UCITS is to settle unless the FMA approved: 1 the plant by at least 85% of the assets of the feeder UCITS in units of another master UCITS or 2 to the amendment of the Fund rules or the articles of Association, to allow the feeder UCITS conversion into a UCITS which is not a feeder UCITS.

(2) without prejudice to paragraphs 60 to 63 settlement of master UCITS has to at the earliest three months after the date take place, where all of its shareholders and the FMA as competent authorities of the feeder UCITS or if the feeder UCITS in another Member State is granted, the competent authorities of the Member State of origin of the feeder UCITS about the binding decision to the settlement have been informed.

Application for approval of the settlement

(Section 102 (1) of the feeder UCITS has to submit two months after notification of the binding decision to the settlement by the master UCITS of the FMA following documents no later than: 1 if the feeder UCITS intends to create at least 85 vH of its assets in the units of another master UCITS pursuant to § 101 paragraph 1 No. 1: a) the application for approval of this plant;

(b) the application for approval of proposed changes his fund regulations;

(c) the changes of the prospectus and of the customer information document in accordance with the article 137, paragraph 1 Nos. 1 and 2;

(d) the other documents required in accordance with section 95, paragraph 3;

2. If the feeder UCITS in accordance with article 101, paragraph 1 Z 2 intends a conversion into a UCITS which is not a feeder UCITS, the documents and information referred to in subpara 1 lit. b and c;

3. If the feeder UCITS a processing plant, the communication of this intention.

(2) if the master UCITS more than five months before the start of the processing has informed about his binding decision for the processing of the feeder UCITS, the feeder UCITS shall its application or its communication in accordance with paragraph 1 Z 1 Notwithstanding para 1 of the FMA, no later than send 2 or 3 three months before the beginning of the settlement.

(3) the feeder UCITS has promptly to inform its shareholders of the proposed settlement.

Approval of the settlement

103. (1) the FMA has within 15 working days after submission of the full application of the feeder UCITS authorisation process to grant Z 1 or 2 above documents by means of written notification in article 102, paragraph 1, or the rejection of the application by means of notification in writing. The FMA has the applicant in the request missing documents or information, so the last sentence AVG § 13 para 3 not apply.

(2) upon receipt of the approval by the FMA in accordance with paragraph 1, the feeder UCITS shall notify the master UCITS about.

(3) if the FMA has issued the necessary authorisations in accordance with article 102, paragraph 1 No. 1, the feeder UCITS has all necessary measures to take the requirements of § 111 without undue delay to comply with.

(4) if the settlement proceeds of the master UCITS before the date paid, begins to the feeder UCITS it to no. 1 in another master UCITS to invest in accordance with article 102, paragraph 1, or to make Z 2 units, in line with its new objectives and its new investment policy in accordance with article 102, paragraph 1 the FMA has to give its approval only under the following conditions: (a) 1 the feeder UCITS shall) the liquidation proceeds in cash or b) a portion of the proceeds or the total proceeds in Form of transfer of contributions in kind, unless this corresponds to the desire of the feeder UCITS and is provided for in the agreement between the feeder UCITS and master UCITS or the internal regulations in accordance with section 98 and the binding decision of the liquidation;

2. all held pursuant to this paragraph or received cash before the date begins to the feeder UCITS to make equipment in a different master UCITS or in line with its new objectives and its new investment policy, can be created solely for the purpose of efficient liquidity management.

(5) comes par. 4 Z 1 lit. (b) the application, so can convert at any time any part of the assets transferred as contributions in kind the feeder UCITS in present values.

Merger or Division of a master UCITS

§ 104. (1) the merge of master UCITS with an another UCITS or the split in two or more UCITS is to wrap the feeder UCITS, unless the FMA approved the feeder UCITS 1 keep feeder UCITS of the master UCITS or of another UCITS, that comes out of the merger or Division of the master UCITS, 2. its assets in units of another master UCITS creates at least 85 vH , who did not emerge from the merger or Division, or 3 changes his fund regulations in terms of a transformation into a UCITS which is not a feeder UCITS.

(2) a merger or Division of a master UCITS only take effect will be, if the master UCITS all its unit-holders and the FMA, or, if the feeder UCITS in another Member State is approved, up to 60 days before the proposed date of effect has provided referred to or information comparable with this the competent authorities of the Member State of origin of its feeder UCITS in article 120, paragraph 1 and article 121.

(3) the feeder UCITS has the option of the master UCITS to get to return all shares before the merger or Division of the master UCITS be to the master UCITS or to get paid, unless the FMA, or, if the feeder UCITS in another Member State has been approved, the competent authorities of the Member State of origin of the feeder UCITS, you have given 1 envisaged approval in paragraph 1 Z.

Application for approval of the merger or Division

(Article 105 (1) of the feeder UCITS has the FMA within one month after the date when the feeder UCITS pursuant to article 104 para 2 of the planned merger or Division was taught to submit the following documents: 1. If the feeder UCITS intends to remain feeder UCITS of the same master UCITS: a) the corresponding grant proposal;

(b) where relevant, the application for approval of proposed amendments to its fund rules or instruments of incorporation;

(c) if relevant, the changes of the prospectus and of the customer information document in accordance with article 137, paragraph 1 Nos. 1 and 2;

2. If the feeder UCITS intends to be a feeder UCITS of another, from the proposed merger or split of the master UCITS of resulting master UCITS or at least 85 per cent its assets in units of another, not to create from the proposed merger or split resulting master UCITS: a) the application for approval of this plant;

(b) the request for approval of proposed amendments to its fund rules or instruments of incorporation;

(c) the changes of the prospectus and of the customer information document in accordance with article 137, paragraph 1 Nos. 1 and 2;

(d) the other documents required in accordance with section 95, paragraph 3;

3. If the feeder UCITS in accordance with article 101, paragraph 1 intends a conversion into a UCITS which is not a feeder UCITS, no. 2: a) the request for approval of proposed amendments to its fund rules or instruments of incorporation;

(b) the changes of the prospectus and of the customer information document in accordance with article 137, paragraph 1 Nos. 1 and 2;

4. If the feeder UCITS a liquidation plans, the communication of this intention.

(2) in connection with para 1 Nos. 1 and 2 applies: 1. the expression "remains feeder UCITS of the same master UCITS" on cases in which a) the master UCITS is accepting UCITS of a proposed merger;

(b) the master UCITS without significant changes in one of the UCITS resulting from the proposed split remains;

2. the expression "is feeder UCITS of another, from the proposed merger or split of the master UCITS of resulting master UCITS" on cases in which a) the master UCITS of transmitting UCITS is and will be the feeder UCITS as a result of the merger of unit-holders of the receiving UCITS;

b)

the feeder UCITS share holders of a UCITS resulting from a split is, which differs considerably from the master UCITS.

(3) if the master UCITS more than four months that the feeder UCITS referred to in article 120, paragraph 1 and article 121 or comparable information prior to the proposed date of effect of the merger or Division, as the feeder UCITS of the FMA has by way of derogation from paragraph 1 to submit its application or its communication referred to in paragraph 1 no later than three months prior to the proposed date of effect of the merger or Division of the master UCITS.

(4) the feeder UCITS shall inform its shareholders and the master UCITS without delay of the intended processing.

Approval of the merger or Division

106. (1) the FMA is the application of the feeder UCITS to merger or Division within 15 working days after submission of the full grant Z 1 to 3 mentioned documents by means of written notification in article 105, paragraph 1, or the rejection of the application by means of notification in writing. The FMA has the applicant in the request missing documents or information, so the last sentence AVG § 13 para 3 not apply.

(2) if the feeder UCITS has received the notification of the approval of the merger or Division of the FMA pursuant to paragraph 1, he has to inform the master UCITS about it.

(3) after the feeder UCITS about has been informed that the FMA has issued the necessary authorisations in accordance with article 105, paragraph 1 No. 2, he has all necessary measures to take immediately to meet the requirements of section 111.

(4) in the in article 105, paragraph 1 Z 2 and 3 cases described has the feeder UCITS the right to demand the redemption and cash out his shares in the master UCITS, in accordance with article 104 para 3 and § 123 if the FMA to the working day, on the last day, which may require the feeder UCITS before the merger or Division are a collection or redemption of units in the master UCITS , precedes, the permits required in accordance with article 105, paragraph 1 is not issued. The feeder UCITS has to exercise this right to safeguard the rights of its shareholders on withdrawal or cash out their shares in the feeder UCITS pursuant to § 111 paragraph 1 Z 4. In the feeder UCITS before exercising its rights on redemption and cash out his shares in the master UCITS alternatives to consider, has can help that, to avoid transaction costs or other negative impact on its shareholders or decrease.

(5) the feeder UCITS requires the collection or redemption of units in the master UCITS, so he has to get: 1 either the proceeds from the redemption or payment in cash or 2 a portion or the total proceeds from the redemption or payment in the form of a transfer of contributions in kind, unless this corresponds to the desire of the feeder UCITS and in the agreement between the feeder UCITS and the master UCITS is provided.

In the case of the No. 2, the feeder UCITS can convert at any time any part of the transferred assets in present values.

(6) the FMA has the authorisation subject to the condition to grant that all held or received in accordance with paragraph 5 cash before the date begins to make investments in line with its new investment objectives and its new investment policy or in the new master UCITS, the feeder UCITS can be created solely for the purpose of efficient liquidity management.

Master UCITS and the feeder UCITS depositaries

If the master UCITS and the feeder UCITS have different depositaries, so these custodians have 107. (1) to complete an agreement on the exchange of information, to ensure that both custodians perform their duties.

(2) the feeder UCITS may only make the investments in units of the master UCITS, if such an agreement has become effective.

(3) in the case of compliance with the provisions of this section, the depositary of the master UCITS, nor that of the feeder UCITS may not violate legal or contractual provisions to safeguard data protection or concerning the restriction of information disclosure. Compliance with the relevant regulations raises a liability for a depositary, nor for a for this person.

(4) the management company of the feeder UCITS has to inform the depositary of the feeder UCITS all information about the master UCITS that are necessary for the fulfilment of the obligations of the depositary of the feeder UCITS.

(5) the master UCITS depositary has the FMA and, where appropriate, the competent authority in another Member State, the feeder UCITS or, if applicable - the management company and the depositary of the feeder UCITS directly about any irregularities to teach, which puts them firmly in the exercise of their duties in relation to the master UCITS, which may have a negative impact on the feeder UCITS. This is in particular to the following incidents: 1 errors in the calculation of the net asset value of the master UCITS;

2. error in transactions or in processing of purchase and drawing or orders to the redemption or payment of shares into the master UCITS by the feeder UCITS;

3. error of the payment or capitalization of revenues from the master UCITS or the calculation of related withholding tax;

4. violations of the in the Fund regulations or investment objectives described in the articles of Association, in the prospectus or in the key investor information, policy or strategy of the master UCITS;

5. violations of limits specified in this federal law, in the terms and conditions or in the articles of Association, in the prospectus or in the customer information document for investments and borrowing.

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

108. (1) in article 107, paragraph 1 referred to agreement on the exchange of information between the depositary of the master UCITS and the feeder UCITS depositary has to contain the following: 1. Description of the documents and categories of information, which routinely replace the two depositaries, and indicating whether such information or documents of a depositary to the other transmitted or made available upon request;

2. modalities and timing, including specifying all deadlines 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 under due consideration of this federal law as well as in the BWG and the deposit law (BGBl. No. 424/1969) laid down obligations with regard to operational issues, including a) of the procedure for the calculation of the net asset value of each UCITS and all reasonable measures to protect before "market timing" in accordance with section 99;

b) the processing of orders of the feeder UCITS for purchase, drawing, redemption or payment of shares into the master UCITS and the processing of these transactions under consideration of agreements for the transfer of contributions in kind;

4. coordination of the procedures for establishing the annual accounts;

5. specify what violations of the master UCITS legislation and the Fund regulations or the articles of Association by the depositary of the master UCITS be communicated to the depositary of the feeder UCITS, as well as modalities and time for providing such information;

6. procedures for handling ad-hoc requests for assistance between depositaries;

7. Description of contingent events, the depositaries on an ad hoc basis should inform each other, as well as modalities and time to do so.

(2) have concluded an agreement in accordance with article 96, paragraph 1 feeder UCITS and master UCITS, the law of the Member State's to this agreement on the exchange of information between the depositaries of the master UCITS and the feeder UCITS to apply that applies in accordance with article 97 of this agreement; both custodians have the exclusive jurisdiction of the courts of the Member State concerned, whose Recht to apply is to recognize.

(3) the agreement between the feeder UCITS and the master UCITS in accordance with article 96, paragraph 1 by internal regulations in accordance with article 98, was replaced as the law of the Member State in which the feeder UCITS is approved, or - be agreed unless by way of derogation - the law of the Member State in which the master UCITS has been approved, can in the agreement on the exchange of information between the depositaries of the master UCITS and the feeder UCITS validly only either; both custodians have to accept the exclusive jurisdiction of the courts of the Member State whose entitled to apply to the agreement on the exchange of information.

Statutory auditor

If the master UCITS and the feeder UCITS have different Auditors, so these auditors have 109. (1) to conclude an agreement on the exchange of information which includes the laid down regulations to comply with the requirements referred to in paragraph 2, to ensure that both Auditors carry out their duties. The feeder UCITS may only make investments in units of the master UCITS, if such an agreement has become effective.


(2) the statutory auditor of the feeder UCITS has to take into account the report of the master UCITS in his audit report. The feeder UCITS and the master UCITS have different accounting years, the statutory auditor of the master UCITS has to create an ad-hoc report on the completion date of the feeder UCITS. The statutory auditor of the feeder UCITS has to mention in particular any irregularities identified in the audit report of the master UCITS, as well as their impact on the feeder UCITS in his report.

(3) in the case of compliance with the provisions of this section, the auditor of the master UCITS, nor which of the feeder UCITS may not violate a statutory or contractual provision to safeguard privacy or concerning the restriction of information disclosure. Compliance with the relevant regulations may result in liability for an auditor or a person for this.

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

110. (1) in article 109, paragraph 1 referred to agreement on the exchange of information between the statutory auditors of the master UCITS and the feeder UCITS has to contain the following: 1. Description of the documents and categories of information, which routinely replace the two auditors;

2. indication of whether you are transmitted information or documents of a statutory auditor to the other Z 1 or made available upon request;

3. modalities and timing, including specifying all deadlines for the transmission of information by the external auditor of the master UCITS to the auditor of the feeder UCITS;

4. coordination of the role of the statutory auditor in the procedure for the establishment of the annual financial statements of the UCITS;

5. indication of irregularities, which are in the audit report of the statutory auditor of the master UCITS for the purpose of article 109, paragraph 2;

6 arrangements and schedule for the processing of ad-hoc requests for assistance between auditors, including requests for more information about irregularities identified in the audit report of the statutory auditor of the master UCITS.

(2) the agreement referred to in paragraph 1 has provisions for the creation and modalities and timetable for the submission of the audit report for the master UCITS and its designs to the auditor of the feeder UCITS to contain the reports referred in article 109, paragraph 2 and article 49, paragraph 5.

(3) have feeder UCITS and master UCITS different completion dates, modalities and timetable for the creation of ad-hoc report required in section 109, paragraph 2 of the auditor of the master UCITS, as well as for its delivery, including design, to the auditor of the feeder UCITS are regulated in the agreement referred to in paragraph 1.

(4) the law of the Member State, which applies in accordance with article 97 for this agreement to apply; have concluded an agreement in accordance with article 96, paragraph 1 feeder UCITS and master UCITS, is so on the agreement on the exchange of information between the statutory auditors of the master UCITS and the feeder UCITS both statutory auditors have to accept the exclusive jurisdiction of the courts of the Member State concerned.

(5) was replaced in the agreement between the feeder UCITS and the master UCITS in accordance with article 96, paragraph 1 by internal regulations in accordance with article 98, so the law of the Member State in which the feeder UCITS is approved, or - be agreed unless by way of derogation - the law of the Member State in which the master UCITS has been approved, can the agreement on the exchange of information between the statutory auditors of the master UCITS and the feeder UCITS validly only either; both statutory auditors have to accept the exclusive jurisdiction of the courts of the Member State whose entitled to apply to the agreement on the exchange of information.

Conversion of existing UCITS in the feeder UCITS and the master UCITS change

111. (1) conversion of existing UCITS a feeder UCITS as well as change of the master UCITS has the feeder UCITS its unit-holders the following information free to to provide: 1 a declaration which States that the FMA has approved the investment of the feeder UCITS in units of that master UCITS, 2. the customer information document referred to in article 134, paragraph 1 concerning the feeder UCITS and the master UCITS, 3. the date of the first plant of the feeder UCITS in the master UCITS , or, if he already in the master has created, its facilities will exceed the date at which the quantitative limits referred to in article 77, paragraph 1, and 4. a declaration, have according to the shareholders the right to demand that apart from the fees collected by the UCITS to cover the cost of the sale the free of charge or redemption of their shares within 30 days from the This law is effective from the date on which the feeder UCITS has provided the information referred to in this paragraph.

This information must be provided no later than 30 days prior to the date referred to in no. 3.

(2) the feeder UCITS pursuant to § 139 has been notified, the information referred to in paragraph 1 in language or an official language of the host Member State shall be to provide investors of the feeder UCITS or language approved by the competent authorities in one. The feeder UCITS is responsible for providing the translation. The translation has reliable reflect the contents of the original.

(3) the feeder UCITS may before the expiry in par. 1 Z 4 30 day period no investments in units of such master UCITS make, which exceed the investment limit in accordance with article 77, paragraph 1.

(4) on the available the information referred to in paragraph 1 by the feeder UCITS is the procedure provided for in § 133 to apply.

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

112. (1) the management company of the feeder UCITS has effectively to monitor the activities of the master UCITS. To fulfil this obligation, the feeder UCITS on the information and documentation of the master UCITS may or, if applicable, his management company, its depositary and its auditor reasons support, unless it be, to doubt the accuracy of this information and materials.

(2) the management company of the feeder UCITS or a person acting on behalf of the feeder UCITS or its management company, in connection with an investment in shares of the master UCITS receives a distribution fee, a sales Commission or advantage, so they transferred other money values in the assets of the feeder UCITS.

Obligations of the master UCITS and the FMA

Article 113 (1) of the master UCITS authorised in Austria has the FMA immediately the identity of each feeder UCITS which shall invest its shares, to display. Master UCITS and the feeder UCITS are established in different Member States the FMA has regarding the competent authorities of the Member State of origin of the feeder UCITS to teach a master UCITS authorised in Austria immediately of such systems.

(2) the master UCITS no subscription or redemption fees may raise for the investment of the feeder UCITS in his shares or their sale.

(3) the master UCITS has to ensure that all of the information that is required in accordance with this federal law, other federal laws or legislation of the European Union, the Fund regulations or the articles of Association, the feeder UCITS or, where applicable, in time be provided his management company, the competent authorities, the depositary and the auditor of the feeder UCITS.

6 article

Mergers

Principles

114. (1) mergers of UCITS are allowed, using one of the methods of merger pursuant to § 3 para 2 Z 15. This applies for cross-border mergers as well as for domestic mergers. Regardless, cross-border procedures are permitted by the legal form of the UCITS. In the case of a merger by formation, addition article 50 shall apply. On domestic mergers, the §§ 115 to 126 shall apply.

(2) for cross-border mergers where the merging UCITS in Austria is granted pursuant to § 50, apply the §§ 115 and 117 to 126. The merging UCITS in another Member State is granted, the legislation of the Member State of origin of the transferor UCITS shall apply. A legal form change of the receiving UCITS authorised in Austria is not allowed in the context of the merger.

(3) any merger of UCITS authorised in Austria requires the prior consent of the Supervisory Board of the management company managing a UCITS, as well as the consent of the depositary bank of each UCITS.

Approval of the merger of transmitting UCITS authorised in Austria

Section 115 (1) UCITS be transferred the merging of Austria according to § 50 issued in need to their legal validity of previous approval by the FMA. The merging UCITS has to provide all information to the FMA: 1 the joint merger plan approved by the transferor UCITS and the receiving UCITS, 2. a current version of the prospectus and of the customer information document for the investors of the receiving UCITS, if it is established in another Member State, referred to in article 134, paragraph 1 3.

a statement by all of the transmitting and the receiving UCITS depositaries, in accordance with section 118 is confirms that they have reviewed the compliance of data according to article 117, paragraph 1 Nos. 1, 6 and 7 with the requirements of this federal law, directive 2009/65/EC in the case of a cross-border merger, and the Fund rules or articles of Association of their respective UCITS , and 4. the information that the transmitting and the receiving UCITS intend to submit their respective shareholders to the planned merger.

(2) the information referred to in paragraph 1 are 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 home Member State of the receiving UCITS or in English or in one of the FMA pursuant to Regulation (§ 7 para 1 b KMG) recognized other language to convey.

(3) the FMA of believes that the request referred to in paragraph 1 is not complete, is she not later than 10 working days after receipt of the information referred to in paragraph 2 to request additional information. Last sentence AVG § 13 para 3 this does not apply. Following receipt of the complete application, there is the FMA to submit the copies of the information referred to in paragraph 1 the competent authorities of the home Member State of the receiving UCITS to check without delay in the event of a cross-border merger. Receives the FMA by the competent authorities of the home Member State of the receiving UCITS within 15 working days of delivery so is an indication of concerns about the information for investors of the receiving UCITS, para 1 copies of the information in accordance with last set AVG to suspend the proceedings within the meaning of section 38.

(4) the FMA has to weigh the potential impact of the proposed merger on the shareholders of the transferor UCITS to assessing the appropriateness of the information for the shareholders. It may require the transferor UCITS in writing, that the information for the shareholders of the transferor UCITS will clarify. This prompt inhibits the continuity of the assessment period referred to in paragraph 6 to the entrance of the modified information for the investor with the FMA.

(5) the approval of the merger shall be granted if the following requirements are met: 1. the planned merger meets all requirements of this provision, as well as of articles 116 to 119;

2. the receiving UCITS is the FMA pursuant to article 93 of Directive 2009/65/EC for the marketing of its units in all Member States where the merging UCITS is either approved or in accordance with article 93 of the directive 2009/65/EC for the marketing of the shares is notified, notified, and 3 and the competent authorities of the home Member State of the receiving UCITS are in the case of a cross-border merger information , that are to be delivered to the shareholders, making for happy or no note is entered it on concerns by the competent authorities in the home Member State of the receiving UCITS within the meaning of article 116, paragraph 2.

(6) the FMA has to grant the merger the transferor UCITS pursuant to par. 4 and 5 and article 116 paragraph 2 within 20 working days after submission of the full application referred to in paragraph 1 in writing by means of notification in accordance with paragraph 3, 4 and 5 or in the case of a domestic merger or the rejection of the application by means of notification in writing. The competent authorities of the home Member State of the receiving UCITS by the FMA of the decision to inform in the case of a cross-border merger are at the same time.

Check the share holder information merge a receiving UCITS authorised in Austria

Section 116 (1) in the framework of the merger a receiving UCITS authorised in Austria has the FMA, in the case of a cross-border merger on the basis of information provided by the competent authority of the home Member State of the transferring UCITS, to weigh the potential impact of the proposed merger on unit-holders of the receiving UCITS, to verify the appropriateness of the information for the shareholders.

(2) the FMA has concerns regarding the adequacy of information for investors of the receiving UCITS, so she has no later than 15 working days after receipt of full information, or in the case of a cross-border merger not later than 15 working days after receipt of the copies of the full information referred to in paragraph 1 the receiving UCITS in writing to urge, to modify the information for its shareholders. This prompt inhibits in a domestic merger the continuity of assessment period provided for in § 115 paragraph 6 to the entrance of the modified information for the investor with the FMA.

(3) in the case of a cross-border merger the FMA is an indication of the competent authorities of the home Member State of the transferring UCITS to transmit their concerns within the period referred to in paragraph 2 sentence 1 and after you the modified information for the unit-holders of the receiving UCITS have been submitted, the competent authorities of the home Member State of the transferring UCITS within 20 working days to inform whether this changed information are satisfactory.

Merger plan

Section 117 (1) of the merging UCITS and the receiving UCITS have a joint merger plan to create that has to contain the following information: 1 type of merger and involved UCITS, 2. background and rationale for the proposed merger, 3. anticipated impact of the proposed merger on unit-holders in both the transmitting and the receiving UCITS, 4. the adopted criteria for the valuation of assets and liabilities at the time of the calculation of the exchange ratio pursuant to article 125, paragraph 1 or 2, if necessary, , 5. methodology for the calculation of the exchange ratio, 6 planned effective merger date, 7 that for the transfer of assets and exchange of interests regulations and 8 in the case of an amalgamation pursuant to section 3 para 2 No. 15 lit. (b) and, where appropriate, section 3 para 2 No. 15 lit. c the Fund rules or the articles of Association of the newly founded receiving UCITS.

(2) the FMA may not require that additional information be included in the merger plan. But the transmitting and the receiving UCITS may decide the inclusion of further points in the merger plan.

Examination of the merger plan by the depositaries

§ 118. The depositaries of the transmitting and the receiving UCITS have to check the conformity of the information Nos. 1, 6 and 7 with the requirements of this Act and the Fund regulations of their respective UCITS according to article 117, paragraph 1 and to confirm their regularity.

Confirmation of the auditor

119. (1) in the context of the merger of UCITS in accordance with § 50 transfer approved in Austria an independent auditor has to confirm the following: 1. the adopted criteria for the valuation of assets and liabilities, where appropriate, at the time of the calculation of the exchange ratio pursuant to article 125, paragraph 1 or 2;

2. where applicable, the cash payment per share and 3. the method for calculating the exchange ratio and the actual exchange ratio at the time for the calculation of this exchange ratio pursuant to article 125, paragraph 1 or 2.

(2) the statutory auditor (§ 49 paragraph 5) the transferring or the receiving UCITS shall apply for the purposes of paragraph 1, as independent auditors.

(3) the shareholders of the transferor and of the receiving UCITS, as well as the FMA's request for free to make a copy of the report of the independent auditor.

Information of the shareholders

120. (1) the transmitting and the receiving UCITS have to submit appropriate and precise details of the planned merger their shareholders, so that they may form an informed judgement about the impact of the proposed merger on their plant and can exercise their rights in accordance with article 123. The information is to keep short and in popularized language to it.

(2) a cross-border merger is proposed to have to explain all concepts and procedures in relation to the other UCITS, which differ from the terms usual in their own Member State and procedures of the merging UCITS and the receiving UCITS in easy to understand language.

(3) the information for the shareholders of the transferor UCITS are to vote on investors, who have no knowledge of the characteristics of the receiving UCITS and the nature of its activities. The shareholders are to refer to the customer information document of the receiving UCITS and prompting, read this.

(4) the focus on the process of the merger and the potential impact on the receiving UCITS in the case of the information for the unit-holders of the receiving UCITS.


(5) the transferor or the transferee UCITS pursuant to § 139 has been notified, the information in the or in an official language of the respective UCITS host Member State or in a language approved by the competent authorities are to provide the unit holders. The UCITS which has to provide the information, is responsible for the creation of the translation. This translation has reliable reflect the contents of the original.

(6) the information referred to in paragraph 1 are at least 30 days before the last period for a request for withdrawal or payment or, where appropriate, conversion without additional costs in accordance with section 123, but only after approval of 1 the FMA if the merging UCITS in Austria is granted, or 2. the competent authority of the Member State of origin, unless the merging UCITS in another Member State is granted to each unit-holders in accordance with § 133 , to submit.

Content of the information for the shareholders

121. (1) the information referred to in section 120 have to contain at least the following information: 1. background and rationale for the proposed merger.

2. potential impact of the proposed merger on unit-holders, including but not limited to major differences in terms of investment policy and strategy, costs, expected result, periodic reports, any dilution of performance and, where appropriate, a clear warning to investors that their tax treatment in the course of the merger can be subject to changes

3. specific rights of shareholders in relation to the planned merger, to receive a copy of the report of the independent auditor or the depositary including but not exclusively the right to additional information, justice, upon request, the right to require the free of charge or payment or, where appropriate, the conversion of their shares in accordance with section 123 and the time limit for the exercise of this right, with the following information must be included : a) information regarding the accrued income of the UCITS, b) an indication, to enable as the independent auditor's report referred to in article 119, para. 3, will be 4 relevant procedural aspects, particularly details of any planned suspension of share trading with the aim of an efficient completion of the merger, and specifying the date of effect of the merger pursuant to § 125 (planned effective merger date);

5. copy of the customer information document referred to in article 134, paragraph 1 of the receiving UCITS.

(2) that have information in accordance with § 120 for the shareholders of the transferor UCITS to contain further: 1 details to differences with regard to the rights of the shareholders of the transferor UCITS before and after effective date of the proposed merger;

2. If the customer information documents of the transferor UCITS and the receiving UCITS have synthetic risk and yield indicators in different categories or the accompanying explanatory description describes different significant risks, a comparison of these differences;

3. a comparison of all costs, charges and expenses of the two UCITS on the basis of the amounts in the relevant customer information documents;

4. If the merging UCITS to lift a performance-related fee, an explanation of this fee to be of the merger;

5. If the receiving UCITS to lift a performance-related fee, an explanation of this fee, ensuring a fair treatment of shareholders who previously held shares of the transferor UCITS;

6. If costs associated with the preparation and completion of the merger will be blamed on the transmitting or receiving UCITS or their unit-holders in accordance with § 124 may the details of the allocation of these costs;

7. a statement of whether the management company of the transferor UCITS intends to make a rebalancing of the portfolio before the merger becomes effective;

8. If the merger plan in cash pursuant to section 3 para 2 No. 15 lit. a or b is provided, information on the proposed payment, including time and modalities of the cash payment to the shareholders of the transferor UCITS;

9 specify of the time period during which unit-holders in the transferor UCITS can orders yet for the subscription and payment of shares;

10 specify of the time period during which shareholders who do not perceive their rights granted in accordance with section 123 within the relevant time limit, can exercise their rights as unit-holders of the receiving UCITS.

(3) the information referred to in paragraph 120 of the unit-holders of the receiving UCITS have to contain also communicated that the management company of the receiving UCITS assumes that the merger has significant impacts on the portfolio of the receiving UCITS, an explanation and whether it intends to make a rebalancing of the portfolio prior to or after the effective date of the merger.

(4) a summary of the main points of the proposed merger will be preceded by the information documents, must be referenced in the sections of information documents, which contain more information.

New shareholders

Article 122. Between the date of the submission of information in accordance with § 120 of the unit-holders and the date of effect of the merger the information documents pursuant to § 120 and the current customer information document for the investors of the receiving UCITS of any person to submit that are either buys shares in the transferring or the receiving UCITS or draws or requesting copies of the Fund regulations or the Statute, of the prospectus or the customer information document is one of the two UCITS.

Rear and right of the shareholders to Exchange

section 123. The shareholders of the transferor as well as of the receiving UCITS shall be entitled without more costs than those that will be withheld pursuant to § 59 in connection with section 53 to the redemption cost 1 which their shares or, 2. as far as possible, their conversion into units of another UCITS with similar investment policies, which managed by the same management company or any other company withdrawal or withdrawal , with which the management company by a common management or control, or by a substantial direct or indirect holding is connected to demand. This law will be taught from the time effectively, to the shareholders of the transferor UCITS and unit-holders of the receiving UCITS according to § 120 of the planned merger, and expires five working days prior to the date for the calculation of the exchange ratio pursuant to article 125, paragraph 1 or 2.

Cost

§ 124. any legal, advisory or administrative costs associated with the preparation and completion of the merger, may be attributed to the transferor UCITS, the receiving UCITS nor its shareholders.

Be effective

125. (1) a domestic merger is the merger plan in accordance with article 117, paragraph 1 Z 6 listed date effectively. For the calculation of the ratio for the conversion of shares of the transferor UCITS in units of the receiving UCITS and, if applicable, for the determination of the relevant net asset holdings for cash payments is the date specified in the merger plan.

(2) for cross-border mergers where the receiving UCITS in Austria is granted, the time limits referred to in paragraph 1, where the only required approval by the shareholders of the transferor UCITS at least to wait is apply. Cross-border mergers where the receiving UCITS in another Member State is granted, are the periods referred to in paragraph 1 under the law of the country of origin of the receiving UCITS.

(3) be of the merger pursuant to § publish 136 par. 4 Z 1, 3 or 5 and the FMA as well as, in the case of a cross-border merger of the competent authority of the home Member State of the transferring or receiving UCITS must be communicated.

(4) a merger which has taken effect in accordance with paragraph 1 or 2, may no longer be declared null and void.

Effects of the merger

126. (1) a pursuant to section 3 para 2 No. 15 lit. conducted merger of a (gross merger by absorption) has the following effects: 1. all assets and liabilities of the transferor UCITS are on the receiving UCITS or, where applicable, transferred to the depositary of the receiving UCITS;

2. the shareholders of the transferor UCITS are unit-holders of the receiving UCITS and, if necessary, are entitled to a cash payment amounting to a maximum of 10 vH of net capital stock of their shares to the transferor UCITS, and 3. the approval of the transferor UCITS goes out with the entry into force of the merger.

(2) a pursuant to section 3 para 2 No. 15 lit. conducted merger of b (gross merger by formation) has the following effects: 1. all assets and liabilities of the transferor UCITS on the newly established receiving UCITS transferred;

2.

the shareholders of the transferor UCITS are shareholders of the newly formed receiving UCITS and, if necessary, are entitled to a cash payment amounting to a maximum of 10 vH of net capital stock of their shares to the transferor UCITS, and 3. the approval of the transferor UCITS goes out with the entry into force of the merger.

(3) a pursuant to section 3 para 2 No. 15 lit. c (NET fusion) conducted merger has the following effects: 1 the net asset values of the transferor UCITS to the receiving UCITS transferred;

2. the shareholders of the transferor UCITS are unit-holders of the receiving UCITS, and 3. that approval of the transferor UCITS will be void once all liabilities are paid.

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

(5) the provisions on the control of mergers under the Competition Act 2005 - cartel 2005 (Federal Law Gazette I no. 61/2005) and in accordance with Regulation (EC) No. 139/2004 on the control of concentrations between undertakings ("EC merger regulation") shall remain unaffected.

Concessions for fund mergers without reference to cross-border

127. (1) the (Merger) merging UCITS authorised in Austria, which are notified, pursuant to § 139 in another Member State for sale aimed after the §§ 114 para 3, 119, and 122 to 126. The §§ 120 and 125, as well as section 3 para 2 No. 15 lit. (c) are not applicable. The FMA may grant the approval only when the interests of investors are sufficiently protected.

(2) the management company of the acquiring or forming UCITS can manage the assets resulting from the Association as of the date of amalgamation as a UCITS under this federal law, unless the merger date is published in compliance with a minimum three-month notice period. In the publication are affected by the merging UCITS, the granting of the FMA, data on the share exchange, to carry information about the manage the merged or newly formed UCITS management company, any custodian bank switching (§ 61) and the applicable from the date of the merger Fund regulations (article 53). Shares of fraction of are cash. The merger of UCITS with an AIF is not allowed.

(3) the management company may terminate the management of UCITS with approval of the FMA without notice according to article 60, paragraph 1 by transfer of the part of the Fund's assets assets to another, of the same or of another UCITS management company, or by merging in the ways of the formation. The provisions of paragraph 1 shall apply. The shareholders can incur no costs through this procedure. She three months after the publication of the date specified in the publication, but not before, into force.

4. main piece

Investor information, advertising and sales

1 section

Advertising and offer of shares

Advertising for UCITS

128. (1) the advertising for shares in UCITS may only with simultaneous reference to in accordance with article 136 par. 4 published brochure (section 131) and the customer information document in accordance with § 138 available to be done and has to indicate in what way and in what language this brochure, as well as the customer information document for the investor or potential investor are available and accessible (§ 134).

(2) advertising to investors must 1 clearly recognizable, 2. honest, 3 unique and 4 not be misleading. In particular, an advertisement that contains a call to the acquisition of shares of a UCITS and specific details of a UCITS, may make no statements which are in contradiction to the information of the prospectus and of the customer information document referred to in article 134, paragraph 1 or demote the importance of this information.

(3) advertising for shares in UCITS, in which the past performance of the funds referred to, has to contain a note stating that the value development of the past can be to any reliable conclusions on the future development of a fund from which.

(4) a feeder UCITS has the note to record that he creates permanently at least 85 vH of its assets in a given master UCITS in any advertising.

(5) is to point out the following facts in prominently advertising: 1. the investment policy of the UCITS, if the UCITS invests mainly in the in article 67, paragraph 1 Z 3 to 5 defined categories of investment vehicles, which are not securities or money market instruments, or a stock or debt securities index replicates;

2. increased volatility, if the net asset value of a UCITS is due to the composition of its portfolio or the portfolio management techniques that are used has increased volatility;

3. the approval of the Fund regulations by the FMA in the case of a UCITS within the meaning of section 76.

(6) a UCITS within the meaning of section 76 has further Member States to give local and regional authorities or international institutions of public character, in whose securities the UCITS has to create more than 35 vH of its assets intended or created.

Offer of shares

129. (1) an offer of shares in UCITS should - apart from the provisions of the 5th section - domestic only possible, if the UCITS pursuant to § 50 of the FMA was granted, no later than the KID according to § 138 is available a day before the bid and was published in the prospectus in accordance with article 136 par. 4.

(2) both the prospectus and fund regulations, as well as amended (section 131 para 6) signed by the management company and the KID in current version and any translations are the registration office in sufficient time to submit, be that you not later than on the day of the publication of the prospectus. The FMA may after consultation with the Registrar by means of regulation, taking into consideration the European practice in this area set the closer requirements of electronic filing of these documents and prescribe the communication in electronic form by means of regulation. § 12 ABS. 1, 2 and 3 Z CMM 1 and 2 shall apply subject to the proviso that the custody time limit for the registration office by the processing time of the UCITS is to calculate and that the notification obligation pursuant to article 12 paragraph 3 Z 2 KMG only on special occasion at the request of the Federal Minister for finance, the FMA or the Austrian National Bank.

(3) if in agreements to the detriment of the consumer within the meaning of § 1 para 1, Nos. 2 and 3 para KSchG is deviated from the provisions of this Federal Act, these are ineffective.

Protection of designations

The designation "Kapitalanlagegesellschaft", "Investment funds", "Investment fund", "Investment funds", "Joint fund", "Investment funds", "Equity", "Bond funds", "investment share", "Mutual fund", "Pension funds", "Special funds", "Index funds", "Bond funds", "Pension fund", "Fund of funds", "accumulating investment funds", "Money market funds", "Money market funds with a short maturity structure" or equivalent designations or abbreviations of such labels may section 130 (1) only for investment funds and their share certificates will be used and recorded only in the company of management companies. The designation "UCITS" may be used only for UCITS and their shares. The addition "eligible" or equivalent designations or abbreviations may be used in the name of investment funds and their share certificates only for UCITS pursuant to article 46, paragraph 3.

(2) management companies from an EEA Member State may be used for the performance of their duties within the framework of the 2nd lead part 1 part 3 section same general designations, which lead them in their home country. You must add clarificatory additions however appropriate such names, if there is a risk of misleading.

2. section

Prospectus and information for investors

UCITS brochure

Section 131 (1) which prospectus must contain the information that is required for the investors on the investment proposed to them and in particular about the risks involved may form an informed judgement.

(2) the prospectus must contain a clear and easily understandable explanation of the risk profile of the Fund - regardless of the type of instruments, in which the investment, -.

(3) the prospectus must contain at least the information included in scheme A of annex I, insofar as this information is not already included in the Fund regulations of the UCITS, attached to the prospectus in accordance with section 5 as an attachment.

(4) the prospectus shall contain in particular the following information: 1. in which categories of assets of a UCITS invest;

2. whether the UCITS may carry out transactions with derivatives;

3. If the UCITS may invest (Z 2) in transactions with derivatives, is prominently to explain whether these transactions to hedge investment positions, or as part of the investment strategy can be made and how the use of derivatives may affect the risk profile;

4.

a note on the investment strategy at prominent location, when a UCITS invests its funds mainly in the Z 3 to 5 defined categories of investment vehicles, which are not securities or money market instruments, in article 67, paragraph 1, or if a UCITS replicates a stock or debt securities index in accordance with article 75;

5. If necessary, a notice prominently on a volatility increased in circumstances of the net capital stock of UCITS due to the composition of its portfolio or the portfolio management techniques used;

6. in case of a UCITS within the meaning of section 76 a notice prominently on the approval of the Fund regulations by the FMA and an indication of the Member States, local authorities, third countries or international institutions of public character, to create more than 35 vH of its assets in the securities of the UCITS; intended or created

7. If a substantial part of the assets of a UCITS in units of other UCITS or other collective investment undertakings is applied, is information about the maximum amount of management fees, by the UCITS itself, as well as by the other UCITS or other collective investment undertakings in which to invest intends to carry are;

8. a collection of tasks transferred in accordance with section 28;

9 calculation of the overall risk;

10. where appropriate, the expected height of the lever with the use of derivatives and the possibility of higher values;

11. If necessary, information about the used reference asset.

(5) the provisions of the Fund approved by the FMA are part of the prospectus and to add this. The insert can be avoided if the investors of which is informed that he can get them on demand or information upon request, at which point he may consult them in each Member State in which the units are marketed. Of the deposit of the Fund regulations in accordance with section 129 subsection 2 remains unaffected.

(6) changes of information pursuant to paragraphs 1 to 4, which is likely to affect the assessment of the shares in UCITS, must be included as a supplement in the prospectus and are to publish immediately.

(7) in the case of an offer of unit certificates without a previous publication of the prospectus article 5, par. 1 and 3 to 6 is CMM to be applied mutatis mutandis. § 6 par. 2 KMG mutatis mutandis shall apply in the case of the posting of any changes referred to in paragraph 6.

(8) the prospectus of the feeder UCITS in addition has the in annex I schema (A) provided information and the information referred to in paragraphs 1 to 4 to contain: 1 a declaration which States that the feeder UCITS is a feeder Fund of a given master UCITS and as such permanently at least 85 vH of its assets in this master UCITS creates 2. indication of the investment objective and strategy, , including the risk profile, as well as whether the value development of the feeder UCITS and the master UCITS are identical, or to what extent and for what reasons they differ, including a description of the investments made in accordance with § 93 par. 2, 3. a brief description of the master UCITS, its structure, its investment objective and its investment strategy, including the risk profile, and information about 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 article 96, paragraph 1, or the appropriate internal regulations in accordance with article 98, 5. indication of the possibilities to obtain further information on the master UCITS and the agreement between the feeder UCITS and master UCITS by the share holders, 6 description of all fees and costs, in accordance with article 96, paragraph 1 to pay on the basis of the investment into the master UCITS by the feeder UCITS are , as well as the aggregate fees of the feeder UCITS and the master UCITS, and 7 description of the tax consequences of the investment into the master UCITS, the feeder UCITS.

Individual and specific information requirements

Section 132 (1) at the request of an investor has the management company also in addition the plant beyond the risk management of the UCITS, to inform the risk management methods and recent developments in the risks and returns of the main categories of investment instruments according to article 133.

(2) the management company has to inform the investors on a suitable permanent data medium in accordance with § 133 over the conditions in accordance with § 25 para 2 (potentially harmful conflicts of interest), stating the reasons.

(3) a short description of the strategies for the exercise of voting rights in investments referred to in article 26, paragraph 1 investors is free of charge to provide; the information can be done in the context of the prospectus (paragraph 131). Further details on the measures taken pursuant to these strategies are free in accordance with § 133 available to shareholders upon request.

(4) the management company has to provide adequate information on the principles laid down in accordance with § 32 best-execution trading decisions and significant changes because in the context of the prospectus or in accordance with section 133 provided to unit-holders.

Way of providing information

The shareholders in accordance with this Federal Act on certain facts or operations section 133 (1) to inform, this information are, this federal law unless expressly provided for otherwise provided, to provide the unit holders on paper or another durable medium, where in the case of other durable medium than paper, the following conditions must be met: 1. the provision of information must appropriate to the conditions be , under which the business activities between shareholders and the UCITS or, where relevant, be carried out of the management company or should be; and 2.
the shareholders are the information is available to the decided the choice between information on paper or another durable medium expressly for the latter.

(2) for the purposes of paragraph 1, the provision of information by electronic means in terms of the conditions, is under which the business activities between UCITS or their management companies and the shareholders be carried out or to be as reasonable to consider when the shareholders has proven a regular access to the Internet. This is considered proven if the unit-holders for the execution of these transactions has specified an E-Mail address. Otherwise the information to deliver address announced the shareholders at one of him on acquisition of the shares.

(3) where shares are not kept by the management company or they can even make the transmission of information not, it has to provide the information in an appropriate way for a delivery to the shareholders to the custodian make of the unit-holders. The custodian have to transmit information to unit-holders immediately after deployment.

3. section

Essential information for investors - customer information document

Customer information document - KID

134. (1) has the management company for all UCITS, she managed to create a short document containing key information for investors. This document is in Regulation (EU) No. 583/2010 as "Key investor information" and this federal law as "Customer information document" or short "KID". The term "Key investor information" is Z in the KID clearly in the in article 142, paragraph 1 to mention 3 mentioned languages.

(2) the customer information document is a pre-contractual information. It must be honest, clear and not misleading and comply with the relevant parts of the prospectus. The central elements (article 135 paragraph 2) the KID must be kept up to date (§ 131 paragraph 6).

(3) because of the KID, including translation, alone the investor can derive still no civil liability, unless the information is misleading, inaccurate or inconsistent with the relevant parts of the prospectus. The KID must contain a unique relevant warning.

(4) the KID is to keep short and in popularized language to it. It is to create, in a uniform format to facilitate comparisons, and to present, in a manner for small investors within the meaning of § 1 Z 14 WAG 2007 likely to is understandable. The requirements of the Regulation (EU) are to meet no. 583/2010. By means of regulation, taking into account of the European conventions in this field, the FMA may details to article 8 and article 10 paragraph 2 point (b) and annex I of to Regulation (EU) No. 583/2010 in particular on the transitional provisions, the description of a synthetic indicator, on the risk categories, the performance of the UCITS and the running costs set.

(5) the KID in all Member States, in which it was notified to the marketing of UCITS pursuant to section 139, apart from the translation, without changes or additions is to use.

Content of the KID


135. (1) the KID appropriate information on the essential characteristics of the UCITS has to contain and to put Investors in a position to understand the nature and risks of the investment product offered and on this basis to make an informed investment decision.

(2) the KID has information of the following essential elements of the UCITS must include: 1. identity of the UCITS, 2. a brief description of the investment objectives and strategy, 3. presentation of the previous value development or, where appropriate, performance scenarios, 4. costs and fees, and 5. risk / return profile of investment, including appropriate information on the risks associated with investing in the UCITS and appropriate warnings.

Investors must understand these essential elements without having this additional documents need to be used.

(3) the KID must contain unique information about that where and how obtained additional information on the proposed investment where and how the prospectus and annual reports and semi-annual reports are available free of charge on request and this information is available in which language can be including.

(4) with regard to the exact design of the KID in the sense of paragraph 1 to 3 is no. 583/2010 the Regulation (EU).

4 section

Publications and practices

Publications

136. (1) the management company has to publish the following documents for each of the UCITS managed by: 1. a brochure, 2. an accountability report per year and 3 a half-yearly report, which refers to the first six months of the financial year covers.

(2) the annual report and the half-yearly report are within the following periods, calculated from the end of each reporting period to publish: 1 for the accountability report four months and 2 for the half-year report in two months.

The annual reports and semi-annual reports must be accessible to the public, the authorities referred to in the prospectus and the key investor information or in the form of other, approved by the FMA regulation.

(3) Furthermore has the UCITS the output -, sales, re-purchase or redemption price of its units each time in a suitable manner, if output, a sale, redemption or payment of the shares is held, to publish, at least but twice a month. The FMA may authorise a UCITS but only once a month to make this publication, provided that this does not adversely affects the interests of the unit-holders.

(4) by this federal law ordered publications can be made: 1 in the Amtsblatt zur Wiener Zeitung or else in at least one newspaper having circulation in the whole country or 2. through to the provision to the public in printed form free of charge at the seat of the management company or 3rd in electronic form on the website of the management company and, if necessary, on the website of placed shares or selling financial intermediaries including the paying agents or 4th in electronic form on the website one by the FMA to against reasonable Remuneration authorised institution if the FMA has decided to offer this service.

(5) in the case of publications in electronic form in accordance with paragraph 4 Nos. 3 and 4 with the exception of the information to be published pursuant to paragraph 3 (issue and redemption price) must be provided a paper version free the investors by the management company, the provider, the person applying for the admission to trading or the financial intermediaries, which place the shares or sell on demand. In the case of a publication in paper form in accordance with paragraph 4, Z 2 has an electronic version in accordance with § 133 to provide the management company at the request of the investor.

Information to the FMA

137. (1) a in Austria of approved UCITS has the FMA 1 the KID and all changes of the same, 2. the prospectus of UCITS and its changes and 3. to submit the reports and semi-annual reports as well as the audit report of the UCITS. The documentation referred to in Nos. 1 and 2 are the FMA through the registration office (§ 12 KMG) to submit in accordance with article 129, paragraph 2. At the request of the competent authorities of the Member State of origin of the management company, the UCITS has to provide the documentation referred to in no. 1 to 3 also to these authorities.

(2) in addition to the documents referred to in paragraph 1, the feeder UCITS of the FMA approved in Austria has the brochure to send the KID referred to in section 134, including any relevant amendment as well as the annual reports and semi-annual reports of the master UCITS recognized b paragraph 1 CMM within the terms of paragraph 3 in German or English language or in one of the FMA pursuant to § 7 regulation language within the meaning of paragraph 1.

(3) the audited annual report and the audit report on the annual report shall be provided by the management company at the latest within four months of completion of the accounting year of the UCITS of the FMA. The half-year report is the FMA within two months after the end of the reporting period to present.

When and how to deploy brochure, KID and accountability reports for investors

138. (1) the management company has each UCITS it manages and it directly or through another natural or legal person, who acts on its behalf and under its full and unconditional liability, sold to investors ahead of the offered drawing of the units of the UCITS 1 the KID for the UCITS in German language and 2 on request also a) the prospectus , b) the Fund regulations, if they are not already included in the prospectus, and c) the most recently published annual and half-yearly report and d) in the case of a master-feeder UCITS the agreement between master UCITS and the feeder UCITS in accordance with § 96 free of charge on paper or on another durable medium (Regulation (EU) No. 583/2010) to provide.

(2) unless the management company sold the UCITS either directly or through another natural or legal person, acting on their own behalf and under your full and unconditional liability to investors, it has the product designers as well as intermediaries that investors in such UCITS or in products, which include investment risks of such UCITS, provide facilities to sell or to advise, to provide the KID at their request. The intermediaries who sell potential assets in UCITS investors or to advise them, have their customers or potential customers the KID - on request of the investor and also the Fund regulations - free of charge on paper or on another durable medium (Regulation (EU) No. 583/2010) provide.

(3) in addition to paragraphs 1 and 2, the management company about a site 1 has the customer information document always in current version, and 2 always in current version to make the prospectus.

(4) the annual reports and semi-annual reports are available to the investor in the form described in the prospectus and in the KID.

(5) without prejudice to the obligations para 2 to 4 is in accordance with the unit-holders upon request and free a paper version of the customer information document in current version, the prospectus, of reports and semi-annual report, and in the case of a master-feeder UCITS in addition the prospectus and the annual report and half-yearly report of the master UCITS by the feeder UCITS, to make.

(6) is to provide the shareholders of the transferor UCITS a current version of the customer information document of the receiving UCITS in accordance with § 133 at the time specified in § 120 paragraph 6 in the event of a merger. Changes to the customer information document for the investors of the receiving UCITS are made as a result of the proposed merger, the modified customer information document shall transmit to unit-holders of the receiving UCITS pursuant to § 133 in § 120 paragraph 6 to the specified time.

(7) a UCITS authorized in Austria has to provide all documents and information in accordance with this main piece anyway in German investors in Austria. Section 142 shall apply with regard to a UCITS authorised in another Member State.

5. section

Marketing of UCITS in Member States other than the State of registration of the UCITS

Marketing of units of UCITS domestically approved in other Member States

139. (1) If a UCITS intends to market its units in another Member State, so he has a letter of indication in accordance with article 1 of Regulation (EU) to send no. 584/2010, the FMA in advance include the following particulars and documents shall: 1. information on the arrangements for the marketing of UCITS in the host Member State;

2. where appropriate, information on the genera of proportion of and sub-funds;

3. provided that the UCITS is marketed by the management company that manages him, (§ 37 - services and freedom of establishment), an indication;

4. a current version of a) the Fund regulations, b) of the prospectus, as well as c) if necessary, the last accountability report and the subsequent half-yearly report


in the according to § 142 ABS 1 Z 4 officers to translation into the official language or one of the official languages of the UCITS host Member State or in one of the competent authorities of the host Member State the customer information document referred to in section 134 in the pursuant to § 142 para 1 accepted Z 4 language or commonly used in the financial world in one language and 5 made translation into the official languages, or in one of the official languages of the UCITS host Member State or accepted by the competent authorities of the host Member State in a Language.

(2) the FMA has to check the completeness of the information provided pursuant to paragraph 1 and documents the competent authorities of the Member State in which the UCITS wants to distribute his shares the complete dossier referred to in paragraph 1 to submit no later than ten working days after receipt of the display writing and the documents required in paragraph 1 and a certificate in accordance with article 2 of Regulation (EU) No. 584 / 2010 to add , that the UCITS fulfils the conditions laid down in Directive 2009/65/EC. Last sentence AVG § 13 para 3 this does not apply.

(3) the FMA has to notify the UCITS immediately after the delivery of the documents about it. The UCITS can bring his shares from the date of this notification in the host Member State on the market.

(4) the display writing referred to in paragraph 1 is from the display and the certificate referred to in paragraph 2 is by the FMA in a language customary in the world of international finance sphere or in the German language, where it is also the official language of the host Member State, to be worded.

(5) the electronic transmission and filing of the documents referred to in paragraphs 1 and 2 is permitted and the FMA to no. 584/2010 known e-mail address in accordance with article 3 of Regulation (EU) to do this, type to which the documents and information, as well as the changes of the documents and information referred to in paragraph 1, either by means of description of the change or enclosing a new version in a common electronic format that can be sent.

(6) the management company of a UCITS authorised in Austria has to ensure that all information and documents referred to in paragraph 1 Nos. 4 and 5, including any translations on a website, which is to specify, for the FMA as well as for the competent authority of the host Member State are available electronically, in the indicator letter to be transmitted in accordance with paragraph 1 are always up to date and the competent authority of the host Member State of any change to the documents referred to in paragraph 1 and their electronic availability is informed. Any document provided on this website is to provide a common electronic format.

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

Sales of shares in another Member State authorised UCITS in the domestic

140. (1) a UCITS authorised by another Member State may marketed in Austria, as soon as the documents and information referred to in section 139, paragraph 1 and the certificate referred to in § 139 paragraph 2 by the competent authority of the Member State of origin of the UCITS were submitted to the FMA.

(2) the UCITS can use same reference for the performance of their duties on their legal form, for example, "company" or "Investment funds", as in their Member State of origin (article 130).

(3) for manipulating the display in accordance with paragraph 1, a fee of EUR 1 100 can be paid to the FMA. These fee increases in funds, which contain several sub-Fund (umbrella fund), from the second part of funds for each Fund to 220 euros. For the monitoring of compliance with the obligations under this section at the beginning of each calendar year, is payable an annual fee of 600 euros to the FMA no later than January 15 this year; these fee increases in funds, which contain several sub-Fund (umbrella fund), from the second part of funds for each sub-fund to 200 euro. Fees posts that were paid not later than on the due date, shall be enforceable. The FMA has to make a considered execution title behind pass. It has name and address of the toll, the amount of the debt and the notice to include that the debt has become enforceable. The prescribed fee is a sales ban reason pursuant to article 162, paragraph 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 have respect of sections 55 to 57, as well as the sections 128 to take measures 132, 133, 136, and 138, which are required to ensure that the shareholders in Austria come benefit from the payments, the repurchase and redemption of units and received by the UCITS to supplying information. To do this, the UCITS has at least a credit institution, that first sentence meets the conditions of § 41 para 1 to call.

(2) the UCITS authorised in another Member State has all the information and documentation referred to in section 139, paragraph 1 Z 4 and 5 together with any translations on a website for the FMA to electronically access, to always keep up to date and to inform the FMA through any changes in these documents and their electronic availability.

(3) in the event of a change of the details of the display writing in accordance with section 139, paragraph 1 Z 1 split with modalities of marketing or a change of the distributed genera of share of or sub-fund in accordance with section 139, paragraph 1 Z 2 has approved in accordance with section 140 in another Member State a UCITS of the FMA before implementation of the change in writing them.

(4) the UCITS authorised in another Member State has the intention to stop the public sale of shares, viewing the FMA and publishing having regard to the legal consequences. The obligations from public distribution, resulting from this federal law, ending at the earliest three months after the successful sales. The FMA may order an extension to this period, as well as a related publication in the interest of the shareholders. section 142 shall further apply.

Information obligations of UCITS authorised in another Member State

142. (1) in another country of appropriated UCITS, which sells its share in Austria, has all the information and documents, as well as their changes available to make, which he must provide to investors in accordance with chapter IX of Directive 2009/65/EC in his Member State of origin, namely the investors in Austria: this information and documents, as well as their changes are the investors in accordance with the sections 128 1 without prejudice to the provisions of chapter IX of Directive 2009/65/EC , 132, 133, 136, and 138 to to provide.

2. the customer information document referred to in section 134, and whose changes are in the German language to translate;

3. other information or customer information document called documents as in paragraph 134, and whose changes b paragraph 1 are KMG after choice of the UCITS in the German language or in the English language, or in one in accordance with § 7 in the financial world to translate common language; 4. translations of the information and documentation are in accordance with Nos. 2 and 3 to create under the responsibility of the UCITS and must faithfully reflect the content of the original information.

(2) the frequency of publication of the output, sales and redemption prices of the UCITS depends on the laws, regulations and administrative provisions of the Member State of origin of the UCITS.

5. main piece

Supervision and European and international cooperation

1 section

Supervisory

143. (1) the FMA has 1 compliance with the sections 5-35 by management companies headquartered in Germany and their branch offices in accordance with § 37;

2. compliance with the provisions of the 3rd and obligations contained in the Fund regulations and the prospectus of UCITS 4 main piece as well as the and of Regulation (EU) No. 583/2010 and (EU) No. 584/2010 in regard to the domestic approved UCITS by the management company pursuant to § 5 para 1 and by management companies from Member States, providing activities of collective portfolio management in the country in the exercise of the freedom to provide services or through a branch office.

3. compliance with paragraphs 10 to 28 by management companies in accordance with § 36, providing activities of collective portfolio management in the country in the exercise of the freedom to provide services;

4. compliance with §§ 10-35 by branch offices of companies from other Member States in accordance with article 36; and 5 the compliance of sections 141 and 142 and the provisions referred by UCITS in accordance with section 140 and by their management companies;

to monitor and to take care on the national economic interest in a functioning financial market and the financial market stability.

(2) § 12 KMG concerning the tasks of the Registrar also applies to the scope of this federal law.


(3) the FMA and the OeNB work together to effectively fulfill of their respective tasks pursuant to the Austrian Banking Act and this Act.

(4) in cooperation with other authorities, section 72 shall apply BWG.

Cost determination

section 144. With regard to the allocation of costs § 69a of the Banking Act shall apply.

Data protection

145. (1) the FMA and the OeNB are authorized to the conventional and automated identification and processing of data within the meaning of the DSG 2000, insofar as this is in their remit under this federal law; This includes: 1. concessions by management companies and custodian banks and for issuing relevant circumstances;

2. Management, administrative and accounting organization and internal control (risk management) and revision of management companies, UCITS, AIF and custodian banks;

3. branch offices and the exercise of the free movement of services;

4. equity;

5. qualifying holdings in management companies;

6th annual accounts and accounting;

7 regulatory action pursuant to §§ 147 to 150 and appeal against such measures;

8 administrative penalties in accordance with articles 190 to 192;

9 investigations pursuant to articles 147 to 149 and 157, 158, 161 and 162 of this Federal Act, article 48q para. 1 or § 86 para 6 BörseG, article 70 BWG, § 91 WAG 2007, § 8a 2 KMG and section 22 b FMABG;

10. information, the competent authorities within the framework of the exchange of information in accordance with paragraph 2 of that provision, the sections 157, 158, 160 to 162 of this Federal Act or according to § 47a, 48r and 86 para 8 and 9 Austrian Stock Exchange Act 1989 or by way of § 21 FMABG; obtained

11. the allocation of costs for the investment fund supervision;

12 approval of UCITS and AIF and for issuing relevant circumstances;

13 compliance with the provisions of the 2nd section of the 1st main piece;

14 investments in UCITS and AIF;

15 compensation data pursuant to section 39 (b) and section 39 c BWG.

(2) the transmission of data referred to in paragraph 1 is allowed: 1 by the Austrian National Bank on the FMA and 2nd by the FMA within the framework of mutual assistance, as well as 3 by the FMA on a) the Austrian National Bank, b) competent authorities or central banks of Member States, c) ESMA, d) the European Committee for systemic risks - ESRB (Regulation (EU) no 1092/2010) as well as the European Central Bank , as far as necessary for the execution of tasks, the tasks of the FMA and Oesterreichische Nationalbank to this federal law, the Stock Exchange Act 1989, the BWG, the WAG 2007, the CMM, which this is necessary for the perception of other statutory tasks under the supervision of the financial market of a requesting competent authority or regulation (EU) No. 584/2010 of the Commission comply with no. 583/2010 or the Regulation (EU) , and e) clearing houses including the Oesterreichische Kontrollbank AG, as far as necessary for the performance of their duties to ensure the functioning of these bodies in the case of possible breaches of market participants is required or legal for other tasks under the supervision of the financial market of the requesting authority is required, and if a substantiated request is, and as far as the transmitted data with these authorities or bodies are subject to the obligation of professional secrecy in accordance with article 102 of Directive 2009/65/EC.

The FMA may indicate in the transmission of information and in the case of delivery to clearing houses including the Oesterreichische Kontrollbank AG, the FMA it is to point out that these may be published only with their explicit consent.

(3) the transmission of data referred to in paragraph 1 by the FMA is within the same frame, for the same purposes and with the same restrictions as to competent authorities of Member States referred to in paragraph 2 also to the authorities of third countries, which perform functions corresponding to the tasks of the FMA or the Austrian National Bank have allowed only as far as the transmitted data with these authorities a professional secrecy in article 102 of Directive 2009/65/EC subject to appropriate confidentiality and delivery in accordance with chapter IV of Directive 95/46/EC on the protection of natural persons in the processing of personal data and on the free movement of data, OJ No. L 281 of 23.11.1995, p. 31, stands.

(4) the FMA for the purposes of cooperation and the exchange of information referred to in paragraph 2 and 3, as far as this may for the execution of tasks, the tasks of the FMA to this federal law, the Stock Exchange Act 1989, the BWG, the WAG 2007, the CMM, which regulation (EU) No. 584/2010 No. 583/2010 or the Regulation (EU) that is, required or necessary for the performance of other legal duties under the supervision of the financial market of a requesting authority responsible for supervision of securities is required and the applicant authority would also correspond to a similar request for cooperation and information exchange, make use of their powers only for purposes of such cooperation, even if the conduct which is the subject of the investigation, represents no violation of a provision of applicable in Austria. All its powers under para 1 Z 9 can the FMA for the purposes of such cooperation also compared with natural and legal persons make use of, which are not or are approved for the provision of services of asset management within the meaning of Directive 2009/65/EC in their country of origin.

(5) receives the FMA within the framework of the exchange of information referred to in paragraph 2 or 3 information indicating that these only with the explicit consent of the transmitting authority may be published, or originate the information received in accordance with paragraph 3 from another Member State, the information contained therein only for the purposes for which the approval was granted may; submits the exchange of information within the framework of judicial criminal proceedings, insolvency proceedings or business supervisory process of the UCITS or the management company or the depositary bank is however allowed.

Professional secrecy

section 146. Experts commissioned by the FMA or the Austrian National Bank are subject to the obligation of secrecy pursuant to § 14 para 2 FMABG.

Examinations and tests

147. (1) has the FMA all investigations and that measures must be taken to the perception of her, are required BWG assignments under this federal law in accordance with article 143, para. 1 in accordance with § 3 para 8.

(2) in exercising the powers referred to in paragraph 1, the BWG and the WAG 2007 the FMA without prejudice to the powers their provisions bundesgesetzlicher on the basis of other is at any time authorized to take 1 in the books, documents and data carriers of the companies referred to in article 143, paragraph 1 insight and obtaining copies of them; the scope of the rights of information, template - and a show of FMA and the commitment to the availability of documents in the domestic, § 60 para 3 shall apply BWG;

2. by management companies and custodian banks and their institutions, as well as by all agencies on the provision of services were outsourced to request information and to summon persons in accordance with the administrative procedure law, and asking questions;

3. by auditors or other experts perform all necessary tests, taking in § 62 BWG exclusion reasons to apply are; Provision of information by the FMA to the examiner appointed by you is permitted, insofar as this is relevant to the completion of the audit assignment;

4. through its own auditors, auditors or other experts on the ground making checks;

5. for the inspection of branch offices and representations in Member States the authorities of the host Member State for carrying out of the examination to ask if this simplifies the procedure compared to a test in accordance with no. 4 or accelerated or if this is; located in the interest of practicality, simplicity, quickness, or cost savings under these conditions, our own employees of the FMA can take part in such an examination;

6. by the Auditors to obtain information.

(3) in the case of an examination in accordance with paragraph 2 Z 3 or 5 must be provided to the audit organs with a written audit and have to identify themselves without being asked before the exam begins, as well as to present the audit engagement. In addition, section 71 shall apply BWG.

Supervisory measures

Section 148 (1) to avert a threat to the financial interests of the unit-holders of a UCITS pursuant to § 50, or the customers of a management company pursuant to § 5 para 1 in connection with their activities may order temporary measures the FMA by ruling that occur no later than 18 months after the start of effective override. The FMA may prohibit wholly or partly by notice in particular 1 capital and profit withdrawals of a management company;

2. in the interests of the unit-holders or of the public require the suspension of the issue, redemption or withdrawal of shares;

3. an expert supervisor (Government Commissioner) order that belongs to the profession of lawyers or the auditor; the supervisory person all rights pursuant to section 147 subsection 2 is entitled to, has a) the management company all shops to prohibit, which are likely to increase the risk of above, or b)

in the event that the continuation of the business completely or partially prohibited the management company was to allow individual transactions which do not increase the risk described in the introduction of this provision;

4. wholly or partially prohibit the management of the company managers of the management company under simultaneous understanding of the organ competent to order the General Manager; the competent body shall have within a month to order the appropriate number of business managers; the order to their legal validity of the consent the FMA that is to fail, when the newly appointed Managing Director seem not to be able to bring about a turning away of the above risk;

5. the continuation of business activities entirely or partially prohibit.

(2) the FMA may request which supervisor (Government Commissioner) ordered Z 3 or § 3 order a Deputy referred to in paragraph 1, if and as long as this is necessary for important reasons, in particular because of temporary prevention of the Invigilator,. For the order of the Deputy as well as its rights and obligations the provisions applicable to the Invigilator shall apply. The Invigilator (Government Commissioner) can serve their tasks professionally suitable persons with the approval of the FMA to meet as far as this is necessary to scope and difficulty of the tasks. The approval of the FMA has to call these individuals by name and shall be notified to the management society. These persons acting under the direction and on behalf of the supervisor (Commissioner of the Government) or their Deputy. It is article 70 paragraph 2 b and 3 and subsection 6 BWG application.

(3) all of the measures ordered by the FMA in accordance with paragraphs 1 and 2 to rest for the duration of business Supervisory proceedings.

(4) notices that the leadership of a management company pursuant to § 5 para 1 whole or in part is prohibited business managers (para. 1 No. 4), are, as also any repeal this measure to submit the registration Court for registration in the commercial register by the FMA.

(5) a licence condition in accordance with § 6 subsection 1 pursuant to a licence no longer exists or a management company pursuant to § 5 para 1 violated provisions in accordance with section 143, paragraph 1 of the Banking Act or an Ordinance issued on the basis of this Federal Act or of the BWG, this Federal Act or a notice or a provision of the regulations (EU) No. 583 / 2010 or (EU) No. 584 / 2010 , so, the FMA has measures in section 70 para 4 referred to Z 1 to 3 Banking Act in relation to this management company and to withdraw any concession pursuant to § 5 para 1 or the authorization referred to in section 50. To the § the custodian violates provisions of this Federal Act or a regulation adopted pursuant to this Federal Act, or a notice are § 70 para 3 and 96 BWG with the provision to apply, that takes the place of deprivation of concession pursuant to section 70 para 4 Z 3 BWG the withdrawal of the authorization referred to in section 50.

Cooperation with the courts and security authorities

Article 149 (1) to avert a threat to the financial interests of the unit-holders of a UCITS pursuant to § 50, or the customers of a management company pursuant to § 5 para 1 in connection with their activities or to their other missions under this Federal Act can request existing records of telephone calls and data transmission the FMA 1;

2. the competent public prosecutor's Office request that this Court an application to ensure in accordance with §§ 109 Z 1 and 110 § 1 Z 3 or seizure pursuant to §§ 109 Z 2 and 115 paragraph 1 Z 3 code of criminal procedure, 1975, StPO (BGBl. No. 631/1975) is.

(2) the suspicion that a transaction is money laundering or the financing of terrorism, is for the FMA in the performance of their duties, she has the money laundering Clearinghouse (section 4, paragraph 2, of the Federal Criminal Police Office Act, Federal Law Gazette I no. 22/2002) subject immediately to inform. § 41 para 6 BWG is to apply.

Publications

150. (1) can the FMA to avert a threat to the financial interests of the unit-holders of a UCITS pursuant to § 50, or the customers of a management company pursuant to § 5 para 1 in connection with their activity by your measures according to article 148, paragraph 1, 2 and 5 by proclamation in the Internet, print in the "Amtsblatt zur Wiener Zeitung" or make known in a newspaper with circulation in the entire Federal territory, or by posting them at a suitable place in the premises of the management company (§ 5). Publications of measures or sanctions may be made only if this is necessary on the type and severity of the violation to the public, is not seriously endangered the stability of financial markets, is not detrimental to the interests of investors and is proportionate in terms of possible disadvantages of the person concerned. This publication measures may be taken also cumulatively. The FMA can publicise also any measure or sanction for a violation of this Federal Act, the Banking Act or on the basis of this Federal Act or of the BWG of mutual regulations or EU regulations adopted by the directive 2009/65/EC, provided that such disclosure does not seriously endangered the stability of financial markets would adversely for the interests of investors or no disproportionate damage to the parties involved. This publication measures may be taken also cumulatively.

(2) the FMA may by proclamation in the Internet, print in the "Amtsblatt zur Wiener Zeitung" or in a newspaper with circulation in the whole country, inform the public, that is a particular natural or legal person (person) to the issue of UCITS (§ 50 para 1), the management of investment funds (§ 1 para 1 Z 13 Banking Act in connection with § 5 para 2 Nos. 1 and 2 of the Federal Act) or investment advice or custody (§ 5 para 2 Z 4) is not entitled , provided that this person has given rise and a public information is required on the type and seriousness of the infringement, the stability of the financial markets is not seriously endangered, is not detrimental to the interests of investors and is proportionate in terms of possible disadvantages of the person concerned. This publication measures may be taken also cumulatively. This person must be clearly identifiable in the publication; for this purpose may, if known of the FMA, also business address or home address and company registration number, Internet address, telephone number and fax number specified.

(3) he can apply for a review of the legality of the publication referred to in paragraph 1 or 2 in an administrative decision to be procedure by the FMA by the publication concerned. The FMA has announced the initiation of such proceedings in the same way in this case to make. Is the illegality of the publication is determined in the context of the review, the FMA has the publication to set or to revoke either at the request of the person concerned, or to remove from the website. In proceedings before the courts of public law on suspensive effect attributed to a complaint against an administrative decision, which had made known pursuant to paragraph 1, so the FMA has known this in the same way to make. The publication is to set or to revoke either at the request of the person concerned, or to remove, if the notice is lifted from the website.

Obligations of the FMA

§ 151. The management company has the FMA without delay any relevant for the licensing change writing - where in the case of a decision not to be seen is the occurrence of the effectiveness of the subject of the decision - namely: 1 any amendment to the Constitution and the decision on resolution;

2. any modification of the requirements pursuant to § 5 para 1 Nos. 6, 7, 10 and 13 Banking Act at existing managers;

3. any change in the person of the Managing Director as well as compliance with article 5, paragraph 1 No. 6, 7 and 9 to 13 BWG and section 6 para 2 Nos. 8, 9, 10 and 12 lit. This federal law;

4. the intended opening as well as the laying, closure or temporary cessation of the business operation of the principal place of business;

5. circumstances that reveal an ordinary business leaders that the feasibility of the commitments is at risk;

6. the admission of insolvency or over-indebtedness;

7. any intended extension of the subject of the business;

8. any reduction of the paid-up capital (§ 6 par. 2 Z 5);

9. the or those responsible for internal audit, as well as changes in their person;

10. the fall in the eligible own funds, the amounts referred to in article 8;

11 any more than a month continued non-compliance with standards in accordance with § 23 para 1 to 5 and 7 to 17, § 24, § 25, § 27 and section 29 BWG and regulations adopted on the basis of, or decisions;

12. any order of a statutory auditor, as well as changes in the person of the same;

13. any transfer in accordance with section 28 and each end of the transmission;

14. all significant changes to the risk management process in accordance with § 85 to 92;

15. any suspension of redemption or withdrawal in accordance with article 56, as well as the resumption;

16.

the beginning of settlement in accordance with article 63, paragraph 1;

17. the termination of the management of UCITS in accordance with section 60, paragraph 2;

18. the resolution without notice of termination pursuant to § 63 para 4;

19. the conversion in accordance with article 64.

Regular reporting obligations

§ 152. The management company has the FMA in agreement with the depositary bank quarterly reports with information to convey, which give a true and fair picture of derivatives used for each managed UCITS, the underlying risks, the quantitative limits and methods which are used to estimate the risks associated with derivatives transactions. The FMA can regulate the type of transmission with regulation, and in particular the use of electronic registration systems or disks, and computer formats may be prescribed.

Form of communication with the FMA - electronic delivery

153. (1) the FMA may after consultation with the Austrian National Bank by regulation prescribe that the ads and submissions in accordance with §§ 151 and 152 this Federal Act and § 20 para 3, 28a paragraph 4, article 44, paragraph 1, first sentence, and paragraph 4 and section 70a para 5 BWG and § 2 para 2 of Ward Safety Ordinance, BGBl. No. 650/1993, amended by regulation Federal Law Gazette II No. 219/2003 exclusively in electronic form to be delivered have as well as outlines , have to meet minimum technical requirements and modalities. The FMA has to orient itself on the principles of efficiency and expediency, and to ensure that the full electronic availability of data for the FMA and the OeNB maintained and supervisory interests are not compromised. Also could allow the FMA in this regulation statutory auditors for certificates, transfers, reports and notifications in accordance with § 154 optional participation in the electronic system of the delivery in accordance with the first sentence. The FMA has appropriate arrangements for it to meet, that the notifying parties or, where appropriate, their entities can make during a reasonable period of time in the system about the accuracy and completeness of the data received by them or their entities.

(2) the communication between the FMA and the competent authorities in other Member States in connection with the marketing of UCITS pursuant to §§ 139 and 142 according Article 3 to 5 of the Regulation (EU) No. 584/2010.

Reporting by auditors

154. (1) an auditor who shall examine the financial statements of a management company (§ 5 para. 1) or the report of a UCITS (paragraph 49) or performs an other prescribed activity at this or this, noting facts 273 par. establish a reporting obligation pursuant to § 2 and 3 of the commercial code, so has he immediately, at the latest at the same time, the pursuant to section 273, para 3 UGB to to submit Rapporteur report of also the FMA and Oesterreichische Nationalbank.

(2) the statutory auditor has, even if no reporting obligation pursuant to § 273 par. 2 and 3 UGB to report the FMA and Oesterreichische Nationalbank and the managers and the competent according to law or the articles of Association of supervisors immediately in writing with explanations, if he determines facts in its audit work, the 1.
              a significant violation in article 143, paragraph 1 reveal those provisions or regulations adopted on the basis of this Federal Act against or notifications the FMA; or 2 indicate the feasibility of the obligations of the management company or of the UCITS for at risk; or 3. activities referred to in section 28 were transferred to the obstruction of the activities of the UCITS or the management company or a company that, reveal; or 4 significant items of the balance sheet or off-balance sheet positions of the management company as not valuable; identified or 5 has reasonable doubt about the authenticity of documents or the representation of managers are available; or lead 6 to a rejection of the audit report or the statement of reservations.

The auditor finds other defects, not worrying changes in the risk situation or the economic situation or only minor violations of rules, and the shortcomings and violations of regulations are fixable in the short term, so the statutory auditor of the FMA and Oesterreichische Nationalbank must report only if the management company within a reasonable time period, at the latest within three months, corrected the deficiencies and has shown to the Auditors. To report is when the Director improperly give information requested by the Auditors within a reasonable period of time. In cases where a Wirtschaftsprüfungsgesellschaft as auditor is appointed, the reporting obligation applies also according to § 88 par. 7 economic trust professional law - WTBG (Federal Law Gazette I no. 58/1999) designated individuals.

(3) the auditor is required to notify such facts of which it gained knowledge in the exercise of one of the aforementioned activities in a company, the affiliates (section 228 para 3 UGB) to the in article 5, paragraph 1, management company referred to is that he engaged in this activity.

(4) the auditor is obliged in carrying out his duties outside of audit engagements of the supervisory body to the understanding of the Chairman of the Board, if a reporting to the Managing Director due to the nature and circumstances of the offences would not achieve the purpose of the removal of defects and these are serious.

(5) the Auditors in good faith reports an according to par. 1 to 4, this does not constitute a breach of a contractually or legally controlled restriction of disclosure and entail no responsibility for him.

Details of the FMA-related legislation

155. (1) has 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 the activities of UCITS, to inform the FMA.

(2) Furthermore has the FMA on its website of all laws and regulations, not already no. 584/2010 issued no. 583/2010 and (EU) in implementation or enforcement of the regulations (EU) and that are specifically relevant for the arrangements for the marketing of units in other Member States approved UCITS in Austria, to inform. This information is in the form of a narrative or a combination of explanatory description and references or links to the source documents to prepare. This is to provide information in particular on the following: 1. the meaning of the term 'Marketing of UCITS' in accordance with the applicable law;

2. the requirements for content, format and presentation of advertising, including all mandatory warnings and restrictions on the use of certain words or phrases.

3. without prejudice to sections 1 to 4 of 4 main section details of all additional information, provided to investors

4. details of all exemptions from regulations and requirements for marketing agreements that apply to certain UCITS, certain classes of share or part Fund of UCITS or certain categories of investors;

5. requirements to the reporting or delivery of information to the FMA and the procedure for the submission of updated versions of the required documents;

6. requirements in respect of fees or other sums, to pay either at the beginning of the marketing or afterwards at regular intervals to the FMA, or other bodies of governed by public law are;

7 requirements in relation to the possibilities of who are the shareholders in accordance with section 141 subsection 1 available;

8. conditions for the setting of marketing of UCITS in Austria by a UCITS which has been approved in another Member State;

9 detailed information about the content of the information in part B in Austria the number 584/2010 of display writing referred to; be included in article 1 of Regulation (EC)

10. the email address communicated for the purposes of § 139 para 5.

(3) the information referred to in paragraphs 1 and 2 are in German and English language completely, clearly and unmistakably willing to make and to keep up to date.

Details of the FMA on measures in connection with master-feeder funds

§ 156. Master UCITS or the feeder UCITS in Austria are granted, so that has to make sure the feeder UCITS directly about any decision, measure, to teach detection of infringements of the provisions of the 3 main section 5 section, as well as all information communicated pursuant to article 154, paragraph 1 and 4, relating to the master UCITS or its management company, its depositary or its auditors, and, where appropriate, information of other unit-holders of the master UCITS FMA.

2. section

European and international cooperation

Point of contact and exchange of information


157. (1) the FMA's competent authority in accordance with article 97 of the directive 2009/65/EC. The FMA may obtain information about activities of Austrian management companies and UCITS in other Member States and in third countries, as well as the location of the management companies from other Member States or third countries, working can affect the Austrian financial market essence, at any time, if this is necessary in the national interest in a functioning financial market sector or in the interest of the creditor protection.

(2) the FMA can in other Member States for the oversight of payment and settlement systems clearing houses, the protection of natural persons in the processing of personal data or for combating money laundering and financing of terrorism are responsible with 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 authorities, , as well as 4 ESMA work together, when this perception in the policy 2009/65/EC, 2010/43/EU or 2010/44/EC, or in the regulations (EU) No. 583/2010 or (EU) No. 584/2010 or (EU) No. 1095 / 2010 set tasks or in the way of the administrative and legal assistance is required and as far as the information submitted to these authorities that are subject to professional secrecy in accordance with article 102 of Directive 2009/65/EC; in this context, the FMA can set in particular request on survey of persons to the competent authority in another Member State.

(3) the FMA may exercise for the purposes of cooperation and to the forwarding of data to this main piece of its powers, even if the conduct which is the subject of the investigation, represents no violation of a provision of applicable in Austria; the FMA has the aforementioned powers to make use, to the authorities of the host Member State of a management company pursuant to § 37 the survey in article 21 to allow para 2 of Directive 2009/65/EC listed and to teach, the measures or sanctions against the management company or a restriction on their activities to the competent authorities of the Member State of origin of a management company in accordance with § 36 over all in accordance with article 38, paragraph 5 measures include. Of its powers pursuant to section 147 subsection 2 Nos. 1 and 2, the FMA for the purposes of cooperation also to legal entities can make use that paragraph 1 of the directive 2009/65/EC are licensed in their home Member State to provide services of asset management as a management company within the meaning of article 6.

(4) the FMA has to communicate the information necessary for the exercise of their functions in accordance with article 97 of the directive 2009/65/EC other competent authorities, unless these tasks resulting from this federal law or directive 2009/65/EC, in particular infringements or suspected infringements of a branch office or a business entity to which activities are outsourced. The FMA has on request all relevant information and to submit all material information by itself. The FMA may reserve, if it exchanges information with other competent authorities, with the delivery, that this information may be published only with their explicit consent. In this case, they should be carried out only for the purposes for which the approval was granted.

(5) the FMA as well as other bodies or natural or legal persons receiving confidential information referred to in paragraph 2, in accordance with § 145, para. 5, or from a third country, may use it in the performance of their duties only for the following purposes: 1. to check, whether the admission criteria for UCITS management companies or companies that work on their business, are met, and to facilitate monitoring of the conditions for the pursuit of activities , the administrative and accounting procedures and internal-control mechanisms;

2. for the application of sanctions;

3. within the framework of administrative proceedings concerning the fight against decisions of the competent authorities;

4. in the context of proceedings by a court or by a public prosecutor listed.

(6) the FMA can transmit confidential information following institutions and authorities to carry out their tasks: 1 the central banks, the European system of central banks and of the European Central Bank, in their capacity as monetary authorities; and 2., where appropriate, other public authorities who are tasked with monitoring or legal control of the accounts of credit institutions, investment firms, insurance companies or other financial institutions or the financial markets; or 3. institutions that are involved in the liquidation or bankruptcy of UCITS or 4 ESMA, 5. the European banking authority - EBA (Regulation (EU) no 1093/2010 from 24 November 2010 establishing a European supervisory authority (European banking authority), amending Decision No 716/2009/EC and repealing Decision 2009/78/EC - OJ) No. L 331 of the 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), to the amendment of the decision No 716/2009/EC and repealing Decision 2009/79/EC - OJ) No. L 331 of the 15.12.2010, p. 48); or 7 the ESRB.

Official secrecy, paras 2 to 4 and § 145, para. 3, and 5 are the forwarding of information or a forwarding by the authorities or agencies referred to in no. 1 to 7 to the competent authorities or to the managing investor compensation schemes entrusted authorities need this information to carry out their tasks in accordance with Directive 2009/65/EC, does not preclude , if these authorities or bodies are subject to the obligation of professional secrecy within the meaning of article 102 of Directive 2009/65/EC.

(7) the FMA has any decision on withdrawing the approval in accordance with § 50 and any other serious measure taken against a UCITS in accordance with § 148, or any measure imposed on him to suspend the output, the repurchase or redemption of the shares the competent authorities of the UCITS host Member State and, if the management company of a UCITS in another Member State is established, inform the competent authorities of the Member State of origin of the management company.

Cooperation in investigations and the review site

158. (1) may request the competent authority of another Member State to cooperate in a review of the FMA on site or an investigation. The FMA receives a request for an investigation or a review site, so it within their powers to take action, by conducting the review or investigation allowing 1 undertaking verifications or investigations itself, or 2. the applicant authority, and in this case, employees of the FMA may accompany the staff of the requesting authority, or 3 has allowed the carrying out of the verification or investigation Auditors or experts of the Government.

(2) If a management company in accordance with § 36 exercises its activity in Austria over a branch, so is to allow the competent authorities of the Member State of origin of the management company after informing the FMA, checking the information referred to in section 161 or to check named intermediate on-site for this purpose by that authority. The rights of the FMA to the suburban testing of the branch on the basis of the tasks incumbent upon it by this federal law are not affected thereby.

(3) the FMA has justified cause to believe that companies that are not of their supervision, have infringed the provisions of Directive 2009/65/EC in the territory of another Member State or violated, she as closely as possible to inform the competent authority of the other Member State. It has in turn appropriate measures to take if it has received such a notice from another competent authority, and shall inform that authority of the outcome of these measures and as far as possible on essential in the meantime occurred developments. This paragraph shall not affect the powers of the FMA as competent authority.

Rejection of cooperation

159. (1) may refuse a request for cooperation in carrying out an investigation or a review on the spot or on Exchange of information referred to in section 157 or 158 only the FMA, if 1 the sovereignty, security or public order of in Austria might adversely affect the review site, discovery or the exchange of information;

2. due to the same actions and against the same people already proceedings before a court in Austria is pending;

3. in Austria already a final judgment against the persons concerned due to the same cause of action has been rendered.


(2) in the case of a rejection, the FMA has this refusal pursuant to paragraph 1 to be communicated to the requesting competent authority and provide you accurate information.

(3) the FMA can inform ESMA about situations where a request from the FMA 1 to exchange of information under the section 157 or 158 has been rejected or has led to no response within a reasonable period of time;

2. order a review was rejected locally or a determination pursuant to section 158 or has led to no response within a reasonable period or 3 seeking approval by employees of the FMA to accompany the personnel of the competent authority of the other Member State has been rejected or has led to no response within a reasonable period of time.

(4) the FMA has refused a request under paragraph 1 and a decision of the FMA to the management company or the UCITS peoples in this context, the legal force of this notice pursuant to § 21 b FMABG is restricted.

Authority consultation and reporting to the European Commission, ESMA, and ESRB

160. (1) the FMA has to consult the competent authorities of the other Member State concerned, before a licence is granted to a management company, subsidiary of another management company, an investment firm, a credit institution or an insurance company is the 1st, that in another Member State is approved, or 2 is subsidiary of the parent undertaking of another management company, an investment firm, a credit institution or an insurance company, that in another Member State is authorised to , or 3 by the same natural or legal persons is controlled as another management company, an investment firm, a credit institution or an insurance company, that is approved in another Member State.

(2) the FMA has to consult the authorities referred to in paragraph 1 if she verified the suitability of the shareholders or members, as well as the reliability and experience of persons who effectively conduct the business of another company in same group, in particular. She has to help these authorities on request all information regarding the suitability of the shareholders or members, as well as the reliability and the experience of persons who effectively conduct the business as well as all the information that the supervision of the management companies are suitable to submit, as long as those for the other competent authorities in the granting of the approval and ongoing review of compliance with the conditions for the pursuit of activities are required.

(3) master UCITS and the feeder UCITS are in different Member States established, so granted master UCITS has the competent authorities of the Member State of origin of the feeder UCITS the FMA concerning in Austria immediately about any decision, action, detection of infringements of the provisions of the 3 main section 5 section, as well as all information communicated pursuant to article 154, paragraph 1 and 4, relating to the master UCITS or its management company, its depositary or its auditors , to inform and, where appropriate, to ensure an appropriate information of the other shareholders of the master UCITS.

(4) the FMA has the Commission and ESMA: 1 all general difficulties to inform on the UCITS encounter in selling their shares in third countries and have been brought to the attention of the FMA

2. a to submit a list of the categories referred to in section 74 para 4 of notes and of the categories of issuers, which are authorised according to article 74, paragraph 4, to issue bonds, which meet the criteria set out in section 74. A note to add, which explains the status of the offered guarantees is these directories;

3. the number and type of cases to tell where she did; reject an authorisation pursuant to § 37 para 3 or an application pursuant to article 36, paragraph 8 and 4 to communicate which measures according to article 38, paragraph 5.

(5) the FMA has communicated ESMA: 1 each according to § 6 section 3 granted concession and the withdrawal of any concession pursuant to section 7;

2. all her pursuant to § 152 incoming details all of her management companies and UCITS supervised Nr in accordance with article 35 of Regulation (EU) 1095/2010 for the purpose of monitoring of Systemrisken at Union level.

The information referred to in item 2 are to submit also the ESRB in accordance with article 15 of the Regulation (EU) No. 1092/2010 for the purpose of monitoring of Systemrisken at Union level.

Cooperation in the monitoring of a management company within the framework of the section 38

161. (1) the FMA has the authorities of the host Member State of a management company pursuant to § 37 on request all for bringing in article 21 para 2 of Directive 2009/65/EC listed to submit the relevant information and the competent authorities of the country of origin of a management company in accordance with § 36 over all in accordance with article 38, paragraph 5 to inform actions taken, which include measures or sanctions against the management company or a restriction of their activities.

(2) the FMA has the competent authority of the Member State of origin of a UCITS managed by a management company in accordance with article 5, paragraph 1, immediately any problems identified at the level of the management company, the ability of the management company their tasks related to the UCITS properly to meet, could significantly affect and all violations of the management company to the 1st main piece to share with.

(3) the FMA has the competent authorities of the Member State of origin of a management company in accordance with section 36, which manages one of the FMA pursuant to § 50 of approved UCITS, notify immediately any problems identified at the level of the UCITS, the ability of the management company, their tasks properly to perceive or to comply with the requirements of this federal law, which fall within the competence of the FMA as competent authority of the Member State of origin of the UCITS that could affect, to communicate.

Precautionary measures

162. (1) the FMA as competent authority of the host Member State has clear and demonstrable grounds to believe that a UCITS whose Anteile in Austria according to § 140 marketed, violates the obligations, which from this federal law or the Regulation (EU) No. 583/2010 or (EU) No. 584/2010 parties, which transferred jurisdiction of the FMA as competent authority of the host Member State that has to tell you their findings of the competent authority of the Member State of origin of the UCITS.

(2) if the actions of the competent authorities of the home Member State of the UCITS or the management company does not access or prove inadequate, or the competent authorities of the home Member State of the UCITS or the management company within a reasonable Act three months not exceeding period, and operates the UCITS or the management company for the UCITS therefore continue in a way that the interests of investors in Austria clearly runs counter to , so, the FMA can take the following measures: 1. after informing the competent authorities of the home Member State of the UCITS or the management company take all measures which are necessary for the protection of investors, including the possible prohibition of further distribution of the shares of the UCITS in Austria, with ESMA and the Commission immediately to inform about any action taken;

Note bring 2. matter ESMA No. 1095/2010 may also intervene in the framework of their powers pursuant to article 19 of Regulation (EU).

(3) the FMA has to prohibit further distribution of UCITS, if 1 the display is been nonrefundable after § 140, 2 distribution significantly is been violated other provisions of domestic law, 3 the authorisation has been withdrawn by the competent authorities of the Member State in which the management company is established to safeguard the interests of investors in accordance with paragraph 2 , 4. the distribution requirements are no longer fulfilled according to § 141 or 5 are not met the requirements of section 142.

(4) the prohibition of distribution is the competent authorities of the EEA Member State in which the management company is established to communicate and publish in the Official Gazette of the Wiener Zeitung. The obligations from public distribution, resulting from this federal law, ending at the earliest three months after the publication of the proposed prohibition of distribution. In the interest of the shareholders, the FMA may order an extension of this time period, as well as a relevant publication.

3 part

AIF

1. main piece

Domestic AIF: special funds, other funds, pension investment funds

1 section

Special funds


163. (1) a special fund is a fund consisting of liquid financial assets within the meaning of article 67, paragraph 1, which decays in same, embodied in securities shares, under the joint ownership of the shareholders is made according to the provisions of this Federal Act and whose shares are held by not more than 10 shareholders, which must be known to the Management Corporation, each on the basis of the provisions of the Fund.

(2) in the case of purchase of unit certificates by a natural person, the minimum investment amount is EUR 250 000. A group of shareholders is considered such a shareholder, if all rights of this shareholder in relation to the management company are exercised uniformly by a joint representative. The minimum investment must be achieved by each person in a group of shareholders. The Fund regulations have to include rules about shall be a transfer of the shares of the unit-holders only with the consent of the management company. Special funds are no CIU in accordance with article 1(2) of the directive 2009/65/EC. Special Fund management companies comply with the disclosure requirements under this Federal Act thereby that they inform all shareholders each evidence in writing or otherwise negotiated with the respective shareholders.

Applicable provisions

164. (1) a special fund must be managed only by a management company in accordance with article 5, paragraph 1. The provisions of the 2 part 1 main piece section are 1st and 2nd applying, to apply article 28, paragraph 1 where Z 1 to 8 and Z 10 and paragraph 2 with the proviso is that Nos. 3 and 5 may be waived by the application of paragraph 1, provided that a written order of the investors.

(2) the provisions concerning the depositary bank in accordance with §§ 39-45 shall apply with the proviso that the FMA may approve the selection of the custodian bank for special funds at the request of the management society in General.

(3) the provisions of 1 apply §§ 46 par. 1 to 4, 47-48, 52, 53 para 1 and 3, 54, 55, 63 and 85 to 92;

2. sections 49, 136 and 137 apply subject to the proviso that the Fund regulations in the report can be omitted, the edition of the annual report and the half-yearly report in the custodian can be omitted and the submission of the audited annual report and the half-yearly report to all shareholders can appear at the place of publication and to submit is half-yearly reports and test report of the accountability report of the FMA only upon request;

3. § 53 para 4 finds with the proviso can be avoided application that the approval of the FMA is not required and the publication;

4. section 56 shall apply with the proviso that the display of the FMA pursuant to article 56, paragraph 1 may not be;

5. § 57 shall apply with the proviso that the duty pursuant to § 57 par. 3 to the publication of the issue and redemption price at least twice a month is cancelled;

6 § § 58 to 60 and 61 and 62 shall apply with the proviso that the conferral of management to another management company needs not the approval of the FMA, but of immediate notification to the FMA;

7 section 65 shall apply with the proviso that in case of a distribution of funds from abroad the competent supervisory authority, as well as the shareholders about the secession took place to inform are.

8 special funds can be applied also in the form of "Other funds". "Sections 166, 167 para 2 Nos. 1, 3 to 5 and paragraph 7 and 8 are applicable."

(4) the provisions of §§ 66 to 83 shall apply, subject to the proviso that in paragraphs 66 par. 2, 67 par. of 1 of par. for 4, 71, 74 paragraph 1, 3 to 7, 76 para 1 and 2, 77 para 1 and 2, 78 para 2 laid down investment limits to 100% can be exceeded if the Fund regulations expressly provide for this and 84 paragraph with the proviso , that the limit of 30 vH for special funds is not applicable, if the shareholder is a credit institution within the meaning of § 1 para 1 Banking Act or the shareholders are credit institutions within the meaning of § 1 para 1 Banking Act and the borrower the lent securities as collateral in the framework of refinancing operations with the European Central Bank, a Central Bank of a Member State of the EEA, the Swiss National Bank or the US Federal Reserve , which he concludes for the shareholders, uses and expressly agree to all shareholders.

(5) the provisions on master-feeder structures (§§ 93 to 113) find application, that instead of the word part "UCITS" part of the word "Special funds" occurs and the obligation to the approval of the FMA with the proviso in the §§ 95, 101 to 106 is required; Instead, have the shareholders to agree previously proven and the management company must immediately show this the FMA before the change takes effect. The consent of the shareholders is required for the effectiveness of the measures.

(6) the provisions of §§ 114 to 127 are to apply subject to the proviso that cross-border mergers are not allowed and the fusion of a special fund with another investment fund, which is not a special fund, is not allowed. Furthermore shall not apply to special funds the requirement of approval by the FMA; Instead, the shareholders are proven to inform. The information of the shareholders is required for the effectiveness of the merger.

(7) the provisions of §§ 128, 132, 133, 137, and 138 are to apply subject to the proviso that the provisions of the prospectus and KID do not apply.

(8) special funds are to supervise of the FMA pursuant to sections 143 to 154.

Duty of disclosure

§ 165. The management company has the FMA and Oesterreichische Nationalbank immediately after 30 June and 31 December in the form of a summary statement to show that in the last half of set up and closed special funds (section 163). In the lineup are except the name of the Fund, the type of Fund, to specify the number of investors, the Custodian Bank and the fiscal year. A change of this information occurs when a fund already displayed, so this is be of the change to display the FMA and Oesterreichische Nationalbank two months after. Conditions and mergers by special funds are to display also the FMA without delay. After consulting of the Austrian National Bank, the FMA may prescribe by regulation that the ads referred to in the first and third set exclusively in electronic form have to be carried out, as well as to meet minimum technical requirements, specific outlines and modalities. The FMA has to orient itself on the principles of efficiency and expediency, and to ensure that the full electronic availability of data for the FMA and the OeNB maintained and supervisory interests are not compromised. The FMA has appropriate arrangements for it to meet, that the notifying parties or, where appropriate, their entities can make during a reasonable period of time in the system about the accuracy and completeness of the data received by them or their entities.

2. section

Another special fund

166. (1) "Other funds" in the meaning of this federal law is a fund that is falling apart, is in the ownership of the shareholders and is made according to the provisions of this Federal Act in same, embodied in securities shares and that in addition to the investment items of section 67 para 1 in accordance with Fund may acquire up to 100 vH of the Fund's assets: 1. units of the same UCITS or UCIS pursuant to § 71 in conjunction with article 77, paragraph 1 , regardless of whether the UCITS according to its fund rules or instruments of incorporation no more than 10 vH of the Fund assets in units of other UCITS may invest, up to 50 per cent of the Fund assets;

2. shares in the same domestic special funds within the meaning of this Federal Act up to 50 per cent of the Fund assets if the acquiring other Fund itself is a special fund and all unit-holders of the Special Fund to be purchased prior to the acquisition give such consent;

3. units in collective investment schemes that are invested according to the law, the statutes or the actual practice according to the principles of risk-spreading and which do not meet requirements of section 71, relating to article 77, paragraph 1, up to 10 vH of the Fund's assets; such undertakings for collective investment must also invest in plants, which have only limited marketability, are subject to high price volatility, have limited risk diversification or whose rating is complicated, with a payment obligation for the investor not intended;

4.

Shares in the same real estate funds pursuant to section 1 real estate investment funds act – ImmoInvFG (Federal Law Gazette I no 80/2003) and shares in the same real estate fund, which is managed by an investment company based in the EEA until 10 vH of the Fund assets. Total shares in real estate funds referred to in paragraph 1 and shall not exceed ImmoInvFG units in real estate funds, which are managed by an investment company based in the EEA, 20 vH of the Fund assets. The acquisition of shares in real estate Special Fund in accordance with § 1 para. 3 ImmoInvFG and proportions of special real estate funds, which are managed by an investment company based in the EEA, is allowed, provided that the acquiring other Fund itself is a special fund and all shareholders of the real estate special funds to be acquired prior to the acquisition give such consent;

5. § 78 para 2 Z 5 is not applicable;

6. shares the same other funds pursuant to this provision on each up to 10 per cent of the Fund assets. This limit can be raised to 50 per cent of the Fund assets if this other funds may invest no more than 10 vH of the Fund assets in shares according to its fund rules to undertakings for collective investment pursuant to no. 3.

"Other funds" are not UCITS pursuant to article 1(2) of Directive 2009/65/EC.

(2) the investment limits laid down in §§ 66 to 84 Z 1 to 4 and 6 investments referred to on which under paragraph 1 does not apply.

Applicable provisions

The provisions of the 2nd part of this Federal Act, with the exception of articles 36 to 38 apply section 167. (1) to other funds, save as provided in § 166 and para. 2 to 7 of this provision not expressly arranged. The sections 50 to 65 shall apply with the proviso that in case of a sale of other assets in foreign countries the competent supervisory authority, as well as the shareholders about the secession took place to inform are.

(2) other funds may provide in the Fund regulations that 1 the share issue and by way of derogation from § 55 para 2 the share only on certain dates, but at least once; be returned in each quarter of the calendar

2. the management company or depositary bank by way of derogation published the issue and redemption price of § 57 para. 3 at least once in a month. The publication has to be done anyway, in each issue and redemption of units.

(3) the management company may take short-term loans on behalf of "other assets" that majority invested in plants in accordance with section 166, paragraph 1 Z 3, up to a limit of 20 vH of the Fund's assets, if the regulations of the Fund. The FMA can after careful examination of the case will allow higher credits or arrange their reduction.

(4) the investment applicable for "Other funds" and issuer limits are set in the Fund regulations. The principle of risk-spreading are deemed to be maintained, even if for the "other funds" to acquiring investment funds to a not inconsiderable extent to include shares in one or more other investment fund, and based on the principle of risk-spreading invest these other investment funds directly or indirectly.

(5) the Managing Director of the management company managing "Other funds", must be the intended investments according to qualified.

(6) the prospectus in accordance with article 131 and the customer information document in accordance with § 134 have to contain a special note on special assessment and repayment in accordance with paragraph 2. Other funds which apply to more than 10 vH in investments in accordance with article 166 par. 1 Z 3 to include a warning in this respect have the customer information document and the prospectus. The warning requires the approval of the FMA. For shares of other funds the warning must be inserted in advertising always in the form approved by the FMA.

(7) the acquisition of shares in a foreign investment fund or an investment company of the open type or a real estate fund, which is managed by an investment company based in the EEA, by a different Fund founded alone offered no public domestically (article 129, paragraph 1, section 140 and article 175, paragraph 1).

(8) are "Other funds" to supervision by the FMA in accordance with §§ 143 to 154.

3. section

Pension investment funds

Applicable regulations

section 168. A pension fund is a fund consisting of liquid financial assets within the meaning of article 67, paragraph 1, which decays in same, embodied in securities shares, under the joint ownership of the shareholders is made according to the provisions of this Federal Act, which carries the designation of pension mutual funds in accordance with the Fund regulations. The provisions of the 2nd part of this Federal Act apply mutatis mutandis to pension investment fund, unless otherwise specified in the following provisions of this section. A pension investment fund is not a UCITS under article 1 paragraph 2 of Directive 2009/65/EC, which complies with all provisions of this directive. Pension investment funds are to supervise of the FMA pursuant to sections 143 to 154.

Conditions for the acquisition

§ 169. The shares of pension mutual funds are to represent through collective certificates (§ 24 Depot law).

Appropriation of profit

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

Investment provisions

section 171. For a pension investment fund securities may be acquired only under the following conditions and restrictions: 1 up to 50% of the Fund assets securities of exhibitors, which have their seat outside the EEA, may be purchased.

2. at least 15 vH of the Fund's assets must be fastened BWG and section 73 c para 1 VAG, participation certificates and bonds into shares, securities on participation capital in the sense of § 23 4.

3. at least 30 vH of the Fund's assets must be created in notes, bearer bonds, convertible bonds, mortgage bonds, municipal bonds and U.S. Treasury Bill.

4. up to 10 vH of the Fund assets, shares in real estate funds in accordance with § 1 para 1 may be acquired ImmoInvFG and shares in real estate funds, which are managed by an investment company based in the EEA.

5. warrants may not be purchased.

Derivative products

section 172. The acquisition of derivative products in accordance with article 73 is allowed only to the protection of assets of the Fund's assets for a pension investment fund.

Brochure

§ 173. In the prospectus and in the customer information document of pension investment fund is to point out that the Pension Fund for purposes of the pension is used and therefore pursues a long-term investment policy.

Fund regulations and payment schedule

Section 174 (1) in the Fund regulations is to provide that the issue of shares is allowed only - unrestricted taxable within the meaning of § 1 para 2 of the income tax Act 1988, which previously have entered into an irrevocable payment plan for the shares to be issued with the custodian bank as well as - insurance companies and for the investment of pension additional insurance cover stick - to pension funds in the context of the investment of the assets associated with an investment and risk sharing and corporate provision funds in the context of the investment of the assets associated with a collective investment undertaking.

(2) the payment plan has to provide that a withdrawal of units of the pension fund only under the following conditions may occur: 1. If at the unit-holders qualify for benefits pursuant to § 108 1988 occurred b para 1 No. 2 of the income tax Act and 2. the shareholders of the depositary bank commissioned, the equivalent of the shares existing at the time of compliance with the conditions referred to in subpara 1, or shares itself , to an insurance undertaking of his choice as a single premium for a pension supplementary insurance completed by the unit-holder has been shown (§ 108 b of the income tax Act 1988) to be transferred.

2. main piece

Rules on the sales of shares in foreign AIF in Germany

Scope

§ 175. (1) for a public offering in domestic shares in assets subordinate to foreign law, which is based on the principle of risk-spreading (foreign investment fund shares), the provisions of this section, of the 4 main piece of the 2nd are part, as well as of the 4th and 5th part.

(2) the provisions of this section do not apply to foreign investment funds that are approved on a domestic stock exchange to the official market or the semi-official market, where, with the exception of notices prescribed by the stock exchange, held no public offer within the meaning of paragraph 1.

Conditions for the admissibility of a public offer

§ 176. The public offering of foreign investment funds is allowed if 1 a credit institution which meets the requirements of § 41 para 1, designates the foreign management company of the FMA as representatives, 2.

the Fund's assets by a custodian bank or by an institution that the custody business is entitled, is held, or, insofar as their stock by a custodian bank or by an institution that is entitled to the custody business to land, monitors, which is 40 comparable way secure the shareholders in one of the provisions of §, respecting the §§ 6 para 2 Nos. 8 and 9, 28 para 1 Nos. 5 and 44 , 3. one or more credit institutions which meet the requirements of § 41 para 1 first sentence, are named as paying agencies, which carried out by the unit-holders or for certain payments can; be redirected a paying agent routed payments and transfers, is to ensure that the amount immediately to the custodian bank or the unit-holders be forwarded and the Fund rules or the investment company's bylaws provide for 4, that a) buyer promptly after payment of the purchase price shares in the corresponding amount transferred, b) shareholders may request the payment of wealth part attributable to the share of , provided that the respective shares instead of the stock exchange in a Member State of the OECD or another recognized regulated, for the audience open and functioning of such a State securities market traded, c) shares not more than one-third of each of the payments agreed for the first year is used in loss for a multi-year period agreed for covering costs and the remaining costs on all subsequent payments are evenly distributed , d) the assets belonging to the Fund assets not or otherwise mortgaged may be, unless it involves borrowing in accordance with letter. (e, e) loans at the expense of the Fund's assets only in the short term in the amount of 10 vH of the Fund's assets, at the expense of land assets only in the context of proper economic management, up to a total of 50 per cent of the traffic value that the land must be recorded and the borrowing of the consent of the custodian bank for the loan conditions require assets and f) do business at the expense of the Fund's assets are made that the sale not to plan assets of new assets to the subject have, unless it's to derivative transactions in accordance with section 73, and § 73 para 3 not be applied.

Publicity provisions

The Fund regulations or the articles of Association of the capital investment company, a prospectus of the foreign investment company and a copy of the application for conclusion of the contract prior to conclusion of the contract are the purchaser of a foreign investment fund unit section 177 (1) handed over free of charge. The application form must contain an indication of the amount of the issue premium and the compensation to be paid annually to the capital investment company.

(2) the prospectus must contain all information that are in the time of the application for the evaluation of the foreign investment fund shares essential. A prospectus, schema (A) required information containing at least in annex 1, is incomplete, unless the prospectus established conclusively the absence of individual information. The brochure has determined to contain further information 1 name or company, legal form, seat and equity (ground or share capital net of outstanding deposits plus the reserves) of the foreign investment company, the company, on the investment of the money (management company), the company that took over the sales of investment fund units (distribution company), and the custodian;

2. about the company, Head Office and address of the representative and of the paying agencies;

3. Furthermore, what items of the assets may be acquired, after which principles they are selected whether only to trading and, where appropriate, on what stock exchanges approved securities are purchased, as the proceeds of the assets used and whether and, where appropriate, within which limits a portion of assets in bank deposits is held;

4. the terms and conditions to which the shareholders may require the payout of the attributable to the share part of the assets as well as the authorities for that purpose.

Second sentence applies for information according to Z 1 to 4 paragraph 2 accordingly. Also an accountability report, its date, a half-yearly report to record or the prospectus as an attachment is in the prospectus no longer than 18 months back, and when the accountability report is more than nine months to be attached. The prospectus must contain also a note about that the foreign management company is subject to any State supervision by an Austrian authority. The FMA may request that additional information be included in the prospectus, if this is necessary in the interest of domestic investors. The brochure and its changes are to control Banking Act by the representative as securities with the diligence of a prudent and conscientious Managing Director within the meaning of section 39 on their accuracy and completeness. For the creation, modification, the control and the responsibility for the content of the prospectus the § § 6, 8 para 1 and 2a, and § apply 11 CMM both the issuer and the securities accordingly; the representative (securities) is responsible not for prospectus adverse actions or omissions of the foreign investment company or investment company or other involved third party investment process. For the publications of the prospectus and the amended article 10 par. 3 and paragraph 8 applies CMM.

Accountability report, assets, issue and redemption price

178. (1) the foreign investment company has to publish (article 136 par. 4): 1 for the end of each financial year in accordance with Annex I scheme B of this Federal Act or, where appropriate, System B diagram B of the ImmoInvFG one report, one according to the type of expenses and revenues expanded income and income statement, a statement of assets belonging to the asset, specifying the kind , Number and nominal value and market value, a statement of land belonging to the asset, specifying the property size, location, construction and year of acquisition, building space, market value and other essential characteristics, has to contain the status of accounts belonging to the asset and the difference between the number of shares issued in the reporting period and withdrawn; When indicating the assets belonging to the asset and the level of accounts belonging to the asset are also each the changes compared to the last report to specify 2 for the middle of each fiscal year, if not for this date published a further report in accordance with no. 1, a list of associated with the assets assets with the information required for the installation to Z 1. , the State of accounts belonging to the asset as well as the difference between the number of shares issued in the reporting period and withdrawn; the last Halfsentence of subpara 1 shall apply 3 the issue and redemption prices every day in one in the prospectus to be sufficiently spread economic or daily newspaper with place of publication in Germany. This is the issue calculated for the lowest investment and redemption price to name a few.

(2) issue and redemption price may only be stated together in publications and advertising material; the last Halfsentence of paragraph 1 No. 3 shall apply.

Relevant German texts

§ 179. The publications, brochures and the relevant documents are drawn up in the German language or to a German translation; the German wording is authoritative.

Representative

The representative represents 180. (1) the foreign investment company and out of court. He is authorized to receive the documents for the capital investment company, the management company, the Distributor and the public provider. These powers can be restricted.

(2) actions brought against a foreign investment company, a management company or a distributor that are related on the distribution of foreign investment funds domestically, and for actions against the public provider for territorial jurisdiction for representatives is responsible. This jurisdiction cannot be excluded by agreement.

(3) the appointment of the representative and the termination of his position are to publish by the foreign capital investment company in the Amtsblatt zur Wiener Zeitung.

Duty of disclosure

181. (1) has the foreign capital investment company intends to offer foreign investment funds in Germany public viewing of the FMA.

(2) the display shall be accompanied by: 1. all essential information about the foreign investment company, their institutions and their domestic and foreign representatives and the management company, the distributors, the Custodian Bank and paying agencies, 2.

the contractual terms and conditions or the articles of Association of the capital investment company, as well as the prospectus signed by the representative of as securities, 3. accountability reports that meet the requirements of section 178, for the last three fiscal years, or, if the capital investment company or the investment fund not so long, for the previous fiscal years, and an overview of assets, where are the shares, may not be older than two months and shall contain the information referred to in section 178; These documents need to with the unqualified opinion of an auditor provided the established annual financial statements of the last three fiscal years, 4. or, if the capital investment company not so long, the previous financial years, in addition to profit and loss account (financial statements), which must be provided with the unqualified opinion of an auditor, and 5. the Declaration of the foreign investment company, that it undertakes, a) the FMA the annual accounts and the annual report of the Fund not later than six months after the end of each fiscal year, as well as the half-yearly report no later than three months to submit after the end of each half year. the annual accounts and the annual report must be accompanied by the auditor's opinion of an auditor, b) to inform the FMA about all significant changes of circumstances which have been given in indicating the intention of distribution, c) the FMA requested one from this specific date to submit a statement detailing the value of assets in custody the custodian, which is equipped with the auditor of an auditor , on the basis of his professional experience is able to assess the value of assets, and not the accountability and half-yearly reports of the foreign investment funds or the accounts of the management company has tested in the past three years, d) notified to the FMA of the temporary failure of the redemption of the share certificates, where exceptional circumstances in accordance with article 56, paragraph 1 must be present and the resumption of the redemption of the shares as well as the investors by public notice of the failure of the withdrawal of the Anteilscheine and the resumption of their withdrawal to teach, e) to submit any change of the prospectus of the FMA no later than two months prior to entry into force of thereof and f) a risk management within the meaning of § 85 para 1 and 2 for the investment management to apply, 6 proof of the payment of the fee under paragraph 3.

Foreign language documents must be submitted with a German translation.

(3) for manipulating the display in accordance with paragraph 1, a fee of EUR 4 500 is payable to the FMA. These fee increases in funds, which contain several sub-Fund (umbrella fund), from the second part of funds for each Fund to EUR 1 000. For testing the 5 prescribed particulars and documents is Z pursuant to par. 2 also at the beginning of each calendar year, no later than January 15 of this year, an annual fee of EUR 2 500 to the FMA to be paid; these fee increases in funds, which contain several sub-Fund (umbrella fund), from the second part of funds for each sub-fund to 600 euros. Fees posts that were paid not later than on the due date, shall be enforceable. The FMA has to make a considered execution title behind pass. It has name and address of the toll, the amount of the debt and the notice to include that the debt has become enforceable. The prescribed fee is a sales ban reason pursuant to article 182, paragraph 2.

(4) the foreign investment company has the intention to stop the public sale of shares, viewing the FMA and publishing having regard to the legal consequences. The obligations from public distribution, resulting from this federal law, ending at the earliest three months after the successful sales. The FMA may order an extension to this period, as well as a related publication in the interest of the shareholders.

Waiting period - sales ban

182. (1) the distribution of foreign investment fund units may be included only, if four months have passed since the receipt of the complete notification, without that the FMA has prohibited the inclusion of distribution; § 13 para 3 last sentence AVG not be the application with regard to the calculation of the period of four months. When you view a subfund of an umbrella construction subject to this main piece already, this period two months. The recording of distribution is to prohibit, if the foreign investment company does not fulfil a requirement according to section 176 or not properly filed the charges after § 181.

(2) which has the FMA to prohibit the further distribution of foreign investment funds, if 1 the indicator after § 181 is been nonrefundable, 2. a prerequisite according to § 176 has been removed, 3 that the FMA opposite according to § 181 section 2 Z are not met 5 obligations despite a reminder, 4. the public offer of foreign capital investment fund units significantly against legal regulations is been violated, 5. a final judgment or settlement against the foreign investment company , the management company or distribution company established claims of a unit-holder has not been fulfilled, 6 the obligations laid down in the paragraphs 177 and 178 not properly meet, 7 distribution of foreign investment fund units significantly is been breach of the contractual terms and conditions or the articles of association or 8 the authorisation has been withdrawn by the competent authorities of the State in which the investment fund management company is established.

The obligations from public distribution, resulting from this federal law, ending at the earliest three months after the publication of the prohibition of sale. In the interest of the shareholders, the FMA may order an extension of this time period, as well as a relevant publication.

(3) has the FMA prohibits the recording of sales or the further distribution of foreign investment funds, the foreign capital investment company may display at the earliest again the intention to expel these foreign investment funds in the scope of this federal law, according to § 181, if day of the ban of one year has elapsed since the.

(4) the FMA may also prohibit the marketing of foreign capital investment fund shares which may be distributed within the scope of this federal law, umbrella designs in accordance with par. 2 of the (final part), if more foreign investment funds are distributed by sub-fund of same umbrella construction within the scope of this federal law, have not properly completed the notification procedure according to § 181.

Advertising

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

(2) the advertising is permitted only in accordance with article 128 paragraph 1 to 3.

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

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

§ 184. But also the brochure in its current version, the last published annual report and the subsequent half-yearly report are the potential purchaser of a foreign investment fund share before conclusion of the contract, as well as the interested shareholders, unless he is released, free of charge and in the German language, to make available.

Continued use of general terms

§ 185. The capital investment company may use same general designations, which justifiably leads them in the State in which it is established. She must attach explanatory additions however appropriate such names if there is a risk of misleading.

4 part

Taxes

Taxes on income, the income and the capital

§ 186 (1) the undistributed income of income within the meaning of section 27 of the income tax Act 1988 are taxable income less related expenses of a capital investment fund at the unit-holders. Is withdrawal which thus related expenses is a loss, relating to balance this against other income of the Fund the income within the meaning article 27 par. 3 and 4 of the income tax Act 1988. Such compensation is not possible, has a set-off against income of the Fund in the years that followed, primarily income of the Fund within the meaning of article 27, paragraph 3 and 4 of the income tax Act 1988 to be.

Is a distribution, apply for tax purposes first of all the running and the income obtained in previous years, within the meaning of section 27 of the income tax act in 1988 and then amounts representing 1988 not income within the meaning of section 27 of the income tax Act, as distributed.

(2)

1 no actual distribution in the sense of paragraph 1 will be made or be distributed, not all earnings within the meaning of paragraph 1 apply with payment of capital gains tax (§ 58 para 2 first sentence) all income from the provision of capital in the sense of § 27 para 2 of the income tax Act, as well as 60 vH of the positive balance of income within the meaning of article 27 par. 3 and 4 income tax Act 1988 minus the related expenses of an investment fund's unit-holders in the Share right resulting magnitude as distributed (dividend income). This payment is made within a period of four months after the end of the fiscal year, the dividend-equivalent earnings are considered after this period distributed. On share certificates held in operating assets, the overall positive balance of income within the meaning of § 27 is regarded as distributed para 3 and 4 of the income tax Act 1988 less related expenses. Be deemed distributed earnings later actually distributed, they are tax-free.

2. the calculation and amount of capital gains tax on the dividend within the meaning of paragraph 1 and the dividend-equivalent earnings within the meaning of no. 1 are known to give the Registrar in accordance with section 129 subsection 2 by a tax representative for the purpose of publication. Only a domestic economy trustee or a person prove comparable professional qualifications can be ordered as a tax representative. The Registrar rejects a tax representative because of doubts about the comparability of the qualifications, decides the Federal Minister of finance. The tax representative shall submit also the breakdown of the composition of the dividend-equivalent earnings and actual distribution, as well as the necessary changes of the cost referred to in paragraph 3 of the Registrar. This breakdown is to publish by the registration office in the appropriate form. Period, content and structure of the transmission, any corrections and manner of publication by the Registrar are to regulate by Ordinance of the Federal Minister of finance. Article 12, paragraph 1 is last sentence CMM apply accordingly.

3. If not reporting in accordance with no. 2 relating to the distribution, the distribution entirely is taxable. Is no message in accordance with no. 2 concerning the dividend-equivalent earnings within the meaning of no. 1, are they at least 90 vH of the difference amount between the first and last withdrawal price fixed in the calendar year, but at least in the amount of 10% of the redemption price set at the end of the calendar year to appreciate. The dividend-equivalent earnings calculated in this way are flowed as December 31 of each year. The shareholders can prove the amount of the dividend-equivalent earnings or the tax exemption of the actual distribution, accompanied of the necessary documents.

4. was withholding tax is deducted, is to provide proof in accordance with no. 3 compared to the Abzugsverpflichteten. This has, if still not realized within the meaning of paragraph 3 is to refund the withholding tax or to charge and correct the cost referred to in paragraph 3.

(3) the realized value on disposal of the unit certificate is subject to taxation in accordance with article 27 par. 3 of the income tax Act 1988. same of distribution of increase income, tax-free distributions within the meaning of paragraph 2 Z 1 last sentence and distributions that not as income within the meaning of section 27 of the income tax Act 1988 apply, reduce the share holder the initial cost of the unit certificate in the sense of article 27 par. 3 No. 2 of the income tax Act 1988. To reduce the tax relevant cost of the shares in the divisive off capital investment fund to the extent and to apply to the same extent as the cost of the shares of split capital investment fund in which the values that enter a percentage value calculation in the sense of § 57 para 1, move through the fork are at a fork in the sense of section 65. The granting of new shares due to a secession is not considered to be Exchange. Withdrawal of the unit certificate pursuant to § 55 para 2 and the settlement pursuant to § 63 considered disposal.

(4) in the case of mergers in accordance with paragraphs 114 to 127 shall apply: the cost of all assets of the transferor Fund is 1 to continue by the acquiring Fund when it comes to any final shift of hidden reserves. Otherwise all assets of the transferor Fund on the effective date are considered sold to the common value (liquidation fiction).

2. up to the effective date on the basis of the No. 1, as well as all other dividend-equivalent earnings (para 2) of the transferor Fund shall apply on the effective date as have accrued and losses go under in the sense of paragraph 1 of the transferor Fund. The cost is pursuant to paragraph 3, second sentence, to increase and it is an amount in accordance with section 58 subsection 2 first sentence to pay.

3. the exchange of shares on the basis of a merger is not considered a realization within the meaning of paragraph 3 and the acquisition cost of shares of the transferor Fund increased in accordance with no. 2 are to continue the acquisition cost of the shares of the acquiring Fund.

4. cash payments (article 126, paragraph 1 subpara 2 and article 126 par. 2 No. 2) considered to realised capital gains referred to in paragraph 3, first sentence, if the unit-holder.

Pension investment funds

section 187. For shares in pension fund within the meaning of the 3 part 1 part 3 section, which meet the requirements of § 108 h para 1 Z 2 to 5 of the income tax Act 1988, the following applies: 1. same of distribution of are revenues from income tax and capital gains tax free.

2. evidence withheld domestic withholding tax from dividends (dividends), which go to the Pension Fund, can be refunded at the request of the management company. The Fund regulations have to fix up when an application is.

3. the exchange of shares in other portions of pension fund within the meaning of the 3 part 1 part 3 section, which h para 1 1988 meet the requirements of § 108 Z 2 to 5 of the income tax Act, or for the fulfilment of the payment plan is in relation to the realisation in accordance with § 27 para. 3 of the income tax Act 1988 as a gratuitous transfer to handle.

Application on foreign capital investment funds

§ 188. The provisions of § 186 shall apply also for foreign capital investment funds. Any assets subject to a foreign law, which is applied according to the law, the statutes or the actual practice according to the principles of risk-spreading is considered as such, irrespective of the legal form. Collective investment undertakings within the meaning of section 42 of the real estate investment Fund Act are excluded.

5 part

Penal provisions, transitional and final provisions

1. main piece

Penal provisions

Court fines

189. (1) in connection with a public offering by foreign investment funds offers such shares in the domestic, though 1 the indicator after § 181 is been nonrefundable, or 2 not yet elapsed the waiting period referred to in section 182, 3. the recording of distribution has prohibited the FMA, or 4 the FMA has prohibited further distribution, or who in connection with a public offering of domestic investment funds offered by such shares in the domestic , although the Fund in Austria, pursuant to article 50 or article 95 of the FMA has been granted, is, unless the Act is threatened under other provisions more stringent punishment, by the Court with imprisonment up to two years or to punish with fines of up to 360 daily rates.

(2) Similarly, it is to punish, who in a published prospectus or in a customer information document of a domestic or foreign mutual funds or in a changing any such prospectus or amended claim in a report or semi-annual report of a domestic or foreign mutual funds or in the context of the information pursuant to § 120 about significant circumstances makes incorrect favorable statements or conceals unfavorable facts.

(3) referred to in paragraph 1 is not to punish, who before that provided power for the acquisition has been voluntary, that prevents the acquisition of fund shares. The offender is then not to punish them when the service without his intervention is not provided, he is however voluntarily and earnestly endeavoring in ignorance of, to prevent them.

(4) criminal liability is waived StGB referred to in paragraph 2 under the conditions of § 167 through active repentance if the make good damage refers to the total required for the acquisition of power including ancillary costs associated.

(5) the FMA is to communicate by the initiation and termination of judicial criminal proceedings pursuant to paragraph 1 or 2.

Administrative penalties

190. (1) unless the fact constitutes not a criminal offence falling within the jurisdiction of the courts, commits an administrative offence and is for that purpose by the FMA fined to punish with up to 30,000 euros, who 1.

              in a published prospectus or in a customer information document of a mutual fund or in a changing any such prospectus or supplementary specification or in a report or semi-annual report of an investment fund or in the context of the information pursuant to § 120 about significant circumstances inaccurate advantageous information or the information of adverse facts fails;

2. otherwise the provisions of §§ 129 or 177 to 185 violates;

3. 4. in promoting a UCITS which omits called content in section 128; touts contrary to § 128 without a published prospectus or a disposable KID for a UCITS,

5. else against the articles 132, 133, 136, 138, 140, 141 or 142 of this Federal Act or articles 3 to 5 or 7 to 36 or 38 of the Regulation (EU) No. 583 / 2010 or article 1 of Regulation (EU) No. 584/2010 contrary;

6 without being the designation "Kapitalanlagegesellschaft", "Investment funds", "Investment fund", "Investment funds", "Joint fund", "Investment funds", "Equity", "Bond funds", "investment share", "Mutual fund", "Pension funds", "Special funds", "Index funds", "Bond funds", "Pension fund", "Fund of funds", do so entitled, "accumulating investment funds", "Money market funds", "Money market funds with a short maturity structure", the addition of "eligible" or equivalent designations or abbreviations of such designations contrary to § 130 leads.

(2) unless the fact constitutes not a criminal offence falling within the jurisdiction of the courts, commits an administrative offence and for this purpose by the FMA with a fine up to 30 000 euro to punish whoever was responsible (§ 9 VStG) a capital investment company or a management company, 1 the notification obligations pursuant to §§ 37, 113 paragraph 1, 125 par. 3, 137 or 151 injured.

2. the reporting obligations in accordance with §§ 152 or 153 injured;

3. the obligations referred to in sections 10 to 35, 39 paragraph 1, 41 paragraph 4, 42 or 45;

4. § 46 para 2 and 3, 47 para 1 and 2, 49, 52, 53 (4) ETD, 57, 59, 60 § 1 or 2, 61, 63, 64, 65 injured.

5. the redemption or payment of shares pursuant to § 55 without exceptional reasons within the meaning of § 56 para 1 consists of or violates the obligation to inform of the investors or the authorities in other Member States in accordance with article 56, paragraph 2;

6. the investment provisions of §§ 66 to 84, or the provisions concerning the risk management of sections 85 to 92 injured;

7. the provisions of paragraphs 120 to 124 or 127 2 or 3 injured;

8. the provisions of article 163, paragraph 2, article 164, paragraph 1 or 3 Z 1 to 8, para 4 to 6 or article 165 injured.

9. the provisions of § 166, section 167, paragraph 1, 3, 5 or 6 wounded;

10. the provisions of paragraphs 168 to 174 injured;

11. in the framework of the provision of the services pursuant to § 5 para 2 Nos. 3 and 4 sections 17 to 26 and 29 to 57 and 58 para. 4, 60 paragraph 3 or 4 or §§ 73 and 74 WAG 2007 injured.

(3) unless the fact constitutes not a criminal offence falling within the jurisdiction of the courts, commits an administrative offence and for this purpose by the FMA with a fine up to 30 000 euro to punish whoever was responsible (§ 9 VStG) a management company from another Member State in accordance with section 36 1 within the framework of the activity of collective portfolio management pursuant to sections 10 to 28 or 36 para 1 to 6 and 9 injured.

2. within the framework of the activity of collective portfolio management violates the § 46 para 2 and 3, 47 para 1 and 2, 49, 52, 53 (4) ETD, 57, 59, 60, 61, 63 para 1 to 3, 64, 65;

3. the redemption or payment of shares pursuant to § 55 without exceptional reasons within the meaning of § 56 para 1 consists of or violates the obligation to inform of the investors or the authorities in other Member States in accordance with article 56, paragraph 2;

4. within the framework of the activity of collective portfolio management violated the investment provisions of §§ 66 to 92;

5. within the framework of the activity of collective portfolio management the §§ 96 to 106, 107 para 2, 111, 112, 113 (2) and 3 violates.

6. in the framework of the provision of the services pursuant to § 5 para 2 Nos. 3 and 4 sections 17 to 26 and 29 to 57 and 58 para. 4, 60 paragraph 3 or 4 or §§ 73 and 74 WAG 2007 injured.

(4) unless the fact constitutes not a criminal offence falling within the jurisdiction of the courts, commits an administrative offence and for this purpose by the FMA with a fine up to 30 000 euro to punish whoever was responsible (§ 9 VStG) a branch of a management company from another Member State in accordance with section 36 1 within the framework of the activity of collective portfolio management pursuant to sections 10 to 35 or 36 para 1 to 6 and 9 injured.

2. within the framework of the activity of collective portfolio management violates the § 46 para 2 and 3, 47 para 1 and 2, 49, 52, 53 (4) ETD, 57, 59, 60, 61, 63 para 1 to 3, 64, 65;

3. the redemption or payment of shares pursuant to § 55 without exceptional reasons within the meaning of § 56 para 1 consists of or violates the obligation to inform of the investors or the authorities in other Member States in accordance with article 56, paragraph 2;

4. within the framework of the activity of collective portfolio management violated the investment provisions of §§ 66 to 92;

5. within the framework of the activity of collective portfolio management the §§ 96 to 106, 107 para 2, 111, 112, 113 (2) and 3 violates;

6. in the framework of the provision of the services pursuant to § 5 para 2 Nos. 3 and 4 sections 17 to 26 and 29 to 57 and 58 para. 4, 60 paragraph 3 or 4 or §§ 73 and 74 WAG 2007 injured.

(5) unless the fact constitutes not a criminal offence falling within the jurisdiction of the courts, commits an administrative offence and for this purpose by the FMA with a fine up to 30 000 euro to punish whoever was responsible (§ 9 VStG) a custodian bank 1 to §§ 39 para 2, 40 of para 2-4, 41 paragraph 3 and 4, 42 and 44 , 45 violates, 2 If the corresponding tasks in accordance with § 5 paragraph 5 are entrusted to the custodian bank, the sections 12, 13, 20, 21 injured para 6, 31, 57, 63, 64, 3. to article 107, paragraph 1, 3, 4, or 5 or § 108 violates, or 4 against his better judgement confirms the regularity in accordance with section 118;

(6) unless the fact constitutes not a criminal offence falling within the jurisdiction of the courts, commits an administrative offence and for this purpose by the FMA fined up to 30 000 euro to punish, as auditor of a UCITS, 1 against the sections 109 or 110 violates; or 2 against his better judgement makes a confirmation in accordance with article 119, paragraph 1.

Violations of the BWG

§ 191. The §§ 96, 97, 98 para 1 and para. 2 Z 3 to 5 and 8 to 10 Z, Z 11 BWG in terms of § 44 BWG, article 98 para 3 Z 10, 11a, 12 and paragraph 5 as well as article 99 par. 1 Z 3 to 10, 15 and 16, paragraph 2, as well as the sections 99a up to 101 BWG to management companies to apply.

Compulsory punishment

§ 192. a custodian violates provisions of this Federal Act or an Ordinance issued on the basis of this Federal Act, or a notice, so are the § § 70 para 4 and 96 BWG with the provision to apply, that takes the place of deprivation of concession pursuant to section 70 para 4 Z 3 BWG the withdrawal of the permit pursuant to § 50 para 2 No. 3.

Procedure and Arbitration Board

§ 193. (1) for the imposition of administrative penalties pursuant to sections 190 and 191, as well as of a coercive penalty pursuant to § 192 is responsible in the first instance the FMA.

(2) in the case of administrative offences pursuant to sections 190 and 191, a limitation period of 18 months applies VStG instead of the limitation period of § 31 para 2 of six months. In this period of limitation and the one according to § 31 para 3 VStG are not to count periods of judicial criminal proceedings.

(3) in determining in administrative penal proceedings pursuant to sections 190 and 191, all competences in accordance with the paragraphs 147-150 come to the FMA.

(4) the FMA has customers of management companies and UCITS, a complaint against a breach of a management company or a UCITS against pursuant to sections 10 to 35 or against a provision of the 3rd or 4th main section of Arbitration Board bring to display, on the possibility of a complaint to the extrajudicial FIN-NET (§ 3 Z 9 ZaDiG) to refer under the seat and address.

Civil consequences of unlawful activity

§ 194. Who is shares in investment funds without permission, or distributes, has no claim on all fees associated with these transactions, costs and fees. The legal invalidity of agreements associated with these transactions does not the legal invalidity of the whole business. Conflicting agreements and guarantees related to these transactions and guarantees are void.

2. main piece

Transitional and final provisions

Transitional provisions

195. (1) the joint-stock companies and companies with limited liability, which at the entry into force of this federal law with approval of the FMA the investment business (§ 1 para 1 Z 13 BWG) operate, are management companies within the meaning of this federal law and require no further approval to conduct business.


(2) for the distribution of shares of foreign capital investment fund within the meaning of § 3 para 2, no. 31 lit. c and by EEA investment funds that were publicly offered at the time of entry into force of this Federal Act legitimately in Germany, a display is not required according to section 140 or article 176. Foreign investment fund within the meaning of § 3 para 2 No. 31 lit. c have the commitment letter pursuant to article 181, paragraph 2 Z 5 lit. e and f to submit by December 31, 2011 the FMA; otherwise, the FMA pursuant to section 182 paragraph 2 has to proceed.

(3) investment firms within the meaning of § 3 para 2 No. 1 WAG 2007 and investment service providers pursuant to section 4 WAG 2007 can apply to a licence referred to in article 5, to manage UCITS and occur even as management companies, if she at the same time its licence after the WAG 2007 in case of issuance of a licence as a management company back.

(4) management companies, which have already received approval 85/611/EEC before July 1, 2011 in their home Member State under directive for the management of UCITS in the form of an investment fund or an investment company, shall apply within the meaning of this provision as a licensed, if the legislation of the Member State of origin, the societies to access to this activity must comply with the conditions which are equivalent to those referred to in articles 7 and 8 of Directive 2009/65/EC. Provided that such management companies in accordance with § 32a of the InvFG 1993 already provide activities in Austria or in accordance with section 36, InvFG 1993 market UCITS units in Austria, a renewal of the certificate referred to in section 36 of this Act is not required. Intend such management companies collective portfolio management of UCITS established in Austria, so the articles 36 and 50 of this Federal Act and the provisions of the 4 main piece to comply with. The distribution of new content types or sub-fund is however to be communicated pursuant to article 141 para. 3.

(5) investment fund within the meaning of the InvFG 1993, which already have been granted before September 1, 2011 by the FMA, are depending on the granting UCITS or AIF within the meaning of this federal law and require no further approval. You have the provisions of §§ 134 and 135 at the latest on July 1, 2012 to comply; until then they can provide continues to scheme E InvFG 1993 a simplified prospectus in accordance with Appendix E instead of the KID.

References and regulations

As far as other federal laws are referenced in this Federal Act, these are 196. (1) in its currently valid version to apply unless it is otherwise arranged expressly.

(2) if the European Union is referenced in this Federal Act following acts, they are, unless otherwise arranged, apply respectively in the following version: 1. 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 No. L 302 of 17.11.2009, p. 32) as amended by the directive 2010/78/EC 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) , the European supervisory authority (European insurance and occupational pensions authority) and the European supervisory authority (European Securities and markets authority) - OJ No. L 331 of the 15.12.2010, p. 120), with references in laws or regulations on the Directive 85/611/EEC apply 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 No. L 177 of the 30.06.2006, p. 1, as amended by the directive 2010/78/EC 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) , the European supervisory authority (European insurance and occupational pensions authority) and the European supervisory authority (European Securities and markets authority) - OJ No. L 331 of the 15.12.2010, p. 120);

3. directive implementing directive 2009/65/EC in regard to organizational requirements, conflicts of interest, conduct, risk management and the content of the agreement between depositary and management company (OJ 2010/43/EU No. L 176 of 10.7.2010, p. 42);

4. directive implementing directive 2009/65/EC as regards certain provisions concerning fund mergers, master-feeder structures and the notification procedure (OJ 2010/44/EC No. L 176 of 10.7.2010, p. 28);

5. Regulation (EU) are no. 583/2010 implementing directive 2009/65/EC with regard to the essential information for the investor and the conditions, to comply with that, if the essential information for the investor or the prospectus on another durable medium than paper or on a Web site will be made available (OJ No. L 176 of 10.7.2010, p. 1);

6 Regulation (EU) No. 584/2010 on the implementation of Directive 2009/65/EC in terms of form and content of a standard model for display writing and UCITS certification, the use of electronic means of communication by the competent authorities for the display and the procedures for checks on site and investigations, as well as for the exchange of information between the competent authorities (OJ No. L 176 of 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 No. L 145 of 30.4.2004, p. 1) as amended by the directive 2010/78/EC 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), the European supervisory authority (European insurance and occupational pensions authority) and the European supervisory authority (European Securities and markets authority) - OJ No. L 331 of the 15.12.2010, p. 120);

8. Directive 2003/6/EC on insider dealing and market manipulation (market abuse) (OJ No. L 96 of the 12.4.2003, p.16) amended the directive 2010/78/EC 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) , the European supervisory authority (European insurance and occupational pensions authority) and the European supervisory authority (European Securities and markets authority) - OJ No. L 331 of the 15.12.2010, p. 120);

9 Regulation (EU) no 1287/2006 implementing Directive 2004/39/EC concerning record-keeping obligations for investment firms, transaction reporting, market transparency, the admission of financial instruments to trading and certain terms within the meaning of this directive (OJ No. L 241 of the 2.9.2006, p. 1);

10 Regulation (EU) No. 1095/2010 from 24 November 2010 establishing a European supervisory authority (securities and markets authority), amending Decision No 716/2009/EC and repealing Decision 2009/77/EC (OJ No. L 331 of the 15.12.2010, S. 84);

11 Regulation (EU) no 1092/2010 of 24 November 2010 on the financial supervision of the European Union at the macro level and the establishment of a European Committee for systemic risks (OJ No. L 331 of the 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 No. L 309, 25.11.2005, p. 15, as amended by the directive 2010/78/EC 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) , the European supervisory authority (European insurance and occupational pensions authority) and the European supervisory authority (European Securities and markets authority) - OJ No. L 331 of the 15.12.2010, p. 120);

13 Directive 95/46 of 24 October 1995 on the protection of natural persons in the processing of personal data and on the free movement of data, OJ No. L 281 of 23.11 1995, p. 31, as amended by Regulation (EC) No 1882/2003 of 29 September 2003 (OJ No. L 284 of 31.10.2003, p. 1);

14 seventh Directive 83/349/EEC of 13 June 1983 based on article 54 paragraph 3 letter g) of the Treaty on consolidated accounts, OJ No. L 193 18.07., 1983, p. 1, as amended by Directive 2006/99/EC of 20 November 2006 (OJ No. L 363 of 20.12.2006, p. 137);

15.

Regulation (EC) No 1781/2006 of 15 November 2006 on information on the payer accompanying transfers of funds (OJ No. L 345 08.12. 2006, p. 1);

16 Directive 2007/16/EC of 19 March 2007 implementing Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), with regard to the explanation of certain definitions (OJ No. L 79 of the 20.3.2007, p. 11).

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

(4) as far as in other federal laws provisions of the InvFG 1993 are referenced, the corresponding provisions of this Federal Act appear in their place.

Linguistic equal treatment

section 197. As far as this federal law are personal names only in the male form, they relate to women and men in the same way. When applied to certain persons, the respective gender-specific form is to use.

Except force

198. (1) the Investment Fund Act - InvFG 1993 (Federal Law Gazette No. 532/1993) as amended by Federal Law Gazette I no. 111/2010 is at the end of the August 31, 2011 lifted; the §§ 6 para 1, para 7, 20a 21a para 1, 2 and 3, schema on the simplified prospectus are 23f and 35, as well as system E E on UCITS and AIF were granted before 1 September 2011 and as long as for this, the FMA sent yet no KID was to apply until the expiry of 30 June 2012. Paragraphs 3 paragraph 2 and 14 paragraph 4 are to apply to mergers by investment fund, for which a complete application for approval was submitted until the expiry of the August 31, 2011 at the FMA. 44 InvFG 1993 are on deeds, which were used prior to September 1, 2011, without restrictions continue to apply.

(2) the following provisions of the Investment Fund Act 1993 No. 111/2010 remain I as amended by Federal Law Gazette in force: 1 who are 4th movement, article 40, paragraph 1 and 2, and article 42, paragraph 1 and 3 § 13 without prejudice to the provisions of article 200, paragraph 2 first sentence for fiscal years of the Fund, which in the calendar year 2012 start, continue to apply. § 42 para 2 and 4 are to apply until March 31, 2012.

2. in article 40, paragraph 1, second sentence, referred to scale of a fifth increases for a) Fund, fiscal years that begin after June 30, 2011, to a percentage of 30 per cent.

b) business years of the Fund, which in the calendar year 2012 start, to a percentage by 40 per cent;

3. in article 40, paragraph 2 No. 2 obligation to report the capital gains tax on a daily basis does not apply from 1 April 2012. At that time section 186, para 2 is instead, notwithstanding the Z 1, Z 2 to 4 in the version of the investment fund law 2011, Federal Law Gazette I no. 77/2011.

Enforcement clause

§ 199. With the completion of this Federal Act 2 in terms of §§ 10-35, 50-65, 128 to 138 and 194 of the Federal Minister of finance in agreement with the Federal Minister of Justice and 3 with respect to all other provisions of the Federal Minister of finance is responsible for about 1 § 189 of the Federal Minister for justice.

Entry into force

200. (1) this federal law with September 1, 2011 enter into force.

(2) sections 186 and 188 come into force April 1, 2012. Derogation applies: 1 article 186 paragraph 3 applies to first sale after March 31, 2012, after 31 December 2010 purchased unit certificates. For such share certificates, an adjustment of the cost in accordance with § 186 para 3 is to make distributions and dividend income that flow to or considered to have accrued after December 31, 2010. Section 40 para 3 of the Austrian investment Fund Act 1993 as amended before the Federal Act Federal Law Gazette I is no. 111/2010 apply until March 31, 2012.

2. by way of derogation from § 186, para 2 a percentage of 50 VH. Z 1 occurs in shares not held in an operating asset in place of the percentage of 60 vH for fiscal years of the Fund, which begin in the calendar year 2013

(3) §§ 157 to 161 apply retroactively from 1 July 2011. Management company in accordance with article 6 of Directive 2009/65/EC, which are licensed in another Member State through a branch office, to operate in the way of freedom to provide services or collective portfolio management in Austria, provisions shall apply retroactively from July 1, 2011 the following together with the standards referenced in them: pursuant to sections 10 to 36; section 38; §§ 46 to 142; Article 143, paragraph 1 Nos. 2, 3, 4 and 5; § 145; § 147; section 151; section 152; § 153 para 2; Article 162, para. 1 and 2; § 195 para 2.

Annex I article 2 InvFG 2011

SCHEMA A



I. Investment Fund 1 information about the investment funds 1.1 name 1.2. date of Foundation of the investment funds. Specifying the duration, if it limited is 1.3 - 1.4. indication of the place where the Fund regulations, as well as the periodic reports are available 1.5. short information about the tax rules applicable to the Fund, if they are for the shareholders of importance. Indicating whether on the income derived by the shareholders of the investment funds and investment income source deductions collected 1.6. date for the annual financial statements and the distribution frequency 1.7. name of the persons who commissioned the auditing of the accounts referred to in article 49, paragraph 5 are 1.8 - 1.9.-1.10. specifying the type and the main characteristics of the shares, in particular: - type of law (in rem, receivables or other right), representing the share - original certificates or certificates for these documents , Entry in a register or in an account - features of the shares: 1.11. where appropriate, indicate of the stock exchanges or markets, which recorded the shares name or bearer securities, where appropriate, indicate of the denomination - description of the voting rights of the shareholders, if this is the conditions under which the resolution of the mutual funds can be decided - and details of the resolution, in particular as regards the rights of the shareholders or traded 1.12. terms and conditions for the issue or the sale of shares of 1.13 terms and conditions the redemption or payment of the shares and the conditions under which they are exposed 1.14 can description of the rules for the determination and use of revenues of 1.15 description of the investment objectives of the investment fund, including financial objectives (E.g. capital or yield), the investment policy (E.g. specialisation in geographical areas or sectors of the economy), any restrictions on this investment policy, as well as indicating any techniques and instruments or borrowing powers , from those in the management of the investment fund made use 1.16 may rules for asset valuation 1.17 determination of sales or output - and pay - or redemption prices of the units, in particular: - method and frequency calculating these rates - information on the costs associated with the sale, issue, redemption or redemption of units - specifying the type, location and frequency of the publication of this price of 1.18. information about the method , the amount and calculation of the rising at the expense of the mutual funds remuneration for the management company, depositary or third parties and the reimbursement of expenses of the management company, depositary or third parties through the investment funds 2. information concerning the depositary: 2.1. name or company, legal form, registered office and place of Central Administration, if this does not coincide with the registered office, 2.2. main activity.

3. information about the external consulting companies or investment advisors, are their services on a contract basis and the compensation for this is taken from the assets of the UCITS: 3.1. name of the company or of the consultant, 3.2. details of the contract with the management company or the investment stock corporation, which are for the shareholders of interest; Details regarding the remuneration, 3.3. other activities of importance are excluded.

4. information on the measures that have been taken to make the payments to the shareholders, repurchase or the redemption of units, as well as the dissemination of information on the UCITS. This information is to make, in which the UCITS is granted in any case with regard to the Member State. If also the shares in another Member State are distributed, the information described above with regard to that Member State are to make and to include in the prospectus there widespread.

5. other investment information: 5.1. where appropriate, results of the UCITS - this information can be either included in the prospectus or this added 5.2. profile of the typical investor for which the UCITS is designed.

6. economic information: 6.1. possible expenses or fees, other than of the charges mentioned in paragraph 1.17, broken down by those which must be paid by the unit-holder, and those that are payable out of the assets of the UCITS.

 



II. management company 1.

Details of the management company with an indication of whether the management company in another Member State is established as in the home Member State of the UCITS 1.1. name or company, legal form, registered office and place of Central Administration, if this does not coincide with the company's seat 1.2. date of Foundation of the company. Specifying the duration, if it limited is 1.3.
If the society more investment funds managed, specify of this further investment of 1.4 - 1.5 - 1.6 - 1.7 - 1.8. name and function of the members of the administrative, management and supervisory bodies. Specifying the main functions that perform these people outside of the company, if they are of importance for this 1.9. capital: amount of the subscribed capital with indication of the paid-up capital of 1.10. – 1.11.-1.12. – 1.13.-1.14. – 1.15. 1.16. – 1.17.-1.18. - 2. information concerning the depositary: 2.1. name or company, legal form, registered office and place of Central Administration, if this does not coincide with the registered office, 2.2. main activity.

3. information about the external consulting companies or investment advisors, are their services on a contract basis and the compensation for this is taken from the assets of the UCITS: 3.1. name of the company or of the consultant, 3.2. details of the contract with the management company or the investment stock corporation, which are for the shareholders of interest; Details regarding the remuneration, 3.3. other activities of importance are excluded.

4. information on the measures that have been taken to make the payments to the shareholders, repurchase or the redemption of units, as well as the dissemination of information on the UCITS. This information is to make, in which the UCITS is granted in any case with regard to the Member State. If also the shares in another Member State are distributed, the information described above with regard to that Member State are to make and to include in the prospectus there widespread.

5. other investment information: 5.1. where appropriate, results of the UCITS - this information can be either included in the prospectus or this added 5.2. profile of the typical investor for which the UCITS is designed.

6. economic information: 6.1. possible expenses or fees, other than of the charges mentioned in paragraph 1.17, broken down by those which must be paid by the unit-holder, and those that are payable out of the assets of the UCITS.

 



III. investment company 1. information about the company 1.1. name or company, legal form, registered office and place of Central Administration, if this does not coincide with the company's seat 1.2. date of Foundation of the company. Specifying the duration, if it limited is 1.3.
In the case of investment companies having different sub-funds, specifying this sub-fund 1.4. specifying the place, where the articles of association as well as the periodic reports are available 1.5. short information about the tax rules applicable to the company, if they are for the shareholders of importance. Indicating whether on the income derived by the shareholders of the company and capital gains source deductions collected 1.6. date for the annual financial statements and frequency of dividend 1.7. surname, that the auditing of the accounts referred to in article 49, paragraph 5 are 1.8. commissioned name and function of the members of the administrative, management and supervisory bodies. Indication of the main functions of exercising these people outside of the company, if they they are important 1.9. capital 1.10. indication of the nature and the main characteristics of the shares, in particular: - original certificates or certificates for these documents, entry in a register or in an account - characteristics of the shares: name - or bearer securities, where appropriate, indicate of the denomination - description of the voting rights of shareholders - conditions under which the resolution of the investment stock corporation may be decided , and details of the resolution, in particular as regards the rights of shareholders 1.11. where appropriate, indicate of the stock exchanges or markets, which recorded the shares traded are 1.12. terms and conditions for the issue or the sale of shares of 1.13. these may be suspended terms and conditions withdrawal or payment of the shares and the conditions under which. Can in the case of investment companies having different sub-funds, specifying the manner of a shareholder of any sub-fund to another switch, and the charges are connected description of the rules for the determination and use of revenues of 1.15 1.14 description of the investment objectives of the company, including financial objectives (for example, capital or yield), the investment policy (for example, specialization in geographical areas or sectors of the economy) , any restrictions on this investment policy, as well as indicating any techniques and instruments or powers to borrowing, from those in the management of the company made use 1.16 may rules for asset valuation 1.17 determination of sales or output - and pay - or redemption prices of the units, in particular: - method and frequency of calculation of these rates - information on the costs associated with the sale, issue, redemption or redemption of units - specification of type , Location and frequency of the publication of this price 1.18. are information about the method, amount, and the calculation of the compensation, to be paid by the company to its directors and members of the administrative, managerial and supervisory bodies, to the depositary or to any third party, and the reimbursement of expenses to the directors of the company, to the depositary or to third parties by the company 2. information concerning the depositary : 2.1. name or company, legal form, registered office and place of Central Administration, if this does not coincide with the registered office, 2.2. main activity.

3. information about the external consulting companies or investment advisors, are their services on a contract basis and the compensation for this is taken from the assets of the UCITS: 3.1. name of the company or of the consultant, 3.2. details of the contract with the management company or the investment stock corporation, which are for the shareholders of interest; Details regarding the remuneration, 3.3. other activities of importance are excluded.

4. information on the measures that have been taken to make the payments to the shareholders, repurchase or the redemption of units, as well as the dissemination of information on the UCITS. This information is to make, in which the UCITS is granted in any case with regard to the Member State. If also the shares in another Member State are distributed, the information described above with regard to that Member State are to make and to include in the prospectus there widespread.

5. other investment information: 5.1. where appropriate, results of the UCITS - this information can be either included in the prospectus or this added 5.2. profile of the typical investor for which the UCITS is designed.

6. economic information: 6.1. possible expenses or fees, other than of the charges mentioned in paragraph 1.17, broken down by those which must be paid by the unit-holder, and those that are payable out of the assets of the UCITS.

 

SCHEME B

Information that must be included in the periodic reports 1 assets: - securities - bank deposits, other assets, - assets, - liabilities, - net present value.

2. number of units 3. net book value per share 4 securities portfolio, which is necessary to distinguish between a) securities which are admitted to official listing on a stock exchange;

b) transferable securities, which are traded on another regulated market;

(c) newly issued securities referred to in article 67, paragraph 3;

(d) other securities referred to in article 67, paragraph 4, where an outline to make is the most suitable criteria, taking into account the investment policy of the UCITS (E.g. after economic or geographic criteria, foreign exchange, and so on) according to percentage of the net worth; above for each referred to value paper stating its share in the total assets of the UCITS.

Indication of changes in the composition of the securities portfolio during the reporting period.

5. information on the development of the assets of the UCITS during the reference period, which include the following:-income from investments;

-other income;

-Expenditure for Administration;

-Expenses for the depositary;

-other expenses and fees;

-NET;

-Distributions and income be created;

-Increase or decrease of the capital account;

-More - or depreciation of equipment;

-any other changes which touch the assets and liabilities of the UCITS;

-Transaction costs (costs incurred by the UCITS business portfolio).

6. comparative overview of the last three financial years, where at the end of each fiscal year, the following to specify is: – total net present value;

-Net book value per share.

7.

Is information on the amount of existing liabilities from transactions made by the UCITS during the reference period within the meaning of §§ 73, 83 and 84, which according to categories to differentiate.

8 calculation method of overall risk: 8.1. calculation method of overall risk of 8.2.
If applicable, information about the used reference assets of 8.3.
If applicable, the highest, the lowest and the average height of the value-at-risk last year 8.4.
If applicable, the used model and the inputs, which are used for the calculation of value-at-risk were 8.5 (costing model, confidence interval, holding period, length of data history).
When using the value at risk, height of the leverage during the past period, calculated from the sum of the notional amounts of derivatives article 3

Amendment of the Banking Act

The Banking Act - (BWG), Federal Law Gazette No. 532/1993, amended by Federal Law Gazette I no. 118/2010, is amended as follows:

1 paragraph 1 paragraph 1 Z 13: "13 managing investment funds under the Investment Fund Act 2011 - InvFG 2011, Federal Law Gazette I no. 77/2011 (investment business);"

2. paragraph 2 Z 35: "35. investment fund shares: shares of a Fund pursuant to § 3 para 2 Z 30 InvFG 2011;"

3. paragraph 3 section 4:

"(4) credit institutions which are entitled to the operation of the investment business, the §§ 4 and 5 and the other provisions of this Federal Act are to apply only in so far as the InvFG 2011 arranges this; Paragraph 8 is to be applied."

4. in article 3, paragraph 8, the term 'InvFG 1993' is replaced by the term "InvFG 2011".

5. in section 22a para 5 Z 5 is the reference on "§ 20 para 3 Z 7 InvFG 1993" by the reference on "section 74 para 4 InvFG 2011" replaced.

6. in section 23, paragraph 9, the term "Investment fund" Z 3 is replaced by the term "Investment".

7. in article 25, paragraph 10, no. 9 lit. a is the bracket expression "(§ 21 InvFG 1993)" by the parenthetical expression "(§ 73 InvFG 2011)" replaced.

8. in article 73, paragraph 1 Z 3 is the word order "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 par. 5 Z 5 is: "5. deposits and assets of undertakings for collective investment in transferable securities (directive 2009/65/EC), management companies and investment funds as well as deposits and receivables from companies to the insurance, pension insurance, pension funds, pension and retirement funds," 10. 73 the following paragraph is added to article 107:

"(73) article 1, paragraph 1 Z 13, § 2 Z 35, § 3 para 4 and 8, § 22a para 5 Z 5, section 23, paragraph 9 No. 3, § 25 para 10 No. 9 lit." "a, § 73 para 1 Nos. 3 and § 93 par. 5 Z 5 as amended by Federal Law Gazette I no. 77/2011 1st September 2011 into force."

Article 4

Amendment of the securities supervision Act 2007

The securities supervision Act 2007 - WAG 2007, Federal Law Gazette I no. 60/2007, amended by the Federal Act Federal Law Gazette I no. 72/2010, is amended as follows:

1 § 2 para 1 No. 9 is: "9 management companies pursuant to § 5 para 1 Investment Fund Act 2011 - InvFG 2011, Federal Law Gazette I no. 77/2011, subject to the paragraph 3, as well as investment companies for real estate in accordance with article 2, paragraph 1 real estate investment funds act – ImmoInvFG (Federal Law Gazette I no 80/2003);"

2. paragraph 2 subsection 3:

"(3) to management companies in accordance with § 5 para 1 InvFG 2011, Z 2011 provide the services according to § 5 ABS. 2 3 or 4 InvFG, find the provisions of articles 16 to 26 and 29 to 51, 52 paras 2 to 4, 54 para 1 and 94 to 96 application." These companies are after article 90 paragraph 2 to 67% to consider the Sub accounting group investment services attributable to fee-based in the sense of § 90 1 and the enactment of the regulation. Amounts attributable to them are to make decision."

3. paragraph 40 paragraph 5:

"(5) in the case of shares of one of Directive 2009/65/EC of underlying UCITS a customer information document (CCD) within the meaning of section 134 applies InvFG 2011 and in accordance with article 78 of the directive 2009/65/EC with regard to paragraph 1 Nos. 2 and 5 as appropriate information. With regard to the costs and expenses, including output - and redemption fees, the KID in terms of para 1 is Z 4 as appropriate information. The KID or pursuant to § 195 para 5 InvFG 2011 is the simplified prospectus to provide investors pursuant to § 138 para 2 InvFG 2011. "Until June 30, 2012 applies provided that no KID has been created for the UCITS (§ 195 para 5 InvFG 2011) the simplified prospectus in accordance with article 28 of Directive 85/611/EEC as amended by Directive 2004/39/EC as appropriate information with regard to paragraph 1 Nos. 2, 4 and 5."

4. Article 91 paragraph 1 Z 8 is: "8 management companies pursuant to § 5 para 1 InvFG 2011 within the framework of § 2 para 3."

5. the section 108 10 the following paragraph is added:

"(10) section 2 paragraph 1 Z 9, § 2 para 3, § 40 paragraph 5, and article 91, paragraph 1 Z 8 in the version of Federal Law Gazette I no. 77/2011 1st September 2011 into force."

Article 5

Change of the real estate investment Fund Act

The real estate investment funds act – ImmoInvFG, Federal Law Gazette I no. 80/2003, as last amended by Federal Law Gazette I no. 111/2010, is amended as follows:

1 in section 3, paragraph 2 the following sentence is added at the end:

"Combining a special real estate fund with another real estate Special Fund needed any approval of the FMA".

2. in article 3, para. 3, no. 1 is inserted after the word "Transfer" the phrase "and any termination of transfer".

3. paragraph 6 subsection 6:

"(6) in accordance with the Fund regulations (section 34 paragraph 2 Z 8) can several genera, issued for a real estate fund of unit certificates in particular with regard to income using the subscription fee, redemption discount, a minimum investment amount, the currency of the share value, the management fee or a combination of these criteria." For classes of unit certificates, which provide a minimum investment of at least 750,000 euros, can be provided, that is the redemption of units with return periods laid down in the Fund rules, which may not exceed six months. The cost of introducing new genera of share certificates for existing funds must be made at the expense of the share prices of new share classes in invoice. The component value is to calculate separately for each genre of share of."

The following paragraph 4 is added to § 4. 11:

"(4) the real estate investment management company shall inform investors by public notice of failure of redemption of the share certificates and the resumption of the redemption of shares. The FMA is notified to the resumption of the redemption of the shares."

5. § 32 para 1 No. 3 is: "3. shares of UCITS pursuant to section 2 Investment Fund Act 2011 - InvFG 2011, Federal Law Gazette I no. 77/2011 or special funds in accordance with section 163 InvFG 2011, only directly or indirectly may apply to the Fund in accordance in assets after the Nos. 1, 2 and 4;"

6 § 32 para 2 is as follows:

"(2) after the Fund provisions bank deposits may in addition to the earnings, up to a height of 20 vH of the asset with the same credit institution Group (§ 30 BWG) will be held." Assessments pursuant to paragraph 1 Nos. 2, 4 and 5 applies section 72 relating to article 74, paragraph 1 and 3 InvFG 2011 accordingly. "For investments referred to in paragraph 1 No. 3 applies section 71 in conjunction with article 77, paragraph 1 and 2 InvFG 2011 accordingly."

7. in article 33 para. 3 Z 1 is the reference on "§ 2 Z 20 BWG" by the reference to "§ 72 InvFG 2011" replaced.

8 § 34 ABS. 2 Z 8 is: "8 How to pay is the annual yield to shareholders. This can be also determined, several genera; issued share certificates in accordance with § 6 paragraph 6 for a real estate fund"

9 paragraph 34 paragraph 5:


"(5) the real estate investment management company has the financial supervisory authority and the Austrian National Bank immediately after 30 June and 31 December in the form of a summary statement to show that in the past half year of established and closed real estate funds (§ 1 para. 3). In the lineup of special real estate funds are except the name to specify the number of investors, the Custodian Bank and the fiscal year. A change of this information occurs when an already displayed special real estate fund, so this is be of the change to show the financial supervisory authority and the Austrian National Bank two months after. Conditions and mergers by special funds are immediately to show also the FMA and Oesterreichische Nationalbank. After consulting of the Austrian National Bank, the FMA may prescribe by regulation that the ads referred to in the first and third set exclusively in electronic form have to be carried out, as well as to meet minimum technical requirements, specific outlines and modalities. The FMA has to orient itself on the principles of efficiency and expediency, and to ensure that the full electronic availability of data for the FMA and the OeNB maintained and supervisory interests are not compromised. The FMA has appropriate arrangements for it to meet, that the notifying parties or, where appropriate, their entities can make during a reasonable period of time in the system about the accuracy and completeness of the data received by them or their entities."

10. in article 38, paragraph 1 is for the reference to "section 3 para 3 Z 1"the phrase", the deposit obligation pursuant to § 7 para 3, the reporting obligations in accordance with article 11, paragraph 1 or 4 or § 15 para 2, the presentation specified in accordance with § 13 para 3 or the reporting obligations in accordance with § 34 paragraph 5" recorded.

11 § 38 the following paragraph 3 is added:

"(3) in the case of administrative offences under that provision a limitation period of 18 months applies VStG instead of the limitation period of § 31 para 2 of six months."

12. in article 44, paragraph 6, first sentence is replaced by the date designation "October 1, 2011" by the date designation "April 1, 2012".

13. in article 44, paragraph 6, last sentence the phrase "Investment 2011" will be replaced by the phrase "Investment 2012" and it is replaced the date designation "April 1, 2012" the date designation "October 1, 2011".

14 the following paragraph 7 is added to section the 44:

"(7) § 3 par. 2 and 3 Z 1, § 6, par. 6, § 11 para 4, § 32 para 1 Nos. 3 and para 2, § 33 ABS. 3 Z 1, § 34 ABS. 2 Z 8 and paragraph 5 and article 38, paragraph 1 and 3 in the version of Federal Law Gazette I no. 77/2011 1st September 2011 into force."

Article 6

Amendment of the financial market Authority Act

The financial market Authority Act - FMABG, Federal Law Gazette I no. 97/2001, as last amended by Federal Law Gazette I no. 107/2010, is amended as follows:

1. in article 2, paragraph 1, the phrase is "Investment Fund Act, Federal Law Gazette No. 532/1993" by the phrase "investment fund law 2011, Federal Law Gazette I no. 77/2011" replaced.

2. According to § 21, following articles 21a and 21B each including headings shall be inserted:

"Cooperation with the European supervisory authority

§ 21a. (1) the FMA is comprehensive mutual collaboration with 1 of the European banking authority - EBA (Regulation (EU) no 1093/2010 from 24 November 2010 establishing a European supervisory authority (European banking authority), amending Decision No 716/2009/EC and repealing Decision 2009/78/EC - OJ) No. L 331 of the 15.12.2010, p. 12), 2. the European Securities and markets authority - ESMA (Regulation (EU) No. 1095/2010 from 24 November 2010 establishing a European supervisory authority (European Securities and markets authority), amending Decision No 716/2009/EC and repealing Decision 2009/77/EC - OJ) No. L 331 of the 15.12.2010, p. 84) and 3rd in 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), to the amendment of the decision No 716/2009/EC and repealing Decision 2009/79/EC - OJ) No. L 331 of the 15.12.2010, p. 48) and 4 other participants of the European system of financial supervision: ESFS (article 1 paragraph 3 of Regulation (EU) no 1092/2010 of 24 November 2010 on the financial supervision of the European Union at the macro level and establishing a European systemic risk Board) entitled and obliged.

(2) for the purposes of paragraph 1, the FMA has to provide participants of the ESFS on request with all information that are required for the performance of duties in the framework of the ESFS. The FMA can make 1092/2010 of its powers also exclusively use no. for the purposes of cooperation referred to in this paragraph or in accordance with the Regulation (EU) for the purposes of such cooperation; This even if the conduct which is the subject of the investigation, does not violate a provision applicable in Austria.

Restriction of the legal force of decisions of the FMA

section 21 b. (1) as soon as a European supervisory authority a decision in accordance with article 17 para of 6, 18 para of 4 or 19 para 4 of the regulations (EU) No. 1093/2010, (EU) no 1094/2010 or (EU) No. 1095/2010 of articles 17, 18 or 19 of the regulations (EU) adopt, directly to a financial institution within the meaning no 1093/2010, (EU) no 1094/2010 or (EU) No. 1095/2010 is , adopted decisions of the FMA are in this moment in the same thing as far as override.

"(2) in so far as the FMA is a recommendation, solicitation or a decision of the European supervisory authorities or the European Commission pursuant to articles 17, 18 or 19 of Regulation (EU) No. 1093 / 2010, (EU) no 1094/2010 or (EU) No. 1095/2010 follow them notwithstanding the decision may amend AVG of section 68, paragraph 3 under the conditions provided for in articles 17 and 18 or 19 to the detriment of the party or parties involved."

3. paragraph 22, section 1:

"(1) the FMA is responsible with the exception of the administrative cases to the enforcement of the decisions adopted by it. Furthermore is the FMA to the enforcement of all judgments, except administrative penalties, the participants of the ESFS in the framework respectively of article 28 of the Regulation (EU) No. 1093 / 2010, (EU) no 1094/2010 or (EU) No. 1095/2010 authorized. The administrative enforcement Act 1991 - is German insurance contract law, BGBl. No. 53, insofar as nothing else results from paragraph 2 to apply."

4. § 28 20 the following paragraph is added:

"(20) § 2 para 1, 21a, 21B and 22 para 1 as amended by Federal Law Gazette I no. 77/2011 with the day following the proclamation into force."

Article 7

Amendment of the Pension Fund Act

The pension fund law - PKG, BGBl. No. 291/1990, as last amended by Federal Law Gazette I no. 58/2010, is amended as follows:

1. in article 23, paragraph 1 Z 3a is the reference on "§ 1 para 2 InvFG" by the reference on "§ 163 Investment Fund Act 2011 - InvFG 2011 (BGBl. I no 77/2011)" replaced.

2. § 23 para 1 No. 4 is: "4. shares of investment funds in accordance with article 3 par. 2 Z 2011 are 30 InvFG with the return price within the meaning of § 55 para 2 2011 or comparable InvFG regulations in the OECD Member States;"

3. in article 23, paragraph 1 Z 6 and in article 25, paragraph 1 Z 6 is the reference on "§ 21 InvFG 1993" by the reference to "§ 73 InvFG 2011" replaced.

4. paragraph 25 paragraph 7:

"(7) investments in assets of the same issuer, with the exception of investments in debt securities which are issued another EEA Member State or a Member State of another EEA Member State or guaranteed, by the Federal Government, a State, are limited to a maximum of 5 vH of the assets associated with the investment and risk sharing group; Investments in assets of exhibitors InvFG 2011 belonging to a single group of companies within the meaning of section 74, paragraph 7, are limited to a maximum of 10 vH of the assets associated with the investment and risk sharing group."

5. paragraph 25 paragraph 8:

"(8) investments in shares of mutual funds and real estate funds are allocated Z 1 to 6 according to the actual management on the investment categories referred to in paragraph 2. "For assets of UCITS (§ 2 InvFG 2011), may not be a calculation in para 7, if 1 in shares of this investment fund in the amount of not more than 5 vH of the assets associated with the investment and risk sharing group is assessed or 2. shares of this investment funds by a different investment funds amounting to a maximum of 5% of this other mutual fund assets are held."

6. after article 33f, the following paragraph is inserted 33 g including the heading:

"Cooperation with the EIOPA


Article 33 g. (1) the FMA can work together with the European supervisory authority for the insurance and occupational pensions authority (EIOPA), when this perception in the Directive 2003/41/EC or regulation (EU) no 1094/2010 of 24 November 2010 establishing a European supervisory authority (European insurance and occupational pensions authority), to the amendment of the decision No 716/2009/EC and repealing Decision 2009/79/EC - OJ No. L 331 of the 15.12.2010, p. 4 set tasks or in the way of the administrative and legal assistance is required.

(2) the FMA has the EIOPA to inform the following: 1 each entry of a cross-border activity in the register pursuant to § 11a paragraph 8, as well as for initial registration the concession in accordance with article 8, paragraph 1, of the relevant pension fund;

2. any withdrawal of the licence pursuant to § 10 para 1;

3. any prohibition on the continuation of business activities in accordance with § 33 par. 4 Z 4.

(3) the FMA has the EIOPA has the national prudential rules which are relevant for pension funds, but not that in § 11 paragraph 4 b Z fall under 1 and 2 labour and social regulations referred to, to teach and this information regularly, but at least every two years to update."

7 § 51 shall be added following paragraph 33 and 34:

"(33) Article 23, paragraph 1 Z 3a, 4 and 6, and article 25, paragraph 1 Z 6 and paragraph 7 and 8 in the version of Federal Law Gazette I no. 77/2011 1st September 2011 into force."

(34) article 33 g in the version of Federal Law Gazette I no. 77/2011 effective with January 1, 2012."

Article 8

Change the BMSVG

The operational staff and self-employed persons Pension Act - BMSVG, Federal Law Gazette I no. 100/2002, as last amended by Federal Law Gazette I no. 92/2010 is amended as follows:

1. paragraph 29 section 1:

"(1) the BV cash has to make investment provisions which govern the legal relationship of the beneficiaries (entitled) to BV checkout, as well as to the custodian bank. The investment provisions and amendments must be submitted after obtaining the consent of the Supervisory Board of the BV cash of the custodian bank for approval. The investment provisions as well as amendments require the approval of the FMA. This authorisation shall be granted if the investment provisions do not contradict the legitimate interests of the beneficiaries."

2. § 30 para 2 Z 5 is: "5 shares of investment funds pursuant to § 3 para 2 Z 30 Investment Fund Act 2011 - InvFG 2011 (Federal Law Gazette I no. 77/2011);"

3. in § 30 para 3 Z 3 is the reference on "§ 7 para 3 InvFG 1993" by the reference on "§ 57 para 3 InvFG 2011" replaced.

4. § 30 para 3 Z 4 is: "(4. Veranlagungen Gemäß Abs. 2 Z 5 a) (must be issued by a management company which is established in a Member State of the EEA or OECD Member State b) (split to Z 1 to 6 according to the actual management on the investments referred to in paragraph 2, c) derivative products may according to § 73 InvFG 2011, which were not acquired for hedging price risks" , contain up to 5 vH of the assets associated with the investment community.

d) units in undertakings for collective investment (UCIS) according to § 71 paragraph 2 May and 3 InvFG 2011 up to 30 per cent of the assets associated with the investment community include;

(e) may contain Z 2011 up to 5 vH of the assets associated with the investment community assessments in accordance with section 166, paragraph 1 3 InvFG;"

5. § 30 para 3 No. 7 is: "7 investments pursuant to par. 2 Z 5, which in AIF pursuant to section 3 para 2 No. 31 lit." c InvFG 2011, are limited to a maximum of 10 vH of the assets associated with the investment community;"

6. in article 31, paragraph 1 Z 3a is the reference on "§ 1 para 2 InvFG" by the reference to "§ 163 InvFG 2011" replaced.

7 § 31 para 1 No. 4 is: "shares of mutual funds are to 4 with the return price within the meaning of § 55 para 2 2011 or comparable InvFG regulations in the OECD Member States;"

8. in article 44, paragraph 1 "comes after" is inserted after the phrase "or she violated Z 3a set limits in article 31, paragraph 1".

9 § 73 16 the following paragraph is added:

"(16) article 29, paragraph 1, article 30 par. 2 Nos. 5 and para 3 Z 3, 4 and 7, and article 31, paragraph 1 Z 3a and 4 and § 44 para 1 as amended by Federal Law Gazette I no. 77/2011 apply 1st September 2011."

Article 9

Amendment of the insurance supervision Act

The insurance supervision Act - VAG, BGBl. No. 569/1978, as last amended by Federal Law Gazette I no. 107/2010, is amended as follows:

1 in § 81 h para 2a is the phrase "investment funds in accordance with § 1 para 1 of the investment funds Act, BGBl. No. 818 / 1993 [InvFG] and special funds in accordance with § 1 para 2 InvFG" by the phrase "UCITS pursuant to section 2 Investment Fund Act 2011 - InvFG 2011, Federal Law Gazette I no. 77/2011 and special funds in accordance with section 163 InvFG 2011" replaced.

2. § 119i 29 the following paragraph is added:

"(29) § 81h para 2a in the version of Federal Law Gazette I no. 77/2011 effective with September 1, 2011."

Article 10

Amendment to the income tax Act 1988

The income tax Act 1988, Federal Law Gazette No. 400/1988, as last amended by the Federal Act Federal Law Gazette I no. 111/2010, is amended as follows:

1 § 14 paragraph 7 Z 4 lit e is: "e) shares in investment funds in the sense of § 3 para 2 Z 30 of the investment fund law 2011, excluding alternative investment funds within the meaning of § 3 para 2 No. 31 lit." (c) of the investment funds act 2011. These investment funds - may after the Fund regulations exclusively in securities in lit. a species referred to in d self-assess with derivatives in the sense of § 73 of the investment fund law 2011 only to hedge may be acquired, or must have fund provisions to which article 25, paragraph 1 correspond to Z 5 to 8, § 25 para 2 to 4 and § 25 paragraph 6-8 of the Pension Fund Act.

Securities lending transactions are permitted in accordance with section 84 of the Austrian investment Fund Act 2011. Of the nominal value of the initial issue price shall be replaced."

2. in section 27a para 2 subpara 2 the second tick is the parenthetical expression "§ 42 of the real estate investment Fund Act".

3. in article 95, paragraph 1, the phrase is "§ 40 paragraph 2 No. 2 of the investment fund law" by the phrase "article 186 paragraph 2 No. 2 of the investment fund law 2011" replaced.

4. in section 108a, para. 5, the word order is "article 23 g para. 2 of the Austrian investment Fund Act 1993 ' is replaced by the phrase"article 174 par. 2 of the investment fund law 2011".

5. paragraph 108b para 1 No. 3: "3. with unit-linked life insurance technical provisions with the exception of the unearned premium reserve, the provision for outstanding claims and additional technical provisions for guaranteed minimum benefits to at least 75% of shares in investment funds must within the meaning of § 3 para 2 Z 30 of the investment fund law 2011, excluding alternative investment funds within the meaning of § 3 para 2 No. 31 lit." c of the investment fund law 2011, covered are, where these mutual funds each of §§ 171 and 172 of the investment fund law 2011 must comply with disposition."

6 § 108h para 1 subpara 1 lit. a is: ' a) pension investment fund within the meaning of § 168 of the investment fund law 2011 or "7. In section 108i para 1 No. 3 lit. b is the phrase "section 23 g of paragraph 2 No. 2 of the Austrian investment Fund Act 1993" by the phrase "article 174, paragraph 2 No. 2 of the investment fund law 2011" replaced.

8. in section 108i para 2 first sentence is the word order "article 23 g para. 2 InvFG 1993 ' is replaced by the phrase"article 174 par. 2 of the investment fund law 2011".

9. in paragraph 124b 202 following paragraph is inserted: "202. section 14 paragraph 7 No. 4 lit. e, section 27a para 2 subpara 2, § 95 para 1, Article 108a, para 5, § 108b para 1 No. 3, § 108h para 1 subpara 1 lit. a, section 108i para 1 No. 3 lit. I 77/2011 contact no. b and paragraph 2 in the version of Federal Law Gazette 1 September 2011 in force."

Article 11

Amendment of the EU withholding tax act

The EU withholding tax act EU-QuStG, Federal Law Gazette I no. 33/2004, amended by Federal Law Gazette I no. 111/2010, is amended as follows:

1. Article 7 is amended as follows:

a) para 5 and 6 are:

"(5) in the case of an interest payment in the sense of § 6 para 1 No. 4 is Z 1 of the investment funds act 2011 subject to interest pursuant to § 6 para 1 Nos. 1 and 2 included a withholding for dividend income within the meaning of section 186, para 2.

The capital investment company has 2011 also the composition of the dividend and the dividend-equivalent earnings as well as the resulting withholding tax within the meaning of this Federal Act No. 2 of the Austrian investment Fund Act messages in accordance with section 186, para 2 directly or indirectly captured interest included separately in income equalisation. The capital investment company has also included income equalisation of the Registrar pursuant to section 129 subsection 2 on a daily basis to report the withholding tax within the meaning of this Federal Act on interest rates directly or indirectly received.

Section 95 para 1 of the income tax act shall apply mutatis mutandis with respect to the liability.

(6) messages within the meaning of paragraph 5 cease withholding - made distributions, - is up to the next message the dividend-equivalent earnings

to retain Z 2 to 6, a sum amounting to 0.5% of the last set redemption price for each calendar month of the current calendar year, to 31 December by an amount equal to 6% of the redemption price of the unit certificate, - in cases of paragraph 2.
"The pursuant to article 186 paragraph 2 No. 2 of the investment fund law 2011 to be issued regulation can rules contain, how to suspend a message due to technical issues of this approach cannot be derogated from."

b) of the previous paragraph 6 is named (7) .und the previous paragraph 7 is named (8).

2. paragraph 14 paragraph 2:

"(2) section 7 of amended by Federal Law Gazette I 77/2011 occur no. 1 April 2012 in force."

Article 12

Change of the consumer protection act

The Consumer Protection Act (KSchG), Federal Law Gazette No. 140/1979, as last amended by Federal Law Gazette I no. 22/2011, is amended as follows:

1. § 28 para 1 Consumer Protection Act is:

'(1) who in the course of trade with consumers in connection with consumer credit conditions, package travel arrangements, part time copyright conditions, the distance contracts, doorstep selling, of unfair contract terms agreement, which violates the warranty or guarantee at the time of purchase or in the production of physical goods or in connection with information society services in e-commerce or in connection with asset management services, investment services or payment services or issue E money against a legal bid or ban and this impairs the general interests of consumers "that can be sued without prejudice to § 28 para 1 to cease and desist."

2nd 26 the following paragraph is added to paragraph 41a:

"(26) § 28a para 1 as amended by Federal Law Gazette I no. 77/2011 effective with August 31, 2011."

Article 13

Amendment of the financial collateral law

The financial collateral law - FinSG, Federal Law Gazette I no. 117/2003, as last amended by Federal Law Gazette I no. 90/2010, is amended as follows:

§ 2 No. 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 on certain undertakings for collective investment in transferable securities (UCITS) (OJ" L No. 302 of 17.11.2009, p. 32);

(f) management companies within the meaning of article 2 paragraph 1, lit. (b) of Directive 2009/65/EC;"

Fischer

Faymann