115. Federal law amending the investment fund law in 2011 and the real estate investment fund law

The National Council has decided:

Article 1

Implementation Notice

With this federal law, Directive 2014 /91/EU is amended to amend Directive 2009 /65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) with a view to the Tasks of the depositary, remuneration policy and sanctions, OJ C 327, 28.4.2002, p. No. OJ L 257, 28.08.2014 p. 186.

Article 2

Amendment of the Investment Fund Act 2011

The investment fund law 2011-InvFG 2011, BGBl. I n ° 77/2011, as last amended by the Federal Law BGBl. I No 68/2015, shall be amended as follows:

1. In the table of contents, after the entry " § 17. risk management " the following entry is inserted:

" § 17a.	Remuneration policy and practice
§ 17b.	Remuneration Committee
§ 17c.	Principles of remuneration policy "

2. In the table of contents, the entry " § 42. Content of the agreement between the management company and the depositary " Replaced by the following entry:

" § 42.	Obligations of the depositary bank
§ 42a.	Transfer of duties of the custodian bank to third parties "

3. In the table of contents, after the entry " § 44. Independence of the depositary bank " the following entry is inserted:

" § 44a.

Information requirements of the depositary bank "

4. In the table of contents, after the entry " § 190. Administrative penalties " the following entry is inserted:

" § 190a.	Criminal provisions relating to legal persons
§ 190b.	Effective sanction of legal violations
§ 190c.	Use of collected fines
§ 190d.	Reports to ESMA
§ 190e.	Cooperation with competent authorities in other Member States ' "

5. In § 3 para. 2 Z 33, the point at the end is replaced by a stroke point and the following Z 34 is added:

" 34.		Financial instrument: a financial instrument according to § 1 Z 6 WAG 2007. "

6. § 5 (5) deleted.

7. In § 10 (6) the reference "39b," and after the reference "81 to 91" the reference " , 99g para. 1 " inserted.

8. The following paragraph 5 is added to § 11:

" (5) The FMA may, on the basis of the guidelines and recommendations of the European Securities and Markets Authority (ESMA) (Regulation (EU) No 1095/2010), lay down the criteria for effective and transparent procedures in accordance with the requirements of the In any case, paragraph 1 shall have to be fulfilled with regard to the management company's complaint management function and the internal follow-up to the complaint handling. "

9. § 12 (3).

10. § 13 (3) deleted.

11. In § 14 (3), the reference " 1 Z 7 and 8 " by reference " 2 Z 7 and 8 " replaced.

12. In Section 17 (3) (6), the word order shall be deleted " , in the case of Section 5 (5) in cooperation with the custodian bank, " .

13. According to § 17, the following § § 17a to 17c shall be inserted together with the headings:

" Remuneration policy and practice

§ 17a. (1) The management company shall be responsible for categories of employees, including managers, risk managers, staff with control functions and employees who are in the same income level as a result of their total remuneration, such as: the management and risk management, whose activities have a significant impact on the risk profiles of management companies or UCITS managed by them, to establish a remuneration policy and practice. Remuneration policies and practices must be consistent with and conducive to sound and effective risk management and must not encourage the taking of risks associated with the risk profiles or the provisions of the fund managed by them. UCITS are not compatible, nor do they prevent the management company from acting in accordance with the best interests of the UCITS.

(2) The remuneration policy and practice shall include fixed and variable components of salaries and voluntary retirement benefits.

Remuneration Committee

§ 17b. (1) In management companies which are of considerable importance on the basis of their size, the size of the UCITS managed by them, their internal organisation and the nature, scope and complexity of their operations, the Supervisory Board shall be responsible for: Remuneration Committee shall be set up. The remuneration committee must be set up in such a way as to enable it to judge competent and independent of remuneration policies and practices, as well as the incentives created for risk management. The tasks of the Remuneration Committee include the preparation of decisions on remuneration, including those which affect the risk and risk management of the management company or the UCITS concerned and which are held by the Supervisory Board , as well as the review of the remuneration of senior managers in the areas of risk management and compliance.

(2) The composition of the Remuneration Committee shall be an independent and integral assessment of the definition and application of remuneration policies and practices. The Remuneration Committee is composed of at least three members of the Supervisory Board, with at least one person having expertise and practical experience in the field of remuneration policies (remuneration expert). In the case that according to § 110 Labour Constitution Act (ArbVG), BGBl. No 22/1974, one or more employees 'representatives on the Supervisory Board of the management company shall have at least one member from the circle of employees' representatives.

(3) The remuneration committee shall hold at least one meeting in the year.

Principles of remuneration policy

§ 17c. (1) In the determination and application of the remuneration policy referred to in Article 17a (1) and (2), the management company shall apply the following principles in a manner and to an extent which is of its size, its internal organisation and the nature of the remuneration policy. and the complexity of their business is appropriate:

1.		Remuneration policy is consistent with and conducive to sound and effective risk management and does not encourage any risk-taking of risks associated with risk profiles, fund rules or statutes of the management company managed UCITS are not compatible;
2.		the remuneration policy shall be consistent with the business strategy, objectives, values and interests of the management company and the UCITS it manages and the unit-holders of such UCITS and shall include measures to avoid conflicts of interest;
3.		the remuneration policy is decided by the Supervisory Board of the management company, which lays down the general principles of remuneration policy, reviews it at least once a year and is responsible for its implementation and for monitoring in this responsible for the area;
4.		at least once a year, within the framework of a central and independent internal review, it is determined whether the remuneration policy has been implemented in accordance with the remuneration rules and procedures laid down by the Supervisory Board;
5.		Employees with control functions will be rewarded depending on the achievement of the goals assigned to their tasks, regardless of the performance of the business units they control;
6.		in the case of performanc remuneration, the total remuneration shall be based on an assessment of the performance of the employee concerned and of his department or of the UCITS concerned, as well as the risks and the overall result of the management company, and financial and non-financial criteria are taken into account in the assessment of individual performance;
7.		the performance assessment shall be carried out in a multi-annual framework appropriate to the duration of the holding recommended by the unit-holders of the UCITS managed by the management company, in order to ensure that the assessment shall be made to the longer-term the performance of the UCITS and its investment risks, and the actual payment of performantsdependent remuneration components over the same period;
8.		A guaranteed variable remuneration is only exceptionally paid when new employees are recruited and is limited to the first year of their employment;
9.		the fixed and variable components of the total remuneration are proportionate to each other, the proportion of the fixed component in the total remuneration being high enough to be complete in relation to the variable remuneration components to provide flexibility, including the possibility of dispense with the payment of a variable component;
9.		Payments related to the early termination of a contract reflect the success over time and are designed to not reward failure;
10.		the measurement of success, based on variable remuneration components or pools of variable remuneration components, shall include a comprehensive correction mechanism for all types of ongoing and future risks;
11.		depending on the legal structure of the UCITS and its fund provisions, a significant proportion, but at least 50 vH of the variable remuneration component must be made up of shares of the UCITS in question, equity participations or shares of the same or instruments or equivalent, incapable instruments with incentives which are equally effective as any of the instruments referred to in this provision; the minimum value of 50 vH shall not apply if less than 50 vH of the instrument referred to in the overall portfolio of UCITS managed by the management company;
12.		the instruments referred to in Z 11 shall be subject to an appropriate policy of repudiation aimed at aligning the incentives with the interests of the management company and the UCITS it manages, and the interests of the unit-holders;
13.		a substantial proportion, but at least 40 vH of the variable remuneration component, shall be returned for a period which is appropriate and correct in view of the duration of the holding recommended by the unit-holders of the UCITS in question the risks of this UCITS;
14.		the period referred to in Z 13 shall be at least three years; the remuneration to be paid under arrangements for the provision of remuneration shall not be acquired more quickly than on a one-off basis; makes the variable component a particularly high the amount shall be repaid by at least 60 vH of the amount;
15.		the variable remuneration, including the percentage refunded, shall be disbursed or earned only if, in the light of the financial situation of the management company, it is generally portable and on the basis of the performance of the business unit concerned, of the UCITS and of the person concerned;
16.		a weak or negative financial result of the management company or of the UCITS in question generally leads to a significant reduction in the total variable remuneration, with both current compensation and reductions in the case of Payments from previously generated amounts, including through malus or recovery agreements, are taken into account;
17.		pension schemes are consistent with the business strategy, objectives, values and long-term interests of the management company and the UCITS managed by it;
18.		if the employee leaves the management company before retirement, then voluntary retirement benefits shall be withheld from the management company for five years in the form of the instruments referred to under Z 11. If an employee retires, the voluntary pension benefits shall be paid to the employee after a waiting period of five years in the form of the instruments referred to in Z 11;
19.		Employees must undertake not to use personal hedging strategies or insurance and liability insurance in order to undermine the risk-oriented effects as laid down in their remuneration schemes;
20.		the variable remuneration shall not be paid in the form of instruments or procedures which facilitate circumvention of the requirements of this Federal Law.

2. The principles set out in paragraph 1 shall apply to any kind of benefit granted by the management company for each amount paid directly by the UCITS itself, including performance fees (performance fees), and for each Transfer of UCITS units to the benefit of categories of staff, including management, risk carriers, control staff and all employees who are in the same income level as a result of their total remuneration. , such as management and risk management, the activities of which have a significant impact on their risk profile or the risk profile of the UCITS they manage.

(3) By means of a regulation, the FMA may, in accordance with European practice, lay down detailed criteria relating to the categories of staff in accordance with Article 17a (1), to which the remuneration policy and practice is to be applied in any case, the Criteria for the examination of the significant importance of a management company and the principles of remuneration policy referred to in Article 17c (1) of this Regulation. "

Article 20 (3) is deleted.

15. § 21 (6).

16. § 29 (3) reads:

" (3) In the context of its obligation to act in the best interests of the unit-holders, the management company shall ensure that the UCITS it manages uses fair, correct and transparent calculation models and evaluation systems and prevent the UCITS and its unit holders from being charged disproportionately high costs. The management company has to ensure that the UCITS portfolios are accurately assessed. If the management company administers UCITS in Austria, § § 57 to 59 shall be complied with. The management company shall seek to avoid conflicts of interest and to ensure that, in the event of unavoidable conflicts of interest, the funds managed by it shall be treated in accordance with law and equity. "

17. § 29 (5) reads:

"(5) The management company shall, in the performance of its duties, be honest, honest, professional, independent and exclusively in the interest of the UCITS and its unit-holders."

18. § 31 (5).

Section 33 (2) reads as follows:

"(2) The management company shall ensure that the financial instruments or funds entered into for the execution of the contracts executed are promptly and correctly recorded in the account of the UCITS concerned."

20. § 36 (6) Z 1 reads:

" 1.		The written contract with the depositary pursuant to Article 22 (2) of Directive 2009 /65/EC and "

21. In § 37 (5) (2), the word order is deleted "and in accordance with § 141 (1)" .

22. § 40 (1) reads:

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

23. In § 40, the following paragraph 1 is inserted after paragraph 1:

" (1a) The order of the custodian bank shall be subject to the validity of a written contract. This Treaty shall, inter alia, also regulate the exchange of information necessary for the custodian bank to fulfil its tasks pursuant to Directive 2009 /65/EC, this Federal Act and the FMA pursuant to this Federal Act. Regulations for the UCITS for which it has been ordered can be complied with. "

24. § 41 (4).

25. § 42 with headline reads:

" Obligations of the custodian bank

§ 42. (1) The custodian bank shall properly monitor the cash flows of the UCITS and, in particular, ensure that all payments made in the subscription to the shares of a UCITS of unit holders or on behalf of unit holders are accepted. and that all the funds of the UCITS have been accounted for in cash accounts, which

1.		the name of the UCITS, the name of the management company acting on behalf of the UCITS or the name of the custodian bank acting on behalf of the UCITS,
2.		in the case of a body referred to in Article 31 (1) (1) (1) to (3) of WAG 2007
3.		are guided in accordance with the principles laid down in § 29 WAG 2007.
If the money accounts are kept on the name of the depositary acting on behalf of the UCITS, such accounts shall not be used to record funds of the entity referred to in Z 2 or funds of the depositary bank itself.

(2) The assets of the UCITS shall be entrusted to the custodian bank as follows for safekeeping:

1.		For financial instruments that can be taken into custody, the custodian bank
a)			all financial instruments which can be entered in the depot in an account in financial instruments and which are able to keep all the financial instruments which can be physically transferred to the depositary; and
b)			ensure that financial instruments which can be accounted for in the depot in an account in respect of financial instruments are registered in the accounts of the depositary in accordance with the principles laid down in § 29 WAG 2007 on separate accounts, which shall apply to the accounts of the depositary in accordance with the principles laid down in Article 29 The names of the UCITS or the management company acting on behalf of the UCITS have been opened so that the financial instruments can be identified at any time clearly as instruments located in the ownership of the UCITS as well as the UCITS ' UCITS.
2.		For other assets, the custodian bank
a)			examine whether the UCITS or the management company acting for the UCITS is the owner of the assets concerned, by providing them with information and documentation provided by the UCITS or the management company, and, where appropriate, on the basis of external evidence, it shall establish whether the UCITS or the management company acting on the UCITS is the owner, and
b.			keep records of those assets in which it has verified that the UCITS or the management company acting for the UCITS is the owner, and keep their records up to date.

(3) The custodian bank shall regularly submit to the management company a comprehensive list of all the assets of the UCITS.

(4) The assets held by the custodian bank may not be re-used by the custodian bank or by a third party to whom the depositary function has been transferred for its own account. Re-use shall be deemed to be any transaction of committed assets, including transfer, pledge, sale and corpse.

(5) The assets held by the custodian bank may only be re-used, provided that:

1.		the re-use of the assets on behalf of the UCITS is carried out;
2.		the depositary shall comply with the instructions of the management company acting on behalf of the UCITS,
3.		the re-use of the UCITS benefits and is in the interest of the unit-holders, and
4.		the transaction is covered by liquid assets of high quality which the UCITS has received in accordance with an agreement on full transfer of rights;
the traffic value of the securities must at all times be at least as high as the value of the value of the re-used assets plus a surcharge. "

26. In accordance with § 42, the following § 42a and the heading are inserted:

" Transfer of duties of the custodian bank to third parties

§ 42a. (1) The custodian bank may not transfer the tasks to third parties pursuant to § 40 (2) and § 42 (1).

(2) In accordance with Section 42 (2), the custodian bank may only transfer the tasks to third parties under the following conditions:

1.		The tasks are not transferred in the intention to circumvent the provisions of this Federal Act or of Directive 2009 /65/EC,
2.		the custodian bank must be able to justify the transfer with an objective reason,
3.		the depositary shall, in the selection and appointment of a third party to which it wishes to transfer parts of its duties, carry out the necessary expertise, diligence and conscientiousness, and
4.		the depositary shall, in the periodic review and ongoing control of third parties to which it has entrusted parts of its duties, and of agreements of the third party with regard to the tasks entrusted to it, continue to be informed of the necessary expertise, Diligence and conscientiousness.

(3) The custodian bank may only transfer the tasks in accordance with Section 42 (2) to third parties which during the entire period of the exercise of the tasks assigned to them are carried out.

1.		have organisational structures and expertise appropriate and appropriate in view of the nature and complexity of the assets of the UCITS entrusted to it or of the management company acting for the UCITS;
2.		in respect of the custodian functions referred to in § 42 (2) (1) and (2)
a)			are subject to effective prudential regulation, including minimum capital requirements, and supervision in the relevant legal group; and
b)			are subject to regular external accounts to ensure that the financial instruments are in their possession;
3.		separate the assets of the depositary bank's customers from their own assets and from the assets of the custodian bank in such a way as to ensure that they are always clearly the property of customers of a particular custodian bank can be identified;
4.		take all necessary steps to ensure that, in the event of the third party's insolvency, the assets of the UCITS which are held by the third party cannot be distributed to or used in the benefit of the creditors of the third party; and
5.		§ 40 (1a), § 42 (2) and (4) and § 44.

(4) Sodistant the legislation of a third country requires that certain financial instruments must be kept by a body established in that third country, and that no eligible institution is required to comply with the requirements of paragraph 3 (2) (2). (a) the custodian bank may transfer the tasks in accordance with section 42 (2) only to the extent that this prescribates the legislation of the third country, as long as there are no establishment established in that third country to comply with the requirements of the third country Federal law meets and fulfils the following conditions:

1.		The unit-holders of the UCITS concerned shall, prior to the operation of their installation, be duly informed of the need for such a transfer on the basis of mandatory legislation of the third country, on the circumstances justifying the transfer, and on: inform the risks associated with such a transfer; and
2.		the management company acting on behalf of the UCITS has ordered the custodian bank to transfer the safekeeping of those financial instruments to such a facility located in the third country.

(5) The third party entrusted by the custodian bank with tasks pursuant to section 42 (2) may, for its part, transfer these tasks further under the same conditions. § 43 shall apply to all parties concerned.

(6) The provision of services within the meaning of Directive 98 /26/EC by securities settlement and settlement systems designated for the purposes of Directive 98 /26/EC or the provision of comparable services by securities and securities providers, and -settlement systems of a third country shall not be regarded as a transfer of the depositary functions for the purposes of paragraphs 1 to 5. "

27. § 43 reads:

" § 43. (1) The custodian bank shall be liable to the management company and the unit-holders for the loss by the custodian bank or a third party to whom the custody of financial instruments held pursuant to section 42 (2) (Z) and (2) has been transferred. In the event of the loss of a lost financial instrument, the depositary bank shall, without delay, return a financial instrument of the same type to the UCITS or the management company acting for the UCITS or to reimburse a corresponding amount. The custodian bank shall not be liable if it can prove that the loss to external events which cannot be controlled at reasonable discretion and whose consequences would not have been avoided despite all reasonable efforts , can be attributed to.

(2) The liability of the custodian bank shall also apply to all losses resulting from negligent or wilful non-performance of obligations under this Federal Act or Directive 2009 /65/EC by the custodian bank.

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

(4) The liability of the custodian bank pursuant to para. 1 or 2 may not be contractually excluded or limited in the case of other nullity.

(5) Part-holders of the UCITS may claim the liability of the custodian bank directly or indirectly through the management company or the investment company, provided that this does not result in the doubling of any recourse claims or the Unequal treatment of the unit-holders. "

Section 44 (2) reads as follows:

"(2) In the performance of its duties, the depositary bank shall be honest, honest, professional, independent and acting exclusively in the interests of the unit-holders."

29. The following paragraph 3 is added to § 44:

The custodian bank may not carry out any tasks relating to the UCITS or the management company acting on the UCITS to create conflicts of interest between the UCITS, the UCITS ' unit holders, the management company and the UCITS itself. , except where a functional and hierarchical separation of the execution of its tasks as a custodian is given by its potentially conflicting tasks and the potential conflicts of interest are properly determined, shall be observed and shall be disclosed to the unit-holders of the UCITS. "

30. In accordance with § 44, the following § 44a shall be inserted with the title:

" Information requirements of the depositary bank

§ 44a. (1) The depositary bank shall provide the FMA on request with all the information it has received in the performance of its duties.

(2) If the FMA is not the competent authority of the UCITS or of the management company, the FMA shall immediately forward the information received from the depositary bank to the competent authority of the UCITS and the management company. "

31. § 46 (1) reads:

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

32. In § 57 (1) the word order is deleted "or, if the management company has transferred these tasks to the custodian bank pursuant to Article 5 (5), the custodian bank" .

33. In § 57 (3), the word order is deleted "or, if the management company has transferred these tasks to the custodian bank pursuant to Article 5 (5), the depositary bank" .

34. The following sentence shall be added to section 58 (2):

" In addition, a payment of the capital gains tax can be maintained if, according to § 98 (1) (e) (5) (5) (lit). b of the Income Tax Act 1988 limited taxable unit holders of the capital gains tax deductions are possible by burden of the settlement account of the unit holder. "

Section 60 (2) reads as follows:

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

36. In § 70 sec. 4 Z 4 the reference "Directive 78 /660/EEC" by reference "Directive 2013 /34/EU" replaced.

37. In § 93 (2) Z 1 the reference "§ 67 (2)" by reference "§ 67 (1) Z 4" replaced.

38. § 125 (3) reads:

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

39. In Section 131 (4), in Z 11, the point at the end is replaced by a line-point and the following Z 12 is added:

" 12.		Information on remuneration policies, where either information is given in accordance with lit. a or the information according to lit. b are to be included:
a)			The details of the current remuneration policy, including a description of how remuneration and other benefits are calculated, and the identity of the persons responsible for the allocation of remuneration and other benefits, including the composition of the remuneration committee, if there is such a committee, or
b)			a summary of the remuneration policy and a statement that the details of the current remuneration policy, including a description of how remuneration and other benefits are calculated, and the identity of the remuneration policy for the the allocation of remuneration and other benefits, including the composition of the remuneration committee, if there is such a committee, accessible through a website, including the indication of this website; and a paper version will be made available free of charge on request. "

40. § 135 sec. 2 Z 1 reads:

" 1.		Identity of the UCITS and the competent authority of the UCITS, "

41. According to Article 135 (3), the following paragraph 3a is inserted:

" (3a) The KID must also contain a declaration that the details of the current remuneration policy, including a description of how the remuneration and other benefits are calculated, and the identity of the remuneration policies for the allocation of the Remuneration and other benefits, including the composition of the remuneration committee, if there is such a committee, are accessible through a website, including the indication of this website, and that the remuneration and other benefits shall be available on the website, including the information on the remuneration committee. Request for free a paper version is made available. "

42. § 136 (4) Z 2 reads:

" 2.		by means of at-disposal services to the public in printed form, free of charge, at the registered office of the management company or, in the case of the distribution of shares of the UCITS authorised in another Member State, at the credit institution's registered office in accordance with § 141 (1) or "

43. In § 140 (3) last sentence, the reference "§ 162 (2)" by reference "§ 162 (3)" replaced.

44. In § 141 (3), the word order is deleted "or partial fund according to § 139 (1) Z 2" .

§ 150 is:

" § 150. (1) The FMA has legally binding measures pursuant to § 148 (1), (2) and (5), together with the identity of the persons concerned and the information on the nature and nature of the underlying matter, shall not be taken as a matter of an investigative nature. , after the person concerned has been informed of the decision by which the measure was imposed, to be made public immediately on the Internet. The publication shall also be supplemented by any judicial decision to affirm the affirmative decision.

(2) The FMA, together with the identity of the sanctioned person and the information on the nature and character of the underlying infringement, shall immediately be known to the FMA immediately on the Internet for non-compliance with the financial penalties imposed by § 190 and § 190a of the FMA. after the person concerned has been informed of the decision by which the sanction has been imposed. The publication shall also be supplemented by any judicial decision to affirm the affirmative decision.

(3) According to a case-based assessment of the proportionality of the disclosure of the information in question, the FMA has concluded that the publication of the identity of the legal persons or of the personal data of the natural persons concerned persons would be disproportionate, or if the contract notice would endanger the stability of the financial markets or ongoing investigations, the FMA

1.		the decision imposing the sanction or measure shall not be notified until the reasons for its non-disclosure have been omitted; or
2.		the decision imposing the sanction or measure shall, in accordance with national law, be made known in an anonymised form if such an anonymized notice ensures effective protection of the personal data; or
3.		of the decision to impose the sanction or measure, if the possibilities of Z 1 or 2 do not, in their opinion, be sufficient to ensure that:
a)			the stability of the financial markets is not jeopardised or
b)			in the case of measures which are considered to be minor, in the event of a publication of such decisions, proportionality is respected.
Where it is decided to disclose a sanction or a measure in an anonymised form, the notice of the relevant information may be postponed for a reasonable period if it is to be assumed that the reasons for anonymized notice will be eliminated over the course of this period.

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

(5) The person concerned by a publication may request a review of the legality of the publication in accordance with para. 1, 2, 3 or 4 in a procedure to be carried out in a modest way with the FMA. In this case, the FMA has to make the introduction of such a method known in the same way. If, in the context of the review, the unlawfulness of the publication is determined, the FMA shall correct the publication correctly or, at the request of the person concerned, either withdraw it or remove it from the internet presence. Where an appeal against a measure or sanction which has been disclosed in accordance with paragraphs 1, 2, 3 or 4 is granted suspensive effect in proceedings before the courts of the courts, the FMA shall do so in the same way: to make known. The publication shall be correct or, at the request of the person concerned, either to be revoked or to be removed from the internet presence if the measure or sanction is lifted.

(6) If a publication in accordance with paragraphs 1, 2 or 3 is not to be revoked on the basis of a decision pursuant to paragraph 5 or to be removed from the Internet presence, it shall be maintained for at least five years. However, the publication of personal data shall only be maintained for as long as not one of the criteria pursuant to paragraph 3, first sentence, would be fulfilled. "

46. § 151 Z 3a reads:

" 3a.		any change in the person of a member of the Supervisory Board, stating the fulfilment of the requirements of Section 28a (5) of the Federal Elections Act, as well as any change in the conditions pursuant to Section 28a (3) and (5) of the BWG with existing members of the Supervisory Board; "

46a. The following sentence is added to section 164 (4):

" In relation to such securities lending transactions, Section 42 (5) shall apply, subject to the condition that the value of the assets transferred under a securities lending business in accordance with Section 84 may also be lower than the traffic value of the securities. re-used assets. "

47. § 167 (5) is deleted.

48. § 186 (2) (1) and (2) reads as follows:

" 1. a)			If there is no actual distribution within the meaning of paragraph 1, or if all income is not distributed within the meaning of paragraph 1, the non-distributed income from the transfer of capital within the meaning of section 27 (2) of the Income Tax Act 1988 and 60 vH of the positive balance of income within the meaning of Section 27 (3) and (4) of the Income Tax Act 1988, minus the related expenses of a capital investment fund to the unit-holders in the The extent to which the shares are based on the basis of the lit. b is distributed (equal to the distribution of the same income). In the case of shares held in an operating assets, the total positive balance of income within the meaning of Section 27 (3) and (4) of the Income Tax Act 1988 minus the expenses related to it shall be deemed to be paid out. If the returns in effect are subsequently distributed, they are tax-free.
b)			In the case of the unit-holder, the income equal to the distribution shall be deemed to be taxable income at the following dates irrespective of the nature of the future determination:
aa)				in the case of payment of the capital gains tax (section 58 (2)) on the day of payment;
bb)				otherwise, at the time of publication of the data relevant for the tax treatment, by the reporting body on the basis of a timely notification;
cc)				in all other cases, at the date referred to in Z 3.
2. a)			The breakdown of the composition of the distribution within the meaning of section 1 and of the same income as defined in the Z 1 and the amount of the capital gains tax as well as the adjustments to the cost of acquisition in accordance with paragraph 3 Tax-related data shall be transmitted to the Reporting Office in accordance with § 12 KMG by a tax representative. The Reporting Office shall, on the basis of this data, determine the tax treatment in accordance with the statutory provisions and publish the tax values thus determined in a suitable form. Section 12 (1) of the last sentence of the KMG is to be applied analogously to this activity of the Reporting Office.
b)			As a tax representative, only a domestic business unit or a person who has comparable professional qualifications can be appointed. If the reporting body rejects a tax representative because of doubts as to the comparability of the qualification, the Federal Minister of Finance decides.
c)			The Federal Minister of Finance shall be authorized to:
aa)				the time-limit for transmission to the Reporting Office, taking into account the time-limits applicable to annual reports,
bb)				the conditions for transmission to the reporting body,
cc)				the content and structure of the data transmitted;
dd)				the determination of the tax values on the basis of the data transmitted by the reporting body in accordance with the legal provisions,
ee)				any corrections to the data transmitted, and
ff)				the manner in which the tax values determined are published by the Reporting Office
			to be more closely regulated by the Regulation.
d)			For the information provided by the Reporting Office or by other persons on behalf of the Reporting Office in the performance of their activities pursuant to § 186 paragraph 2 Z 2 lit. a and b to whom culpably inflicted damages the federal government shall be liable in accordance with the provisions of the Official Liability Act, BGBl. 20/1949. The reporting body and its institutions and staff shall not be liable to the injured party. If the Federal Government has replaced the injured party with the damage, he/she may request a refund from the Reporting Office if the damage has been caused intentionally or with gross negligence. "

49. In § 186 (5) the Z 2 is added and the following Z 3 is added:

" 2. a)			The distributed income from other income in the sense of the Income Tax Act 1988 is subject to taxable income at the unit-holder irrespective of the type of future determination at the time of the inflow. If there is no actual distribution or all proceeds are not distributed, the non-distributed income shall be deemed to have been paid out at that time, which shall also apply to the same income as referred to in paragraph 2 (1) (1) (1). b is relevant.
b)			The other income is determined in accordance with the relevant provisions of the Income Tax Act 1988, with the proviso that expenses related to the income may be deducted from the income tax. In the case of shares not held in an operating assets, income from the sale of economic goods, with the exception of economic goods within the meaning of § § 27 and 30 of the Income Tax Act 1988, shall be regarded as income of 30% as income Speculation transactions according to § 31 of the Income Tax Act 1988. This shall not apply if the shares or shares of no more than 50 unit holders are held; in this case, the existence of speculative transactions in accordance with § 31 of the Income Tax Act 1988 at the level of the individual unit holder is to be held. identifying.
c)			Are those according to lit. b determined income positive and amount to a maximum of 10% of the income represented by income within the meaning of § 27 of the Income Tax Act 1988, which are applicable according to lit. b determined income as income pursuant to Section 27 (2) of the Income Tax Act 1988.
3.		Income which does not constitute income pursuant to § 27 of the Income Tax Act 1988 shall be included in the notification in accordance with Section 2 (2) (2). "

Article 189 (5) is deleted.

51. § 190 reads:

" § 190. (1) Who

1.		in a published prospectus or in a customer information document of an investment fund, or in a statement changing or supplementary to such a prospectus, or in a financial or semi-annual report of an investment fund or in the the information provided in accordance with § 120 on significant circumstances makes inaccurate information available, or omits the indication of adverse facts;
2.		is contrary to the rule of § 129;
3.		, contrary to § 128 without a published prospectus or an available KID for a UCITS,
4.		in the advertising of a UCITS, the content referred to in § 128 shall not be provided;
5.		otherwise violates § § 132, 133, 136, 138, 139, 140, 141 or 142 of this Federal Act or against Articles 3 to 5 or 7 to 36 or 38 of Regulation (EU) No 583/2010 or in violation of Article 1 of Regulation (EU) No 584/2010;
6.		without being entitled to it, the designations "capital investment company", "capital investment fund", "investment fund company", "investment fund", "joint ownership fund", "securities fund", "equity fund", "bond fund", "investment bank notes", "investment certificates", "pension fund", "special fund", "index fund", "bond fund", "pension fund", "fund of funds", "thesauriding capital investment fund", "money market fund", "money market fund with a short maturity structure", "UCITS ETF", "UCITS-ETF", "ETF", "Exchange-Traded-Fund", the addition "oral proof" or equivalent names or abbreviations of such names contrary to § 130,
Is an administrative transgressing and is to be punished by the FMA with a fine of up to 60 000 euros.

(2) Those who are responsible (§ 9 VStG) of a capital investment company or a management company,

1.		the disclosure requirements are infringed in accordance with § § 37, 113 (1), 125 (3), 137 or 151;
2.		the reporting obligations are infringed in accordance with § § 152 or 153;
3.		the obligations of § § 10 to 35, 39 para. 1, 42 or 45 are infringed;
4.		§ § 46 (2) and (3), 47 (1) and (2), 49, 52, 53 (4), 57, 59, 60 (1) or (2), (61), (63) or (65) are violated;
5.		the withdrawal or payment of shares pursuant to § 55 without the existence of exceptional reasons within the meaning of Section 56 (1) or the obligation to inform the investors or the authorities in other Member States in violation of Section 56 (2);
6.		the provisions of § § 66 to 84 or the provisions on the risk management of § § 85 to 92 are infringed;
7.		the provisions of § § 120 to 124 or 127 (2) or (3) are violated;
8.		the provisions of § 163 (2), § 164 (1) or (3) (1) to (8), (4) to (6) or (§ 165) are violated;
9.		the provisions of § 166, § 167 (1), (3), (5) or (6) are violated;
10.		Violates the provisions of § § 168 to 174;
11.		in the context of the provision of the services in accordance with § 5 (2) (3) and (4), § § 17 to 26 and 29 to 57 as well as 58 (4), 60 (3) or 4 (4) or § § 73 or 74 WAG 2007.
12.		is in breach of the Fund rules approved by the FMA;
13.		is in breach of a decree issued by the FMA under this Federal Act,
Is an administrative transgressing and is to be punished by the FMA with a fine of up to 60 000 euros.

(2a) Anyone who, as the person in charge (§ 9 VStG) of a capital investment company or a management company, has brought about the granting of concession pursuant to Article 5 (1) by incorrect information or by deceptive acts or otherwise has made it difficult for other persons to make the concession. shall be subject to an administrative surrender and shall be punished by the FMA with a fine of up to five million euros or up to two times the benefit drawn from the infringement, insofar as this is allowed to be quantified.

(3) Anyone who is responsible (§ 9 VStG) of a management company from another Member State pursuant to § 36

1.		In the context of the activity of collective portfolio management, § § 10 to 28 or 36 (1) to (6) and (9) are violated;
2.		in the context of collective portfolio management, violates § § 46 (2) and (3), 47 (1) and (2), 49, 52, 53 (4), 57, 59, 60, 61, 63 (1) to (3) or 65;
3.		the withdrawal or payment of shares pursuant to § 55 without the existence of exceptional reasons within the meaning of Section 56 (1) or the obligation to inform the investors or the authorities in other Member States in violation of Section 56 (2);
4.		in the context of the activity of the collective portfolio management, the provisions of § § 66 to 92 are violated;
5.		in the context of the activity of collective portfolio management, violates § § 96 to 106, 107 (2), 111, 112, 113 (2) and (3);
6.		in the context of the provision of the services in accordance with § 5 (2) (3) and (4), § § 17 to 26 and 29 to 57 as well as 58 (4), 60 (3) or 4 (4) or § § 73 or 74 WAG 2007,
Is an administrative transgressing and is to be punished by the FMA with a fine of up to 60 000 euros.

(4) Anyone who is responsible (§ 9 VStG) of a branch of a management company from another Member State pursuant to § 36

1.		In the context of the activity of collective portfolio management, § § 10 to 35 or 36 (1) to (6) and (9) are violated;
2.		§ § 46 (2) and (3), 47 (1) and (2), 49, 52, 53 (4), 57, 59, 60, 61, 63 (1) to (3) or (65) are infringed;
3.		the withdrawal or payment of shares pursuant to § 55 without the existence of exceptional reasons within the meaning of Section 56 (1) or the obligation to inform the investors or the authorities in other Member States in violation of Section 56 (2);
4.		in the context of the activity of the collective portfolio management, the provisions of § § 66 to 92 are violated;
5.		in the context of the activity of collective portfolio management, violates § § 96 to 106, 107 (2), 111, 112, 113 (2) and (3);
6.		in the context of the provision of the services in accordance with § 5 (2) (3) and (4), § § 17 to 26 and 29 to 57 as well as 58 (4), 60 (3) or 4 (4) or § § 73 or 74 WAG 2007,
Is an administrative transgressing and is to be punished by the FMA with a fine of up to 60 000 euros.

(5) Those who are responsible (§ 9 VStG) of a custodian bank

1.		in violation of § § 39 para. 2, 40 para. 2 to 4, 41 para. 3, 42, 42a, 44, 45,
2.		violates § 107 (1), (3), (4) or (5) or § 108, or
3.		affirmed the regularity according to § 118 against better knowledge,
Is an administrative transgressing and is to be punished by the FMA with a fine of up to 60 000 euros.

(6) Anyone who is a statutory auditor of a UCITS,

1.		is in breach of § § 109 or 110; or
2.		carry out a confirmation in accordance with § 119 (1) against better knowledge,
Is an administrative transgressing and is to be punished by the FMA with a fine of up to 60 000 euros.

(7) In the event of an infringement of an obligation pursuant to § 151 Z 1 with regard to amendments to the Articles of Association, Z 4, Z 7, Z 9 and Z 13 with regard to the termination of the transfer, the FMA shall refrain from initiating and implementing an administrative criminal procedure if the not duly reimbursed, before the FMA has become aware of this transgressing. "

52. According to § 190, the following § § 190a to 190e together with the headings are inserted:

" Criminal provisions relating to legal persons

§ 190a. (1) The FMA may impose financial penalties on legal persons if persons who have acted either alone or as part of an organ of the legal person and have a leading position within the legal person on the basis of

1.		the power to represent the legal person,
2.		the power to take decisions on behalf of the legal person, or
3.		an authority of control within the legal person
against which the obligations referred to in § 190 (1), (2), (2a), (3), (4), but in each case not in respect of § 14, and § 190 (5), have violated obligations.

(2) Legal persons may also be held liable for breaches of the obligations referred to in § 190 (1), 2, 2a, 3, 4 but not in each case with respect to § 14, and § 190 (5), if lack of supervision or control by a person referred to in paragraph 1 has made possible the commission of such infringements by a person acting for the legal person.

(3) The financial penalty referred to in paragraphs 1 and 2 shall be up to 5 vH of the total annual net turnover, but in the case of a breach in accordance with Section 190 (2a), up to 10 vH of the total annual net turnover or up to two times the benefit drawn from the infringement, as far as it can be quantified.

(4) The total annual net turnover in the case of management companies is the total amount of all the revenues listed in Section 43 of the Federal Elections Act in Z 1 to 7 of Annex 2, less the expenses listed there; the company is a Subsidiary, shall be subject to the annual total annual net turnover shown in the consolidated accounts of the parent company at the top of the group in the previous financial year. For other legal entities, the total annual turnover shall be decisive. To the extent that the FMA cannot determine or calculate the basis for the total turnover, it has to estimate it. Account shall be taken of all the circumstances which are of importance for the estimation.

(5) The FMA may depart from the punishment of a person responsible pursuant to § 9 of the VStG if an administrative penalty is already imposed on the legal person for the same infringement and there are no special circumstances which are subject to an abuding of the Punishing against punishment.

Effective sanction of legal violations

§ 190b. In determining the nature of the sanction or measure, the FMA has, in respect of infringements of the provisions of this Federal Act or against regulations or regulations adopted under this Federal Act, and in the assessment of the amount of a Fine, in so far as appropriate, in particular the following circumstances:

1.		The seriousness and duration of the infringement;
2.		the degree of responsibility of the responsible natural or legal person;
3.		the financial strength of the natural or legal person responsible, as shown, for example, from the total turnover of the responsible legal person or the annual income of the responsible natural person;
4.		the amount of the profits or losses incurred by the natural or legal person responsible, if they are to be quantified;
5.		the damage caused to third parties by the infringement, provided that it is quantified;
6.		the damage generally caused to the functioning of the markets or to the economy, provided that it can be quantified;
7.		the willingness of the natural or legal person responsible to cooperate with the competent authority;
8.		previous violations by the responsible natural or legal person, and
9.		in the event of a breach of the measures taken by the natural or legal person responsible for the infringement, in order to prevent the recurrence of such infringement.
The provisions of the VStG shall remain unaffected by this paragraph.

Use of collected fines

§ 190c. The fines imposed by the FMA pursuant to § 190 (2a) and § 190a are to be paid to the Federal Government.

Reports to ESMA

§ 190d. (1) The FMA has to report annually to ESMA a summary of all sanctions for violations in accordance with § 190 and § 190a and all measures ordered pursuant to § 148 (1), (2) and (5).

(2) The FMA shall notify ESMA of any administrative sanction and measure published in accordance with § 150. The FMA also has any administrative sanction that has been imposed, but has not been disclosed pursuant to Section 150 (3) (3) (3), as well as all legal remedies in connection with these sanctions and the results of the appeal proceedings to ESMA. report.

Cooperation with competent authorities in other Member States

§ 190e. (1) In the exercise of its sanctioning powers in accordance with § 190 and § 190a, the FMA has to cooperate closely with the competent authorities in other Member States to ensure that the supervisory and investigative powers pursuant to § 148 as well as the administrative penalties may be effectively arranged or imposed. Furthermore, the FMA coordinates its actions to avoid duplication and overlap in cases where the FMA exercises its supervisory and investigative powers across borders and in this framework administrative sanctions and Measures imposed.

(2) The FMA may refuse to request information or to request cooperation in the event of an investigation by a competent authority in another Member State only if:

1.		the transfer of relevant information could affect national security, in particular the fight against terrorism and other serious criminal offences;
2.		is likely to affect their own investigations, enforcement actions or criminal investigations;
3.		has already been brought before a national court on the basis of the same act and against the same persons; or
4.		if a final judgment has already been given against these persons on the basis of the same action. "

53. § 191 reads:

" § 191. Sections 96, 97, 98, paragraph 1, paragraph 1a, para. 2, Z 4a, 5, 8, 10 and 11 with regard to § 44 BWG, § 98 (3) Z 10, § 98 (5a) Z 1 to 3 and 6 as well as § 99 (1) Z 3 to 8, 10 and 15 and section 2, as well as § § 99a, 99b, 99c, 99d, 100 and 101 BWG are to be found on management companies. "

54. The following paragraphs 3a and 3b are inserted in § 193:

" (3a) If a judicial criminal procedure has been terminated in accordance with § § 189 to 191 other than by resignation from the prosecution (diversion) or by a final guilty verdict, the FMA must be notified of this. The notification shall be the responsibility of the Court of First Instance in the case of the recruitment of the Public Prosecutor's Office, in all other cases.

(3b) The time from the refund of the criminal complaint for an act in accordance with § § 189 to 191 to the time of the receipt of the notice pursuant to Section 3a of the Authority shall not be included in the period of limitation in accordance with § 31 (1) and (2) of the VStG. "

(55) The following paragraph 9 is added to § 195:

" (9) After the entry into force of the Federal Law BGBl. I n ° 115/2015 shall be subject to the following transitional provisions:

1.		Sodistant shares, which are due to holders, have been followed up to the unit-holder on the basis of previously existing provisions, such shares may, at the request of the unit holder, by way of derogation from § 46 (1) to 31 December 2016 at the latest in the Ways of his entitled to the custody business and according to the FATCA agreement (BGBl. III No 16/2015) or to a credit institution registered on a foreign legal basis based on FATCA, or be placed in custody in the case of a credit institution.
2.		Shares that are denominated in holders and will not be depotted in custody until 31 December 2016, together with all the subsidiary documents, will expire at the end of December 31, 2016, and will be extinguisher. From the 1st In January 2017, the rights in respect of such shares can only be asserted by the domestic custodian bank, which is ordered by the management company for the Fund, as trustee of the respective unit-holders. The shares held by the custodian bank as trustee shall be securiciated to a domestic securities collection bank.
3.		After 31 December 2016, the holder of a holder of a certificate issued in accordance with Z 2 may be entitled to receive a certificate from his or her custodian in accordance with the FATCA agreement or a FATCA agreement, by presenting the same to his or her custodian. Credit institution registered as a trustee in respect of the fund shares held by the custodian bank appointed by the management company for the Fund, in accordance with Z 2. The trustee also has to provide the identification documents for customers in accordance with the provisions of the Federal Elections Act as well as the one in Annex I of the FATCA Agreement and the Law-GMSG (BGBl). I n ° 116/2015), and other procedures. The trustee who has demonstrated his entitlement may, by way of his or her depository, be entitled to a credit institution registered in accordance with the FATCA agreement or a foreign legal basis based on FATCA. The management company for the Fund ordered custodian bank to issue the shares held in accordance with Z 2 for the fund, by supplying it to a securities depot or to redemption of the shares. The issuance of cash payments made within the framework of the trustee relationship from the custodian bank ordered by the management company for the fund, including any redemption proceeds, can only be made by bank transfer to a money account, in respect of which the trustee is an account holder or co-account holder. The custodian bank appointed by the management company for the Fund may, in debt relief, be entitled to the holder of the holder who is entitled to the holder by way of his or her depository transaction and may be based on the FATCA agreement or a FATCA agreement. foreign legal basis registered credit institutions. In the framework of the trusteeship, cash payments are not to be galvanised by the custodian bank ordered by the management company for the fund.
4.		The delivery claims in accordance with Z 3 shall expire at the end of 31 December 2032. "

56. § 196 para. 2 Z 1 reads:

" 1.		Directive 2009 /65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), OJ L 206, 22.7.2009, p. No. 32), as amended by Directive 2014 /91/EU amending Directive 2009 /65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) in the With regard to the tasks of the depositary, the remuneration policy and sanctions, OJ C 327, 28.4.2002, p. No. OJ L 257, 28.08.2014 p. 186, with references in laws or regulations to Directive 85 /611/EEC as references to Directive 2009 /65/EC; "

57. § 196 para. 2 Z 10 reads:

" 10.		Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716 /2009/EC and repealing Decision 2009 /77/EC, OJ L 327, 30.4.2009, p. No. 84., as amended by Directive 2014 /51/EU, OJ L 331, 15.12.2014, p. No. OJ L 153, 22.05.2014 p. 1;

58. In § 196 para. 2 Z 17, the point at the end is replaced by a stroke point and the following Z 18 and 19 are added:

" 18.		Directive 98 /26/EC on settlement finality in payment and securities settlement systems, OJ L 136, 31.5.1998, p. No. OJ L 166, 11.06.1998 p. 45;
19.		Directive 2013 /34/EU on the annual accounts, consolidated accounts and related reports of companies of certain types of law and amending Directive 2006 /43/EC and repealing Directives 78 /660/EEC and 83 /349/EEC, OJ L 206, 22.7.2003, p. No. 19., as amended by Directive 2014 /95/EU, OJ L 182, 16.7.2014, p. No. OJ L 330, 15.11.2014 p. 1.

(59) The following paragraphs 14 to 18 are added to § 200:

" (14) § 186 (5) (2) and (3) in the version of the Federal Law BGBl. I n ° 115/2015 shall apply for the first time for financial years from § § 186 or 188 entities subject to § § 186 or 188, which begin after 21 July 2013.

(15) § 58 (2) in the version of the Federal Law BGBl. I n ° 115/2015 is 1. Jänner 2015 in force.

(16) § 14 (3), § 46 (1), § 60 (2), § 70 (4) Z 4, § 93 (2) Z 1, § 125 (3), § 136 (4) Z 2, § 140 (3), § 141 (3), § 151 Z 3a, § 195 (9) and § 196 (2) Z 10 and 17 to 19 in the version of the Federal Law BGBl. I N ° 115/2015 will enter into force on 1 September 2015. Section 167 (5) shall expire at the end of 31 August 2015.

(17) § 186 (2) (1) and (2) in the version of the Federal Law BGBl (Federal Law Gazette). I n ° 115/2015 is valid for financial years from § § 186 or 188 subjacent entities, which end after September 30, 2015.

(18) The table of contents with regard to § § 17a to 17c, 42, 42a, 44a and 190a to 190e including transcripts, § 3 para. 2 Z 33 and 34, § 10 para. 6, § 11 para. 5, § 17 para. 3 Z 6, § § 17a to 17c with the headings, § 29 para. 3 and 5, § 33 para. 2, § 36 Abs. 6 Z 1, § 37 paragraph 5 Z 2, § 40 para. 1 and 1a, § § 42 and 42a including headlines, § 43, § 44 para. 2 and 3, § 44a including the title, § 57 (1) and (3), § 131 (4) Z 11 and 12, § 135 (2) Z 1 and (3a), § 150, § 164 (4), § 190, § § 190a to 190e Transcripts, § 191, § 193 (3a) and (3b), § 196 (2) (1), (1), Annex I, Schema A I, investment funds Z 2, annex I, scheme A II. Management Company Z 2, Annex I, Scheme A III. Investment Company Z 2 and Annex I Scheme B Z 9 in the version of the Federal Law BGBl. I No. 115/2015 enter into force with 18 March 2016. § 5 para. 5, § 12 para. 3, § 13 para. 3, § 20 para. 3, § 21 para. 6, § 31 para. 5, § 41 para. 4 and § 189 para. 5 occur with the expiry of the 17 March 2016. "

60. In Annex I, Scheme A, Section I. Investment Funds, II. Management company and III. The investment company is Z 2 as follows:

" 2.		Information on the depositary:
2.1.			the identity of the depositary of the UCITS and the description of its obligations and of the conflicts of interest which may arise;
2.2.			a description of all the depositary functions carried out by the depositary, the list of agents and sub-officers, and an indication of all conflicts of interest which may arise from the transfer of tasks;
2.3.			Declaration that the investors shall, upon request, be informed of the latest state of the art with regard to Z 2.1. and 2.2. "

61. The following Z 9 shall be added to Annex I Scheme B:

" 9.		Information on remuneration policies:
9.1.			the total amount of remuneration paid in the preceding financial year, broken down by the fixed and variable remuneration paid to its employees by the management company, the number of beneficiaries and, where appropriate, all direct payments from amounts paid to the UCITS itself, including performance fees (Performance Fees);
9.2.			the total amount of remuneration paid, broken down in accordance with the categories of employees or other employees referred to in Article 17a (1);
9.3.			a description of how the remuneration and the other benefits have been calculated;
9.4.			the result of the verifications referred to in Article 17c (1), (3) and (4), including any irregularities which have occurred;
9.5.			significant changes to the adopted remuneration policy ".

Article 3

Amendment of Real Estate Investment Fund Law

The Real Estate Investment Fund Act, BGBl. I n ° 80/2003, as last amended by the Federal Law BGBl. I No 70/2014, shall be amended as follows:

(1) § 19 shall be replaced by the name " § 19. (1) " and the following paragraphs 2 to 4 shall be added:

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

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

(3) For the purposes of paragraph 2, provision of information shall be provided by electronic means in view of the framework conditions under which the business activities between the real estate fund or the investment company for real estate and the If the unit-holder has been shown to have regular access to the Internet, it should be considered appropriate to be considered appropriate. This shall be deemed to be proven if the unit-holder has provided an e-mail address for the execution of these transactions. Otherwise, the information shall be sent to the unit-holder in respect of an address which it has announced on the acquisition of the shares.

(4) As far as shares are not held by the capital investment company for immoblies or where it cannot carry out the transmission of information itself, it has the information in place of the unit-holders ' depository institutions in the appropriate for the transfer to the unit-holders. The custodians shall submit the information immediately after the delivery to the unit-holders. "

(2) The following sentence is added to section 34 (3):

" The publication may not be published if the modification of the Fund's provisions is communicated to all the unit holders in accordance with § 19; in this case, the interests of the unit-holders shall be deemed to be sufficiently protected and the change shall be deemed to have been made in the Notice given day, but not earlier than 30 days after notification to the unit-holders. "

Section 40 (1) reads as follows:

" (1) 1. In accordance with Z 2,

a)			Profits in accordance with § 14 and
b)			in accordance with § 14, profits of AIF in real estate within the meaning of the AIFMG, including real estate special funds within the meaning of § 1 para. 3, the home Member State of which is Austria, and which are not under § 7 para. 3 of the Corporate Tax Law In 1988,
		to the unit-holders in the extent to which the shares are distributed as being distributed (equal to the distribution of the same). § 186 (1), last sentence, and (5) of the Investment Fund Act 2011 shall apply mutatily. The income equal to income is taxable income and is considered to be income from capital assets if shares are not held in an operating assets. Non-taxable income does not include profits of foreign real estate if, under a double taxation agreement or a measure pursuant to Section 48 of the Federal Tax Code, the income of these properties is exempt from taxation . Otherwise, both in the compensation of losses within and between the individual types of profit pursuant to Article 14 (2) (2) (1) to (3), first of all the profit with losses from real estate of the same state and thereafter a compensation with real estate of a property of the same state. in the case of losses arising from immovable property situated in a State from which the income of this property is based on a double taxation agreement or a measure pursuant to Article 48 of the The Federal Tax Code is excluded. In any case, compensation for losses of foreign real estate with profits from domestic real estate or with profits from assets in accordance with § § 32 and 33 shall be inadmissible. Actual payouts and the payment of the capital gains tax (§ 14 second sentence) do not lead to income.
2.		In the case of the unit-holder, the income equal to the distribution shall be deemed to be taxable income at the following dates irrespective of the nature of the future determination:
a)			in the case of payment of the capital gains tax (§ 14 second sentence) on the payday;
b)			otherwise, at the time of publication of the data relevant for the tax treatment, by the reporting body on the basis of a timely notification;
c)			in all other cases, on the date referred to in paragraph 2 (2) (2). "

4. § 40 para. 2 Z 1 reads:

" 1. a)			The composition of the same income as defined in paragraph 1 and the tax-related data required to determine the amount of the capital gains tax as well as the adjustments to the cost of acquisition in accordance with paragraph 3 are to be found in the Reporting point pursuant to § 12 KMG to be transmitted by a tax representative. The Reporting Office shall, on the basis of this data, determine the tax treatment in accordance with the statutory provisions and publish the tax values thus determined in a suitable form. Section 12 (1) of the last sentence of the KMG is to be applied analogously to this activity of the Reporting Office.
b)			As a tax representative, only a domestic business unit or a person who has comparable professional qualifications can be appointed. If the reporting body rejects a tax representative because of doubts as to the comparability of the qualification, the Federal Minister of Finance decides.
c)			The Federal Minister of Finance shall be authorized to:
aa)				the time-limit for transmission to the Reporting Office, taking into account the time-limits applicable to annual reports,
bb)				the conditions for transmission to the reporting body,
cc)				the content and structure of the data transmitted;
dd)				the determination of the tax values on the basis of the data transmitted by the reporting body in accordance with the legal provisions,
ee)				any corrections to the data transmitted, and
ff)				the manner in which the tax values determined are published by the Reporting Office
			to be more closely regulated by the Regulation.
d)			The Federal Government shall be liable in accordance with the provisions of the Official Liability Act, Federal Law Gazette (BGBl), for the damages which are always culpably inflicted by the Reporting Office or by other persons on behalf of the Reporting Office in the performance of their activities pursuant to § 40 paragraph 2 Z 1. 20/1949. The reporting body and its institutions and staff shall not be liable to the injured party. If the Federal Government has replaced the injured party with the damage, he/she may request a refund from the Reporting Office if the damage has been caused intentionally or with gross negligence. "

5. In § 41, para. 2, after the word order "or on an AIF in real estate" the phrase, including the punctuation "provided that they do not have legal personality," inserted.

6. In Section 41 (3), the phrase "to calculate from two times the unit value" through the phrase " in accordance with § 4 (1) second sentence in conjunction with Section 7 (1) Z 2 lit. c of the Basic Value Tax Act 1987 " replaced.

Section 41 (4), first sentence reads:

" By the introduction of assets within the meaning of section 21 of the special assets of public limited liability companies established with their own accounts, for which enjoyment rights are issued within the meaning of Section 174 of the German Stock Corporation Act, as well as by Stock companies, whose almost exclusive purpose is the management of real estate assets, against the acquisition of shares in a real estate fund, acquisitions according to § 1 of the basic advertising tax legislation in 1987, is the Basic advertising tax in accordance with § 4 para. 1 second sentence in conjunction with § 7 paragraph 1 Z 2 lit. c of the Basic Value Tax Act 1987. "

8. The following para. 14 and 15 are added to § 44:

" (14) § 40 (1) in the version of the Federal Law BGBl. I n ° 115/2015 shall apply for financial years from entities subject to § § 186 or 188 InvFG 2011, which end after 30 September 2015. By way of derogation, Section 40 (1), second sentence, shall apply in the version of the Federal Law BGBl. I n ° 115/2015 for the first time for business years of real estate funds, which start after July 21, 2013.

(15) § 41 in the version of the Federal Law BGBl. I n ° 115/2015 shall be applied for the first time to work after 31 December 2015. "

Fischer

Faymann