134. Federal law amending the Real Estate Investment Fund Act, the Investment Fund Act, the Income Tax Act 1988, the Pensionskassengesetz (Pensionskassengesetz) and the Operational Staff Pension Act (Employee Employee Pensions Act)

The National Council has decided:

Article 1

Amendment of Real Estate Investment Fund Law

The Real Estate Investment Fund Act-ImmoInvFG, BGBl. I n ° 80/2003, as last amended by Federal Law BGBl. I n ° 48/2006, is amended as follows:

1. § 1 (3) reads:

" (3) A real estate special fund is a special fund according to paragraph 1, the shares of which on the basis of the fund provisions of not more than ten unit holders, which must be known to the capital investment company for real estate and which do not have any natural persons are to be held. As such a unit-holder, a group of such unit-holders shall also be considered, provided that all rights of these unit-holders are exercised in a uniform manner by a common representative in relation to the capital investment company for real estate. The provisions of the Fund have to contain a scheme to the effect that the transfer of the shares from the unit-holders may only be effected with the consent of the investment company for real estate. The requirement of at least two-time value determination in the month (§ 8 para. 4) can be determined in the fund provisions of the real estate special fund by way of derogation from the provisions of this federal law. In the case of real estate special funds, the capital investment companies for real estate can satisfy the publication obligations under this federal law by making them verifiable in writing or on another with the respective owners in writing. Inform the unit-holders of the agreed type. In the case of real estate special funds, a notice of the capital investment company for real estate to suspend the withdrawal of the shares shall be notified in an appropriate manner only to the unit-holders; these shall also be subject to the resumption of the withdrawal of the shares. . A relevant ad to the Financial Market Supervisory Authority can be maintained in the case of real estate special funds. "

2. § 3 (3) reads:

" (3) The capital investment company for real estate is entitled to transfer one or more of the tasks listed in § 2 para. 2 for the purpose of a more efficient management to third parties. The third party shall act on behalf of the unit-holders. The following requirements must be met:

1.		the transfer shall be notified immediately to the FMA;
2.		the transfer shall in no way affect the effectiveness of the supervision of the capital investment company for real estate. In particular, the transfer shall not prevent the capital investment company for real estate from acting in the interest of the unit-holders, nor shall it prevent the management of the real estate funds from taking place in the interest of the unit-holders;
3.		the custodian bank or other undertakings whose interests may conflict with those of the capital investment company for immovable property or of the unit-holders shall not be granted a transfer for the principal service of the real estate administration;
4.		it must be ensured that the capital investment company for real estate can effectively monitor the companies to which tasks have been entrusted;
5.		it must be ensured that the capital investment company for real estate may at any time grant further instructions to the undertakings to which tasks have been entrusted, and that the order may be withdrawn with immediate effect, provided that this is in the the interest of the unit-holders;
6.		whereas, taking into account the nature of the tasks to be carried out, the undertaking to which those tasks are to be entrusted must have the appropriate qualifications and be able to carry out the tasks in question;
7.		to list the tasks assigned in the fund prospectuses;
8.		by the extent of the transfer, the capital investment company for real estate shall not become a letterbox undertaking; a letterbox undertaking shall be deemed to be deemed to have been carried out if the investment firm is to carry out its business operations largely to third parties;
9.		the obligations of the capital investment company for real estate in accordance with paragraph 1, second sentence, as well as the obligations of the custodian bank pursuant to this Federal Act shall not be affected by such a transfer. The capital investment company for real estate is liable for acts of the third party as well as for its own actions.
If the delegation does not cover the acquisition, sale or loading of property in accordance with § 21 or the investment in assets according to § 32 or § 33, Z 1 can be omitted. In the case of real estate special funds, Z 7 is not applicable. In the case of real estate special funds, Z 3 can be waited if a written order from the investors is available for this purpose. "

3. § 4 (2) the following sentence is added:

"A provision which is contrary to this provision shall be ineffective in relation to the unit-holders."

4. According to Article 4 (3), the following paragraphs 3a and 3b are inserted:

" (3a) In the context of § 32 on behalf of the real estate fund, the capital investment company for real estate shall be entitled, within the limits of section 32, to have the right to property within the limits of the assessment of property funds in accordance with § 32 with the Obligation on the Seller to withdraw these assets at a pre-determined point in time at a pre-determined price, to buy for the fund assets (repurchase agreements).

(3b) The capital investment company for real estate is entitled, insofar as expressly provided for in the Fund provisions, to provide securities in accordance with § 32 up to 30 vH of the fund assets under a recognized securities lending system to a third party under the terms of to the condition that the third party is obliged to return the overappropriated securities back again after the expiry of a period of temporary loan. The securities lending system must be such as to ensure that the rights of the unit-holders are sufficiently secured (securities lending). Under this entitlement, the capital investment company for real estate for the account of a real estate fund may grant an authorisation in accordance with § 8 of the Depository Act. "

5. § 5 (2) reads:

" (2) The borrowing and loading of assets in accordance with § 21 as well as the assignment and burden of claims arising from legal relationships relating to assets in accordance with § 21 shall be permissible without prejudice to § 11 if this is the case in the The Fund's provisions are provided for and provided for in the framework of a regular economic management and if the custodian bank agrees to the borrowing and the burden, because they are subject to the conditions under which the borrowing and the exposure take place. shall be deemed to be market-based. This borrowing and exposure may not exceed a total of 50 vH of the value of the assets in accordance with § 21. Loans received under Section 4 (3) shall be counted in the calculation referred to in this paragraph and shall reduce the admissibility of borrowing and the capacity to bear. "

6. § 6 (3) reads:

"(3) The shares may be issued over one or more shares or fractions of a fraction."

7. § 6 (7) reads:

" (7) Shares in real estate funds are suitable for the investment of Mündelgeld, provided that they are allowed exclusively in real estate under the terms of § 23 on the basis of the fund provisions directly or through participations in real estate companies, the acquisition of which is suitable for the application of Mündelgeld. Bank deposits may not exceed 10 vH of the fund's assets. Transactions with derivative products within the meaning of § 33 may be carried out exclusively for the protection of the fund's assets. Securities lending operations in accordance with Section 4 (3b) shall be permitted. "

8. § 7 (1) reads:

" (1) An offer of shares may only be offered domestiy if, at the latest one working day before that, both a simplified and a complete prospectus have been published; both prospectuses have to contain all the information required to: so that investors can make a sound judgment about the asset they offer and the risks they pose. The full prospectus shall contain at least the information provided for in Annex A Scheme A (to the extent that they are not already included in the Fund's provisions of the Real Estate Fund) and the information provided by the Financial Markets Authority to contain provisions of the Fund. In addition, the simplified and the full prospectus shall contain a general indication of the nature of the assessment and the risks involved. The Financial Market Supervisory Authority may, in the interests of reliable information for investors, lay down minimum content for this reference by means of a Regulation. The simplified prospectus shall contain, in summary form, the most important information as provided for in Annex C Scheme C. This is to be divided and drawn up in such a way that it is easy to understand for the average feeder. The simplified prospectus may be annexed to the full prospectus as a removable part. Both the full and the simplified prospectus may either be drawn up as a written document or on a durable medium with an equivalent legal status approved by the Financial Markets Authority by Regulation will be saved. On request, however, a paper version is to be made available to the investor free of charge. In the case of an offer of shares without a prior publication of the prospectuses, § 5 (1) and (3) to (6) KMG shall apply mutatis mutudly. "

9. § 7 (3) and (4) are:

" (3) Both the simplified and the full prospectus of the capital investment company for real estate and the modifications thereof shall be sent to the Reporting Office in good time to ensure that it is sent to it at the latest on the date of publication. exist. § 12 KMG shall apply mutatily.

(4) The simplified prospectus in the respective version in force shall be offered to the investor free of charge before the contract is concluded. In addition, the full prospectus in the version in force, the last available account report and the half-yearly report following it, if it has been published, shall be the subject of the full prospectus before the contract is concluded. free of charge. Annual and half-yearly reports shall be made available to the public in the bodies referred to in the simplified and in the full prospectus or in other form authorised by the Financial Market Supervisory Authority. "

Section 7 (5) reads as follows:

" (5) The shares may only be issued against the full performance of the issue price. The transfer of assets in accordance with § 21 shall not be permitted. The transfer of securities shall be permitted only if they have a stock exchange rate, and the transfer of such securities shall be effected in accordance with the provisions of the Fund on the date of the issuance of the shares. "

11. In Article 8 (2), the following second sentence shall be inserted after the first sentence:

"In the case of assets in accordance with § 21, which are held via a property company (§ § 23 et seq.), the percentage is reduced to 5 vH."

12. In Section 8, Section 4, the word group shall be "Capital investment company for real estate" by the word "depositary bank" replaced.

The second sentence of Article 9 (2) reads as follows:

" If, in the case of foreign assets in accordance with § 21, the registration of the restriction of disposal (Section 4 (4)) is not legally provided for in a land register or a comparable register, the effectiveness of the restriction of disposal in other appropriate To ensure the form. "

14. In § 13, the following paragraph 2a is inserted after the second paragraph of paragraph 2:

" (2a) Betting a capital investment company for real estate on behalf of a real estate fund Pension transactions (Section 4 (3a)) or securities lending transactions (Section 4 (3b)), these are in each case separately in the half-year and accountability report to designate and explain. "

15. In § 13 (5), after the word "to hang up" the word group "and to make available to the unit-holders free of charge on request" inserted.

16. § 13 (7) second sentence reads:

"In the case of real estate special funds, the obligation of the accountability report and the half-yearly report in the custodian bank can be omitted, the audit report on the accountability report is to be transmitted to the holders of real estate special funds at any rate."

17. The following sentences are added in § 14 (1):

" The disbursements may be disburdened for real estate funds or certain genera of a real estate fund if the fund managing capital investment company for real estate in a clear form demonstrates that the fund distributed and distributed income of all holders of the issued share certificates either are not subject to domestic income or corporation tax or the conditions for a waiver according to § 94 of the Income Tax Act 1988. As such, the cumulated existence of statements by both the custodian bank and the investment company for real estate that they are not aware of any sale to such persons, as well as the provisions of the Fund which are exclusive to them, shall be deemed to be valid. Distribution of certain genera abroad. "

17a. In Section 14 (2), replace the sentence "In doing so, profits of land-based companies (§ § 23 ff) are directly attributable to the real estate fund." the following two sentences " Profit also applies to distributions of domestic property companies (§ § 23 et seq.), insofar as these are not due to the divestment gains of property divestments. Profits of foreign land companies (§ § 23 et seq.) are directly attributable to the real estate fund. "

18. § 14 (3) third sentence reads:

" For costs incurred as a result of the contraction or elimination of structural damage resulting from wear, ageing and weather conditions, a reserve of one tenth to one fifth of net rental income shall be deducted as an expense (maintenance reserve). "

18a. In Article 14 (4), the following sentence is added:

" This also applies to participations in real estate companies (§ § 23 et seq.), the profits of which are not attributable directly to the real estate fund in accordance with paragraph 2, insofar as the fluctuations in value are due to valuation differences within the meaning of the preceding sentences. "

19. In Section 15 (2), the number shall be: "300 000" by the expression "30 million" replaced.

20. § 21 (6).

21. § 22 (4) reads:

" (4) The limitations of para. 1 and 2, § 4 (3b), § 21, § 23 (6) and § 32 (1) Z 1 to 4 are only mandatory for the real estate fund if a period of four years has elapsed since the date of its formation. A merger in accordance with Section 3 (2) does not apply to education. "

22. The following paragraph 5 is added to Article 22 (4):

" (5) By way of derogation from paragraph 1, a real estate special fund must consist of at least five assets pursuant to § 21 (1) and (2) and, by way of derogation from paragraph 2, none of the assets in accordance with Section 21 (1) and (2) at the time of its acquisition may be the value of 40 vH of the value of the real estate special fund. (3) and (4) shall apply. "

23. § 23 (1) first sentence reads:

" The capital investment company for real estate may, on behalf of the real estate fund, only acquire and hold holdings in real estate companies in accordance with the conditions laid down in paragraphs 2 to 6, if the provisions of the Funds so provide, the participation shall be subject to a , and by agreement between the capital investment company for real estate and the property company, the custodian bank's powers in accordance with Section 4 (4) shall be guaranteed in a suitable form. "

24. In § 23 (1) Z 2 the term " " 1 " .

25. § 23 (3) reads:

" (3) The capital investment company for real estate may, on behalf of the real estate fund, acquire and hold a holding in a property company only if it is responsible for changing the social contract with the property company. or the statutes required by the statutes, and by the legal form of the land-use company the external liability is limited to the deposit. By way of derogation, the capital investment company for real estate may, within the limits of the apportionment limit laid down in the second sentence of paragraph 6 on behalf of the real estate fund, acquire and hold participations in a land-based company even if it does not in order to amend the statutes, has the necessary majority of votes and capital (minority shareholding). "

26. § 23 (4) second sentence is deleted.

27. § 23 (5) Z 2 is deleted.

28. In § 23 (6) the number shall be: "40" by the number "49" The following second sentence shall also be added to Article 23 (6):

" Without prejudice to the investment limit referred to in the first sentence, the value of the assets in accordance with section 21 belonging to the assets of land companies in which the capital investment company for property on behalf of the real estate fund is not included may be subject to the following: of a capital majority, shall not exceed 20 vH of the value of the real estate fund. "

29. The following paragraphs 7 and 8 are added to section 23 (6):

" (7) If, after the acquisition of a holding in a property company, the conditions for the acquisition and holding of the holding are no longer fulfilled, the capital investment company for real estate shall have its disposal under the protection of the the interests of investors.

(8) As far as the corporate object of the property company has been limited to the extent of paragraph 1 Z 1 only in the last three years prior to the acquisition for the real estate fund, the acquisition for the real estate fund is only permitted, sodistant either the transferor of the property company or the capital investment company for real estate in favour of the real estate fund for which the acquisition takes place shall assume liability for the liabilities of the land-based company, Liabilities shall not affect the business item in accordance with paragraph 1 (1) (1) as far as they were not aware of the valuation of the land-based company at the time of the acquisition. "

30. In § 24 (1) the number shall be: "10" by the number "25" replaced.

31. § 32 (1) to (2) are:

" (1) The capital investment company for real estate may hold, for a real estate fund, the following assets up to 49 vH of the fund's assets, or Purchase:

1.		bank balances;
2.		money market instruments;
3.		Shares in capital investment funds referred to in Article 1 (1) or (2) of the InvFG in 1993 and shares in capital investment funds held by a capital investment company established in a Member State of the European Union or in a State Party to the Agreement on the the European Economic Area, which under the provisions of the Fund may apply exclusively or indirectly to assets under the terms of Z 1, 2 and 4;
4.		Partial debentures, bonds, convertible bonds, Pfandbriefe, municipal bonds and federal treasury bills with a remaining maturity of three years at the latest;
5.		securities admitted to the official market on a stock exchange in a Member State of the European Union or in a State Party to the Agreement on the European Economic Area, to the extent that such securities as a whole amount to 5 vH of the Do not exceed fund assets.
The capital investment company for real estate has an amount from the fund assets of a real estate fund, which is at least 10 vH of the fund's assets (excluding earnings), in the case of real estate special funds but at least 5 vH of the fund's assets (without any reference) to be maintained in assets according to Z 1 to 4.

(1a) The last sentence of paragraph 1 shall also be complied with if the capital investment company for real estate for the real estate fund has a written agreement with a credit institution or an insurance undertaking, based in a Member State of the European Union, or in a State Party to the Agreement on the European Economic Area, which undertakes, upon request, by the capital investment company for real estate, shares of the real estate fund in the Countervalue up to the provisions laid down in the Fund provisions To acquire the minimum liquidity in order to provide the real estate fund with the necessary liquidity.

(2) In accordance with the provisions of the Fund, bank deposits may be held, up to a maximum of 20% of the Fund's assets in the same group of credit institutions (§ 30 BWG), in addition to the income. In the case of assessments pursuant to Section 1 (2), (4) and (5), Section 20 (3) Z 8d InvFG shall apply mutadenly in 1993. In the case of assessments pursuant to Section 1 (1) (3), Section 20 (3) (8b) and (c) InvFG 1993 shall apply mutatily. "

32. § 33 reads:

" § 33. (1) For a real estate fund, derived financial instruments may be used to secure the assets and to fix claims arising from the management of the assets in accordance with § 21, which shall be due in the following 24 months (derivatives), including instruments of equivalent cash, listed or traded on a regulated market in accordance with § 2 Z 37 BWG, or on another recognised, regulated, open and orderly manner for the public operating securities market of a Member State of the European Union or of a The contracting state of the Agreement on the European Economic Area is traded or is officially listed on a securities exchange of a third country (§ 2 Z 8 BWG) or on a recognized, regulated, open and orderly way for the public the functioning of the securities market of a third country, provided that the choice of that exchange or that market is expressly provided for in the Fund's provisions, or derivative financial instruments which are not held on a stock exchange or on a regulated market Market traded (OTC derivatives), such as interest rate swaps and foreign exchange swaps, , if:

1.		the underlying assets are securities, money market instruments, assets in accordance with Article 21 (1) and (2), and shareholdings in accordance with § 23, or financial indices, interest rates, exchange rates or currencies, into which the real estate fund is in accordance with the to invest in the investment objectives referred to in the Fund's provisions;
2.		the counterparties are institutions of the categories subject to supervision in the case of transactions with OTC derivatives, which are authorised by the Financial Market Supervisory Authority by Regulation; and
3.		the OTC derivatives are subject to a reliable and verifiable day-to-day valuation and, at any time, on the initiative of the capital investment company for real estate, are sold, liquidated or countered at an appropriate time value can be made.

(2) The capital investment company for real estate has to use a method which allows a precise and independent evaluation of the respective value of the OTC derivatives.

(3) The default risk for transactions of a real estate fund with OTC derivatives shall not exceed the following rates:

1.		if the counterparty is a credit institution within the meaning of § 2 Z 20 BWG, 10 vH of the fund's assets,
2.		otherwise 5 vH of the fund's assets. "

33. § 34 para. 3 third sentence reads:

"The change is to be published."

34. § 36 (1) reads:

" (1) The advertisement for shares may only be made with reference to the published prospectus, on the basis of which changes as well as on the publication organ, the publication date, the date of the notification pursuant to § 10 paragraph 4 KMG as well as shall be carried out on any collection points. § 4 KMG shall apply mutatily. "

§ 40 (2) (2) (2) reads:

" 2.		The income equal to the payout is to be proved by a tax representative to the tax authorities after the necessary documents have been received. As a tax representative, domestic credit institutions or domestic economic agents may be appointed. The capital gains tax on the profits to be attributed directly or indirectly to the Fund in accordance with Section 14 (2) (1) and (3) including income compensation in accordance with Section 14 (1) are by the capital investment company for real estate on a daily basis by means of the To be published in accordance with Section 7 (3). The capital gains tax on the distributed annual profits as well as on the payout-like income in the sense of the Z 1 are at the time of the influx by the capital investment company for real estate by way of the reporting authority according to § 7 para. 3 . If the tax representative does not provide proof of the equivalent income, the unit-holder can prove the tax bases in the same form on the basis of the assessment by himself. The requirement of the tax representative shall not be required if the credit institution is a national credit institution for a domestic real estate fund which it administers itself. The Federal Minister of Finance can stipulate by means of a regulation that the data required for the verification will be announced within a specified period of time by means of data exchange or the automation-based data transmission. It is also possible to arrange the transfer of other factors relevant to tax law which are contained in the accountability report or which are derivable from them. The Regulation may provide for the use of a particular appropriate private or public-service delivery agency. "

36. In accordance with § 44 (2), the following paragraph 3 is inserted:

" (3) § 15 para. 2 in the version of the Federal Law BGBl. I n ° 134/2006 shall enter into force on 1 July 2007. Appendix C in the version of the Federal Law BGBl. I n ° 134/2006 shall enter into force 1. Jänner 2007 in Kraft. "

The following Annex C shall be added after Annex B:

" Annex C

Schema C

Scheme for the simplified prospectus

1.		Short presentation of the real estate fund
-			Date of its establishment
-			the managing capital investment company for real estate
-			(where appropriate) information on external consultants
-			(where appropriate) information on undertakings to which the delegation has been delegated
-			Custodian Bank
-			Auditor
-			Financial group offering real estate funds (e.g. a credit institution)
2.		Asset Information
-			Short definition of the investment target/targets of the real estate fund (e.g. real estate specialization according to geographical criteria and/or real estate)
-			Investment strategy of the real estate fund and brief assessment of the real estate fund's risk profile
-			previous value developments of the real estate fund and a warning that the previous value development is not an indication of the future value development-such information can be inserted or appended into the prospectus
-			Profile of the typical investor, for which the real estate fund is designed
3.		Economic information
-			Applicable tax rules
-			Entry and exit commissions
-			any other commissions and fees, whereby it is to be distinguished from those payable by the unit-holder, and which are to be paid out of the special fund of the real estate fund
4.		Information relating to trade
-			Manner of acquisition of shares
-			The way in which the shares are sold
-			Frequency and location and manner of publication and/or Disposition of share prices
5.		Additional information
-			Note that on request the full prospectus as well as the annual and half-yearly reports can be requested free of charge before and after the conclusion of the contract
-			Supervisory authority
-			an indication of a contact point (person/department, times, etc.), where any further information may be obtained, if necessary;
-			Sales prospectus publication date "

Article 2

Amendment of the Investment Fund Act

The Investment Fund Act-InvFG 1993, BGBl. No. 532/1993, as last amended by Federal Law BGBl. I n ° 48/2006, is amended as follows:

1. § 7 (1) the following sentence is added:

"If no exchange rate or no current exchange rate is available for a security, the value of the transport value, which is appropriate in the case of a careful assessment taking into account the overall circumstances, shall be taken up."

2. Section 7 (4) is deleted.

3. In § 13 penultimate sentence occurs the place of the citation "§ 94 Z 5 of the Income Tax Law" the citation "§ 94 of the Income Tax Act" .

4. § 20 (7) the following paragraph 8 is added:

"(8) In the case of special funds, the investment limits laid down in § 20 may be exceeded by 100 vH, if expressly provided for in the Fund provisions."

§ 20a (1) (1) (1) reads:

" 1.		Shares in the same investment fund or investment company in accordance with Article 20 (3) (8b) and (8c) of the same investment company, whether or not the investment fund or the investment company is in accordance with the provisions of its fund rules, or their statutes may in total not exceed 10 vH of the fund's assets in shares of other investment funds or investment companies, each up to 50 vH of the fund's assets; "

6. § 20a (1) Z 2 reads:

" 2.		Shares in one and the same domestic special fund within the meaning of this Federal Law up to 50 vH of the fund's assets, provided that the acquiring other special fund itself is a special fund and all the unit-holders of the special fund to be acquired before the the acquisition of their consent to this effect; "

(7) § 20a (1) (4) reads:

" 4.		Shares in one and the same real estate fund according to § 1 Real Estate Investment Fund Act (ImmoInvFG) and shares in one and the same real estate fund, which is managed by a capital investment company with registered office in the EEA, up to 10 vH of the fund assets. In total, shares in real estate funds according to § 1 ImmoInvFG and shares in real estate funds managed by a capital investment company with registered office in the EEA may not exceed 20 vH of the fund's assets. The acquisition of shares in real estate special funds according to § 1 para. 2 ImmoInvFG is permissible provided that the acquiring other special fund itself is a special fund and all the unit-holders of the real estate special fund to be acquired before the acquisition consent in this regard. "

8. § 20a (3) reads:

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

1.		the share issue and, by way of derogation from § 10 (2), the share return can only be made on certain dates, but at least once in each calendar quarter;
2.		by way of derogation from § 7 (3), the custodian bank shall publish the issuing and withdrawal price at least once a month. In any event, the publication shall also be made with each issue and the withdrawal of the shares. "

(9) § 20a (7) reads:

" (7) The simplified and the full prospectus in accordance with § 6 shall contain a special reference to special valuation and repayment methods in accordance with paragraph 3. In the case of other special assets, which apply to more than 10 vH in apportionment pursuant to paragraph 1 (1) (3), the simplified prospectus and the complete sales prospectus shall contain a warning in this respect. The warning must be approved by the FMA. In the advertisement for shares of other special assets, the warning must always be used in the form approved by the FMA. "

10. In Section 20a (8), the word group shall be "a fund of funds" through the word group "Another special asset" replaced.

11. In accordance with § 23d Z 3 the following Z 3a is inserted:

" 3a.		Up to 10 vH of the fund's assets may be acquired by shares in real estate funds according to § 1 para. 1 ImmoInvFG and shares in real estate funds managed by a capital investment company with registered office in the EEA. "

Section 43 (1) reads as follows:

" (1) The advertisement for shares may only be published with the simultaneous reference to the published prospectuses in the respectively applicable version as well as to the publication organ, the publication date, the date of the notification pursuant to § 10 paragraph 4 KMG as well as the publication date of the publication. shall be carried out on any collection points. § 4 KMG shall apply mutatily. "

Article 3

Amendment of the Income Tax Act 1988

The Income Tax Act 1988, BGBl. N ° 400/1988, as last amended by Federal Law BGBl. I n ° 101/2006, is amended as follows:

1. In the fourth sentence of section 37 (8), the word order shall be replaced by the following: "and § 93 (3) Z 6" the phrase ", Section 93 (3) (5), in so far as there are shareholders ' rights to real estate funds, and § 93 (3) Z 6" .

1a. In § 94 Z 10, the last sentence of the following sentence shall be added:

" This also applies to distributions of domestic land-based companies within the meaning of § § 23 et seq. of the Real Estate Investment Fund Act to real estate funds in the sense of the Real Estate Investment Fund Act, insofar as the payouts have been made to Capital gains of property divestitures are due to the sale of property. "

2. In § 94 the following Z 12 is added:

" 12.		Capital gains within the meaning of Section 98 (1) (d) 5 (d), in so far as it is a property of a real estate fund, whose shares in Germany or abroad are offered to an unspecified group of persons, both in legal and in actual terms "

3. In Section 95 (2), the word sequence shall be replaced by "Section 40 (2) (2) (2), fourth sentence of the Investment Fund Act 1993" the phrase "Section 40 (2) (2) (2), fourth sentence, of the Investment Fund Act 1993 and in accordance with § 40 (2) (2) (2), third sentence, of the Real Estate Investment Fund Act" as well as to the word order "§ 40 (2) (2) (2) fifth sentence of the Investment Fund Act 1993" the phrase "Section 40 (2) (2), fifth sentence of the Investment Fund Act 1993 and, pursuant to § 40 (2) (2) (2), fourth sentence of the Real Estate Investment Fund Act" .

4. In § 97 (1), third sentence, the word order shall be replaced by "and § 93 (3) Z 6" the phrase ", Section 93 (3) (5), in so far as there are shareholders ' rights to real estate funds, and § 93 (3) Z 6" .

5. § 99 (1) Z 6 reads:

" 6.		In the case of income within the meaning of Section 98 (1) Z 5 lit. d, insofar as it is a property of a real estate fund whose shares in Germany or abroad are not offered to an unspecified group of persons, both in legal and in actual terms "

Article 4

Amendment of the Pensionskassengesetz

The Pensionskassengesetz-PKG, BGBl. No. 281/1990, as last amended by the Federal Law BGBl. I No 104/2006, shall be amended as follows:

1. In § 2 para. 2, the parenthesis shall be " (Annex 2 to § 30, Form B, Pos. A. I. minus the interest income in accordance with § 48) " by the parenthesis expression "(in the income statement of an investment and risk community declared surplus, minus the interest income in accordance with § 48)" , the word group " Calculation of the minimum amount of assets applicable (Appendix 2 to § 30, Form A, sum of assets I-X. and XI. Z 2 lit. a minus the Passive item III. Z 1) of an investment and risk community " through the word group " Calculation of the minimum value of the assets of an investment and risk community (total amount of the assets recognised in the assets of an investment and risk community minus the liabilities of the assets and liabilities). the purchase of assets) " and the word "previous" by the word "Previous" replaced.

2. § 7 (1) second sentence reads:

" These have at least 1 vH of the total value of the covering provision of all investment and risk communities, which is shown in the balance sheet of the pension fund at the last balance sheet date, minus the total value of the insurance in accordance with § 20 (1) to be covered by the obligation. "

3. In Section 7 (3), the word group shall be " The total value of the cover provision with a minimum profit guarantee of all investment and risk communities at the last balance sheet date (Annex 1 to § 30, Form A-Balance Sheet of the Pension Fund, Passiva Pos. G. I. Z 1) " through the word group "Overall value of the pension provision in the balance sheet of the pension fund for the last balance sheet date, with a minimum profit guarantee of all investment and risk communities" replaced.

4. § 7 (6), first sentence reads:

" 1 shall not apply to that part of the cover provision, which is shown in the balance sheet of the pension fund for the last balance sheet date, without the minimum guarantee guarantee of all the investment and risk communities, which are eligible for pension fund commitments. unrestricted accountability of the employer. "

5. § 7 (7), first sentence reads:

" 1, 3 and 9 shall not apply to those parts of the pension provision in the balance sheet of the pension fund for the last balance sheet date, with a minimum profit guarantee of all investment and risk communities which are guaranteed for pension fund commitments with unrestricted liability of the employer, provided that the obligation to follow up also includes the obligation pursuant to Article 2 (2) and (3) and that the affected pension fund of the FMA is subject to the existence of this obligation to follow up on the obligation meaningful documents. "

6. In § 7 (9) the word "minimum guarantee" by the word "Minimum payment guarantee" replaced.

7. In Section 24 (3), the word group shall be " The sum of the items I-X. and XI. Z 2 lit. a minus the Passive item III. Z 1 pursuant to Annex 2 to Section 30, Form A, " through the word group "Total amount of assessed assets recognised in the asset purchase of an investment and risk community less the liabilities arising from the purchase of assets," replaced.

8. In Section 24a (2), the word group shall be " Assessment excess (I) (Annex 2 to Section 30, Form B, Pos. A. III.) " through the word group "Surplus in the income statement of an investment and risk community" replaced.

9. According to Article 25 (2), the following paragraph 2a is inserted:

" (2a) Assets in accordance with Section 2 (2) (1) may only be held by the same credit institution group (§ 30 BWG) up to a height of 25 vH of the assets allocated to the investment and risk community. This limit may be temporarily exceeded during the first year from the establishment of a risk-sharing and risk-sharing community. "

10. § 25 (8) reads:

" (8) Investments in shares of investment funds and real estate funds shall be apportioned according to the actual allocation to the investment categories according to paragraph 2 (1) (1) to (6) of this Regulation. For the assets of a capital investment fund which complies with the provisions of Directive 85 /611/EEC (UCITS), a calculation may be made in respect of paragraph 7, if:

1.		is assessed in the form of a share of the capital investment fund of no more than 5 vH of the assets allocated to the investment and risk community; or
2.		Shares of this capital investment fund shall be held by another capital investment fund to the extent of not more than 5 vH of the fund's assets of this other capital investment fund. "

The first sentence of Article 30 (6) reads as follows:

" The auditor has those parts of the audit report on the annual financial statements, which are in the balance sheet of the pension fund on the assets and liabilities of the asset management of the investment and risk communities as well as in the profit and Loss account of the pension fund relating to the results of the investment and risk communities shall be explained separately and divided among the respective investment and risk communities. "

Article 5

Amendment of the Operating Staff Welfare Act

The Company Employee Pension Act-BMVG, BGBl. No 100/2002, as last amended by the Federal Law of the Federal Republic of Germany (BGBl). I n ° 48/2006, is amended as follows:

1. In § 30 (2) Z 6 the word order shall be "land and buildings to be provided in an OECD Member State" through the phrase 'land and buildings to be provided in an EEA Member State or OECD Member State' replaced.

2. § 30 para. 3 Z 4 lit. a is:

" (a)			must be issued by a capital investment company which has its registered office in an EEA Member State or OECD Member State, "

3. § 30 sec. 3 Z 4 lit. b is:

" (b)			shall be divided according to the actual allocation to the apportionment referred to in points (2) (1) to (4) and (6) of the second subparagraph,

4. According to § 30 (3) Z 4 lit. c are the following lit. d and e inserted:

" (d)			Shares in collective investment undertakings (OGA) may contain up to 30 vH of the assets allocated to the investment community in accordance with Article 20 (3) (3) (3) (8c) of the InvFG in 1993;
e)			may contain apportionments pursuant to Article 20a (1) (3) of the InvFG 1993 up to 5 vH of the assets assigned to the investment community; "

5. In § 30 para. 3 Z 7 the word order shall be "limited and" through the phrase "limit;" replaced.

Fischer

Bowl