Amendment Of Investment Regulation 2002

Original Language Title: Änderung der Kapitalanlageverordnung 2002

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289. Regulation of the financial market authority (FMA), the investment Regulation 2002 modifies the

On the basis of § 78 para 3 and 79 par. 3 of the insurance supervision Act - VAG, BGBl. No. 569/1978, as last amended by Federal Law Gazette I no. 48/2006, is prescribed:

The investment Regulation 2002, Federal Law Gazette II No. 383, as last amended by regulation BGBl. II no 364/2004, is amended as follows:

1 § 1 para 1 second and third sentence read:



"The selection is for assets to be used the cover on the risks associated with the assets, in particular on an adequate credit rating of the issuer or of the contractual partner, to make sure. For serving covering assets and the contractual partners in derivative financial transactions a reasonable is to ensure appropriate risk monitoring to the respective asset and to document."

2. in article 1, paragraph 2 the following sentence is added:



"Liabilities within the meaning of § 199 HGB, which assign are in the balance sheet on the liabilities side, must be deducted with the highest possible value that arises from the underlying contractual liability ratio."

3. § 1 para 3 No. 2 is:



"2. securities from its own issue," 4. In article 1, par. 3 Z 3 is the point, at the end, replaced by a comma and following Z 4 added:



"4. shares in companies, the insurance companies as a general partner is liable for its obligations or whose gains and losses within the framework of profit and loss transfer agreements by the insurance companies are taken over."

5. § 2 para 1 subpara 2 lit. b is as follows:



b) unless they are on a stock exchange or on a securities market in accordance with subpara 1 lit. "(b notieren oder gehandelt werden: aa) securitised receivables are recognised according to the domestically or in other Contracting States regulations as components of the own funds of credit institutions or insurance undertakings, bb) securitized receivables and assets, owned according to the value of paper or other contractual conditions have to bear the initial economic risk of the issuer or counterparty," 6 § 2 para 1 subpara 2 lit. d is as follows:



"(d) (if they can be sold in the short term: aa) other securitised receivables from companies headquartered in Germany, in another Contracting State or other full Member States of the OECD, which are recognized according to the domestically or in other Contracting States regulations as components of the own funds of credit institutions or insurance undertakings, bb) other securitised receivables and assets, owned according to the value of paper or other contractual conditions have to bear the initial economic risk of the issuer or of the contractual partner" "," 7 § 2 para 1 No. 3 lit. a is as follows:



"a) shares to investment funds or investment companies of open type, the provisions of Directive 85/611/EEC or that the provisions of sections I and IA of the Austrian investment Fund Act - InvFG, Federal Law Gazette no 532/1993, as last amended by the Federal Act Federal Law Gazette I meet no. 48/2006 - with the exception of investment fund within the meaning of section 20a of the InvFG that make in addition to cash and cash equivalents only investments pursuant to section 20a para 1 No. 3 InvFG -" , if with derivatives connected by the managing company pursuant to § 21 para 3 InvFG, and that of the FMA pursuant to § 21 para 2 and 3 InvFG adopted regulation on risk calculation and reporting of derivatives or overall risk to resulting the 85/611/EEC national provisions in the respective country of domicile of the managing company on the basis of article 21 of Directive by 100 vH of the Fund's assets are not exceeded and ensured compliance with this limit through a company-internal control process ,“

8. In section 2 para 1 No. 5 lit. b is the phrase "their business exclusively the acquisition of real estate" by the phrase "whose main purpose is the acquisition of real estate" replaced.

9. in section 2 para 1 No. 5 lit. c is the phrase "exclusively insurance companies" by the phrase "exclusively or mainly insurance undertakings" and the phrase "whose business exclusively the acquisition of real estate" by the phrase "whose main purpose is the acquisition of real estate" replaced.

10 § 2 para 1 No. 7 is:



"(7. Anteile an Fonds, a) are invested according to the law, the statutes or the actual practice according to the principles of risk-spreading and also in equipment credit financed, have only limited marketability, subject to high price fluctuations, have limited risk diversification, or whose assessment is complicated, with a payment obligation for the investor not intended as well as short selling and assets" (, deren Wertentwicklung an solche gebunden ist investieren dürfen, b) within the meaning of section 20a of the InvFG that make in addition to cash and cash equivalents only investments pursuant to section 20a para 1 No. 3 InvFG, where in-depth risk-adequate analysis to qualitative, quantitative, and legal aspects of investment to go ahead have these investments, "11 § 2 para 1 sub-para. 8 is:



"8. rights on derivative financial instruments, which are made for the sole purpose, to cover single or multiple assets together against changes in the value, where the hedging instruments to map there are where the hedged assets are located. The effectiveness of the hedging relationship is to document and to review, on a regular basis"12. According to § 2 para 1 sub-para. 8 is inserted following Z 9:



"9 other assets of companies, issuers, exhibitors are not covered by Z 1 to 8 and VAG comply with the requirements of § 78 para 1, if these assets are subject to their respective risk exposure according to a company-internal risk management."

13. in section 2, paragraph 2, the phrase "and no. 7" by the phrase "and Z 9' will be replaced.

14. in article 2, paragraph 3, the phrase "and no. 7" by the phrase "and Z 9' is replaced.

15. in article 2, paragraph 5, the phrase is "§ 20 para 2 Z 2 VAG" by the phrase "§ 20 para 2 Z 3 VAG" replaced.

16 § 2 para 5 No. 1 is:



"1 shares to investment funds or investment companies of open type, the the provisions of Directive 85/611/EEC, or which comply with the provisions of the InvFG." If there is a right to vote on the purchase of shares in investment funds or cash benefits paid, which must be in the respective Contracting State, in which insurance policies are offered, the policyholder to choose from available investment funds for public distribution registered,"17 § 2 para 6 first sentence reads:



"For coverage of the coverage requirement of the separate Department of the cover stick according to § 20 para 2 Z 5 VAG are the provisions not to apply paragraph 1 and 7, and article 3."

18. According to § 2 para 6, 7 the following paragraph is inserted:



"(7) for the covering of the coverage requirement of the separate Department of the cover stick according to § 20 paragraph 2 No. 4 VAG is the following:"



1 assets are for the coverage of the coverage requirement pursuant to § 2 para 1 unless it is products with external capital guarantee, is to ensure that the rating of the guarantee underlying value of the assets and of the guarantor at the time of acquisition of the investment is at least "A" or "A2" a recognised rating agency. In the event that there is no external rating is to carry out an internal estimate. With regard to the risks associated with the investment, an adequate risk management is set up for each insurance product.

2. the allocation of assets to insurance products is sufficiently documented and comprehensible fashion.

3. the provisions of paragraph 3 are not applicable."

19. in section 3 para 1 subpara 1 lit. a is the phrase "pursuant to § 2 para 1 No. 7" by the phrase "in accordance with article 2, paragraph 1 Z 9" replaced.

20. in section 3 para 1 subpara 1 lit. c is the phrase "up to 40 vH:" by the phrase "up to 25 vH:" replaced.

21 § 3 par. 1 Z 9 to 13 are:



"vH 9 up to 1: individual assets pursuant to § 2 para 1 No. 7 of the same company, issuer or issuer with the exception of roof Fund structures with at least ten different sub funds and investments in accordance with section 20a para"  Z 3 InvFG, but not more than 7 vH total, 10 up to 50 per cent overall: balances pursuant to § 2 para 1 No. 6 lit. a, 11 up to 3 vH total: cash pursuant to § 2 para 1 No. 6 lit. b, 12 to 1 vH: individual assets pursuant to § 2 para 1 No. 9 of the same company, issuer or issuer, but no more than 5 vH total, 13 a) up to 1 vH: single securities pursuant to section 2 para 1 No. 1 and no. 2 lit. b and d, as well as individual loans pursuant to § 2 para 1 No. 4 lit. a, c, d and f, which have no credit rating corresponding to the investment grade, b)

Shares in investment funds or investment companies of open type pursuant to § 2 para 1 No. 3 lit. a and b, with regard to their share of debt securities that have no credit rating corresponding to the investment grade on average; mixed investment funds shares contained in the Fund's assets are in the case of the not calculation entirely attributable to the non-investment grade, while shares in joint investment fund investment fund pursuant to section 20a para 1 of the InvFG must - be calculated but no more than 10 vH total."

22. the previous section 4 is paragraph labeled (1). As a new paragraph 2 is added:



"(2) shares to investment funds or investment companies of open type which may Z 1 in the version of regulation Federal Law Gazette II No. 289/2006 match and before the purchased in force of this provision by the insurance companies, not the criteria of § 2 5 until the end of the respective life insurance contract remain dedicated to the collateral."

23 on article 7 the following paragraph 8 is added:





§ 8 section 2 para 5 No. 1 as amended by the regulation BGBl. II Nr 289/2006 comes into effect with September 1, 2006. Article 1, paragraph 1 and paragraph 2, article 1, par. 3 No. 2, no. 3 and no. 4, § 2 para 1 subpara 2 lit. b and lit. d, section 2 para 1 No. 3 lit. a, section 2 para 1 No. 5 lit. b and c, article 2, paragraph 1 Z 7, Z-8 and Z 9, § 2 para 2 and paragraph 3, para 5, para 6 and para 7, § 3 para 1 subpara 1 lit. a and lit. c, as well as article 3, paragraph 1 Z 9 to 13 as amended the regulation BGBl. II Nr 289/2006 enter into force 1 January 2007. Section 1 paragraph 9 occurs at the end of December 31, 2006 except for power."

Pribil trust Müller

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