Key Benefits:
364. Regulation of the Financial Market Supervisory Authority, amending the capital investment regulation 2002
Due to § § 78 (3) and 79 (3) of the Insurance Supervisory Act-VAG, BGBl. No 569/1978, as last amended by the Federal Law BGBl. I No 70/2004, shall be ordered:
The Capital Investment Regulation 2002, BGBl. II No 383, as last amended by the BGBl Regulation. II No 468/2003, shall be amended as follows:
1. § 2 para. 1 Z 3 reads:
| " 3. |
Shares in undertakings for collective investment in transferable securities and other Community installations |
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| a) |
Shares of capital investment funds or of investment companies of open type which are subject to the provisions of Directive 85 /611/EEC or to the provisions of the Investment Fund Law (InvFG), BGBl. No. 532/1993, as last amended by the Federal Law BGBl. No 80/2003, if shares in investment funds fulfil only the first and second indents of Article 1 (2) of Directive 85 /611/EEC (OGA within the meaning of Article 20 (3) (8b) and (8c) of the InvFG) to the extent of a maximum of 10 vH in the fund's assets and the derivatives linked to derivatives, issued by the managing company in accordance with Article 21 (3) of the InvFG and the Regulation on risk calculation and reporting of derivatives issued by the FMA in accordance with Article 21 (2) and (3) of the InvFG, or the regulation in question Host State of the managing company on the basis of Article 21 of Directive 85 /611/EEC the total risk of 20 vH of the fund's assets to be calculated is not exceeded, and compliance with that limit is ensured by an in-house control process, |
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| b) |
Shares in special funds which are managed by a capital investment company established in another Contracting State, provided that the shares in lit. a); |
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| c) |
Shares in real estate investment funds according to real estate investment fund law-ImmoInvFG, BGBl. I n ° 80/2003 and shares in real estate investment funds and real estate investment funds, managed by a capital investment company established in another Contracting State and subject to public supervision, " |
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2. § 2 para. 1 Z 7 reads:
| " 7. |
other assets of companies, issuers or exhibitors who do not fall under Z 1 to 6 and which meet the requirements of section 78 (1) of the VAG, provided that such assets correspond to their respective risk content in accordance with a are subject to internal risk management. " |
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3. § 2 (4) reads:
" (4) Securities referred to in paragraph 1 (1) (1) shall be issued. b and d and in accordance with paragraph 1 Z 2 lit. a and b acquired within one year after the commencement of their expenditure, they shall be deemed to be listed as noted or when the authorisation or trading on a recognised securities market was provided for in the conditions of issue and the admission is made or the trade is admitted within a year. "
4. In § 2 para. 5 Z 1 the word order shall be " State or State-approved regulation " through the phrase " Public oversight " replaced.
5. § 3 (1) Z 3 reads:
| " 3. |
up to 40 vH in total: |
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Securities in accordance with § 2 (1) Z 1 lit. d and e, |
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Securities in accordance with § 2 para. 1 Z 2 lit. a to d, |
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Loans pursuant to § 2 para. 1 Z 4 lit. f, whereby the proportion of apportionment pursuant to § 2 para. 1 Z 1 lit. d and e as well as according to § 2 para. 1 Z 4 lit. f together shall not exceed 10 vH, and |
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Shares in capital investment funds according to § 2 (1) (3) (3) (3) lit. (a) and (b) other than those contained in these capital investment funds |
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Debt securities according to § 2 para. 1 Z 1 lit. a to c and Z 2 lit. (b) and (d), including debt securities of this kind contained in shares in capital investment funds, |
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Shares in investment funds pursuant to Section 20a (1) (3) and the Real Estate Investment Fund pursuant to Article 20a (1) (4) of the InvFG and |
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| - |
liquid assets; |
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| Shares of mixed capital investment funds included in the fund's assets shall be fully included in the case of non-payment, with shares in mixed capital investment funds being converted into capital investment funds in accordance with Section 20a (1) of the InvFG , " |
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6. § 3 (1) Z 6 reads:
| " 6. |
up to 80 vH in total: capital investment fund according to § 2 para. 1 Z 3 lit. a and b, " |
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7. § 3 (1) Z 8 reads:
| " 8. |
up to 10 vH each: |
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| a) |
individual real estate and individual property rights according to § 2 paragraph 1 Z 5 lit. a or several properties together in the immediate vicinity, if they are actually to be considered as a single asset, |
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| b) |
Share and securitised enjoyment rights to companies according to § 2 paragraph 1 Z 5 lit. b) on a single capital company together with loans and loans which can be used once in accordance with § 2 (1) (5) (5) (5) lit. d to this society, |
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| c) |
Commanding deposits pursuant to § 2 para. 1 Z 5 lit. c for a single Kommanditgesellschaft together with loans and loans which can be used once in accordance with § 2 para. 1 Z 5 lit. d to this society, |
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| d) |
Shares in individual real estate funds and special real estate funds according to § 2 para. 1 Z 3 lit. c, |
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| at most, however, including shares in capital investment funds in accordance with § 20a (1) Z 4 InvFG-30 vH as a whole, " |
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8. § 3 (1) Z 11 reads:
| " 11. |
up to 1 vH: individual assets pursuant to § 2 (1) Z 7 of the same company, issuer or issuer, but not more than-including shares in capital investment funds according to § 20a (1) Z 3 InvFG-7 vH as a whole. " |
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9. The following § 7 is added to § 6:
" § 7. § 2 para. 1 Z 3 and Z 7, § 2 para. 4, § 2 para. 5 Z 1 as well as § 3 para. 1 Z 3, Z 6, Z 8 and Z 11 in the version of the Ordination BGBl. II No 364/2004 shall enter into force 1. October 2004, in force. "
Greenbichler Pribil
