Amendment Of Investment Regulation 2002

Original Language Title: Änderung der Kapitalanlageverordnung 2002

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364. Regulation of the financial market authority, 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. 70/2004, is prescribed:

The investment Regulation 2002, Federal Law Gazette II No. 383, as last amended by regulation BGBl.  II, no. 468/2003, is amended as follows:

1 § 2 para 1 No. 3 is:



"(3. Anteile an Organismen für Gemeinsame Anlagen in Wertpapieren und anderen gemeinschaftlichen Anlagen a) shares to investment funds or investment companies of open type, that the provisions of Directive 85/611/EEC or the provisions of the investment funds Act (InvFG), Federal Law Gazette No. 532/1993, as last amended by Federal Law Gazette I no. 80/2003, meet, when shares in investment funds, the only article 1 para 2 first and second indents of Directive 85/611/EEC meet (OGA in the meaning of § 20 para 3 Z 8B)" and 8 c InvFG) are included to the extent of not more than 10 vH in the Fund's assets and associated with derivatives, 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 the risk calculation and reporting of derivatives or the overall risk resulting to the respective national regulations applicable to state of residence of the managing company on the basis of article 21 of Directive 85/611/EEC of 20% of the Fund's assets not exceeded and a company-internal control process ensures compliance with this limit, b) special funds that are managed by an investment company based in another Contracting State, provided that in lit. (a genannten Regelungen eingehalten werden, c) shares in real estate investment funds in accordance with real estate investment funds act – ImmoInvFG, Federal Law Gazette I no. 80/2003 and shares in real estate investment funds and real estate investment funds that are managed by an investment company based in another Contracting State and public supervision are subject to, "2. § 2 para 1 No. 7 is:



"7. other assets of companies, issuers or exhibitors, are not covered by Z 1 to 6 and VAG comply with the requirements of § 78 para 1, if these assets are subject to their respective risk exposure according to an in-house risk management."

3. paragraph 2 subsection 4:



"(4) by securities are referred to in paragraph 1 by subpara 1 lit. b and d as well as in accordance with para 1 subpara 2 lit. a and b acquired within one year after the start of their output, so it as quoted or traded if registration or trading on a recognised securities market in the conditions of the issuance was intended and will be within a year or the trade is recorded shall apply.'

4. in article 2, par. 5, Z 1 is replaced by the phrase "public supervision" the phrase "State or state-recognised regulation".

5. § 3 para 1 No. 3 is:



"3. up to 40 per cent overall: - securities pursuant to § 2 para 1 subpara 1 lit." d and e, - securities pursuant to § 2 para 1 subpara 2 lit. a-d, - loans pursuant to section 2 para 1 No. 4 lit. f, where the proportion of investments in accordance with § 2 para 1 subpara 1 lit. d and e, as well as in accordance with § 2 para 1 No. 4 lit. f total 10 vH must not exceed and - shares in investment funds pursuant to § 2 para 1 No. 3 lit. a and b with the exception of contained in this investment fund - notes in accordance with § 2 para 1 subpara 1 lit. a-c and subpara 2 lit. b and d, including the notes of this kind included in shares in investment funds, shares in investment funds in accordance with section 20a para 1 No. 3 and real estate investment funds in accordance with section 20a para 1 No. 4 InvFG and - cash and cash equivalents;

in the Fund's assets included interests in commingled investment fund are to involve in the case of the not calculation entirely with mixed investment funds in investment funds pursuant to section 20a para 1 of the InvFG must be calculated,"6 § 3 para 1 is no. 6:



"6 up to 80 per cent overall: investment funds pursuant to § 2 para 1 No. 3 lit." a and b,"7 § 3 para 1 is Z 8:



"(8. bis zu jeweils 10 VH: a) individual property and individual property rights pursuant to § 2 para 1 No. 5 lit." a or multiple properties together in close proximity, when they are actually as a single asset to consider, b) proportion and securitized rights to company pursuant to § 2 para 1 No. 5 lit. b in a single corporation with loans and even ausnützbaren loans pursuant to § 2 para 1 No. 5 lit. d to this company, c) limited in layers according to § 2 para 1 No. 5 lit. c at a single partnership together with loans and even ausnützbaren loans pursuant to § 2 para 1 No. 5 lit. d to this company, d) shares in individual property funds and real estate funds pursuant to § 2 para 1 No. 3 lit. "c, however - including from shares in investment funds in accordance with section 20a para 1 No. 4 InvFG - 30 per cent overall," 8 § 3 par. 1 Z 11 is:



"vH 11 up to 1: individual assets pursuant to § 2 para 1 No. 7 of the same company, issuer or issuer, however - including of shares in investment funds in accordance with section 20a para 1 No. 3 InvFG - 7 per cent overall."

9. § 6 the following section 7 is added:



"§ 7 section 2 para 1 No. 3 and no. 7, § 2 para 4, § 2 para 5 Z 1 and article 3, paragraph 1 No. 3, no. 6, Z 8 and Z 11 as amended the regulation Federal Law Gazette II No. 364/2004 1st October 2004 into force."

Garcia Pribil

 

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