Regulation on the protection of pension funds, the death penalty and small insurance companies (investment regulation-AnlV)

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AnlV

Date of completion: 18.04.2016

Full quote:

" Investment Regulation of 18 April 2016 (BGBl. I p. 769) "

Footnote

(+ + + Text proof: 22.4.2016 + + +) 

  

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Input formula

The Federal Ministry of Finance is responsible for the

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Section 217, sentence 1, point 6, in conjunction with sentences 3 and 4, also in conjunction with Section 219 (1) of the Insurance Supervision Act of 1 April 2015 (BGBl. 434), in agreement with the Federal Ministry of Justice and Consumer Protection,

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Article 235 (1), first sentence, point 10 in conjunction with the second sentence of the second sentence of the Insurance Supervision Act of 1 April 2015 (BGBl. I p. 434):

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§ 1 Scope of application, investment principles and investment management

(1) This Regulation shall apply to the installation of the security assets of:

1.

Pension funds within the meaning of Section 232 of the Insurance Supervision Act,

2.

Death rates within the meaning of section 218 of the Insurance Supervision Act and

3.

small insurance companies within the meaning of Section 211 of the Insurance Supervision Act.

(2) The insurance undertakings referred to in paragraph 1 (1) must comply with the general investment principles of Section 124 (1) of the Insurance Supervision Act in the course of the investment of the security assets. The insurance undertakings referred to in paragraph 1 (2) and (3) must comply with the general investment principles set out in Article 215 (1) of the Insurance Supervisors Act when the security assets are set up. (3) The insurance undertakings referred to in paragraph 1 shall be subject to the following conditions: Insurance undertakings shall comply with the general investment principles applicable to them and comply with the following specific provisions of this Regulation by means of a qualified investment management system, by means of appropriate internal Capital investment principles and control procedures, through strategic and tactical Ensure that investment policy and other organisational measures are taken. These include, in particular, the monitoring of all risks of the active and passive side of the balance sheet and of the relationship between the two sides, as well as an assessment of the elasticity of the investment stock against certain capital market scenarios and Investment conditions. (4) The insurance undertakings referred to in paragraph 1 shall ensure that they are subject to economic and legal conditions, in particular changes in the financial and real estate markets, at all times. Catastrophic events with large-scale damage or other are able to react appropriately to unusual market situations. In the case of the investment of the security assets in a State which is not the State of the European Economic Area (EEA) or the full member state of the Organisation for Economic Cooperation and Development (OECD), the assets of the facility are above all those with the facility (5) The supervisory authority shall determine any further requirements relating to the provisions of this Regulation and the disclosure and disclosure requirements of the insurance undertakings referred to in paragraph 1. Unofficial table of contents

§ 2 Investment forms

(1) The backup capacity may be applied in

1.

Claims for which there is a fundamental right to land in a country of the EEA or in a full member state of the OECD, or the same right, if the basic right of property law is subject to the requirements of Sections 14 and 16 (1) to (3) of the Pfandbrief Act, in the case of inheritance rights in addition to the requirements of Section 13 (2) of the Pfandbrief Act, or if the basic right of property law meets the relevant provisions of the other State;

2.

claims,

a)

which is secured sufficiently by cash payment or for the assets or securities in accordance with § 200 (1) to (3) of the capital investment code or equivalent provisions of another State of the EEA or of a full Member State of the OECD are pledged or transferred for security (investment loans);

b)

for the debt securities referred to in point 6 or 7, or transferred to the security, or

c)

consist of liquid accounting claims of the primary insurer against a reinsurer, minus any accounting liabilities arising from the reinsurer's premium claims against the first insurer;

3.

Loans

a)

to the Federal Republic of Germany, its countries, municipalities and community associations,

b)

to another State of the EEA or to a full member state of the OECD,

c)

to regional governments and local authorities of another State of the EEA or of a full Member State of the OECD;

d)

to an international organization, which also belongs to the Federal Republic of Germany as a full member,

e)

for their return and repayment, one of the bodies referred to in (a), (b) or (d), a suitable credit institution within the meaning of point 18 (b), a public-law credit institution within the meaning of point 18 (c), a multilateral A development bank as defined in point 18 (d) has taken over the full guarantee or an insurance undertaking within the meaning of Article 14 of Directive 2009 /138/EC of the European Parliament and of the Council of 25 November 2009 concerning: the taking up and pursuit of the business of insurance and reinsurance (Solvency II) (OJ L 327, 28. 1), as last amended by Directive 2014 /51/EU (OJ L 197, 21.7.2014, p. 1), which has insured the default risk, or

f)

to settlement institutions within the meaning of Article 8a (1) of the Financial Market Stabilisation Fund Act, to the extent that one of the bodies referred to in point (a), (b) or (d) for this settlement institution is responsible for the loss-sharing obligation pursuant to Article 8a (4), first sentence, point 1, sentence 1 and paragraph 1a of the Financial Market Stabilisation Fund Act;

4.

Loans

a)

to undertakings established in a Member State of the EEA or in a full Member State of the OECD, with the exception of credit institutions, provided that, on the basis of the previous and expected future developments in the company's income and financial situation, the Contractually agreed interest and repayment are guaranteed and the loans are sufficient

aa)

are secured by first-tier land-based rights,

bb)

are secured by means of pledged or secured claims or securities admitted to trading or admitted to another organised market in accordance with Section 2 (5) of the Securities Trading Act, or in which they have been secured in such securities, or

cc)

in a comparable manner; a declaration of commitment by the borrower to the insurance undertaking (the negative transfiguration) can only replace a loan of the loan if and as long as the borrower already has a its status as a guarantee for the interest and repayment of the loan;

b)

to undertakings within the meaning of point 14 (a), in which the insurance undertaking is a shareholder (shareholder loan), where the loans are in accordance with the requirements of Section 240 (1) and (2) (1) of the capital investment code meet;

c)

to other undertakings established in a State of the EEA or in a full Member State of the OECD, with the exception of credit institutions, provided that such loans are sufficient in rem or in a debt-related manner;

5.

advance payments or loans granted by the insurance undertaking to its own insurance certificates, up to the amount of the repurchase value (policy loans);

6.

" Pfandbriefe, local bonds and other debt securities issued by credit institutions established in a State of the EEA or in a full member state of the OECD, if the credit institutions are subject to statutory provisions to protect the holders of such institutions Debt securities are subject to special public supervision and the funds raised in the issue of debt securities are applied in accordance with the statutory provisions in assets which during the entire duration of the period of validity of the debt securities are subject to the Debt securities arising from the liabilities arising from them sufficient cover and, in the event of a failure of the exhibitor, are intended as a priority for the repayments due and the payment of the interest (the special coverage of the law existing in force);

7.

Debt securities,

a)

which are admitted to trading on a stock exchange or are admitted to or included in another organised market (organised market),

b)

to be included in an organised market in accordance with the conditions of issue, provided that such debt securities are included within one year of the date of issue; or

c)

which are admitted to trading on a stock exchange in a country outside the EEA or are admitted to or included in another organised market there;

8.

other debt securities;

9.

Receivables from subordinated liabilities to companies or from the right to a company's right to enjoyment

a)

with its registered office in a State of the EEA or in a full Member State of the OECD, or

b)

which are admitted to trading on a stock exchange or are admitted to or included in another organised market or are admitted to trading on a stock exchange in a State outside the EEA or are organized there at another the market or are included in the market;

10.

Asset Backed Securities (structured financial instruments secured with receivables rights) and Credit Linked Notes (financial instruments linked to credit risks) as well as other assets pursuant to § 2 (1), their income or repayment to Credit risks are linked or are transferred to a third party by means of credit risks;

a)

against undertakings established in a State of the EEA or in a full Member State of the OECD, or

b)

which are admitted to trading on a stock exchange or are admitted to or included in another organised market or are admitted to trading on the stock exchange in a State outside the EEA or are admitted to another organised market be approved or included in these;

11.

Claims entered in the debtor of the Federal Republic of Germany, one of its countries or in a corresponding register of another State of the EEA or of a full member state of the OECD, or the registration thereof as the debtor's claim is made within one year of its issuance, as well as in liquidity documents within the meaning of Section 42 (1) of the Act on the Deutsche Bundesbank;

12.

Fully paid shares admitted to trading on a stock exchange or admitted to or included in another organised market or admitted to trading on the stock exchange in a State outside the EEA, or on a market outside the EEA, or other organised markets, or are included in the other organised market;

13.

participations in the form of

a)

other fully paid-up shares, business shares in a limited liability company, shares and shareholdings as a stiller partner within the meaning of the Commercial Code, if the company has a business model, entrepreneurial risks, and

aa)

has its registered office in a State of the EEA or in a full member state of the OECD,

bb)

provide the assurance undertaking with the last annual financial statements drawn up and audited in the appropriate application of the rules in force for capital companies; and

cc)

undertakes to continue to submit such annual accounts at each balance sheet date;

b)

shares and shares in domestic closed-end alternative investment funds (AIF) within the meaning of Section 1 (3) of the Capital Investment Code;

aa)

who invest directly or indirectly in assets under Article 261 (1) (4) of the Capital Investment Code, equity-related instruments and other instruments of corporate finance; and

bb)

managed by a capital management company which has a permit pursuant to Article 20 (1) of the capital investment code or which is registered under section 44 of the capital investment code, or by a management company established in a State of the EEA or a full member state of the OECD, which is subject to public supervision to protect investors and which has a permit or registration which is subject to the permit provided for in Article 20 (1) of the Capital Investment Code or is comparable to the registration in accordance with section 44 of the capital investment code,

, as well as shares and shares in closed foreign investment assets governed by the law of a State of the EEA or of a full Member State of the OECD, fulfil the requirement of double-letter aa in a comparable manner and of a company within the meaning of the double letter bb;

14.

Real estate in the form of

a)

built-up land located in a State of the EEA or in a full member state of the OECD, situated in the EEA or in a full member state of the OECD, on the basis of the same rights as well as in shares in a company, the sole purpose of which is the acquisition, construction and administration of land or land equal rights situated in such a State; the insurance undertaking has the appropriateness of the purchase price on the basis of the opinion; of a sworn expert or in a comparable manner; of the Without prejudice to the provisions of Section 125 (3), sentence 4 of the Insurance Supervision Act, land-based property rights shall be subject to the basic rights of property rights which they have to relieve;

b)

Shares of a REIT-Aktiengesellschaft or of shares in a comparable capital company based in a State of the EEA or in a full member state of the OECD, which are subject to the conditions of the REIT Act or to the comparable provisions of the other States;

c)

Shares and shares in domestic special AIF within the meaning of Article 1 (6) of the Capital Investment Code or of shares and shares in domestic closed audience-AIF within the meaning of Article 1 (3) in conjunction with the second sentence of paragraph 6 of the Capital Investment Code,

aa)

who invest directly or indirectly in property in accordance with the first sentence of Article 231 (1) (1) (1) to (6) and Article 235 (1) of the Capital Investment Code; and

bb)

managed by a capital management company which has a permit pursuant to Article 20 (1) of the Capital Investment Code, or by a management company established in a State of the EEA which is responsible for the protection of investors of a capital investment code; is subject to public supervision and is subject to a permit similar to that provided for in Article 20 (1) of the capital investment code;

, as well as shares and shares in EU investment assets within the meaning of Article 1 (8) of the Capital Investment Code in the form of special AIF and closed audience AIF, which fulfil the requirement of double-letter aa in a comparable manner and of a company within the meaning of the double letter bb;

15.

Shares and investment shares in domestic open public investment assets within the meaning of Article 1 (2) of the Capital Investment Code (UCITS) as well as in shares and shares in comparable EU investment assets within the meaning of Article 1 (8) of the German Capital Investment Code (UCITS) the capital investment code, provided that such assets are managed by a UCITS management company established in a State of the EEA;

16.

shares and investment shares in domestic open special AIF within the meaning of Section 1 (6) sentence 1 of the Capital Investment Code,

a)

which meet the requirements of Section 284 of the Capital Requirements Code and are not covered by point 14 (c); and

b)

managed by a capital management company which has a permit pursuant to Article 20 (1) of the Capital Investment Code, or by a management company established in a State of the EEA which is responsible for the protection of investors of a capital investment code; is subject to public supervision and is subject to a permit similar to that provided for in Article 20 (1) of the capital investment code;

as well as in shares and shares in EU investment assets within the meaning of Article 1 (8) of the Capital Investment Code, in the form of open special AIF, which satisfy the requirement referred to in point (a) in a comparable manner and by a company within the meaning of point (b);

17.

Shares and shares in domestic investment assets within the meaning of Article 1 (1) of the Capital Investment Code,

a)

the non-public investment assets in the form of real estate special assets in accordance with § § 230 to 260 of the capital investment code,

b)

which are not covered by point 13 (b), point 14 (c), points 15 and 16; and

c)

managed by a capital management company which has a permit pursuant to Article 20 (1) of the Capital Investment Code, or by a management company established in a State of the EEA which is responsible for the protection of investors of a capital investment code; is subject to public supervision and is subject to a permit similar to that provided for in Article 20 (1) of the capital investment code;

as well as in shares and shares in EU investment assets within the meaning of Article 1 (8) of the Capital Investment Code, which satisfy the requirement referred to in point (a) in a comparable manner, shall not be covered by the investment forms referred to in point (b) and by of a company within the meaning of point (c), and

18.

Assets at

a)

the European Central Bank or the Central Bank of a State of the EEA or of a full Member State of the OECD,

b)

a credit institution having its registered office in a State of the EEA which meets the requirements of Directive 2013 /36/EU of the European Parliament and of the Council of 26 June 2013 on access to the business of credit institutions and the supervision of credit institutions Credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006 /48/EC and 2006 /49/EC (OJ L 136, 31.5.2006, p. 338), as last amended by Directive 2014 /59/EU (OJ L 175, 5.7.2014, p. 190), where the credit institution confirms in writing to the insurance undertaking that it has the rules governing its own capital and the liquidity of credit institutions, (appropriate credit institution),

c)

public credit institutions, which are excluded from the scope of this Directive in accordance with Article 2 (5) of Directive 2013 /36/EU,

d)

multilateral development banks, as defined in Article 117 (2) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending the Regulation (EU) No 646/2012 (OJ L 327, 28.4.2012 1), as last amended by the Commission Delegated Regulation (EU) 2015/62 (OJ L 176, 15.7.2000, p. 37), a risk weight of 0 per cent has been obtained.

Current assets are also considered to be assets.

(2) In accordance with Section 3 (2) (4), the securing assets may also be invested in installations which are not mentioned in paragraph 1, do not meet the conditions laid down in paragraph 1, or the limitations of § 3 (2) (1) to (3), (3) The supervisory authority may also have assets in assets not specified in the preceding paragraphs or the conditions of the preceding paragraphs not exceeding the conditions set out in the previous paragraphs. , as well as the exceeding of those in § 3 (2) (1) to (3), (3) to (5) and (4) (1) to (4 (4) Direct and indirect installations shall not be allowed to affect the interests of the insured.

1.

in consumer loans, operating resources loans, movable property or claims on movable property and in intangible assets,

2.

in participations in Group companies of the insurance undertaking within the meaning of Section 18 of the German Stock Corporation Act, with the exception of companies in which the insurance undertaking is only involved in a passive manner without having any operational influence on the business, or ongoing project development, and

3.

in the case of an undertaking to which the insurance undertaking or its group undertakings, within the meaning of section 18 of the German Stock Corporation Act, wholly or partly by way of outsourcing (Section 7 (2) of the Insurance Supervision Act) of functions , or carry out activities directly related to the operation of insurance transactions for the insurance undertaking or its group undertakings within the meaning of Section 18 of the German Stock Corporation Act, if such activities are carried out in the case of the insurance undertaking or its group undertakings. Enterprises of the scope of the business operations substantially of the subject matter of The breakdown of functions or service activity is determined.

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§ 3 Mixing

(1) Direct and indirect installations in accordance with Article 2 (1) (2) (a) and (8) and in the case of debtors with registered offices in non-EEA countries which do not ensure that the preroe of Section 315 of the Insurance supervision law shall be limited to a prudent measure. (2) The investment in individual investment forms shall be limited as follows:

1.

direct and indirect installations in accordance with Article 2 (1) (10) shall not exceed 7.5% of the assets of the assets;

2.

direct and indirect installations in accordance with Article 2 (1) (17), assets held in accordance with Article 2 (1) point 16 and which cannot be attributed to the numbers of the installation catalogue in Section 2 (1), and other direct and indirect installations in accordance with Article 2 (1), the income or repayment of which is tied to hedge fund or raw material risks, may not exceed 7.5% of the security assets;

3.

direct and indirect installations according to Article 2 (1) (4) (c) may not exceed 5 per cent of the assets;

4.

in the context of the opening clause in accordance with Article 2 (2), investments shall be limited to 5 per cent of the security assets; while safeguarding the interests of insured persons, this investment limit may, with the approval of the supervisory authority, be limited to 10% of the total assets. Securing assets shall be increased; the limitation to 1 per cent of the securing assets in Section 4 (4) shall remain unaffected.

(3) Direct and indirect installations in accordance with Article 2 (1) (9), (12) and (13) shall not exceed 35% of the security assets together with installations subject to the quotas referred to in points 2 and 3 of paragraph 2. This quota shall also be applied to installations in accordance with Article 2 (1) (2) (a), in so far as the assets under Article 2 (1) (12) are the subject of the investment loans. Within the quota referred to in the first sentence, the proportion of the market not admitted to trading and not admitted to trading on another organised market and not admitted to trading on a stock exchange in a State outside the EEA may be admitted to the market. or, where assets are admitted to another organised market, or are not more than 15% of the assets held in such assets as defined in Article 2 (1) (9) (a) and (13). (4) In investments in shares and Shares in investment assets in accordance with § 2 (1) (15) and (16), which are due to the use of derivatives according to § In accordance with Article 197 (2) of the capital investment code or the corresponding provisions of another State of the EEA more than the simplicity of the market risk potential, the increased market risk potential shall be set off against the quota referred to in the first sentence of paragraph 3. In so far as the increased market risk potential cannot be determined in a timely manner, the maximum permissible amount shall be set. (5) Direct and indirect investments in loans pursuant to Article 2 (1) (4) (b), in real estate pursuant to § 2 (1) (14) Point (a), (b) and (c) and in real estate held by investment assets in accordance with Article 2 (1) (16) and which meet the requirements of Article 2 (1) (14) (c) shall not exceed 25% of the assets. (6) The The supervisory authority may use the direct and indirect installations referred to in Article 2 (1) (2) (a), (9), (12), 13 and the installations which are subject to the quotas set out in points 2 and 3 of paragraph 2 shall reduce to 10 per cent of the security assets if it is necessary in order to safeguard the interests of the insured. The supervisory authority shall have the same power in the case of § 135 (1) of the first alternative of the Insurance Supervision Act. Unofficial table of contents

§ 4 Scattering

(1) Subject to the provisions of paragraph 2, all assets falling within the same debtor shall not exceed 5 per cent of the assets of the assets. This quota and the quotas referred to in paragraphs 2, 3 and 4 shall be calculated on the basis of the investments of the ten largest debtors in an open investment capacity in accordance with Article 2 (1) (15) to (17). If a debtor has accepted the full guarantee against the insurance undertaking for a third party's liabilities, this guarantee obligation shall also be credited to the quota as set out in the first sentence. Investments in shares or shares in an open investment property in accordance with Article 2 (1) (15), (16) and (17) shall not be deemed to be investments in the same debtor, if the investment property is sufficiently dispersed. (2) For installations in the case of the same debtor referred to in Article 2 (1) (3) (a), (b) or (d) shall, by way of derogation from paragraph 1, have a quota of 30 per cent of the assets. By way of derogation from paragraph 1, the following installations shall be subject to a quota of 15 per cent of the securing assets:

1.

Investments in debt securities which have been placed on the market by the same credit institution established in a State of the EEA or in a full member state of the OECD, where such bonds are subject to a force of law particular cover mass,

2.

installations in the case of the same credit institution as defined in Article 2 (1) (18) (b), if and in so far as the annexes are actually secured by a comprehensive institution of the institution of the credit institution or by a Deposit Guarantee Scheme; the non-statutory exclusion of a right to the benefit of the Deposit Guarantee Scheme does not preclude effective protection,

3.

Installations at the same public credit institution as defined in Article 2 (1) (18) (c) and (c)

4.

Installations at one and the same multilateral development bank as defined in Article 2 (1) (18) (d).

(3) In the calculation of the quotas referred to in paragraphs 1, 2 and 4, investments shall be combined with the debtor and his group companies within the meaning of Section 18 of the German Stock Corporation Act (AktG). By way of derogation from the first sentence of paragraph 1, for investments in group undertakings other than claims arising out of reinsurance relationships pursuant to section 2 (1) (2) (b), a reduced rate of scatter of 3 per cent of the total Assets under Article 2 (1) (9), (12) and (13) for one and the same company as well as shares and shares in a closed investment property in accordance with Article 2 (1) (17) may, by way of derogation from paragraph 1, total 1% of the total amount of the assets. Do not exceed the security assets. In the case of shares in a company whose sole purpose is to maintain the assets referred to in the first sentence of the other undertakings, the first sentence shall relate to the undertakings in the insurance undertaking which have been applied to the other undertakings. (5) Up to 10 Percentage of the security assets may be in a single piece of land or the same right, or in shares in a company whose sole purpose is the acquisition, construction and administration of in a State of the EEA or in a Full Member State of the OECD is a real estate or the same right, or in Shares or shares shall be invested in an investment property in accordance with Article 2 (1) (14) (c). The same limit applies to several legally independent plots if they form a unit economically. (6) Assets of a pension fund in a sponsoring undertaking within the meaning of the second sentence of Article 7 (1) of the Company law and in its group companies may not exceed 5 per cent of the total assets. If a pension fund is borne by more than two companies, investments in these companies shall be limited to a total of 15 per cent of the total assets; the first sentence shall remain unaffected. Unofficial table of contents

§ 5 Congruence

In accordance with the rules of congruence, the security assets shall be invested in the annex to this Regulation in assets denominated in the same currency in which the insurance is to be fulfilled. Where:

1.

the land and the rights of the land used in the currency of the country in which they are situated;

2.

shares and shares in the currency in which they are included in an organised market; and

3.

shares and shares not included in an organised market shall be deemed to have been invested in the currency of the country in which the issuer of the securities or shares is situated.

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§ 6 Transitional provisions

(1) Assets which have been made up to 30 June 2010 and since then on the basis of Article 6 (1) of the Investment Regulation of 20 December 2001 (BGBl. 3913) in the version of the Regulation of 3 March 2015 (BGBl. I p. 188) may remain in the security assets up to their maturity. (2) Shares in the capital of the public in the form of real estate assets in accordance with § § 230 to 260 of the Capital Investment Code, which before 8 April 2011, as well as shares in comparable foreign investment assets acquired before 8 April 2011, may remain in the security assets and assets pursuant to Article 2 (1) (14) (c) (3) Assets that have been made by 7 March 2015 and have since been The reason for Article 6 (3) of the Investment Regulation of 20 December 2001 (BGBl. 3913) in the version of the Regulation of 3 March 2015 (BGBl. 188), they may remain in the security assets until they are due and may be assigned to the annexes in accordance with section 2 (1) (13) (b). Unofficial table of contents

Section 7 Entry into force

This Regulation shall enter into force on the day following the date of delivery. Unofficial table of contents

Annex (to § 5 sentence 1)

congruence rules

1.

Where the cover of an insurance contract is expressed in a given currency, the obligations shall be deemed to be in that currency.

2.

If the cover of a contract is not expressed in a currency, the obligations shall be deemed to be in the currency of the country in which the risk is situated. The currency in which the premium is expressed may be used if special circumstances so warrant, in particular where it is probable that a damage in that currency will be dealt with at the time of the conclusion of the contract.

3.

The currency which an insurance undertaking considers to be the most likely to fulfil, or, in the absence of such experience, the currency of the country in which it is established, may, unless special circumstances in the case of the following risks:

a)

in the case of insurance savings referred to in Annex 1 (4) to (7) and (11) to (13) (liability only) of the Insurance Supervision Act (Insurance Supervisors),

b)

in the case of other insurance savings, where, in accordance with the nature of the risks, compliance must be carried out in a currency other than that which would result from the application of the said rules.

4.

Where an insurance undertaking is reported to have suffered damage and if it is to be regulated in a currency other than the currency resulting from the application of the above rules, the obligations shall be deemed to be in that other currency, in particular where it is the currency in which the performance to be provided by the insurance undertaking has been determined on the basis of a court decision or an agreement between insurance undertakings and policyholders.

5.

If a damage is found in a currency previously known to the insurance undertaking, the obligation may be considered to be in that other currency, even if it is not the result of the application of the above rules. Currency is.

6.

The collateral assets need not be invested in assets denominated in the same currency as those in which the obligations exist if:

a)

it is not a currency of a Member State of the European Community or of any other Contracting State of the Agreement on the European Economic Area and the currency in question is not suitable for investment, in particular because: it is subject to transfer restrictions,

b)

the securing assets to be applied do not have more than 20 per cent, in the case of pension funds not more than 30 per cent, which relates to obligations in a given currency, or

c)

in the case of the application of the rules in force in accordance with points 1 to 5 in a given currency, assets which do not account for more than 7% of the company ' s assets in other currencies should be invested.

7.

To the extent that, in accordance with the above rules, the assets are to be secured in assets denominating the currency of a Member State of the European Community whose currency is not the euro, or the currency of another Contracting State of the The agreement on the European Economic Area may be up to 50% of the assets denominated in assets denominated in euro, to the extent that this is justified on the basis of a reasonable commercial assessment.