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Regulation on risk management and risk measurement in the case of the use of derivatives, securities loans and pension transactions in investment assets under the capital investment code

Original Language Title: Verordnung über Risikomanagement und Risikomessung beim Einsatz von Derivaten, Wertpapier-Darlehen und Pensionsgeschäften in Investmentvermögen nach dem Kapitalanlagegesetzbuch

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Regulation on risk management and risk measurement in the case of the use of derivatives, securities loans and repurchase agreements in investment assets according to the capital investment code (Derivateverordnung-DerivateV)

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DerivateV

Date of completion: 16.07.2013

Full quote:

" Derivateverordnung of 16 July 2013 (BGBl. 2463), as defined by Article 1 of the Regulation of 26 February 2015 (BGBl). 181) has been amended "

Status: Amended by Art. 1 V v. 26.2.2015 I 181

For more details, please refer to the menu under Notes

Footnote

(+ + + Text proof: 22.7.2013 + + +) 

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Input formula

On the basis of the first sentence of § 197 (3) and the first sentence of § 204 (3) of the capital investment code of 4 July 2013 (BGBl. 1), § 120 (8) sentence 1, § 121 (4) sentence 1, § 135 (11) sentence 1, and § 136 (4) sentence 1 of the capital investment law of 4 July 2013 (BGBl. 1981), in agreement with the Federal Ministry of Justice, in each case in conjunction with Section 1 (3a) of the Regulation on the delegation of powers to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), the last by Article 1 of the Regulation of 11 July 2013 (BGBl. 2231), the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht) is responsible for:

Section 1
General provisions

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§ 1 Scope

(1) This Regulation shall apply to:
1.
the use of derivatives in investment assets in accordance with Section 197 of the Capital Investment Code,
2.
the use of securities loans and repurchase agreements in accordance with Sections 200 to 203 of the Capital Investment Code,
3.
the risk management and the calculation of the market risk potential of these derivatives and transactions, as well as the calculation of these derivatives and transactions on the investment limits.
(2) This Regulation shall apply only to open domestic public investment assets in accordance with § § 162 to 260 of the Capital Investment Code and for open domestic special AIF with fixed investment conditions in accordance with § 284 of the Capital Investment Code, unless the investment conditions of those investment assets include an investment in derivatives, securities loans and repurchase transactions. Unofficial table of contents

§ 2 Use of derivatives, securities-loans and repurchase agreements

(1) The use of derivatives, securities loans and repurchase agreements may
1.
do not lead to a change in the investment character of the
a)
in accordance with the capital investment code and the relevant investment conditions, and
b)
is described in the sales prospectus and in the main investor information in accordance with § § 165 and 166 of the capital investment code in the case of public investment assets, and
2.
are not associated with significant additional risks compared to the initial risk profile described in the sales documents.
(2) The capital management company may only conclude derivatives for an investment property with the exception of other investment assets in accordance with § 220 of the Capital Investment Code and Special AIF according to § 284 of the Capital Investment Code if:
1.
the base values of these derivatives may be acquired in accordance with the capital investment code and the investment fund's investment conditions, or
2.
the risks which these underlying assets represent could also have been caused by the assets of the investment property which are permissible under the capital investment code and the relevant investment conditions.
(3) If a contractual partner of a derivative business has a discretion in the composition or management of the investment portfolio of the investment property or in the composition or management of the underlying assets or the underlying value of the investment portfolio, the contractual partner shall have a margin of discretion. Derivative, the transaction shall be deemed to be a swap agreement with respect to the portfolio management and shall comply with the requirements of section 36 of the capital investment code. Unofficial table of contents

§ 3 Delivery and payment obligations; cover

(1) The capital management company shall ensure that:
1.
comply fully with all the conditional and unconditional supply and payment obligations of derivatives, securities loans and repurchase agreements entered into, for the account of an investment asset, and
2.
there is sufficient coverage of derivative transactions.
(2) For the purposes of point 2 of paragraph 1, coverage shall be monitored continuously within the framework of the risk management process. Unofficial table of contents

§ 4 conflicts of interest

(1) The capital management company shall, in particular, for transactions in which conflicts of interest cannot be excluded, such as transactions with the parent, sister or subsidiary, by means of an appropriate control procedure to ensure that these transactions are concluded on market-based conditions. The defined control procedure is to be documented by the capital management company. (2) The audit report in accordance with § § 102, 121 (3) and § 136 (3) of the capital investment code has to contain information on whether the specified Control procedures are appropriate and appropriate.

Section 2
Market risk

Subsection 1
Application requirements for the qualified and the simple approach

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§ 5 Basics and delimitation

(1) The capital management company shall determine the utilization of the market risk limit for the use of derivatives (limit utilization), fixed in accordance with section 197 (2) of the capital investment code, on a daily basis at least on a daily basis. The market risk limit must be maintained on an ongoing basis. Depending on the investment strategy, it may also be necessary to calculate the workload under-day. (2) The market risk of the investment assets or the degree of investment can be used to determine the level of the marginal utilization by leverage; in this case, the market risk of the investment capital or the investment level can be used. either the qualified approach is to be applied in accordance with § § 7 to 14 or the simple approach according to § § 15 to 22. The method shall be chosen on its own responsibility based on the analysis of the risk profile of the investment assets, including the derivatives used. The method chosen shall be proportionate to the investment strategy pursued and to the nature and complexity of the derivatives used and their share in the investment assets. The application of the simple approach does not exempt the capital management company from the obligation to implement an appropriate risk management process including risk measurement and limitation. Where the qualified approach is applied, the leverage of the investment assets must also be regularly monitored and, where appropriate, further risk indicators taking into account the risk profile and the investment strategy shall be considered as appropriate. of the respective investment assets. (3) The capital management company shall apply the qualified approach if:
1.
by the simple approach, not all market risks included in the investment assets can be sufficiently accurately recorded and measured,
2.
the investment strategy of the investment asset is based on complex strategies beyond a negligible share; or
3.
the investment assets are invested in complex derivatives beyond a negligible share.
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§ 6 recording and notification requirements

The decision of the capital management company for the simple approach or the qualified approach, as well as for one of the methods of the qualified approach to the determination of the limit utilisation in accordance with Article 7 (1) or (2), and the The underlying assumptions are to be documented. The auditor has the procedure in the examination report in accordance with § § 102, 121 (3) and § 136 (3) of the German Capital Investment Code in the individual investment assets to determine the marginal utilisation rate in accordance with § 197 (2) of the capital investment code. To list the capital investment code. The capital management company shall have the switch between the simple and the qualified approach and the change in the method of determining the level of limit utilization within the qualified approach referred to in Article 7 (1) or (2) for a The investment assets of the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) must be notified immediately.

Subsection 2
Qualified approach

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§ 7 Risk limitation

(1) The potential risk amount to be allocated to an investment fund for the market risk may at no time exceed twice the potential risk amount for the market risk of the related comparative assets. (2) Alternatively, the potential risk amount for the market risk shall not exceed twice the potential risk amount for the market risk. the potential risk amount to be allocated to an investment fund for the market risk at no time exceeds 20% of the value of the investment assets. Unofficial table of contents

§ 8 demarcation

Within the framework of the qualified approach, the capital management company may limit the potential risk amount either in relation to the associated comparison assets in accordance with § 7 (1) or absolutely in accordance with § 7 (2). In doing so, it chooses the method according to § 5, paragraph 2, on its own responsibility. The method must be appropriate in terms of the risk profile and investment strategy of the investment assets. The method is generally to be used continuously. Unofficial table of contents

§ 9 Related Comparison Assets

(1) The related ability to compare is regularly a derivative-free property which does not have a leverage and whose market value is equal to the current market value of the investment assets. (2) The composition of the comparative assets must be
1.
the investment conditions of the investment assets and the information on the sales prospectus and the basic investor information on the investment objectives and investment policy of the investment assets, and
2.
comply with the investment limits of the Capital Investment Code, with the exception of the exhibitor limits in accordance with § § 206 and 207 of the German Capital Investment Code.
(3) If a derivative-free comparison scale is defined for the investment property, the associated comparison assets must be as closely as possible to this comparison scale. In duly substantiated individual cases, paragraph 2 may be dismissed. (4) In case of doubt, the comparison assets shall be subject to those assets which give rise to the lower potential risk amount for the market risk. (5) The The capital management company must establish guidelines for the composition of the comparative assets and for the changes in this composition. The determination of the composition of the comparative assets shall be taken into account within the risk management process. The composition and any change in the composition of the comparative assets must be documented in a comprehensible way. If an index is used for the comparative assets, its composition and development must be transparent. The audit report in accordance with § § 102, 121 (3) and § 136 (3) of the capital investment code shall contain information on whether the settlement assets under paragraphs 1 to 4 are correct. (6) The capital management company shall take a The Bundesanstalt shall be notified without delay and in a comprehensible manner to the Federal Institute for a substantial change in the reference scale within the meaning of paragraph 3; except for the obligation to notify, modifications of the comparison scales for special AIF according to § 284 of the Capital investment code. Unofficial table of contents

§ 10 Potential risk amount for the market risk

(1) The potential risk amount for the market risk shall be determined by means of a suitable own risk model within the meaning of Article 1 (13) of the Banking Act. (2) A risk model shall then be considered as appropriate if:
1.
it takes due account of the risk profile and investment strategy of the investment assets and of the complexity of the derivatives used,
2.
in the determination of the risk-describing measures, the quantitative variables according to § 11 are used, at least the risk factors according to § 12 are recorded and the qualitative requirements according to § 13 are complied with and
3.
it has a satisfactory prognosis.
In justified individual cases, the Bundesanstalt may confirm a risk model on request even in the event of deviations from paragraph 2. (3) The examination report according to § § 102, 121 (3) and § 136 (3) of the capital investment law has provided information to be included as to whether the requirements referred to in paragraph 2 are complied with. The right of the Bundesanstalt to check compliance with the requirements of paragraph 2 or to repeat an aptitude test shall remain unaffected. If the requirements are not complied with, the Bundesanstalt may arrange for appropriate measures. Unofficial table of contents

§ 11 Quantitative provisions

In determining the potential risk amount for the market risk,
1.
to assume that the financial instruments or financial instrument groups located in the investment assets are held for a further 20 working days in the investment capacity,
2.
to base a one-sided forecasting interval with a probability level of 99 percent, and
3.
to base an effective historical observation period of at least one year.
By way of derogation from the first sentence of point 1, the acceptance of a holding period of less than 20 working days shall be permitted. A deviation from the first sentence of point 2 shall be permissible up to a probability level of 95 per cent. In the case of a derogation from the first and second sentences of the first subparagraph, the percentage referred to in Article 7 (2) shall be adjusted accordingly. A derogation from the first sentence of point 3 shall be permitted only on the basis of exceptional market conditions and with the prior consent of the Federal Institute within the meaning of Article 10 (2) sentence 2. Unofficial table of contents

§ 12 Risk Factors To Be Collated

(1) In determining the potential risk amount for the market risk, all not only insignificant market risk factors shall be taken into account in a manner appropriate to the scope and structure of the investment assets. In this context, both the general and the specific market risk must be taken into account. (2) The risks inherent in the related options transactions, which are not in a linear relationship with the price fluctuations, price or interest rate fluctuations, are in the (3) In determining the potential risk amount, the following shall be taken into account separately in an appropriate manner:
1.
Special interest rate risks for the non-uniform development of short-term and long-term interest rates (interest rate risks) and
2.
the non-uniform development of the interest rates of different interest-rate financial instruments denominating the same currency with a comparable residual maturity (spread risk).
In determining interest-rate risks, account shall be taken of an appropriate number of the size of the investment assets and of a distribution of time-limited interest-rate risk zones appropriate to the structure of the investment assets. The number of interest-rate risk zones must be at least six if available in the relevant market. (4) In determining the share price risks, differences in the development of the prices or prices of product groups and products, as well as the price of the interest risk zones, are not included. to take appropriate account of differences in the development of cassa and futures prices. Unofficial table of contents

§ 13 Qualitative requirements; Risk controlling

(1) The working and operational organisation of the capital management company shall be designed in such a way as to enable a timely identification of the potential risk amount for the market risk, in particular through a full coverage of all the positions of the capital management company. The risk control function in accordance with § 29 (1) of the capital investment code is responsible for and responsible for the investment in the investment capital.
1.
the establishment, verification, maintenance and further development of the risk models;
2.
the monitoring of the process for the determination and composition of the comparative assets in accordance with § 9,
3.
ensuring the suitability of the risk model for the respective investment assets,
4.
ongoing validation of the risk model,
5.
the validation and implementation of a documented and approved system of limits of potential risk amounts for each investment property in accordance with its risk profile;
6.
the daily identification, analysis and commenting of the potential risk amounts and the monitoring of the upper limits referred to in point 5,
7.
the regular monitoring of the leverage of the investment assets and
8.
the regular reporting to the directors regarding the current potential risk amounts, the prognosis according to § 14 and the results of the stress tests according to § § 28 to 32.
(3) The mathematical and statistical methods used to determine the potential risk amount for market risk must be of high precision. They must be in accordance with the procedures applied for the current risk management; only deviations from the quantitative requirements prescribed in § § 11 and 12 (3) sentence 2 are permissible. (4) The capital management company must be informed of appropriate procedures for validating the risk model. The adequacy must be validated and verified in the following cases:
1.
in the development of the risk model,
2.
at regular intervals (ongoing validation) and
3.
for any substantial change that could lead to the risk model being no longer appropriate.
Persons who are directly involved in the development process of the risk model must not be involved in the validation of the development and in the case of significant changes. The ongoing validation shall be carried out by means of the risk control function referred to in paragraph 2 (4). The validation and verification of adequacy should be adequately documented and the risk model should be adjusted if necessary. (5) The empirical data used for the time series analysis of the development of prices, rates and interest rates as well as their Correlations must be updated regularly, but at least three-monthly; if necessary, they must be updated immediately. (6) The risk model, including the associated processes and the mathematical-statistical procedure, must be documented. The documentation shall include at least the risks identified by the risk model, the mathematical-statistical procedures, assumptions and bases, the data, the appropriateness of the risk assessment, the procedures for validating the risk model, the procedures for determining the forecast quality in accordance with § 14, the procedures relating to the stress tests in accordance with § § 28 to 34, the scope of the risk model and the operational implementation. (7) Compliance with the requirements of the paragraphs 1 to 6 as well as § 14 shall be regular, at least once a year, from the Check internal revision. Unofficial table of contents

§ 14 Forecast üte

The forecast quality of a risk model shall be determined by means of a daily comparison of the potential risk amount determined on the basis of the risk model on the basis of a holding period of one working day, for the market risk with the change in the value of the risk model into the Proof of model-based calculation of individual financial instruments or financial instrument groups (backtesting). In the determination of the forecast supply, the financial instruments or financial instrument groups that were in the investment assets at the close of the previous day shall be re-evaluated at the respective market prices for the business conclusion. The negative difference to the evaluation result of the previous day must be determined. If the absolute amount of the change in value determined in accordance with the second sentence exceeds the potential risk amount for the market risk identified as a model, the managers shall be quarterly and the Bundesanstalt shall be informed on a quarterly basis. , as well as the size of the difference to inform the reason of its emergence and, where appropriate, the measures taken to improve forecasting. The advertisement shall also include the parameters used in accordance with § 11 sentence 1 number 2 and 3 in conjunction with § 11 sentence 3 and 4. If the number of exceptions exceeds an unreasonable level, the Bundesanstalt may arrange for appropriate measures.

Subsection 3
Simple approach

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§ 15 Risk limitation

(1) The amount of the credit for the market risk referred to in § 16 (3) may not exceed the value of the investment property at any time. (2) Contains the investment assets directly or indirectly in accordance with § 196 of the In paragraph 1, the value of the investment assets shall be reduced by the value of those assets in the capital investment code which contain derivatives. Unofficial table of contents

§ 16 Amount of credit for the market risk

(1) The amount of the credit for the market risk for the basic forms of derivatives shall be the base value equivalent on a regular basis. The market value of the underlying value shall be based on this. If this leads to a more conservative investigation, the nominal value or the futures price determined on the stock exchange can be used as an alternative in the case of financial futures contracts. (2) In order to determine the amount of the credit for the market risk, the Capital management company to determine the individual accounting amounts of the respective derivatives and derivative components, as well as the individual amounts of credit for securities loans and repurchase transactions. In addition, it has to identify possible hedging transactions in accordance with § 19. For this purpose, the calculation amounts between derivatives in the market in accordance with the requirements of § 19 will first be charged. The amount of the individual derivatives resulting from the settlement can also be adjusted according to § 19 with the market values of corresponding non-derivative assets in accordance with § § 193 to 196, 198 and 231 of the capital investment code. shall be charged. The absolute value resulting from the settlement is the amount of the offsetting of the respective derivative. (3) The amount of the credit for the market risk shall then be determined as the sum of the absolute values.
1.
the amounts of the individual derivatives and derivative components referred to in paragraphs 7 to 9, which have not been included in the accounts in accordance with section 19,
2.
the settlement amounts resulting from accounts in accordance with § 19, and
3.
the amounts of the settlement amounts resulting from the re-establishment of collateral pursuant to § 21.
(4) In determining the amount of the credit, the basic currency of the investment assets shall be based on the current exchange rates. (5) Insofar as a currency derivative consists of two contractual parties which are not in the base currency of the The two sides of the contract must be included in the calculation of the amount of the investment. (6) If an asset represents a combination of derivatives or a combination of according to § § 193 to 196 and 198 of the Capital investment codes of authorised assets with derivatives, is the amount of the balance of the market risk is the sum of the individual components of the asset. Where an index to which the investment assets are invested contains derivatives or has the index leverage, the amounts of the corresponding assets in the index shall be determined and included in the calculation referred to in paragraph 3. (7) The amount of the credit for the market risk for the basic forms of derivatives shall be:
1.
Financial futures contracts the number of contracts multiplied by the contract value multiplied by the market value of the base value, the market value of the base value
a)
corresponds to the market value of the most favourable available reference bond, provided that the underlying value is a bond, or
b)
corresponds to the current level of the underlying asset, provided that the underlying value is a financial index, exchange rate or interest rate,
2.
Options the number of contracts multiplied by the contract value multiplied by the market value of the underlying underlying value multiplied by the associated delta according to Article 18 (1), the market value of the base value being the current state of the basic value, provided that the base value is a financial index, exchange rate or interest rate,
3.
swaps the amount of swaps multiplied by the corresponding delta,
4.
Interest rate swaps and inflation swaps
a)
the market value of the underlying underlying value, or
b)
the nominal value of the fixed contract side;
5.
currency swaps, interest rate currency swaps and off-exchange currency transactions, the nominal value of the currency side or pages,
6.
Total return swaps are the market value of the underlying underlying asset; in the case of complex total return swaps, the market values of both sides of the contract shall be added,
7.
Credit default swaps, which relate to a single base value (single name credit default swaps),
a)
with respect to the seller or guarantor, the higher amount of the market value of the underlying underlying asset and the nominal value of the credit default swaps and
b)
the market value of the underlying underlying value with regard to the buyer or the collateral taker,
8.
financial differential transactions the market value of the underlying underlying value.
(8) The amount of the credit for the market risk for derivative components shall be
1.
Convertible bonds the number of underlying underlying assets multiplied by the market value of the underlying base values multiplied by the associated delta,
2.
Credit Linked Notes the market value of the underlying underlying asset and
3.
Warrants and subscription rights multiply the number multiplied by the contract value multiplied by the market value of the underlying underlying value multiplied by the associated delta.
(9) The amount of credit for the market risk for complex derivatives shall be:
1.
Financial futures related to the realised variance (realised volatility squared to the square of an asset) (variance swaps), the variance nominal value multiplied by the current variance at the point of determination; is a Capping of volatility, the amount of credit is determined as the variance nominal value multiplied by the lower amount of the current variance or the volatility capping limit to the square; the current variance shall be determined as Function of the squared realized and implicit volatility; the Variance nominal value is determined as the nominal value divided by two times the agreed variance price (subscription price),
2.
Financial futures related to the realised volatility of an asset (volatility swaps), the nominal value multiplied by the current volatility at the time of determination; is a capping of volatility provided for, the amount of the credit is determined as the nominal value multiplied by the lower amount of the current volatility or the volatility cap; the current volatility is determined as a function of the realized and implicit volatility,
3.
Threshold options the number of contracts multiplied by the contract value multiplied by the market value of the underlying base value multiplied by the maximum delta; the maximum delta is the highest positive or the lowest delta negative value that the delta can achieve, taking into account all potential market scenarios.
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Section 17 Unconsidered derivatives

The calculation of the amount of the invoice in accordance with Section 16 (3) shall not be taken into account:
1.
Swaps, which exchange the development of basic values directly held in the investment property against development of other underlying assets, provided that:
a)
the market risk of the exchanged base assets is completely eliminated from the investment assets, so that these assets have no effect on the change in the value of the investment assets, and
b)
the swap does not grant any option rights, nor does it include leverage or other additional risks beyond the direct investment of the relevant underlying assets; and
2.
Derivatives which generate neither additional market risk nor leverage and which can be attributed to the corresponding risk-free liquid resources, so that the combination of derivative and risk-free liquid means of direct investment in the the underlying underlying value is equivalent.
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§ 18 Related Delta

(1) The corresponding delta is the ratio of the change in the value of the derivative to a change in the value of the base value which is assumed to be slightly assumed. (2) The capital management company shall be obliged to provide the associated Delta to identify, document and communicate to the depositary in a suitable and recognised manner. Unofficial table of contents

Section 19 Recognition of hedging transactions

(1) In determining the amount of credit for the market risk in accordance with § 16 (3), hedging transactions may be taken into account. For this purpose, a negative sign is assigned to the amount of charge of derivatives that are contrary to the market. The accounting amounts of derivatives on the market can be calculated with the corresponding positive accounting amounts of derivatives as well as with the market values of corresponding non-derivative assets in accordance with § § 193 to 196, 198 and 231 of the The capital investment code is added and thus charged. The amount of the invoice resulting from the settlement shall be included as an absolute value in the sum according to § 16 (3). Invoices may only be made subject to the condition that:
1.
the derivative business has been completed solely for the purpose of securing it,
2.
are not neglected by the calculation of significant risks,
3.
the settlement amount of the derivatives is determined in accordance with the provisions of Section 16 (1) sentence 1; and
4.
the derivatives shall refer to
a)
the same basic value or a base value which corresponds exactly to the non-derivative asset to be insured under the terms of Sections 193 to 196 and 198 of the investment fund's investment fund, or
b)
a base value which does not correspond exactly to the non-derivative asset to be insured under the terms of Sections 193 to 196, 198 and 231 of the investment fund in the investment assets, provided that:
aa)
the derivative business is not based on an investment strategy that serves the purpose of profit,
bb)
the derivative leads to a demonstrable reduction in the risk of investment,
cc)
the general and the specific market risk of the derivative is balanced,
dd)
the derivatives, underlying assets or property of the same type of financial instruments to be billed, and
ee)
it can be assumed that the hedging strategy is efficient even in exceptional market conditions.
(2) For investment assets, which are mainly invested in derivatives relating to interest rates (interest rate derivatives), the correlation between maturity segments of the interest rate curve according to § § 3 can be used for the purpose of accounting for credit claims. 20. The method in accordance with § 20 may not be applied if the application leads to an incorrect determination of the risk profile of the investment assets and to excessive leverage and if significant risks remain unaccounted for. Unofficial table of contents

§ 20 Safeguards in the case of interest rate derivatives

(1) For the offsetting of interest rate derivatives in accordance with § 19 (2), the interest rate derivatives shall be assigned to the following maturity bands in accordance with the remaining interest-rate periods of the underlying underlying values:

Maturity Band Remnant Interest Rate Period
1 up to 2 years
2 2 up to 7 years
3 Over 7 to 15 years
4 over 15 years
(2) Each interest rate derivative shall be converted into the corresponding base-value equivalent. In this case, the basic value equivalent shall be determined by the target duration of the investment assets multiplied by the market value of the underlying underlying asset, contrary to the requirements of § 16 of the duration of the interest rate derivative. The target duration of the investment assets corresponds to the expected level of risk and the duration of the investment assets under normal market conditions and is the result of the investment strategy. (3) For each maturity band, the amount of the investment assets is equal to corresponding sums of the base value equivalents with opposite rate-binding directions (balanced band positions) as well as the remaining difference amounts (open band positions). For each maturity band, the open band positions shall be grouped separately according to the direction of the interest-rate binding. (4) For two immediately adjacent maturity bands, the amounts corresponding to the sum of the amounts referred to in the second sentence of paragraph 3 shall be: combined open tape positions with opposite rate-binding directions (balanced position of two adjacent bands) as well as the remaining differences (open position of two adjacent bands). For each maturity band, the open positions of two adjacent bands are to be combined separately according to the direction of the interest-rate binding. (5) For two running-time bands which are not directly adjacent to each other, the sums corresponding to each other are: the open positions of two adjacent bands, combined in accordance with the second sentence of paragraph 4, with contrasting interest-rate directions (balanced position of two non-adjacent bands) and the remaining differences (the open position of two bands) Non-adjacent bands). Sentence 1 shall not apply to maturity band 1 in conjunction with maturity band 4. (6) The amount of the credit for the market risk shall then be determined as the sum of the
1.
with 0 percent weighted sum of the balanced tape positions,
2.
with 40 per cent weighted sum of the balanced positions of two adjacent bands,
3.
with 75 per cent weighted sum of the balanced positions of two non-adjacent bands and
4.
with 100% weighted remaining open positions.
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Section 21 Re-establishment of securities

(1) The investment of collateral in the context of derivatives, of securities loans in accordance with § § 200 to 202 of the Capital Investment Code and of repurchase transactions in accordance with § 203 of the Capital Investment Code must be used in the calculation of the amount of the credit for the market risk referred to in Article 16 (3) shall be included in the corresponding amounts of the corresponding accounts. In the case of collateral in the form of bank deposits, the corresponding amount of credit corresponds to the amount of the collateral or collateral in the form of other assets to the financial collateral. (2) The amount of the corresponding amount of credit corresponds to the amount of collateral or collateral in the form of other assets. Market value. (3) Paragraphs 1 and 2 shall apply to the use of collateral to additional repurchase agreements. (4) Securities received in the pension or received amounts in accordance with § 203 of the capital investment law shall be deemed to be collateral in the The meaning of paragraphs 1 to 3. Unofficial table of contents

Section 22 Determination of the amount of credit for structured investment assets

The amount of the credit for the market risk for structured investment assets may alternatively be determined separately for the individual payment profiles, provided that:
1.
the investment assets are managed passively and, in accordance with a fixed payout, after the end of the investment assets period, and the investment of the investment assets is used to ensure the fixed payouts,
2.
the disbursed payment is divided into a limited number of separate scenarios, which are determined by the value development of the basic instruments and which lead to different payment profiles,
3.
whereas, at any time, only one payment profile may be relevant during the lifetime of the investment asset,
4.
the method chosen in accordance with § 5 (2) is appropriate and no significant risks are not taken into account;
5.
the investment property has a limited duration of not more than nine years,
6.
no further shares of the investment capital are issued after an initial distribution period,
7.
the maximum loss resulting from the exchange between payment profiles is limited to 100 percent of the first issue price, and
8.
the influence of the value development of a basic instrument on the payout profile in the event of a change between scenarios, the respective investment limits according to § § 206 and 207 of the capital investment law related to the initial value of the Investment assets do not exceed.

Section 3
Credit risk and liquidity risk

Subsection 1
Issuer Risk

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§ 23 Principle

(1) In the calculation of the utilization of the investment limits in accordance with § § 206 and 207 of the Capital Investment Code (exhibitor limits), derivatives as well as derivative components, which are of securities, money market instruments or investment shares according to § 196 (2) In the case of repurchase agreements, all assets which are the subject of the pension business shall be included in the issuer's limits. Unofficial table of contents

Section 24 Application of the simple approach

(1) For the calculation of the exhibitor limits in accordance with § 23 (1), the simple approach according to § 16 is to be applied. For the derivatives and derivative components within the meaning of section 23 (1), the amounts of the invoice for the market risk according to § 16 are to be attributed to the exhibitor of the respective underlying value. If the requirements of § 19 (1) sentence 5 (1) to (3), (4) (a) are fulfilled, derivatives whose value development runs counter to the value development of the underlying value can be offset accordingly. (2) In the calculation according to § 23 (1) shall not be taken into account:
1.
credit default swaps, provided that they are used exclusively and in a comprehensible way to hedge the credit risk of the assets of the investment assets that can be precisely attributed; and
2.
the assets to which the credit default swaps referred to in point 1 are directly assigned.
If a credit derivative secures only a part of the credit risk of the associated assets, the remaining part shall be included in the calculation of the utilization of the exhibitor limits. (3) The exhibitor limits must be calculated on the basis of the Settlement of the derivatives is to be observed, so that the actual exposure of the investment assets according to the exhibitor limits is diversified. Regardless of any settlement, the use of total return swaps or derivatives with similar characteristics, which mainly affect the actual exposure of the investment assets, must be in addition to those directly from the investment property as well as the underlying assets of the derivatives, are in accordance with the exhibitor limits.

Subsection 2
Liquidity risk and counterparty risk

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Section 25 Completion and evaluation of an OTC derivative

(1) Derivatives which are not admitted to trading on a stock exchange or are included in another organised market (OTC derivatives) may only be used by the capital management company with appropriate credit institutions or financial services institutions. (2) The capital management company has to ensure a transparent and fair assessment of OTC derivatives on a daily basis. The evaluation must take into account the risks of the OTC derivatives as well as the nature and complexity of the OTC derivatives and comply with the requirements of § § 24 and 26 of the capital investment accounting and evaluation regulation. If procedures for the valuation of OTC derivatives provide that third parties carry out certain tasks, the requirements of § 36 of the capital investment code must be fulfilled. The risk control function in accordance with § 29 (1) of the capital investment code is to be appropriately involved in the valuation of OTC derivatives. OTC derivatives must be sold, liquidated or smoothed out at any time at reasonable time. Unofficial table of contents

§ 26 Termination of securities-Loans and repurchase agreements

(1) The capital management company shall be entitled to terminate and terminate any securities loan at any time. All securities transferred as part of the securities loan must be able to be transferred back at any time. (2) The capital management company must be entitled, at any time
1.
to terminate and terminate a repurchase business,
2.
in the case of a simple repurchase transaction (repo transaction), reclaim the underlying securities and
3.
reverse repo (reverse repo)
a)
to recover the full amount of money, or
b)
To recover the amount of money raised in the amount of the market value of the reverse-repo transaction, the market value of the reverse repo transaction is to be used in the valuation of the net asset value of the investment assets.
(3) Pension transactions with a maturity of up to one week shall be considered to be transactions in which the full amount of money or the underlying securities may be reclaimed at any time. (4) An AIF capital management company shall be entitled to: Other investment assets under the conditions of Section 221 (7) of the Capital Investment Code differ from paragraphs 1 and 2. An AIF capital management company may derogate from paragraphs 1 and 2 in the case of special AIF with fixed investment conditions under the conditions set out in Section 284 (2) of the Capital Investment Code. (5) Securities and repurchase agreements are in the The scope of the liquidity risk management process should be taken into account. It is necessary to ensure that the repayment obligations arising from securities loans and repurchase transactions can be fulfilled. Unofficial table of contents

§ 27 Amount of credit for the counterparty risk

(1) Derivatives, securities loans and repurchase transactions may only be concluded in so far as the amount of the credit for the counterparty risk of the contractual partner does not exceed 5 per cent of the value of the investment assets. If the contractual partner is a credit institution based in a Member State of the European Union or another State Party to the Agreement on the European Economic Area, or has its registered office in a third country, and supervisory provisions which, in the opinion of the Bundesanstalt, are equivalent to those of the Community law, the amount of the credit may be up to 10% of the value of the investment assets. If the amount of the counterparty risk exceeds the limit set out in the first sentence or the second sentence, the capital management company may only make further transactions with the contracting party if the amount of the settlement is not increased by that. The limit in accordance with § 200 (1) of the capital investment code remains unaffected. (2) The capital management company may, in the case of special AIF with fixed investment conditions, under the conditions of section 284 (2) of the capital investment law of paragraph 2 1. The principle of risk reduction in accordance with § 282 (1) of the capital investment code remains unaffected by this. (3) Derivatives in which a central clearing house of a stock exchange or another organised market is a contractual partner may be used in the case of the The calculation of the amount of credit referred to in paragraph 1 shall not be taken into account if the derivatives are subject to daily valuation at market rates with daily margin equalisation. Any claims to an intermediary shall be taken into account in the calculation of the amount of credit referred to in paragraph 1, even if the derivative is traded on a stock exchange or other organised market. (4) The amount of the credit for the Counterparty risk is to be determined from the sum of the current, positive replacement values of the derivative positions, the securities loans and the repurchase transactions, which exist with respect to a contractual partner, plus the value of the Capital Management Company for the Invoice of Investment Assets Collateral with respect to a contracting party; these collateral may be salted under legally effective bipartite netting agreements. (5) For legally effective bipartite netting agreements and debt-conversion agreements the positive replacement values and the negative replacement values of the derivative positions of the investment assets may be salted in respect of a contracting party. (6) In calculating the amount of the counterparty risk may be the market values of the (7) All collateral provided by a contracting party shall be deducted from the collateral provided by a contract partner.
1.
be made up of assets which may be acquired for the investment assets in accordance with the capital investment code;
2.
be highly liquid; assets which are not cash shall be considered to be highly liquid if they can be sold in the short term and close to the price used for the valuation, and on a liquid market with transparent prices are traded,
3.
shall be subject to an assessment at least exchange-rate,
4.
be issued by issuers with a high credit quality, and further haircuts must be made, unless the highest credit rating is available and the prices are volatile,
5.
may not be issued by an issuer, the contracting party itself or a group-related company within the meaning of Section 290 of the Commercial Code,
6.
shall be appropriately risk-savedin relation to countries, markets and issuers,
7.
shall not be subject to substantial operational risks or legal risks with regard to their management and custody,
8.
shall be kept at a depositary subject to effective public supervision and independent of the collateral provider or legally protected from a failure of a party, provided that they have not been transferred,
9.
must be able to be reviewed by the capital management company without the consent of the guarantor,
10.
must be able to be used for the investment assets without delay, and
11.
shall be subject to legal provisions in the event of the insolvency of the guarantor.
An appropriate diversification as referred to in point 6 of the first sentence may be based on the issuer ' s concentration if the value of the collateral provided by a contracting party to the same issuer is 20% of the value of the value of the issuer. Investment assets do not exceed. If several contractual partners provide collateral, the values of the securities of the same issuer shall be aggregated; their total value shall not exceed 20 per cent of the value of the investment assets. By way of derogation from sentences 2 and 3, appropriate diversification in respect of the issuer's concentration shall also be provided where the securities placed in favour of an investment asset are exclusively securities or securities, or Money-market instruments issued or guaranteed by the Confederation, by a country, by another Member State of the European Union or its territorial authorities, by another State Party to the Agreement on the European Union The Economic Area or the territorial authorities of that State Party, of a A third country or an international organisation which is a member of the Federation, another Member State of the European Union or another State Party to the Agreement on the European Economic Area. The collateral provided for in the fourth sentence shall include securities or money market instruments issued under at least six different issuances, the value of the securities issued under the same issue, or Money market instruments must not exceed 30% of the value of the investment assets. In the case of special AIF with fixed investment conditions, the capital management company may derogate from sentences 2 to 5 under the conditions set out in Section 284 (2) of the Capital Investment Code. (8) Securities shall not be re-used. Securities in the form of bank deposits may only be used in the currency of the Guthabens
1.
shall be kept on lock accounts
a)
in the case of the depositary or
b)
with the consent of the depositary of other credit institutions having their registered office in a Member State of the European Union or of another State Party to the Agreement on the European Economic Area or other credit institutions having their head office in a Member State of the European Union or of another credit institution Third country in accordance with § 195 sentence 2, second half-sentence of the capital investment law or
2.
be applied
a)
in debt securities which are of high quality and which are issued by the Confederation, by a country, by the European Union, by a Member State of the European Union or by its territorial authorities, by another State Party to the Agreement on the the European Economic Area or a third country,
b)
in cash market funds with a short maturity structure, in accordance with the guidelines issued by the Federal Institute on the basis of Article 4 (2) of the Capital Act, or
c)
by way of a reverse repurchase business with a credit institution which guarantees the recovery of the accumulated credit.
In the case of the investment of the securities in the form of bank deposits, the diversification referred to in the second sentence of paragraph 7 shall also be taken into account in addition to the offsetting to the investment limits in accordance with § § 206 and 207 of the capital investment code. In the case of special AIF with fixed investment conditions, the capital management company may derogate from the requirements of sentences 1 to 3 under the conditions set out in Section 284 (2) of the Capital Investment Code. Collateral in the form of other assets may not be sold, transferred, pledged or invested. (9) A capital management company must have a clear Haircut strategy to be applied to all as collateral of the types of assets received. In the preparation of the Haircut strategy, the properties of the assets such as the issuer's default risk, the price volatility and the results of the stress tests carried out in accordance with § 32 are to be taken into account. The Haircut strategy is to be documented. It is used to justify the application of a particular assessment of an asset. (10) Risks related to the management of collateral, in particular operational and legal risks, are by means of risk management (11) Assets which receive the investment assets under repurchase agreements shall be considered as collateral within the meaning of this provision. (12) The amount of the counterparty risk shall be the amount of the counterparty risk. Calculation of the utilization of the investment limits in accordance with § 206 (5) of the (13) Company members within the meaning of Section 290 of the Commercial Code shall be deemed to be a contractual partner. (14) The capital management company may, in the case of the use of an organized company, be subject to Value-paper loan system according to § 202 of the capital investment code of the first sentence of the first sentence of paragraph 7, points 5, 6 and 10, and paragraph 9, if the interests of the investors are observed by means of a corresponding application of the requirements by the system is guaranteed.

Section 4
Stress tests

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Section 28 General provisions

(1) The capital management company shall carry out stress tests in respect of each investment property in accordance with § 30. A stress test is only suitable if it meets the requirements of § 29. (2) In a stress test, possible extraordinarily large value losses of the investment assets are to be determined, which due to unusual changes of the value-determining parameters and their relationships can be created. Conversely, the changes in the value-determining parameters and their relationships, which would result in an exceptionally large or asset-threatening loss of value of the investment assets, are to be determined where appropriate. (3) If the potential value losses of the investment property or the changes in the value-determining parameters and their relationships are not possible for individual types of risk, the capital management company may, instead of the measure, be required to: (4) The stress tests must be carried out in a risk-adequate way in the risk management of the investment assets is integrated. The results of the stress tests must be adequately taken into account in the investment decisions for the investment assets. (5) The outsourcing of the performance of stress tests is determined in accordance with § 36 of the Capital Investment Code. Unofficial table of contents

§ 29 Qualitative requirements

(1) The stress tests shall cover all risks which do not only insignificantly affect the value or fluctuations in the value of the investment assets. Particular emphasis must be placed on those risks which, in accordance with § § 5 to 22, do not take into account, or only incompletely, the method used in the respective investment assets. (2) The stress tests must be suitable for possible situations. in which the value of the investment assets due to the use of derivatives or as a result of borrowing to the detriment of the investment assets is subject to a negative sign. (3) The stress tests must be designed and carried out in such a way as to: , they shall also take due account of those risks which: may only be important as a result of a stress situation, for example, the risk of unusual correlation changes or illiquid markets. Unofficial table of contents

§ 30 Frequency, adjustment

(1) The stress tests shall be carried out at least monthly. In addition, stress tests shall be carried out if it cannot be ruled out that their results may be due to a change in the value or composition of the investment assets or by a change in the market conditions (2) The design of the stress tests shall be continuously adapted to the composition of the investment assets and to the market conditions relevant to the investment assets. In the event of any change in the design of the stress tests, the previous and the changed stress tests shall be carried out at least once in parallel. Unofficial table of contents

§ 31 Documentation, Review

(1) The capital management company must draw up a comprehensible directive for the design and continuous adaptation of the stress tests. On the basis of the Directive, a programme for the implementation of stress tests should be developed for each investment fund. The programme's suitability for investment is to be described in the programme. The stress tests carried out and their results are to be documented in a comprehensible way for each investment property. In the documentation, deviations from the program in accordance with sentence 2 must be justified. (2) The examination report according to § § 102, 121 (3) and § 136 (3) of the capital investment code has to contain information on whether the stress tests according to § 29 have been properly designed and properly implemented in accordance with § 30. The obligation to test shall also apply to § 28 (4) and (5). Unofficial table of contents

Section 32 Additional stress tests in the context of collateral management

(1) The capital management company shall carry out appropriate stress tests for each investment asset for which collateral of at least 30 per cent of the value of the investment assets is made, which shall be both normal and take into account exceptional liquidity conditions in order to assess the liquidity risk associated with the collateral. (2) The strategy for these stress tests is to be determined in the Directive in accordance with § 31. In particular, the strategy must include:
1.
a concept for stress test censarioanalysis, including calibration, certification and sensitivity analysis,
2.
The empirical approach to impact assessment, including backtesting of liquidity risk estimates,
3.
Reporting frequency, reporting limits and loss tolerance thresholds, and
4.
Measures to curb losses, including Haircut strategy and Gap risk protection.

Section 5
Structured products with derivative component

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Section 33 Acquisition of Structured Products

(1) A structured product may only be purchased for an investment property if it is ensured that only such components have an influence on the risk profile and the pricing of the product, which is also directly applicable to the investment property (2) If the simple approach is applied, a structured product shall be used for the calculation of the amounts for the market risk according to § 16 and for inclusion in the calculation of the utilization of the exhibitor limits in accordance with To disassemble § § 23 and 24 into its components and as a combination of these components In accordance with Article 16 (6), to be applied to the respective investment limits. The disassembly is to be documented in a comprehensible way. Unofficial table of contents

§ 34 Organisation

(1) The capital management company shall regulate the investment in structured products in a directive which shall include a detailed description of the work processes, areas of responsibility and controls. The Directive shall be updated on a regular basis. At least the following must be specified in the Directive:
1.
a formalised assessment of the regularity prior to purchase of the product, in which the structure and the full risk profile of the product are analysed and assessed;
2.
measures in the event of the product falling below the quality characteristics established in accordance with point 1 during its term of operation;
3.
the illustration of the specific risk structure of the products in the risk management system and in the risk measurement system, in particular the dismantling of structured products in accordance with § 33 (2);
4.
a proper price fixing, particularly in the case of illiquid products.
(2) In the case of products with which the capital management company already has sufficient experience, the Directive may provide for a simplified procedure, to the extent that this is appropriate in individual cases. The capital management company has to document the proper implementation of the procedure laid down in the Directive for each investment fund. The audit report in accordance with § § 102, 121 (3) and § 136 (3) of the capital investment code shall contain information as to whether the capital management company correctly designs the procedure laid down in the directive and carried out. Shortcomings in the procedure are to be found in the audit report.

Section 6
Special publication and reporting provisions

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Section 35 Information in the sales prospectus of a public investment property

(1) The sales prospectus of a public investment property in accordance with Section 165 of the Capital Investment Code must be used when using Total Return Swaps or other derivatives which have a significant impact on the investment strategy of the investment assets, contain the following information:
1.
information on the underlying strategy and the composition of the investment portfolio or the index after the use of the derivative;
2.
Information about the contractual partners in OTC derivatives,
3.
a description of the counterparty risk and the impact of the contract partner's failure on the investor's returns;
4.
the extent to which the contracting party has a margin of discretion in the composition or management of the investment portfolio of the investment assets or of the underlying assets of the derivatives, as well as information on whether the contractual partner is doing business in the the relationship with the investment portfolio of the investment assets must be agreed,
5.
the contractual partner, who takes over the portfolio management within the meaning of § 2 paragraph 3.
(2) The sales prospectus of a public investment assets in accordance with § 165 of the capital investment code must contain the following information if the investment assets under the use of leverage impart an index or if the index shown below shows an index Even Leverage itself has:
1.
a description of the leverage strategy and information on the way in which this strategy is implemented, in particular the extent to which the leverage is derived from or from the index,
2.
a presentation of the cost of the leverage, if relevant,
3.
a reverse-leverage description, if relevant,
4.
Information as to whether and to what extent the value development of the investment assets can differ from a multiple of the index development in the medium to long term.
(3) The sales prospectus of a public investment capital according to § 165 of the Capital Investment Code must contain the following information when using securities loans and repurchase transactions:
1.
Information on the intention to use securities loans and repurchase transactions,
2.
the detailed description of the risks associated with the use of securities loans and repurchase agreements, including the risk of counterparties,
3.
the detailed description of the possible conflicts of interest,
4.
the description of the potential impact of the risks and conflicts of interest referred to in paragraphs 2 and 3 on the development of investment assets,
5.
a description of the approach to direct and indirect costs and charges arising from the use of business and the reduction of investment income;
6.
the undertaking which is involved in the execution of the securities or repurchase transactions and which is paid in respect of the fees referred to in point 5, or the indication that the capital management company itself is doing business,
7.
the indication as to whether and, where appropriate, the way in which the undertaking is connected in accordance with point 6 to the capital management company or to the depositary of the investment assets.
The information provided for in the first sentence of the first sentence of the first subparagraph may be taken together in the annual report. (4) The sales prospectus of a public investment assets according to § 165 of the capital investment code must provide clear information on the collateral strategy . This includes information on permitted types of collateral, the required scope of collateralisation and the Haircut strategy, as well as, in the case of cash collateral, the strategy for the investment of collateral, including the risks involved. In so far as the collateral strategy provides for an increased issuer concentration in accordance with Article 27 (7) sentence 4, the sales prospectus shall contain separate statements on the subject, specifying the issuers or guarantors of the collateral to which the issuer or guarantor shall be responsible for the (5) The method used to determine the level of the marginal utilisation according to § 5 is to be presented in the sales prospectus of a public investment property. (6) If the qualified approach is in accordance with § § 7 to 14, the sales prospectus of a UCITS must be Information on the expected volume of the leverage, as well as the possibility of a higher leverage. (7) If the limit utilization is determined in accordance with § 7 (1), the sales prospectus of a public investment assets must be provided with information on (8) If the amount of credit is determined according to § 22 for structured investment assets, the sales prospectus of a public investment property must be
1.
a comprehensible description of the payment profiles, which contain scenarios and basic instruments, and
2.
contain a warning to the highlighted body that share returns do not result in the fixed payout before the end of the investment assets period, and that there may be significant losses from this.
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Section 36 Information in the main investor information

The information in accordance with § 35 (2) shall also be presented in summary form in the main investor information according to § 166 of the German Capital Act. Unofficial table of contents

Section 37 Information in the annual report

(1) The annual report of an investment assets must include the following information when using derivatives:
1.
exposure, which is obtained through derivatives,
2.
the contractual partners of derivative transactions,
3.
the nature and amount of the collateral received.
(2) The annual report of an investment assets must include the following information when using securities and repurchase transactions:
1.
exposure, which is obtained through securities loans and repurchase transactions;
2.
the contractual partners of the securities loans and repurchase transactions;
3.
the nature and amount of the collateral received,
4.
the proceeds of the securities loans and repurchase agreements for the entire period under review, including the direct and indirect costs and charges incurred.
(3) The method used for the determination of the limit utilisation in accordance with § 5 shall be presented in the annual report of the investment assets. (4) Where the qualified approach is applied in accordance with § § 7 to 14, the investment assets in the To identify the potential risk amounts for the market risk in the annual report. At least one of the smallest, the largest and the average potential risk amount shall be indicated. The presentation must also contain information on the risk model in accordance with § 10 and on the parameters according to § 11. The annual report of a UCITS must also indicate the extent of the leverage used in the financial year. (5) If the limit utilization is determined in accordance with § 7 (1), the annual report must contain the composition of the comparative assets according to § 9. (6) Where, during the period under review, the collateral in favour of investment assets has an increased issuer concentration in accordance with the fourth sentence of Article 27 (7), the annual report shall designate the issuers or guarantors of the collateral to which the issuer or guarantor shall be responsible. Worth more than 20 percent of the value of the investment wealth. It shall specify whether all collateral has been made in the form of securities issued by the Federation, another Member State of the European Union or another State Party to the Agreement on the European Economic Area, or is guaranteed. Unofficial table of contents

Section 38 Reports on derivatives

(1) The capital management company shall have a report on the derivatives and structured products used for each UCITS at the end of the calendar year or the financial year (reporting date) and, in addition, at any time at the request of the Federal Institute. Create products with a derivative component. For open audience AIF according to § 214 of the capital investment code and for special AIF according to § 284 of the capital investment law book, the report is to be produced only on request of the Federal Institute. The report must be submitted to the Federal Institute without delay. (2) The report must contain:
1.
a list of the types of derivatives and structured products with derivative components used in the reporting period, including the major risks underlying them, the method of design chosen in accordance with Article 5 (2) these risks, the purpose of the use of the types of derivatives and derivative components in relation to the investment strategy, and the risk profile of the investment assets,
2.
the information referred to in § 36,
3.
a statement of the derivatives used at the reporting date in the investment assets, their respective amounts of credit for the market risk according to § 7 or § 16, for the issuer risk according to § 23 and for the counterparty risk according to § 27 including the presentation of contingent accounts and the presentation of the utilization of the respective borders and
4.
where appropriate, further information to be provided by the Federal Institute in the case of the request.
(3) The Bundesanstalt may provide the Deutsche Bundesbank, the European Securities and Markets Authority and the European Systemic Risk Board with the information provided in accordance with paragraphs 1 and 2 for the purpose of monitoring Transmit systemic risks.

Section 7
Final provisions

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§ 39 Applicability

The provisions of this Regulation shall apply accordingly:
1.
on the activities of an EU UCITS management company, which manages domestic UCITS, and
2.
on the activities of an EU-AIF management company, which manages domestic open special AIF with fixed investment conditions.
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Section 40 Transitional provision

(1) The Derivative Ordinance of 6 February 2004 (BGBl. 153) in the version valid until 21 July 2013 is to continue to apply to the AIF capital management companies and AIF existing on 21 July 2013, as long as these are subject to the transitional provisions of § § 345 to 350 of the The capital investment code will continue to be subject to the provisions of the investment law. A UCITS capital management company applies the Derivative Ordinance of 6 February 2004 (BGBl. 153) in the version valid until 21 July 2013 to the UCITS existing on 21 July 2013 until the entry into force of the change in the investment conditions of these UCITS in accordance with Article 355 (2) of the Capital Investment Code, but at the latest until the date of entry into force of the change in the investment conditions of the UCITS. February 18, 2014. If no changes to the investment conditions pursuant to § 355 (2) of the Capital Investment Code are required for July 21, 2013, the UCITS capital management company shall be entitled to the Derivative Ordinance of 6 February 2004 (BGBl. 153), in the version valid until 21 July 2013, apply until 18 February 2014 to these UCITS. (2) On sales prospectuses of investment assets that are before the 1. The first sentence of Article 35 (4) shall apply if the sales prospectus is amended or replaced after 4 March 2015 for another reason, but at the latest from the first sentence of the first sentence of the first sentence. October 2015. Unofficial table of contents

Section 41 Entry into force, external force

This Regulation shall enter into force on 22 July 2013. At the same time, the Derivative Ordinance of 6 February 2004 (BGBl. 153), as defined by Article 1 of the Regulation of 28 June 2011 (BGBl). 1278), except for force.