Regulation On Risk Management And Risk Measurement With The Use Of Derivatives, Securities Lending And Repurchase Transactions In Investment Assets After The 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 use of derivatives, securities loans and repurchase agreements in investment assets under the Capital Investment Code (Derivateverordnung-DerivateV)

Table of Contents

DerivateV

Date of Date: 16.07.2013

Full quote:

" DerivateRegulation of 16. July 2013 (BGBl. 2463), as defined in Article 1 of the 26th Regulation. February 2015 (BGBl. I p. 181) "

:Modified by Art. 1 V v. 26.2.2015 I 181

See Notes

Footnote

(+ + + Text Evidence: 22.7.2013 + + +)

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Input Formula

On the basis of § 197 (3) sentence 1 and § 204 (3) sentence 1 of the capital investment code of 4. July 2013 (BGBl. 1), § 121 (4) sentence 1, § 135 (11) sentence 1, and § 136 (4) sentence 1 of the capital investment code of the fourth sentence of the fourth sentence of the German Federal Law Gazing Act (§). July 2013 (BGBl. 1981), in agreement with the Federal Ministry of Justice, each 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. I p. 2231), the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht) is ordering:

Section 1
General Regulations

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§ 1 Scope

(1) This regulation is applicable to
1.
of derivatives in investment assets in accordance with § 197 of the Capital Investment Code,
2.
the use of securities loans and repurchase transactions in accordance with § § 200 to 203 of the German Capital Investment Code 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 applies 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 Section 284 of the Capital Investment Code, unless the investment conditions of such investment funds exclude an investment in derivatives, securities loans and repurchase transactions. Non-official table of contents

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

(1) The use of derivatives, securities loans and repurchase transactions,
1.
does not lead to a change in the investment character of
a)
according to the Capital Investment Code and the respective investment terms and conditions, and
b)
Public investment assets in the sales prospectus and in the main investor information according to § § 165 and 166 of the capital investment law is described
2.
not associated with significant additional risks compared to the original 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 under Section 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 that these underlying assets represent, including those that are permitted under the Capital Investment Code and the applicable investment conditions Assets in investment assets could have been created.
(3) A contract partner of a derivative business has a discretionary margin in the composition or management of the investment portfolio of the investment assets or in the case of the composition or administration of the underlying assets or the underlying assets of the derivative, the transaction shall be deemed to be a swap agreement with respect to the portfolio management and shall be subject to the requirements of section 36 of the capital investment law . Non-official table of contents

§ 3 Delivery and payment obligations; cover

(1) The capital management company must ensure that:
1.
All the conditional and unconditional delivery and payment obligations of derivatives, securities loans, and commitments entered into for the account of an investment assets, and Repurchase transactions can be fully complied with and
2.
sufficient coverage of derivative transactions is available.
(2) For the purposes of paragraph 1 Point 2 shall be subject to continuous monitoring in the context of the risk management process. Non-official table of contents

§ 4 conflicts of interest

(1) The capital management company has, in particular, transactions in which: Conflicts of interest cannot be ruled out, for example, business with the parent, sister or subsidiary, by means of an appropriate control procedure to ensure that these transactions are concluded at market-fair conditions. The established control procedure must be documented by the capital management company.(2) The examination report in accordance with § § 102, 121 (3) and § 136 (3) of the capital investment code has to contain information on whether the established control procedure is appropriate and appropriate.

Section 2
Market Risk

Subsection 1
Application Requirements for the Qualified and Simple Approach

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§ 5 Basics and delimitation

(1) The capital management company has the workload of the Fixed market risk limit for the use of derivatives (marginal utilisation) at least on a daily basis to be determined. 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 investment assets or the degree of investment by leverage may be used to determine the level of the limit load; either the qualified approach according to § § 7 to 14 or the simple approach according to § § 15 bis (German) 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 must be proportionate to the investment strategy pursued and to the nature and complexity of the derivatives used and their share in 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 be regularly monitored and, if appropriate, further risk indicators taking into account the risk profile and the investment strategy shall be considered appropriate. of the respective investment assets.(3) The capital management company must apply the qualified approach when
1.
through the simple approach not all market risks included in the investment assets
2.
The investment strategy of the investment assets beyond a negligible share on complex Strategies are based, or
3.
Investment assets are invested in complex derivatives beyond a negligible share.
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§ 6 Recording and Display Obligations

The decision of the capital management company for the simple approach or the qualified approach as well as one of the methods of the qualified approach to the determination of the limit utilization in accordance with § 7 (1) or (2) and the assumptions underlying the decision shall be documented. The auditor has the procedure in the examination report in accordance with § § 102, 121 (3) and § 136 (3) of the German law on the individual investment assets used to determine the limit utilization in accordance with section 197 (2) of the capital investment law. 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

Subsection 2
Qualified Approach

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§ 7 Risk limitation

(1) The potential risk amount to be allocated to an investment property for the market risk may be no point in time exceeds twice the potential risk amount for the market risk of the corresponding comparative assets.(2) Alternatively, the potential risk amount for the market risk to be allocated to an investment fund may at no time exceed 20% of the value of the investment assets. Non-official table of contents

§ 8 demarcation

As part of the qualified approach, the capital management company can use the potential risk amount. either in relation to the corresponding comparison assets in accordance with § 7 (1) or in absolute terms in accordance with § 7 (2). In doing so, it chooses the method in accordance with § 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 associated comparison assets are regularly a derivative-free property that is has no leverage and the market value of which is equal to the current market value of the investment assets.(2) The composition of the comparison assets shall be
1.
the investment conditions of the investment assets and the information of the sales prospectus and the essential Investor information on investment objectives and investment policy of investment assets as well as
2.
comply with the investment limits of the Investment Code; Excluded are 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 assets, the associated comparison assets must be Mimic the comparison scale as accurately as possible. In duly substantiated individual cases, paragraph 2 shall be allowed to deviate from the provisions of paragraph 2.(4) In case of doubt, the comparative assets shall be those assets which give the lower potential risk amount for the market risk.(5) The capital management company shall draw up 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 as to whether the settlement capacity is correct in accordance with paragraphs 1 to 4.(6) If the capital management company provides for a substantial change in the comparison scale within the meaning of paragraph 3, the Bundesanstalt shall be notified immediately and in a comprehensible manner; except for the obligation to notify, changes to Reference scales for special AIF according to § 284 of the German Capital Investment Code. Non-official table of contents

§ 10 Potential risk amount for market risk

(1) The potential risk amount for the market risk is with the help of of a suitable own risk model within the meaning of Article 1 (13) of the Banking Act.(2) A risk model shall be considered appropriate if
1.
it is the risk profile and the investment strategy of the investment assets and the complexity of the investment derivatives appropriately taken into account,
2.
in determining risk-describing measures, the quantitative quantities according to § 11 shall be 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 range.
In the Federal Institute may confirm a risk model on request even in the event of deviations from paragraph 2 as appropriate.(3) The audit report in accordance with § § 102, 121 (3) and § 136 (3) of the capital investment code shall contain information 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 preferences

In determining the potential risk amount for the market risk,
1.
Assuming that the financial instruments or financial instrument groups that are in the investment assets hold a further 20 working days in the investment assets ,
2.
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 sentence 1, point 1, the acceptance of a holding period of less than 20 Working days allowed. 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 in Section 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. Non-official table of contents

§ 12 Risk factors to be collected

(1) In determining the potential risk amount for the market risk, all of the risk factors are to take account not only of insignificant market risk factors in a manner appropriate to the scope and structure of the investment assets. Both the general and the specific market risk shall be taken into account.(2) The risks which are peculiary to the related warrants and which are not in a linear relationship with the price fluctuations, price fluctuations or interest rate fluctuations shall be taken into account in an appropriate manner.(3) In the determination of 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 interest rates of different, on the the same currency of interest-related financial instruments with comparable residual maturity (risk of spread).
In determining the risk of interest structure risks, an appropriate number and one of the structure of the investment assets shall be determined. To take into account the appropriate distribution of time-limited interest-rate risk zones. The number of interest-rate risk zones shall 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 differences in the development of cash and forward prices, should be taken into account in an appropriate manner. Non-official table of contents

§ 13 Qualitative requirements; Risk controlling

(1) The work and process organization of the Capital management company shall be designed in such a way as to ensure a timely identification of the potential risk amount for market risk, in particular through the full coverage of all positions of the investment assets; this is to be documented in detail.(2) The risk control function in accordance with § 29 paragraph 1 of the capital investment code is responsible and responsible for
1.
the creation, review, care and Further development of risk models,
2.
the monitoring of the process for determining and composition of the comparison assets according to § 9,
3.
ensuring the suitability of the risk model for the respective investment assets,
4.
the current Validation of the risk model,
5.
the validation and implementation of a documented and managed system of limits (Limite) approved by the business managers 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 surveillance of the upper limits according to point 5,
7.
the regular monitoring of the leverage of the investment assets as well as
8.
the regular reporting to the business managers regarding the current potential risk amounts, the forecast quality according to § 14 and the results of the stress tests according to § § 28 up to 32.
(3) The mathematical-statistical procedures for determining the potential risk amount for the market risk must have a high level of precision. They must be in accordance with the procedures used for the current risk management; only deviations from the quantitative requirements prescribed in § § 11 and 12 (3) sentence 2 shall be permitted.(4) The capital management company shall have appropriate procedures for the validation of the risk model. The appropriateness must be validated and validated in the following cases:
1.
in the development of the risk model,
2.
at regular time intervals (ongoing validation) and
3.
for any major change that could lead to the risk model being no longer appropriate.
Persons directly involved in the development process of the risk model should not be allowed to participate in the validation of the development and of major changes shall be included. 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 and their relationships shall be updated regularly, but at least three months per month; if necessary, they shall be immediately available to: Update.(6) The risk model, including the associated processes and the mathematical-statistical method, 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 the determination of the forecast quality in accordance with § 14, the procedures relating to the stress tests in accordance with § § 28 to 34, the validity framework of the risk model as well as the operational implementation.(7) Compliance with the requirements set out in paragraphs 1 to 6 as well as § 14 shall be reviewed regularly, at least once a year, from the internal audit. Non-official table of contents

§ 14 Forecasted üte

The forecast quality of a risk model is based on a daily comparison of the risk model a potential risk amount determined on the basis of a holding period of one working day for the market risk with the change in the value of the individual financial instruments or financial instrument groups included in the model calculation (Backtesting). In the determination of the forecast supply, the financial instruments or financial instrument groups, which have been in the investment capacity to close the previous day, are to be reassessed at the respective market prices for the business conclusion. The negative difference to the evaluation result of the previous day is to be determined. If the absolute amount of the change in value determined in accordance with the second sentence exceeds the potential risk amount determined in terms of the model for the market risk, the managers shall be quarterly and the Bundesanstalt shall be informed on a quarterly basis and the size of the difference to inform the reason of its creation and, where appropriate, the measures taken to improve forecasting. The advertisement shall also include the parameters used in accordance with § 11, first sentence, points 2 and 3, in conjunction with § 11 sentence 3 and 4. If the number of exceptions exceeds an unreasonable level, the Bundesanstalt may take appropriate measures.

Subsection 3
Simple approach

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§ 15 Risk limitation

(1) The amount of credit for the market risk in accordance with § 16 (3) may not be the value of the Investment assets exceed.(2) In paragraph 1, the value of the investment assets shall be reduced by the value of the investment assets, directly or indirectly, in the investment assets, directly or indirectly, in accordance with section 196 of the capital investment code which contain derivatives. Non-official table of contents

§ 16 Amount of credit for the market risk

(1) The amount of credit for the market risk for the basic forms of derivatives is regularly the basic value equivalent. 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 exchange rate can be used as an alternative in the case of financial futures contracts.(2) In order to determine the amount of the market risk, the capital management company shall have the individual accounting amounts for each derivative and derivative component, as well as the individual amounts of credit for securities loans, and To identify pension 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 offsetting is the amount 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.
of the amounts of the individual derivatives and derivatives. components referred to in paragraphs 7 to 9, which have not been included in accounts in accordance with section 19,
2.
the amounts of credit that result from statements of settlement pursuant to § 19, and
3.
the amounts of the settlement amounts resulting from the re-establishment of collateral according to § 21.
(4) In determining the amount of the invoice, the base currency of the To base investment assets using the current exchange rates.(5) Where a currency derivative consists of two contractual parties which are not to be fulfilled in the base currency of the investment assets, both sides of the contract shall be included in the calculation of the amount of the invoice.(6) Where an asset represents a combination of derivatives or a combination of assets with derivatives which are permissible under Articles 193 to 196 and 198 of the Capital Investment Code, its amount of credit for the market risk shall be the Sum of the individual components of the asset. Where an index to which investment assets are invested contains derivatives or has an index of 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 credit for the market risk for basic forms of derivatives is at
1.
Financial futures contracts are the number of contracts multiplied by the contract value multiplied by the market value of the base value, where the market value of the base value
a)
corresponds to the market value of the most favourable deliverable reference bond, provided that the Base value is a bond, or
b)
corresponds to the current level of the underlying asset, if the base value is a financial index, exchange rate, or interest rate is
2.
Options the number of contracts multiplied by the contract value multiplied by the market value of the underlying base value multiplied by the related delta in accordance with § 18 (1), where the market value of the underlying value is the current level of the underlying asset, provided that the underlying value is a financial index, exchange rate or interest rate,
3.
Swaptions of the swap amount of the swaps multiplied by the associated delta,
4.
interest rate swaps and Inflation swaps
a)
the market value of the underlying underlying asset, or
b)
Fixed contract side nominal value
5.
currency swaps, interest currency swaps, and off-the-counter currency terms of the nominal value of the currency page, or -Pages,
6.
Total Return Swaps the market value of the underlying underlying asset; for complex total return swaps, the market values of both contract pages are add,
7.
Credit Default Swaps, which refer to a single base value (Credit Default Swaps),
a)
regarding the seller or backup provider the higher amount of the market value of the underlying underlying asset and the nominal value of the credit default swaps and
b)
with respect to the buyer or the marksman the market value of the underlying base value
8.
financial difference stores the market value of the underlying underlying asset.
(8) The amount of credit for the market risk for derivative components is at
1.
convertible bonds the number of underlying base values multiplied by the market value of the underlying base values multiplied by the associated base values. Delta,
2.
Credit Linked Notes the market value of the underlying underlying asset and
3.
warrants and reference rights the number multiplied by the contract value multiplied by the market value of the underlying base value multiplied by the associated base value Delta.
(9) The amount of credit for the market risk for complex derivatives is
1.
Financial-futed contracts that are based on the realised variance (realized (Variance swaps), the variance nominal value multiplied by the current variance at the time of determination; if a capping of volatility is provided, the amount of the invoice shall be determined as Variance nominal value multiplied by the lower amount of the current variance or the volatility capping limit to the square; the current variance is determined as a 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 futs, which are based on the realised volatility of an asset (volatility swaps), the nominal value multiplied by the current volatility at the time of determination; if a capping of the volatility is provided, the amount of the invoice shall be determined as Nominal value multiplied by the lower amount of current volatility or the volatility cap; current volatility is determined respectively as a function of 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 negative value that the delta can achieve, taking into account all potential market scenarios.
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§ 17 Unconsidered derivatives

The calculation of the amount of credit according to § 16 paragraph 3 may not be taken into consideration:
1.
Swaps that exchange base values that are held directly in the investment assets against the development of other underlying assets, provided that
a)
the market risk of the exchanged base values from the investment property is completely eliminated, so that these assets do not influence 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 related to the direct investment of the
2.
Derivatives that do not generate additional market risk or leverage, and which are not risk-free. liquid funds, so that the combination of derivative and risk-free liquid assets is equivalent to the direct investment in the underlying base value.
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§ 18 Related Delta

(1) The associated delta is the ratio of the change in the value of the derivative to a slightly assumed change in the value of the derivative. Value of the base value.(2) The capital management company shall be obliged to determine, document and communicate to the depositary the associated deltas in a suitable and recognised manner. Non-official table of contents

§ 19 Recognition of hedging transactions

(1) In determining the amount of the invoice for the market risk according to § 16 Paragraph 3 may be taken into account in hedging operations. 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 on condition that
1.
the derivative business has been completed solely for the purpose of hedging,
2.
Do not neglect significant risks,
3.
the amount of the invoice derivatives according to § 16 (1) sentence 1 are determined and
4.
the derivatives refer to
a)
the same base value or a base value that exactly the non-derivative asset to be insured under § § 193 to 196 and 198 of the capital investment book in the Investment assets, or
b)
is a base value which is not exactly the non-derivative asset to be secured in accordance with § § 193 to 196, 198 and 231 of the Capital investment law in the investment assets, if
aa)
the derivative business is not based on an investment strategy that makes the profit
bb)
the derivative leads to a demonstrable reduction in the risk of investment assets,
cc)
the general and the special market risk of the derivative will be balanced,
dd)
the to be billed derivatives, underlying assets or assets of the same type of financial instruments, and
ee)
can be assumed that the hedging strategy also includes: in exceptional market conditions.
(2) For investment assets, which are mainly invested in derivatives related to interest rates (interest rate derivatives), may be used for the purpose of offsetting The correlation between the maturity segments of the interest structure curve according to the method described in § 20 shall be taken into account. 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. Non-official table of contents

§ 20 Insurances on interest rate derivatives

(1) Interest rate derivatives are to be used to offset interest rate derivatives according to § 19 (2) to allocate the following maturity bands according to the remaining interest-rate periods of the underlying basis values:

maturity-band-residual interest-retention period
1 up to 2 years ago
2 over 2 to 7 years ago
3 over 7 up to 15 years
4over 15 years
(2) Each interest rate derivative is in to convert 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 is equal 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 amounts corresponding to the amounts of the base-value equivalents with opposite rate-binding directions (balanced band positions) and the remaining difference amounts (open band positions) must be determined. For each transit time band, the open strip positions are to be combined separately according to the direction of the interest-rate binding.(4) For two immediately adjacent maturity bands, the amounts corresponding to the amounts of the open band positions combined in accordance with the second sentence of paragraph 3 with respect to the mutual interest rate directions (balanced position of two) adjacent bands) and 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 non-immediately adjacent maturity bands, the amounts corresponding to the amounts of the open positions of two adjacent bands, as referred to in the second sentence of paragraph 4, with countervying interest-binding directions (balanced position of two non-adjacent bands) as well as the remaining differences (open position of two non-adjacent bands). Set 1 does not apply to run-time band 1 in conjunction with runtime 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 percent weighted sum of the balanced positions of two adjacent bands,
3.
with 75 percent weighted sum of the balanced positions of two non-adjacent tapes and
4.
with 100 percent weighted remaining open positions.
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§ 21 Reinvestment 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 agreements pursuant to § 203 of the German Securities and Markets Act (§ 203 of the German Securities Act) The capital investment code must be included in the calculation of the amount of credit for the market risk according to § 16, paragraph 3, with the associated accounting amounts. Apart from this, the facility is in risk-free means.(2) In the case of collateral in the form of bank deposits, the corresponding amount of credit shall correspond to the amount of collateral or collateral in the form of other assets to the market value.(3) Paragraphs 1 and 2 shall apply mutatily to the use of collateral for additional repurchase transactions.(4) Securities received in the pension or received amounts in accordance with section 203 of the capital investment code shall be deemed to be collateral within the meaning of paragraphs 1 to 3. Non-official table of contents

§ 22 Determination of the amount of conversion for structured investment assets

The amount of the credit for the market risk for structured investment assets can alternatively be determined separately for the individual payment profiles, provided that
1.
is passive and corresponding to the investment assets of a fixed payout at the end of the investment assets period, and investment in the investment assets of the guarantee of the fixed payouts,
2.
the fixed payout is divided into a limited number of separate scenarios, which determine and determine the value of the basic instruments different payout profiles,
3.
only one payout profile is relevant at any time during the investment asset maturity
4.
the method chosen in accordance with § 5 (2) is appropriate and no significant risks remain unaccounted for,
5.
the investment property has a limited duration of no more than nine years,
6.
after an initial Distribution period no other shares of the investment assets are issued,
7.
the maximum loss arising from the exchange between payment profiles, is limited to 100 percent of the first issue price, and
8.
the impact of the value development of a basic instrument on the payout profile on a change between Scenarios does not exceed the respective investment limits in accordance with § § 206 and 207 of the Capital Investment Code in relation to the initial value of the investment assets.

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) are derivatives as well as derivative components, which are of securities, Money market instruments or investment shares pursuant to § 196 of the Capital Investment Code are derived.(2) In the case of repurchase agreements, all assets which are the subject of the pension business shall be included in the issuer's borders. Non-official table of contents

§ 24 Application of the simple approach

(1) For the calculation of the exhibitor limits in accordance with § 23 (1), the basic principle is: to apply the simple approach in accordance with § 16. 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 conditions set out in § 19 (1) sentence 5 (1) to (3) (4) (a) are met, derivatives whose value development is contrary to the value development of the underlying value may be charged accordingly.(2) The calculation in accordance with § 23 (1) shall not be taken into account:
1.
Credit Default Swaps, provided that it is exclusively and comprehensibly of the protection of the Credit risk of accurately defined assets of the investment assets, and
2.
the assets to which the credit default swaps as referred to in point 1
In the event that a credit derivative only accounts for 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's limits.(3) The exhibitor limits must be complied with after the offsetting and settlement of the derivatives, so that the actual exposure of the investment assets in accordance with 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

Sub-section 2
Liquidity risk and counterparty risk

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§ 25 Completion and Evaluation of an OTC Derivative

(1) Derivatives that are not admitted to trading on a stock exchange or in a other organised markets (OTC derivatives), the capital management company may conclude only with appropriate credit institutions or financial services institutions on the basis of standardised framework contracts.(2) The capital management company shall ensure a transparent and fair evaluation 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. Non-official table of contents

§ 26 Termination of securities-Loans and repurchase transactions

(1) The capital management company shall have the right to shall be at any time to terminate and terminate a loan loan. 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 to terminate a repurchase agreement at any time
1.
and to terminate,
2.
to reclaim the underlying securities and
3.
for a simple repurchase business (Repo-store). style="font-weight:normal; font-style:normal; text-decoration:none;"> on reverse repurchase (reverse repo) store
a)
reclaim the full amount of money or
b)
the amount of money that has been raised to the market value of the To reclaim reverse repo business; to apply is the market value of the reverse repo business in the valuation of the net asset value of the investment assets
3) Pension transactions with a maturity of up to one week apply as transactions where the full amount of money or the underlying securities can be reclaimed at any time.(4) An AIF capital management company may derogate from paragraphs 1 and 2 in the case of other investment assets under the conditions set out in Section 221 (7) of the Capital Investment Code. 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 transactions shall be taken into account in the liquidity risk management process. It is necessary to ensure that the repayment obligations arising from securities loans and repurchase transactions can be fulfilled. Non-official table of contents

§ 27 Amount of credit for the counterparty risk

(1) Derivatives, securities loans and repurchase transactions may only be shall be concluded in so far as the amount of the credit for the counterparty risk of the contracting party does not exceed 5% 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 law remains unaffected.(2) The capital management company may, in the case of special AIF with fixed investment conditions, derogate under the conditions set out in Section 284 (2) of the capital investment law of paragraph 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 other organised market is a contracting party may not be taken into account in the calculation of the amount of credit referred to in paragraph 1 if the derivatives of a daily Valuation at market rates subject to daily margin compensation. Any claims to an intermediary shall be taken into account in the determination of the amount of the invoice referred to in paragraph 1, even if the derivative is traded on a stock exchange or another organised market.(4) The amount of credit for the counterparty risk shall be determined from the sum of the current, positive replacement values of the derivative positions, the securities loans and the repurchase transactions that exist with respect to a contracting party; plus the value of the collateral provided by the capital management company for the account of the investment assets with respect to a contracting party; these collateral may be provided under legally effective two-way settlement agreements be salted.(5) In the case of legally effective bilateral netting agreements and debt-conversion contracts, the positive replacement values and the negative replacement values of the derivative positions of the investment assets may be subject to a Contract partners are anodised.(6) In calculating the amount of credit for the counterparty risk, the market values of the collateral provided by the contracting party may be deducted taking into account adequate safety margin surcharges (haircuts).(7) All collateral provided by a contracting party
1.
must be made up of assets for the investment assets under the conditions of the Capital investment law may be acquired,
2.
must be highly liquid; assets that are not cash are considered highly liquid if they are short-term and close to the price underlying the valuation, and are traded on a liquid market with transparent price findings,
3.
subject to at least stock exchange valuation,
4.
must be issued by issuers with a high credit quality, and further haircuts must be made , unless the highest credit rating is present and prices are volatile,
5.
may not be issued by an issuer, the contracting party itself or a group-related companies within the meaning of Section 290 of the Commercial Code,
6.
must be appropriately risk-savaged in relation to countries, markets and issuers.
7.
may not be subject to any significant operational risk or legal risk with regard to its management and custody,
8.
must be kept at a depositary that is subject to effective public oversight and is independent of the security provider, or before a participant's failure be legally protected, provided that they have not been transferred,
9.
must be reviewed by the capital management company without the consent of the guarantor ,
10.
must be able to be used immediately for the investment assets and
11.
must be subject to legal provisions in case of insolvency of the guarantor.
From an appropriate diversification as set out in the first sentence of the first sentence, point 6 may be: the issuer ' s concentration is assumed if the value of the collateral provided by a contracting party to the same issuer does not exceed 20% of the value of the investment assets. 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 regional or local authorities of that State Party, a third country or an international organisation which the Federation, another Member State of the European Union or any other State Party to the Agreement on belongs to 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) Safety shall not be re-used. Collateral in the form of bank balances may only be used in the currency of the Guthabens
1.
on lock accounts
a)
at the depositary or
b)
with the approval of the depositary at other credit institutions based in a Member State of the European Union or another State Party to the Agreement on the European Economic Area or other credit institutions established in a third country, in accordance with the second sentence of Article 195 (2) of the second half-sentence of Capital investment code or
2.
are applied
a)
in debt securities, which are of high quality and which are of high quality, and which are of high quality, 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 European Economic Area a third country,
b)
in money market funds with a short maturity structure in accordance with the guidelines issued by the Bundesanstalt on the basis of § 4 (2), or
(c)
by means of a reverse repurchase agreement with a credit institution which is subject to the current Repayment of the accrued credit guaranteed.
the investment of the securities in the form of bank deposits, in addition to the offsetting to the investment limits in accordance with § § 206 and 207 of the capital investment law, the bank balance is also the diversification referred to in the second sentence of paragraph 7. 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 property may not be sold, transferred, pledged or invested.(9) A capital management company must have a clear Haircut strategy which is adapted to all types of assets received as collateral. In preparing 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 shall be used to justify the application of a particular valuation stop on an asset.(10) Risks related to the administration of collateral, in particular operational and legal risks, must be identified, controlled and minimised by risk management.(11) Assets which receive the investment assets under repurchase agreements shall be deemed to be collateral within the meaning of this provision.(12) The amount of the credit for the counterparty risk shall be taken into account in the calculation of the utilization of the investment limits in accordance with § 206 (5) of the Capital Investment Code.(13) Group members of companies within the meaning of Section 290 of the Commercial Code shall be deemed to be a contractual partner.(14) The capital management company may derogate from the use of an organised securities loan system in accordance with Section 202 of the capital investment code of the first sentence of paragraph 7, first sentence, points 5, 6 and 10, and paragraph 9, if the interests of investors are respected

Section 4
Stress Tests

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§ 28 General regulations

(1) The capital management company has to perform stress tests in accordance with § 30 for each investment property. A stress test is only suitable if it meets the requirements of § 29.(2) In a stress test, possible extraordinarily large losses of value of the investment assets can be determined which may arise due to unusual changes in the value-determining parameters and their relationships. Conversely, the changes in the value-determining parameters and their relationships are to be determined, where appropriate, which would result in an exceptionally large or asset-threatening loss of value of the investment assets.(3) If an accurate assessment of the potential value losses of the investment property or of the changes in the value-determining parameters and their relationships is not possible for individual types of risk, the capital management company may in place of the Set a qualified estimate.(4) The stress tests must be integrated into the risk management system for the investment assets in a risk-adequate way. The results of the stress tests must be duly taken into account in investment decisions for investment assets.(5) The outsourcing of the implementation of stress tests shall be determined in accordance with section 36 of the capital investment code. Non-official table of contents

§ 29 Qualitative requirements

(1) The stress tests must cover all the risks associated with the value or the It is not only insignificant that fluctuations in the value of the investment assets are affected. Particular emphasis must be placed on those risks which, in accordance with § § 5 to 22, do not take into account or only incompletely take into account the method used in the respective investment assets.(2) Stress tests shall be appropriate to analyse possible situations in which the value of the investment assets as a result of the use of derivatives or as a result of borrowing to the detriment of the investment assets with a negative sign is affected.(3) The stress tests must be designed and carried out in such a way that they also take due account of those risks which may only become significant as a result of a stressful situation, such as the risk of unusual situations. Correlation changes or illiquid markets. Non-official table of contents

§ 30 Frequency, Adjustment

(1) The stress tests must be performed 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 to a change in the market conditions change significantly.(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. Non-official table of contents

§ 31 Documentation, review

(1) The capital management company must have a traceable policy 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 found in the programme. The stress tests carried out and their results are to be documented in a comprehensible way for each investment property. The documentation shall justify derogations from the programme referred to in the second sentence.(2) The audit report in accordance with § § 102, 121 (3) and § 136 (3) of the capital investment code shall contain information on whether the stress tests are properly designed in accordance with § 29 and have been properly carried out in accordance with § 30. The obligation to test shall also apply to § 28 (4) and (5). Non-official table of contents

§ 32 Additional stress tests as part of the collateral management

(1) The capital management company has for each investment assets for which collateral of at least 30 per cent of the value of the investment assets is made, to carry out appropriate stress tests which take into account both normal and exceptional liquidity conditions in order to: to assess the liquidity risk associated with the collateral.(2) The strategy for these stress tests shall be defined 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.
Report Frequency, Reported Limits and Loss Tolerance thresholds, and
4.
Measures to contain Loss, including Haircut Strategy and Gap Risk Protection.

Section 5
Structured Products with Derivative Feature

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§ 33 Acquisition of structured products

(1) A structured product may only be purchased for an investment property if it is guaranteed that only such a product Components influence the risk profile and the price formation of the product, which may also be purchased directly for 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 the inclusion in the calculation of the utilization of the exhibitor limits in accordance with § § 23 and 24 in disassemble its components and, as a combination of these components in accordance with Article 16 (6), be calculated on the basis of the respective investment limits. The disassembly is to be documented in a comprehensible way. Non-official table of contents

§ 34 Organization

(1) The capital management company has the investment in structured products in a policy , which contains 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 policy:
1.
a formalised audit prior to purchase of the product in which the structure and the the full risk profile of the product is analysed and assessed;
2.
Measures in the event that the product, during its lifetime, is the product referred to in point 1. noted quality characteristics;
3.
Figure 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 pricing, especially in the case of illiquid products.
(2) Products with which the capital management company already has sufficient experience may provide for a simplified procedure to the extent that this is appropriate on a case-by-case basis. 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 requirements

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§ 35 Details in the sales prospectus of a public investment asset

(1) The sales prospectus of a public investment asset according to § 165 of the The Capital Investment Code must include the following information when using Total Return Swaps or other derivatives that have a significant impact on the investment strategy of the investment assets:
1.
Information on the underlying strategy and composition of the investment portfolio or index after the use of the derivative,
2.
About Contract Partners for OTC Derivatives,
3.
a description of the counterparty risk and the effect of the contract partner's default on investor returns
4.
the extent to which the contractor has a margin of discretion in the case of the investor 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 contracting party agrees to transactions relating to the investment portfolio of the investment assets
must
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 according to § § 2 (3). 165 of the Capital Investment Code shall contain the following information if the investment assets under the use of Leverage reconstitute an index, or if the index itself has a leverage effect:
1.
a description of the leverage strategy and information on how this strategy will be implemented, especially on how the leverage from the index or from the illustration of this graph,
2.
a representation of the cost of the leverage, if relevant,
3.
a reverse-leverage description, if relevant,
4.
information on whether and to what extent the value development of the investment assets can deviate in the medium to long term from the multiple of the index development.
(3) The sales prospectus of a public investment assets according to § 165 of the In the case of the use of securities loans and repurchase transactions, the capital investment code must contain the following information:
1.
Information on the intention, To use value paper loans and repurchase transactions,
2.
the detailed description of the risks associated with the use of securities loans and repurchase agreements are connected, including the counterparty risk,
3.
the detailed description of potential conflicts of interest,
4.
the presentation of the potential impact of the risks and conflicts of interest according to points 2 and 3 on investment property development,
5.
a description of the approach to the direct and indirect costs and charges arising from the use of the stores and the returns on investment assets
6.
the enterprise that is involved in the implementation of the securities or repurchase transactions and is paid to the fees referred to in point 5; or an indication that the capital management company itself makes the transactions,
7.
whether and, where appropriate, the manner in which the undertaking shall, in accordance with point 6, indicate: the capital management company or the depositary of the investment assets.
The information referred to in the first sentence of 1 (6) and (7) may alternatively be provided in the annual report.(4) The sales prospectus of a public investment assets according to § 165 of the Capital Investment Code must contain clear information about 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. Where 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 collateral whose value is can account for more than 20 percent of the value of the investment assets.(5) The method used for the determination of the limit utilization in accordance with § 5 shall be presented in the sales prospectus of a public investor's investment.(6) Provided that the qualified approach is applied in accordance with § § 7 to 14, the sales prospectus of a UCITS must contain information on the expected volume of the leverage and indicate the possibility of a higher leverage.(7) Where the limit utilisation is determined in accordance with Article 7 (1), the sales prospectus of a public investment assets must contain information on the comparison assets in accordance with § 9.(8) If the amount of the invoice is determined in accordance with § 22 for structured investment assets, the sales prospectus of a public investment asset must
1.
Comprehensible description of the payment profiles, which contain scenarios and basic instruments, as well as
2.
contain a warning at the highlighted location, that Share returns do not result in the fixed payout before the end of the investment assets period, and that this may result in significant losses.
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§ 36 Information in the main investor information

The information in accordance with § 35, paragraph 2, is also in summary form in the main To present investor information in accordance with § 166 of the capital investment code. Non-official table of contents

§ 37 Information in the annual report

(1) The annual report of an investment asset must be used in the use of derivatives Include:
1.
The exposure achieved by derivatives
2.
the Derivative Transactions Contractors,
3.
The nature and amount of the collateral received.
(2) The annual report of an investment asset must be Use of securities loans and repurchase transactions contain the following information:
1.
the exposure resulting from securities loans and repurchase transactions
2.
the contractual partners of the securities loans and repurchase transactions,
3.
the type and the amount of the collateral received,
4.
the proceeds of the securities loans and repurchase agreements for the entire reporting period, , including the direct and indirect costs and charges incurred.
(3) The method used to determine the level of the limit use 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 potential risk amounts for the market risk identified for the investment assets in the financial year shall be identified 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. In the annual report of a UCITS, the amount of the leverage used in the financial year must also be disclosed.(5) In so far as the limit utilisation is determined in accordance with Article 7 (1), the annual report shall contain the composition of the comparative assets in accordance with § 9.(6) In the reporting period, the assets placed in favour of investment assets shall have an increased issuer concentration in accordance with the fourth sentence of Article 27 (7), the issuers or guarantors of the collateral shall be appointed in the annual report; the value of which has made up more than 20 percent of the value of the investment assets. 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. Non-official table of contents

§ 38 Reports on derivatives

(1) The capital management company shall have for each UCITS at the end of the calendar year or To produce a report on the derivatives used and structured products with a derivative component at any time at the request of the Federal Institute for the financial year (reporting date). 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 shall 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 significant risks underlying them, the method chosen in accordance with Article 5 (2) to measure those 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 according to § 36,
3.
a list 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 risk of counterparty according to § 27 including the presentation any settlement and the presentation of the workload of the respective borders and
4.
If necessary, further information provided by the Federal Institute for the
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:

Section 7
Final Provisions

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§ 39 Applicability

The requirements of this Regulation are to be applied
1.
on the activity of a EU UCITS management company, which manages domestic UCITS, and
2.
on the activities of an EU-AIF management company, the domestic open special AIF with fixed investment conditions.
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§ 40 Transitional provision

(1) The Derivative Regulation of 6. February 2004 (BGBl. 153), in which up to the 21. The latest version of the report will be published on 21 July 2013. As long as the provisions of the investment law continue to apply in accordance with the transitional provisions of § § 345 to 350 of the Capital Investment Code, existing AIF capital management companies and AIF will continue to apply in July 2013. A UCITS capital management company applies the 6-year derivative regulation. February 2004 (BGBl. 153), in which up to the 21. July 2013, the latest version of the report is on 21 June 2013. Until the entry into force of the change in the investment conditions of these UCITS in accordance with Section 355 (2) of the Capital Investment Code, until the entry into force of the amendment, however, until the end of the period until the end of the period of 18 July 2013, the UCITS shall February 2014. It's for the 21. The UCITS capital management company shall not require any changes to the investment conditions in accordance with Section 355 (2) of the Capital Investment Code in July 2013, the UCITS Capital Management Company may be entitled to the 6. February 2004 (BGBl. 153), in which up to the 21. The current version of the Directive is up to 18 July 2013. Apply to these UCITS in February 2014.(2) On sales prospectals of investment assets that are before the 1. Article 35 (4) sentence 3 shall apply if the sales prospectus after the fourth sentence of the fourth sentence of the fourth sentence of the fourth sentence of the fourth sentence of the fourth shall be amended or replaced for another reason, but at the latest from 1 March 2015. October 2015. Non-official table of contents

§ 41 Entry into force, expiry date

This regulation occurs on the 22. July 2013 will be in force. At the same time, the derivatives ordinance of 6. February 2004 (BGBl. 153), as set out in Article 1 of the Regulation of 28 June 2008, June 2011 (BGBl. 1278), has been amended.