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Regulation on the content, scope and presentation of the accounts of special assets, investment companies and investment-limited companies, as well as on the valuation of assets belonging to the investment property

Original Language Title: Verordnung über Inhalt, Umfang und Darstellung der Rechnungslegung von Sondervermögen, Investmentaktiengesellschaften und Investmentkommanditgesellschaften sowie über die Bewertung der zu dem Investmentvermögen gehörenden Vermögensgegenstände

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Regulation on the content, scope and presentation of the accounts of special assets, investment companies and investment-limited companies, as well as on the valuation of assets belonging to the investment property (Capital Investment Accounting and Evaluation Regulation-KARBV)

Unofficial table of contents

KARBV

Date of completion: 16.07.2013

Full quote:

" Capital Investment Accounting and Evaluation Ordinance of 16 July 2013 (BGBl. I p. 2483) "

Footnote 

(+ + + Text proof: 22.7.2013 + + +) 
  
(+ + + For application cf.  Section 35 (3) + + +)
Unofficial table of contents

Input formula

The Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht) orders
-
§ 96 (4) sentence 1 and § 168 (8) sentence 1 of the Capital Act of 4 July 2013 (BGBl. 1981) and
-
§ 106 sentence 1, § 120 paragraph 8 sentence 1, this also in conjunction with § 148 paragraph 1, and § 135 paragraph 11 sentence 1, this also in connection with § 158 sentence 1 of the capital investment law of 4 July 2013 (BGBl. 1981), in agreement with the Federal Ministry of Justice,
in connection with Section 1 (3a) of the Regulation on the delegation of powers to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), the most recent of which is Article 1 of the Ordinances of 11 July 2013 (BGBl. 2231) has been amended: Unofficial table of contents

Content Summary

Section 1General provisions
§ 1 Scope
§ 2 Definitions
§ 3 Content and scope of reporting
§ 4 Submission to the Federal Institute
§ 5 Investment Legal Accounting
Section 2Accounting Subsection 1Annual reports of special assets
§ 6 Responsibility and purpose
§ 7 Components of the Annual Report
§ 8 Activity Report
§ 9 Asset Summary
§ 10 Asset creation
§ 11 Income and cost accounting
§ 12 Usage calculation for the special fund
§ 13 Development account for the special fund
§ 14 Comparative overview over the last three financial years
§ 15 Share Classes
§ 16 Other information
Subsection 2Other reports of special assets
§ 17 Half-yearly report
§ 18 Interim Report
§ 19 Resolution and Resolution Report
Subsection 3Investment Company
§ 20 Applicability to investment companies
Section 21 Balance sheet
Section 22 Profit and loss account
Section 23 Site Report
§ 24 Statement of use and development accounting in the investment command company
Section 25 Annex
Section 3Evaluation
Section 26 General evaluation principles
§ 27 Valuation based on tradable courses
§ 28 Evaluation based on appropriate assessment models
§ 29 Peculiarities of investment shares, bank deposits and liabilities
§ 30 Special features for investments in real estate
Section 31 Valuation of participations in real estate companies
Section 32 Peculiarities of property with the character of an entrepreneurial participation
§ 33 Special features of plants in other property
Section 34 Special features of special-AIF systems
Section 4Final provisions
§ 35 Transitional arrangements
§ 36 Entry into force, external force

Section 1
General provisions

Footnote

(+ + + Section 1 (§ § 1 to 5): refer to the application. Section 35 (1) + + +) Unofficial table of contents

§ 1 Scope

This Regulation lays down detailed rules on the provisions of the capital investment law.
1.
on content, scope and presentation
a)
the annual, half-yearly, interim, resolution and resolution reports for special assets;
b)
the annual accounts and annual reports, half-yearly, interim, resolution and liquidation reports of investment companies and
c)
the annual reports, interim, resolution and liquidation reports of investment service companies, and
2.
for the valuation of assets.

Footnote

(+ + + Section 1 (§ § 1 to 5): refer to the application. Section 35 (1) + + +) Unofficial table of contents

§ 2 Definitions

For the purposes of this Regulation:
1.
Tracking Error the volatility of the difference between the yield of the investment assets, which reflects an index and the yield of the index or indices that have been re-established,
2.
Annual Tracking Difference is the difference between the annual return of the investment assets, which reflects an index and the annual return of the index or indices that have been obtained,
3.
An index of the special assets of an index of special assets, the investment strategy of which is based on the development of the development of one or more indices,
4.
the value of the transport value of the amount to which the particular asset is exchanged in a business between knowledgable, contract-willing and independent business partners;
5.
the transport value of a property, the price at the time on which the investigation relates, in the ordinary course of business, in accordance with the legal conditions and the actual characteristics, the other nature and the situation of the property; Property without consideration for unusual or personal circumstances would be achievable.

Footnote

(+ + + Section 1 (§ § 1 to 5): refer to the application. Section 35 (1) + + +) Unofficial table of contents

§ 3 Content and scope of reporting

(1) The reporting by the capital management company, the depositary or the liquidator must be complete, correct and free of arbitrary and the reports must be clear and clearly structured, so that it is the investor's Investors will be able to obtain a comprehensive picture of the actual conditions and developments of the investment assets with regard to the investment decision as well as the ongoing assessment of the investment. Events, decisions and factors that may significantly affect the further development of the investment assets shall be included in the reporting. (2) The scope of the reporting shall be subject to the discretion of the The capital management company, the depositary or the liquidator and has to comply with the meaning of the operations shown. Sentence 1 shall apply, subject to the provisions laid down in this Regulation and to AIF, subject to the provisions of the delegated regulation (EU) No 231/2013 of the Commission of 19 December 2012 supplementing Directive 2011 /61/EU of the Parliament and the Council, with a view to exceptions, the conditions for the pursuit of the activities, depositaries, leverage, transparency and supervision (OJ L 327, 30.4.2004, p. 1). (3) Assignments to the content of previous reports are not permitted.

Footnote

(+ + + Section 1 (§ § 1 to 5): refer to the application. Section 35 (1) + + +) Unofficial table of contents

§ 4 Filing at the Federal Institute

(1) The reports in accordance with § § 101, 103 to 105, 120, 122, 135, 148, 158 and 161 of the capital investment code are to be submitted in triplicate at the Federal Institute of Service in Frankfurt am Main. One of these copies is to be transmitted electronically. (2) At least one of the copies submitted in paper form must be signed by the management of the company. The signatures shall be placed at the end of the respective report. The original shall be marked on the outside on the cover sheet accordingly. (3) For reports concerning special assets, it is sufficient if the signatures of business leaders are given in a representative number. (4) Paragraph 1 shall apply to any domestic special AIF managed by the AIF capital management company only if the Bundesanstalt requests the reports.

Footnote

(+ + + Section 1 (§ § 1 to 5): refer to the application. Section 35 (1) + + +) Unofficial table of contents

§ 5 Investment law accounting

(1) The accounting accounting shall be subject to the formal principles of regular accounting, in so far as the Capital Investment Code and this Regulation, as well as the AIF, also apply to Regulation (EU) No 231/2013. nothing else. The principle of continuity must be observed in the case of financial reporting. (2) The accounting is to be aligned with the requirements with regard to the reports in accordance with the Capital Investment Code and must be complete, correct, timely, It must be arranged and traceable as well as enable verifiability by expert third parties.

Footnote

(+ + + Section 1 (§ § 1 to 5): refer to the application. Section 35 (1) + + +)

Section 2
Accounting

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +)

Subsection 1
Annual reports of special assets

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

§ 6 Responsibility and Purpose

(1) The preparation of the annual report in accordance with § 101 of the Capital Investment Code (Annual Report), including the assessments underlying the investment performance, is the responsibility of the capital management company, which is responsible for the Special assets managed. The preparation of the settlement report shall be the responsibility of the depositary. (2) The annual report shall be used
1.
the representation of the activities of the capital management company in the context of the management of the special assets; and
2.
the comprehensive information on the content and scope of the activity referred to in point 1, the value of the special assets, the transactions carried out, the results in the past financial year and the previous development of the special assets.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

Section 7 Components of the Annual Report

The components of the annual report are:
1.
the activity report (§ 8);
2.
the balance sheet, structured according to appropriate criteria, taking into account investment policy (§ 9);
3.
the balance sheet, with the indication of the individual assets, in the case of securities, specifying the securities identification number or the international securities identification number (ISIN) (§ 10);
4.
the calculation of income and costs (§ 11);
5.
the overview of the use of the income of the special assets (usage bill, § 12);
6.
the overview of the development of the special assets (development account, § 13);
7.
the comparative overview over the last three financial years (§ 14);
8.
the establishment of transactions concluded during the reporting period, which are no longer the object of the asset purchase; in the case of securities, the securities identification number or ISIN must, as far as possible, be indicated and, where appropriate, Real estate-special assets as well as special assets with assets in real estate or real estate companies must purchase the purchases and sales of real estate and the holdings in real estate companies in an annex pursuant to § 247 (1) the capital investment code set out in the second sentence of the second sentence;
9.
the Annex containing the following information:
a)
the information required by the derivative regulation;
b)
the information referred to in § 16;
c)
for an AIF:
aa)
the information on remuneration to be provided pursuant to section 101 (3), first sentence, points 1 and 2 of the capital investment code and the information to be provided pursuant to section 101 (3), first sentence, point 3 of the capital investment code on the major changes;
bb)
the additional information to be provided in accordance with Article 300 (1) to (3) of the capital investment law;
d)
any further information necessary for the understanding of the annual report;
10.
the reproduction of the special note on the outcome of the audit of the annual report of the special assets.
Sentence 1 (9) (c) (bb) does not apply to open domestic special AIF, in so far as the investment conditions provide for the disclosure of such information in any other way.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

Section 8 Activity report

(1) The activity report shall be an independent part of the annual report. The activity report must be comprehensible to the investor. (2) In the activity report for the special fund, the activity of the capital management company, including the companies entrusted by it with the portfolio management, shall be subject to the following conditions: in relation to the assets under management in the period under review. (3) The presentation must contain all the essential information relevant to the opinion of the investors on the administrative activities and their results . General remarks that make it difficult to look at the essentials are to be subrogated. In the case of a public special fund, the following information shall always be included:
1.
the investment objectives of the special assets as well as the investment policy to achieve these objectives during the reporting period;
2.
the main risks of the special assets during the reporting period, in particular address risk, interest rate, currency and other market price risks as well as operational risks and liquidity risks;
3.
the structure of the portfolio in relation to the investment objectives at the time of reporting, as well as substantial changes during the reporting period;
4.
other significant events for the investor during the reporting period, such as the outsourcing of portfolio management.
(4) In the case of an audience-AIF, the detailed contents of the activity report are, moreover, governed by Article 105 of Regulation (EU) No 231/2013; in the case of a special AIF, the detailed content of the activity report shall be governed exclusively by Article 105 of the Regulation (EU) No 231/2013.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

§ 9 Balance Sheet

(1) The balance sheet referred to in § 10 shall be preceded by an asset statement containing an aggregated breakdown of the asset order. The balance sheet shall be based on appropriate criteria, taking into account the investment policy of the special assets, for example according to economic or geographical criteria, and according to percentage shares in the value of the special assets. (2) The breakdown of the balance sheet shall contain at least the following link points; the vacancy may be omitted in each case:
I.
Assets
1.
Shares
2.
Bonds
3.
Derivatives
4.
Requirements
5.
Liquidated assets in the short term
6.
Bank balances
7.
Other assets
II.
Liabilities
III.
Fund assets.
In the case of special AIF, the items under sentence 1 are the items " I. Substantive values and II. (3) In the case of real estate special assets and open domestic special AIF with assets in real estate or real estate companies, the breakdown of the assets of the The balance sheet shall contain at least the following link points; no vacancy items may be omitted:
A.
Assets
I.
Real Estate
1.
Rental properties
(of which in foreign currency)
2.
Business premises
(of which in foreign currency)
3.
Mixed-use land
(of which in foreign currency)
4.
Land in the state of the building
(of which in foreign currency)
5.
Unbuilt plots
(of which in foreign currency)
II.
Investments in real estate companies
1.
Majority stakeholdings
(of which in foreign currency)
2.
Minority shareholdings
(of which in foreign currency)
III.
Liquidity facilities
1.
Bank balances
(of which in foreign currency)
2.
Securities
(of which in foreign currency)
3.
Investment shares
(of which in foreign currency)
IV.
Other assets
1.
Claims arising from land management
(of which in foreign currency)
2.
Requirements for real estate companies
(of which in foreign currency)
3.
Interest claims
(of which in foreign currency)
4.
Acquisition Costs
(of which in foreign currency)
a)
for real estate
(of which in foreign currency)
b)
in the case of holdings in real estate companies
(of which in foreign currency)
5.
Other
(of which in foreign currency)
Total Assets
B.
Debt
I.
Liabilities from
1.
Credit
(of which in foreign currency)
2.
Land purchases and construction projects
(of which in foreign currency)
3.
Land management
(of which in foreign currency)
4.
other reasons
(of which in foreign currency)
II.
Provisions
(of which in foreign currency)
Total Debt
C.
Fund assets.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

§ 10 Balance Sheet

(1) The asset allocation within the meaning of Article 101 (1), third sentence, point 1 of the Capital Investment Code shall be broken down by types of assets and markets. (2) The balance of assets with liabilities is not allowed. Receivables and liabilities from the share turnover are to be disclosed separately as other assets or as other liabilities. (3) Lost securities are to be disclosed in the asset purchase of the special assets. It shall indicate that they are the subject of securities lending operations. Collateral that is granted in connection with securities lending operations shall not be shown in the balance sheet of the special assets. (4) The acquisition costs pursuant to § 248 (3) sentence 1 of the capital investment code are object-related. , to be broken down as an absolute amount and as a percentage in relation to the purchase price. The breakdown must be based on the cost of the acquisition of fees and taxes, as well as the costs of other costs. In addition to the costs referred to in § 448 (2) of the Civil Code, the fees and taxes on land in Germany also include the basic value tax, which is to be paid for obtaining the safety certificate. For land plots abroad, the same applies in the light of the relevant provisions of the foreign legal order. All other costs of acquisition are considered to be other costs, in particular the cost of the brokerage, the costs in the run-up to the acquisition as well as any administrative remuneration which the capital management company has to offer on the occasion of the acquisition process. has been collected. Continue to indicate the length of the expected depreciation period. The cost of the acquisition costs and the remaining acquisition costs in the financial year shall be shown separately. (5) The valuation rules and principles applicable to the calculation of the net asset value per share according to § 168 of the The capital investment code as well as the corresponding provisions of this Regulation shall also be observed in respect of the financial statements in the annual report. For the assets and liabilities, the ratios are decisive for the reporting date of the annual report. Findings after the reporting date of the Annual Report are not to be taken into account in the balance sheet, but in the subsequent determination of the net asset value per share of the new financial year. (6) The evaluation for the Asset allocation must be fully documented by the capital management company. The depositary, or the appointment of an external evaluator, shall be bound by the capital management company to provide information on the details of the valuation of the investment assets.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

§ 11 Income and revenue account

(1) The revenue and expenditure account shall be presented as follows; vacancies may be omitted in each case:
I.
Income
1.
Dividends of domestic exhibitors
2.
Dividends of foreign exhibitors
(before withholding tax)
3.
Interest from domestic securities
4.
Interest from foreign securities
(before withholding tax)
5.
Interest from liquidity investments in Germany
6.
Interest from liquidity investments abroad
(before withholding tax)
7.
Income from investment shares
8.
Income from securities loans and repurchase agreements
9.
Deduction of foreign withholding tax
10.
Other income
Total income
II.
Expenses
1.
Interest from borrowing
2.
Administrative remuneration
3.
Depositary Remuneration
4.
Audit and publishing costs
5.
Other expenses
Total expenses
III.
Ordinary Net Income
IV.
Divestment operations
1.
Realised gains
2.
Losses realized
Result from divestment transactions
V.
Realised result of the financial year
1.
Net change in unrealised gains
2.
Net change in unrealised losses
VI.
Unrealized result of fiscal year
VII.
Result of the financial year.
(2) In the case of real estate special assets and open domestic special AIF with investments in real estate or real estate companies, the income and expense account referred to in paragraph 1 shall be supplemented as follows under the respective items (outline number I and II) or to replace (outline number IV):
I.
Income
11.
Income from real estate
12.
Income from real estate companies
13.
Interest rate interest (Bauzinsen)
Total income
II.
Expenses
1.
Cost of management
2.
Hereditary building interest, body and time
3.
Foreign taxes
IV.
Divestment operations
1.
Realised gains
a)
from real estate
b)
from participations in real estate companies
c)
from liquidity facilities
d)
Other business
2.
Losses realized
a)
from real estate
b)
from participations in real estate companies
c)
from liquidity facilities
d)
Other business.
The items under the first set of items II are to be preceded by the corresponding items under paragraph 1 of the section II, the following items shall be relocated accordingly. (3) In paragraph 1, the number of members IV is the total realised gains. and losses, including, in particular, those from derivatives and currency transactions. The main sources of the divestment result shall be explained in the activity report. (4) In the event that the investment conditions provide for a yield compensation procedure, the financial statements in the current financial year are up to the date of the share turnover to include ordinary income and expenses. Also to be recorded is a profit advance plus a profit or loss account already incurred. If income compensation is also credited to the result from disposal transactions (realised gains and realised losses), all items must also be included here. The income compensation procedure must be carried out at least for each day of valuation in which the share turnover has taken place. (5) In determining the results from sales, the cost of the proceeds of the assets sold shall be determined in accordance with the Average method. In the case of securities of the same class, the profits and losses from sales are to be compensated. (6) The determination of the realised results from sales and liquidations of real estate and real estate companies is carried out according to the principle of Individual mapping.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

§ 12 Usage account for the special fund

(1) The calculation of the use of the income of the special assets is to be represented as a whole and in each proportion as follows; the vacant items may be omitted in each case:
I.
Available for distribution
1.
Lecture from the previous year
2.
Realised result of the financial year
3.
Supply from special assets
II.
Not used for payout
1.
Returned to the reinstallation
2.
Lecture on new invoice
III.
Total Shake
1.
Interim payout
a)
Cash distribution
b)
Retained capital gains tax
c)
Sustained solidarity surcharge
2.
Final distribution
a)
Cash distribution
b)
Retained capital gains tax
c)
Sustained solidarity surcharge.
(2) In the case of special assets, the total expenditure account shall be presented as a whole and in each proportion as follows:
I.
Available for reinstallation
1.
Realised result of the financial year
2.
Supply from special assets
3.
Tax deduction amount provided
II.
Reinstallation.
(3) In the case of real estate special assets and open domestic special AIF with assets in real estate or real estate companies for which a use invoice is drawn up, the item referred to in paragraph 1 of item II of item II shall be the item " II. Retention in accordance with § 252 of the German capital investment code "; the following items shall be converted accordingly. (4) If, for the purpose of the total distribution, a supply from the special assets as referred to in paragraph 1 is defined as the number of items I, point 3 , this shall be explained in addition in the use invoice.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

Section 13 Development account for the special fund

(1) The overview of the development of the special assets shall be presented in the light of the following items; no vacancies may be omitted:
I.
Value of the special assets at the beginning of the financial year
1.
Distribution for the previous year/tax drop for the previous year
2.
Interim payouts
3.
Cash inflow (net)
a)
Cash inflows from equity sales
b)
Cash outflows from shareholes-withdrawal
4.
Yield compensation/effort compensation
5.
Result of the financial year
of which unrealised gains
of which unrealised losses
II.
Value of the special assets at the end of the financial year.
(2) In the case of real estate special assets and open domestic special AIF with assets in real estate or real estate companies, the list referred to in paragraph 1 shall be the item 4 of item 4 of the item " 4a. (3) Withdrawal losses which remain in the special fund are to be attributed to the item under paragraph 1 of point 3 (b) of the outline and to reduce it.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

§ 14 Comparative overview over the last three financial years

In addition to the content pursuant to section 101 (1) sentence 3, point 6 of the capital investment code, the value development for special assets with a value development of less than three financial years is to be disclosed for the time since the application. In the case of several classes, the value development shall be represented at least for the share class with the highest overall cost ratio.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

§ 15 Shares

(1) In the case of several classes of shares, it is to be explained under which conditions shares with different design characteristics are issued and which design characteristics are assigned to the individual classes. For each share class, the following shall be added:
1.
the number of shares circulating on the reporting date, and
2.
the net asset value determined on the reporting date referred to in the fourth sentence of paragraph 2.
In the case of several classes of shares, the information according to § § 11, 12 and 13 per share class shall be disclosed. (2) In the case of the first issue of shares of a class of shares, the value of the shares shall be calculated on the basis of the value of the shares for the whole of the shares in the share class. Special assets under Section 168 (1) sentence 1 of the capital investment code have been determined. The value of a share class is derived from the value of the share class on the previous day of the valuation plus the share-related pro rata net value change of the special assets, which are related to the previous valuation date results. The value of a share class is to be determined in accordance with § § 212, 217 or § 286 of the capital investment code. If a yield compensation procedure is carried out in accordance with the terms and conditions of the contract, the yield compensation shall be calculated for each of the individual classes.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

Section 16 Other information

(1) The following additional information is required:
1.
the number of shares circulating at the end of the reference year and the value of a share pursuant to section 101 (1) sentence 3 (3) of the capital investment law;
2.
the procedures used for the valuation of assets in accordance with § § 26 to 31 and 34;
3.
the following information on transparency as well as the overall cost ratio:
a)
the amount of a performance-dependent or additional administrative remuneration in accordance with section 101 (2) (1), second half-sentence of the capital investment code;
b)
Flat-rate fees in accordance with Section 101 (2) (2) of the capital investment code;
c)
the remuneration paid and the repayments received, in each case in accordance with section 101 (2) (3) of the capital investment code;
d)
the cost of acquired investment shares pursuant to Section 101 (2) (4) of the Capital Investment Code;
e)
Substantial other income and other expenses, these are to be broken down and explained in a comprehensible manner;
f)
in the case of public special assets, indication of transaction costs.
(2) For a special fund which reflects an index, the annual report shall contain the following information:
1.
the level of the tracking error at the end of the reporting period,
2.
an explanation of the deviation between the expected tracking error and the actual tracking error, provided that the deviation is relevant,
3.
the amount of the Annual Tracking Difference between the development of the investment assets and the indexed index with explanation.
The information provided for in the first sentence of the first paragraph must also be included in the half-yearly report (§ 17).

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +)

Subsection 2
Other reports of special assets

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

Section 17 Half-year report

The semi-annual report shall apply in accordance with the rules on the annual report. The half-yearly report can be prepared without the activity report, development account, usage statement, special note of the auditor and a comparative overview of the last three financial years. An income and cost calculation as well as a development invoice shall be included only if there has been an interim distribution in the respective half-year.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

Section 18 Interim report

The interim report shall apply in accordance with the rules on the annual report. In addition to the interim report, the list of the Saldenists, including the results of the interim report, shall be the basis for the preparation of the interim report, for securities and other assets to be included in entry prices. These statements shall be transmitted to the receiving capital management company for the continuation of accounting.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

Section 19 Resolution and resolution report

(1) The resolution report and the resolution report shall apply in accordance with the rules for the annual report. In addition, resolution and resolution reports shall include an overview of the disbursements made to investors in the financial year. (2) A resolution report shall not be drawn up if all the final reporting date of the resolution report is all Shares returned.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +)

Subsection 3
Investment Company

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

§ 20 Applicability to investment companies

The provisions in this section applicable to special assets shall be applied in accordance with the annual accounts and the annual report, as well as the half-yearly report and the liquidation report of an investment company, in so far as this is not the case. Subsection does not yield anything else. The provisions of the Third Book of the Commercial Code shall apply to the extent that the provisions of the Capital Act, Regulation (EU) No 231/2013 and this Regulation do not provide any other information. In the balance sheet and in the profit and loss account, the corresponding amount of the previous financial year shall also be indicated for each item. (2) The management of the investment assets of an externally managed investment company shall be terminated, is an interim report. If a partial company property is dissolved within the meaning of § 117 (8) or § 132 (7) of the capital investment code, a resolution report must be drawn up on this partial company assets. Paragraph 1 shall apply mutagenic. (3) In so far as partial social assets have been formed, the balance sheet, the profit and loss account and the information provided by the management report and the annex shall be presented in a coherent manner.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

Section 21 Balance sheet

(1) In the balance sheet of the investment firm company (§ 120 (2) sentence 1 and § 148 (1) of the capital investment code) and the investment commanding company (§ 135 (3) sentence 1 and § 158 of the capital investment code), those for the operation are the assets and liabilities of the internally managed investment company (investment assets) and the assets and liabilities (investment assets) comparable to the special assets (investment investment assets). In the case of the investment company with variable capital or in the case of the open investment command company, the balance sheet shall also be broken down according to partial social assets. (2) For the purposes of accounting and the valuation of the share price, investment assets are to be applied and evaluated exclusively in accordance with the principles of the third book of the Commercial Code. The value determined shall be deemed to be a traffic value within the meaning of Section 168 (1) of the Capital Investment Code. (3) The valuation of the investment investment assets shall be subject to § § 26 to 31 and 34. (4) The balance sheet of the investment company and the investment fund Investment commanding company shall be broken down as follows:
I.
Investment assets
A.
Assets
Assets
B.
Passiva
Liabilities
II.
Investment property
A.
Assets
1.
Tangible assets
2.
Acquisition Costs
3.
Participations
4.
Securities
5.
Cash and cash equivalents
a)
Daily bank deposits available
b)
Short-term liquid assets
c)
Other
6.
Requirements
a)
Claims arising from management
b)
Exposures to affiliated companies
c)
Interest and dividends
d)
Required Outstanding Deposits
e)
Other requirements
7.
Other assets
8.
Active billing demarcation
B.
Passiva
1.
Provisions
2.
Loans
a)
of credit institutions
b)
of shareholders
c)
Other
3.
Liabilities from deliveries and services
a)
from the purchase of investment goods
b)
from other deliveries and services
c)
from the withdrawal of shares
4.
Other liabilities
a)
to shareholders
b)
from securities lending operations
c)
from repurchase agreements
d)
Other
5.
Passive accounting
6.
Equity
a)
Capital shares or subscribed capital
b)
Capital reserves
c)
Profit reserve
aa)
Legal reserve
bb)
Reserve for own shares
cc)
Replacement reserves
dd)
Other retained earnings
d)
Unrealised gains/losses from revaluation
e)
Profit proposal/loss contribution
f)
Realised result of the financial year.
§ 264c of the German Commercial Code (Handelsgesetzbuch) must be taken into consideration in the case of the equity card of the investment commanding company. (5) The balance sheet may also be drawn up in the light of the full use of the annual result. Then, the result of the realised result of the financial year (net profit/year loss) and of the profit or loss account of the items of balance sheet profit or balance sheet loss occurs; an existing profit or loss contribution is to be entered in the item to include balance sheet profit or loss of balance sheet and to specify separately in the usage statement and development invoice.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

Section 22 Profit and loss account

(1) In the profit and loss account of the internally managed investment management company and the internally managed investment service company, the expenses to be allocated to the investment assets and to the investment investment assets are and yields separately. To the extent that the investment company is in the form of an umbrella construction, the investment company shall, in addition, have the profit and loss account broken down by part of the company's assets. In so far as the articles of association or the investment conditions of the investment company provide for a profit-compensation procedure, § 11 (5) shall apply. (2) For the profit-and-loss account of the investment company with variable capital and the open investment commanding company shall be subject to the rules relating to the breakdown and identification of expenses and proceeds of a special assets pursuant to section 101, paragraph 1, sentence 3, point 4, of the capital investment code in conjunction with Section 11 of the said Code Regulation accordingly. (3) The profit and loss account of the The investment company with fixed capital and the closed investment limited company shall be presented as follows for the purposes of the revenue and expenditure account in accordance with § 11; vacancies may be omitted in each case:
I.
Administration
a)
Income
b)
Expenses
II.
Investment activity
1.
Income
a)
Income from property
b)
Interest and similar income
c)
Other operating income
Total income
2.
Expenses
a)
Interest from borrowing
b)
Cost of management
c)
Administrative remuneration
d)
Depositary Remuneration
e)
Audit and publishing costs
f)
Other expenses
Total expenses
3.
Ordinary Net Income
4.
Divestment operations
a)
Realised gains
b)
Losses realized
Result from divestment transactions
5.
Realised result of the financial year
6.
Time Value Change
a)
Returns from revaluation
b)
Expenses arising from the revaluation
c)
Depreciation Acquisition Costs
Total of the unrealized result of the financial year
7.
Result of the financial year.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

Section 23 Situation report

(1) In accordance with § § 267, 267a of the German Commercial Code, the investment company and the investment command company have to draw up a management report according to § 289 of the German Commercial Code (Handelsgesetzbuch). (2) In addition, the investment company with variable capital shall contain the following information:
1.
the number of partial social assets and their fund category;
2.
the assignment of the corporate shares to the investment investment assets and to the operating assets, in the case of an umbrella construction, with the designation of the respective subcompany assets;
3.
an indication as to whether the investment shares entitle holders to participate in the general meeting and grant voting rights;
4.
the number of revolving shares, to the extent that partial social assets have been formed per share capital;
5.
if a capital management company has been designated as a management company,
a)
the name and legal form of the capital management company;
b)
Essential characteristics of the administrative contract such as duration, rights of termination, scope, administrative activity, liability regulations, outsourcing of individual activities, information on the implementation of the investment management by the capital management company,
c)
Fees;
6.
the burden of administrative costs, and, where appropriate, separately per share of the company's assets.
In addition, the management report of the investment company with fixed capital shall contain the information provided for in the first sentence of the first subparagraph of point 4 to 6. (3) The management report of the open investment service company shall also have the information referred to in paragraph 2 1, 4, 5 and 6, and the management report of the closed investment service company shall also include the information referred to in paragraph 2 (4), (5) and (6). Point 4 shall apply with the proviso that the number of revolving shares must be mentioned. (4) The report on the activities of the investment company in the past financial year contained in the management report shall be in accordance with the provisions of § 8. In the case of partial company assets, the reporting for each part-company property shall be effected separately. (5) § 289 (1) sentence 4 of the Commercial Code shall apply only to the investment operating assets in accordance with Section 21 (1) sentence 1. In the case of statements relating to the value development of the investment investment assets, Section 165 (2) (9) of the Capital Investment Code and § 4 (4) to (7) of the Securities Services Performance and Organizational Regulation (ISD) shall apply accordingly.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

Section 24 Use invoice and development invoice at the investment command

(1) In the case of an investment commanding company, the use account shall be shown as follows; the vacancy may be omitted in each case:
1.
Realised result of the financial year
2.
Credit/debit on reserve accounts
3.
Credit/debit on capital accounts
4.
Credit/debit on liability accounts
5.
Balance sheet profit/balance sheet loss.
(2) The development account for the assets of the Kommanditists and the complementary ones shall be presented separately as follows; the vacant items may be omitted in each case:
I.
Value of equity at the beginning of the financial year
1.
Revenue for the previous year
2.
Interim measures
3.
Cash inflow (net)
a)
Cash inflows from shareholder entry
b)
Cash outflows due to shareholder exit
4.
Realised result of the financial year according to the use invoice
5.
Unrealized result of fiscal year
II.
Value of equity at the end of the financial year.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +) Unofficial table of contents

Section 25 Annex

(1) Investments companies with variable capital, which have partial social assets, and open investment service companies which have partial social assets, must, in the notes to the annual financial statements, provide information on the following: (2) Section 285 of the Commercial Code shall apply only to the investment assets under the first sentence of Article 21 (1). (3) In the Annex to the Annual financial statements of the investment company with variable capital and the The following information should be added to the open investment service company, to the extent that part-company assets have been formed exclusively separately according to part-company assets:
1.
the asset rise in accordance with Article 10 (1);
2.
the establishment of transactions concluded during the reporting period, which are no longer the object of the asset creation, in accordance with Article 7, first sentence, point 8;
3.
the profit-use account of the investment company with variable capital or the open investment-command company in accordance with the rules on the use account for the special fund according to § 101 (1) sentence 3 number 5 of the capital investment law in conjunction with § 11;
4.
an overview of the development of the investment firm with variable capital or the open investment service company in accordance with § 13;
5.
the comparative overview of the last three financial years according to § 14.
In the notes to the annual accounts of the investment company with fixed capital and the closed investment limited company, only the information set out in the first sentence of 1 (4) shall be included. (4) The capital accounts of the Kommanditists and the capital accounts of the Complementary to the investment-command company are to be presented in accordance with the company-contractual arrangement. (5) In the annex of a report of an investment company with fixed capital and a closed Investment commanding company with assets in related assets are to include the following additional information:
1.
in the case of an investment in real estate, the stock of real estate and other property belonging to the investment property, under
a)
the size of the land,
b)
of the type and location,
c)
of construction and of the working year,
d)
of the building's land,
e)
the vacancy rate,
f)
the usage default rate,
g)
the foreign financing rate,
h)
the remaining operating times of the service contracts;
i)
the value of the value of the purchase price, or in the case of section 271 (1) (1), first sentence, of the capital investment code of the purchase price;
j)
the additional costs of acquiring property within the meaning of Section 261 (1) (3) and (2) (1) of the Capital Investment Code,
k)
the essential results of the value reports drawn up in accordance with this section,
l)
any existing and project development measures;
2.
in the case of an investment in forest, forestry and agricultural land
a)
the size of the land,
b)
the situation and use,
c)
the type of planting,
d)
of the average age of the tree population,
e)
the foreign financing rate;
3.
in the case of an investment in ships,
a)
of the ship type,
b)
the size of the ship,
c)
the carrying capacity,
d)
the unladen weight,
e)
of the construction and working year,
f)
the classification and the year of the last class docking,
g)
the technical specifications,
h)
statements on the necessary investments to comply with existing and future environmental standards,
i)
the remaining term of the charter contract,
j)
the net charter rate, according to survey commissions,
k)
the remaining maturity of the recovery contract and the amount of the rescue fee,
l)
the place of registration in the maritime register,
m)
the foreign financing rate,
n)
the value of the transport value or in the case of section 271 (1) (1) of the capital investment code of the purchase price,
o)
any substantial maintenance work;
4.
in the case of an investment in aircraft, the indication
a)
of the aircraft type,
b)
of the construction and working year,
c)
the foreign financing rate,
d)
the remaining operating times of the service contracts;
e)
the rights of employment,
f)
the value of the transport value or in the case of section 271 (1) (1) of the capital investment code of the purchase price,
g)
any significant maintenance work carried out during the reporting year;
5.
in the case of an investment in installations for the production, transport and storage of electricity, gas or heat from renewable energy sources
a)
the amount of energy,
b)
the installed power and the energy that is fed in,
c)
of the construction and working year,
d)
of the year of commissioning,
e)
the consumer of energy,
f)
the nature and extent of the rights of use on the land on which the installation was built,
g)
the foreign financing rate,
h)
the value of the transport value or in the case of section 271 (1) (1) of the capital investment code of the purchase price,
i)
any substantial development and project development measures;
6.
in the case of an investment in rail vehicles, rail vehicle stock and spare parts
a)
the number of rail vehicles and rail spare parts,
b)
of the species,
c)
of the construction and working year,
d)
of the type,
e)
of the year of commissioning,
f)
the lessee,
g)
the foreign financing rate,
h)
the remaining term of the leasing contract;
i)
the right of employment;
7.
in the case of an investment in vehicles used in the context of electric mobility, the indication
a)
the number,
b)
of the type,
c)
of the construction and working year,
d)
of the manufacturer,
e)
of the year of commissioning,
f)
the lessee,
g)
the rate of use rate,
h)
the foreign financing rate,
i)
the remaining term of the leasing contract;
8.
for an investment in containers,
a)
the number,
b)
of the type,
c)
of the construction and working year,
d)
the lessee,
e)
the rate of use rate,
f)
the foreign financing rate,
g)
the remaining term of the leasing contract;
9.
in the case of an investment in infrastructure pursuant to Section 261 (2) (8) of the Capital Investment Code, the indication
a)
the number,
b)
of type or type,
c)
of the construction and working year,
d)
the lessee or user,
e)
the foreign financing rate;
10.
in the case of an investment in other tangible assets within the meaning of Section 261 (1) (1) of the Capital Investment Code, which are not listed in the Catalogue of Section 261 (2) of the Investment Code, the relevant information as set out in the first sentence of the first sentence of paragraph 9.
The information provided for in the first sentence shall be recorded and particularly marked for tangible assets held indirectly in accordance with Section 261 (1) (3), (5) and (6) of the Capital Antication Code.

Footnote

(+ + + Section 2 (§ § 6 to 25): refer to the application. Section 35 (1) + + +)

Section 3
Severity

Unofficial table of contents

Section 26 General evaluation principles

(1) Evaluating the depositary of a UCITS with the participation of the capital management company, the capital management company shall, in a suitable manner, have the valuation of assets for assets determined by the depositary for plausibility check and work to ensure that abnormalities are resolved. It has to be documented in a comprehensible way that it exercises its obligation to carry out a joint action. The depositary is obliged to give information on the details of the valuation of the investment assets to the capital management company. (2) Within the capital management company, the assessment or the participation must be in the case of the evaluation of a UCITS by an area or an organizational unit set up there, the organisational unit responsible for the portfolio management or an organizational unit established there is to be established. is separate. This also applies to the level of management. (3) The formation of valuation units between basic and hedging business is not permitted in the case of investment assets. (4) Compliance with the requirements set out in paragraphs 1 to 3 as well as in accordance with § § 27 and 28 is to be regularly reviewed by the internal audit in the case of investment assets. Unofficial table of contents

Section 27 Evaluation on the basis of tradable courses

(1) For the valuation of assets admitted to trading on a stock exchange or other organised market or included in the regulated market or free circulation of a stock exchange, the last available tradable price shall be: a reliable assessment within the meaning of Article 2 (1) (c) (i) of Commission Directive 2007 /16/EC of 19 March 2007 implementing Council Directive 85 /611/EEC on the coordination of laws and regulations Administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) with regard to the clarification of certain definitions (OJ C 327, 30.4.2004, p 11). (2) The depositary, the external evaluator or the capital management company must document the criteria which they or they have organised for the assessment of market prices of exchanges or other organised Use markets as accurate, reliable and common. Indicative courses are not negotiable courses. (3) Assets for which the course is based on monetary and letter courses are, in principle, to be assessed either on the middle course or on the exchange rate. Unofficial table of contents

Section 28 Evaluation on the basis of suitable assessment models

(1) Assets which are not admitted to trading on a stock exchange or to any other organised market or are included in the regulated market or free circulation of a stock exchange or for which a tradable price is not available shall be subject to: § 168 (3) of the capital investment code must be based on the traffic values which, in the case of a careful assessment, result according to suitable valuation models, taking into account the current market conditions. (2) The traffic value is on the to identify the basis of an evaluation model which is based on a recognised and the appropriate methodology. When using an evaluation model according to the first sentence, the requirements set out in Article 71 of Regulation (EU) No 231/2013 shall be taken into account. The evaluation procedures used shall be documented in detail and shall be checked at regular intervals for their adequacy. Current market information shall be taken into account in the review. The evaluation of an over-the-counter derivative (OTC derivative) shall be reviewed in accordance with Article 8 (4) (b) of Directive 2007 /16/EC. (3) The value of the traffic value may also be determined and communicated by an issuer, counterparty or other third party. . In this case, the determined traffic value shall be checked by the capital management company or the depositary or the external evaluator for plausibility; the plausibility check shall be documented. This test may be carried out by a comparison with a second reliable and current price source, a comparison of the value with its own model-based assessment or by other appropriate methods. Unofficial table of contents

§ 29 Special features in the case of investment shares, bank deposits and liabilities

(1) Shares in investment assets shall be assessed with their last recorded withdrawal price or with a current rate in accordance with § 27 (1). If no current values are available in accordance with the first sentence, the value of the shares shall be determined in accordance with § 28; the annual report shall indicate the determination on the basis of an appropriate valuation model. (2) Bank credit shall be at its nominal value plus accrued interest. Fixed funds are to be valued at the value of the traffic, provided that the fixed money is cancelled and the repayment does not take place at the nominal value plus interest during the cancellation. (3) Liabilities are to be applied with their repayment amount. Unofficial table of contents

§ 30 Special features for investments in real estate

(1) In order to determine the value of a property, the yield value of the property shall, as a rule, be determined on the basis of a procedure which is recognised in the relevant real estate market. For plausibility, other valuation methods recognized in the relevant real estate market may also be used if this is necessary or appropriate for an appropriate valuation of the property according to the evaluator's opinion. In this case, the results of the other evaluation procedure and the reasons for its application shall be annexed to the opinion in a comprehensible form. (2) For the determination of the net asset value per share or share of Real estate-special assets and open domestic special-AIF with assets in real estate or real estate companies as well as of closed domestic public-AIF or special AIF with assets in corresponding assets shall apply the following Special features:
1.
For the purpose of determining the acquisition costs within the meaning of § 248 (3) sentence 1 and 2 and section 271 (1) (2) sentence 1 and 2 of the capital investment law, § 255 (1) of the German Commercial Code shall apply, taking into account the investment rights Special features. Special features of the investment law include, in particular, that costs incurred in advance can be estimated as long as an acquisition of the property appears to be promising; non-scheduled depreciation and amortisation must not be allowed to occur. shall be made. The depreciation period for acquisition costs within the meaning of the first sentence of Article 248 (3) and the first sentence of Article 271 (1) (2) of the capital investment code must be amended by the capital management company during the period of depreciation, if the holding period of the property or the holding is estimated to be shorter than originally planned.
2.
In determining the net asset value per share or share of a property situated abroad, provisions to be made for the purposes of taxation shall be taken into account for the taxes on which the State in which the property is situated shall be subject to a tax Capital gains are expected to rise. In the case of immovable property held by real estate companies, provisions to be made for tax purposes must be taken into account if the imminent tax burdens are to be borne by the real estate company. and are not already taken into account in determining the value of the participation in the real estate company. The amount of the reserves shall be equal to the tax charge payable under the tax rules of the State in which the property is situated in the event of a sale of the property on the day of the valuation of the property as a profit tax. would be. It does not take into account the possibility of reducing the amount to be paid in accordance with the tax law of the State in which the property is situated, due to the formation of reinvestiture reserves. If, according to the tax law of the State in which the property is situated, the possibility of reduction on the basis of present, taxable losses, these losses shall be taken into account up to the level of the tax burden on the gain in the sale. The formation and dissolution of the return is to be carried out in a neutral way. If the sale of the shares in a real estate company is much more likely than the sale of the property, the valuation of holdings shall be subject to a drop in the amount of the amount involved in the sale of the property. Participation as a result of deferred tax burdens is expected as a reduction in the purchase price of the shareholding.
3.
In the case of land acquired for the purpose of building construction, the first and second sentences of § 248 (3) and Article 271 (1) (2), first sentence, and the second sentence of the capital investment code are not applicable.

Footnote

(+ + + § 30 para. 2 no. 2: For application see Section 35 (2) + + +) Unofficial table of contents

Section 31 Assessment of participations in real estate companies

(1) The assessment of a participation prior to its acquisition in accordance with Section 236 (1) of the Capital Act Code serves to determine the appropriateness of the consideration in the appropriate application of Section 231 (2) of the Capital Act. The external evaluator according to § 236 (3) of the German Capital Act (Capital Act) has the basic principles and assumptions of his valuation of the real estate, in particular all factors influencing the value, to be presented in the expert report. In its opinion, the auditor has to present and explain the value-added relationships and differences between the net asset value according to the asset purchase and the determined equity value. (2) After the acquisition of the shareholding, the auditor has to explain the value of the net asset value. in connection with newly acquired real estate or holdings of the real estate company § 248 (2) and (3) sentence 1 of the capital investment code, as a rule, to be applied accordingly. (3) The value of the shareholding in a real estate company pursuant to § 248 (4) and Article 250 (1) (2) of the capital investment code is subject to the provisions of Section 249 (3) of the German Real Estate Act. To determine a capital investment code on the basis of an asset creation. The current monthly asset creation at the time of the evaluation is decisive. The capital management company shall establish uniform principles for the quantity framework and the valuation of assets and liabilities. It should be noted in the principles that the accounts in the host countries of the real estate companies may have special features, in particular assets without assets and a non-credited item with a debt nature. The observance of the principles shall be confirmed in the context of the annual audit of the asset allocation in accordance with Section 249 (2) (2) of the Capital Investment Code. The annual financial statements pursuant to Section 249 (2) (2) of the German Capital Investment Code, the annual audit of the balance sheet in accordance with § 249 (2) of the Capital Investment Code and the valuation pursuant to § 248 (4) and § 250 (1) (2) of the capital investment code may be carried out by the same auditor if the respective conditions are fulfilled for the appointment of the auditor. (4) In the assessment pursuant to § 248 (4) and § 250 (1) (2) of the The statutory auditor has to determine a market-related value, such as: it is required in accordance with the general principles for the valuation of company participations. The starting point for the valuation is the net value according to the asset creation. The value for the real estate used in the property shall be replaced by the value of the value of the real estate last determined by the external evaluator or, if the latter has not yet been determined, by the purchase price. Further effects of this difference in value, for example on provisions or deferred tax assets and obligations, must be taken into account. Other assets and liabilities shall be assessed in accordance with the value scales of § 168 (1) to (7) of the Capital Investment Code. In addition, within the framework of the evaluation, special value components may be added at the discretion of the evaluating person, such as, for example, a business value according to the business model of the real estate company and its actual value. Business activity. This also applies to value components, for example, due to the aggravated marketing possibilities of participation, divergent profit distribution agreements or agreements on the credit balance if the company is dissolved. Value components which are related to the marketing of real estate held by the company can be found exclusively through the values determined by the external evaluator for the properties of the real estate, and the value of the value. (5) No separate valuation pursuant to Section 248 (4) and Section 250 (1) (2) of the capital investment code must be carried out for real estate companies in which a holding is not held directly for the account of the special assets, but only indirectly through another real estate company. The value of the holdings referred to in the first sentence may be determined together with the value of the directly held real estate company, which provides the special assets with the participation. (6) In determining the share price, the shareholding shall be determined by the Capital management company The value of the holding that the auditor has determined on the first day of the investigation, which follows the announcement of the value by the auditor to the capital management company, in place of the date of the shall be based on the value added. Until the next evaluation pursuant to Section 248 (4) and Section 250 (1) (2) of the capital investment code, the value of the shareholes is the capital management company's value under Section 249 (2) of the capital investment law on the basis of the To update monthly asset orders. The update may only extend to value components which are not subject to any significant discretionary powers. Any continuation shall also be made at the time of the valuation of the value in accordance with the first sentence, if events between the date of valuation and subsequent disclosure of the value give rise to it. (7) By way of derogation from the evaluation interval provided for by law, the To determine and to apply the value of the participation again in accordance with § 248 (4) and § 250 (1) (2) of the capital investment law if, in the opinion of the capital management company, the approach of the last-determined value on the basis of Changes in key valuation factors, which have been made by updating the last shall not be properly taken into account, shall no longer be appropriate. In principle, the following factors are not one of the main factors of assessment and must therefore be taken into account by means of continuation:
1.
Reassessment or initial assessment of a property by the external evaluator;
2.
New acquisition of a property or a real estate company;
3.
Sale of the sole property if the selling price does not deviate significantly from the value of the property;
4.
capital measures;
5.
Distributions;
6.
Borrowing or repayment of loans;
7.
subsequent corrections to the annual accounts at all levels of participation;
8.
Change in value by current income and expenses.
However, on a case-by-case basis, a re-evaluation may also be necessary in the case of the valuation factors referred to in the second sentence, in particular where the purchase or sale of a property is subject to substantial changes in other assets and liabilities of the company. (8) In the financial statements in accordance with § 101 (1) sentence 3, point 1 of the capital investment code, the capital investment code pursuant to § 248 (4) and § 250 (1) (2) of the capital investment code and the capital management company up to the reporting date of the continuing value of the direct for the invoice of the Investment assets held in real estate companies. Unofficial table of contents

Section 32 Special features in the case of assets with the character of an entrepreneurial participation

(1) For the purposes of Section 261 (6) sentence 1 and Section 271 of the Capital Investment Code, traffic values for corporate participations pursuant to Section 261 (1) (4) of the Capital Investment Code (assets with the character of a capital investment code) shall be: (b) to identify the principles recognised in the company's assessment. The following documents are to be documented:
1.
the criteria and the method of determining the value,
2.
the parameters used for the valuation of the value,
3.
the reference sources for the parameters observed on the market, and
4.
the calculation of the value at the date of acquisition.
(2) In the case of assets with the character of an entrepreneurial participation, the purchase price, including the acquisition costs, shall be used at the time of purchase as the value of the value of the purchase. The value of these assets shall be determined again at the latest after the expiry of twelve months after the acquisition or after the last evaluation and shall be used as a transport value. By way of derogation, the value of the value shall be determined again if the approach of the most recently identified value is no longer appropriate due to changes in essential valuation factors. The capital management company has to document its decision and the reasons it carries out. Unofficial table of contents

Section 33 Special features for installations in other property

(1) Other property values for which no special scheme applies in accordance with this Regulation shall be used with the transport value which could be achieved in the light of the current market conditions. (2) The transport value of a ship is in the To determine the rule by means of a yield value method. When evaluating with the aid of an evaluation model, the following parameters shall be taken into account:
1.
the Time Charter Treaty;
2.
charter revenue, taking into account related costs such as rescue fees and survey commissions;
3.
the cost of operating and operating costs, taking into account, where appropriate, any investment required to meet environmental standards and taking into account, where appropriate, income taxes which may be required;
4.
the scrap value at the end of the useful life;
5.
the maturity, risk, currency and tax equivalent discount interest rate.
If no time charter contract has been concluded in accordance with the first sentence of the first subparagraph, the long-term average charterrate of the last ten years shall be used. (3) The traffic value of an aircraft shall be determined by a yield value procedure. The value shall be determined taking into account the individual technical characteristics as well as the condition, age, type, equipment and maintenance intensity. The following parameters shall, in particular, be taken into account in the evaluation by means of an evaluation model:
1.
the level of the leasing rate;
2.
administrative and social costs;
3.
maintenance and maintenance costs;
4.
the residual value of the leasing object;
5.
the maturity, risk, currency and tax equivalent discount interest rate.
(4) The traffic value of a container shall be determined by means of a yield value procedure. The value shall be determined taking into account the location, condition and age of the container, as well as the leasing revenue and the related costs. The following parameters shall, in particular, be taken into account in the evaluation by means of an evaluation model:
1.
the container rental/leasingrate;
2.
administrative and social costs;
3.
maintenance and maintenance costs;
4.
repair costs;
5.
the container price;
6.
the maturity, risk, currency and tax equivalent discount interest rate.
(5) The traffic value of an installation for the production, transport and storage of electricity, gas or heat from renewable energy sources shall be determined by means of a yield value procedure. The value shall be determined taking into account the condition and age of the installation, as well as the amount and duration of the feed-in tariff. The following parameters shall, in particular, be taken into account in the evaluation by means of an evaluation model:
1.
the feed-in tariff;
2.
administrative and social costs;
3.
maintenance and maintenance costs;
4.
the current performance data/performance characteristics;
5.
the residual value;
6.
the maturity, risk, currency and tax equivalent discount interest rate.
(6) The traffic value of rail vehicles, rail vehicle stock and spare parts shall be determined by means of a yield value procedure. The value shall be determined taking into account the condition and age, as well as the level and duration of the leasing rate. The following parameters shall, in particular, be taken into account in the evaluation by means of an evaluation model:
1.
the leasing rate;
2.
administrative and social costs;
3.
maintenance and maintenance costs;
4.
the scraps of scrap;
5.
the maturity, risk, currency and tax equivalent discount interest rate.
(7) The traffic value of assets in which no current yields can be achieved on the basis of their design shall be determined using a substance value procedure. Unofficial table of contents

Section 34 Special features of special-AIF plants

(1) § 32 applies in accordance with open domestic special AIF with fixed investment conditions, which apply in assets in accordance with § 284 (2) (2) (e), (f), (h) and (i) of the capital investment code, to the extent that a deviation from the (2) § 32 applies accordingly to general open domestic special AIF and for closed domestic special AIF, which are held in corresponding assets shall apply within the meaning of paragraph 1. (3) The provisions of paragraphs 1 and 2 shall apply to the evaluation of Assets pursuant to Section 284 (2) (2) (e) of the Capital Investment Code, subject to the fact that these assets are always to be assessed in accordance with the recognized principles for the valuation of the property.

Section 4
Final provisions

Unofficial table of contents

Section 35 Transitional arrangements

(1) The provisions of Sections 1 and 2 shall apply to investment assets for the first time at the closing date which follows the entry into force of the investment conditions to be applied in accordance with § § 345, 351 or § 353 of the Capital Investment Code. In the case of Section 355 (2) sentence 3 of the Investment Code, the provisions of Sections 1 and 2 on UCITS shall be applied for the first time at the closing date following the adjustment of the investment conditions. (2) On real estate, which shall be held on 23 December. In 2009, Section 30 (2) (2) was to be applied for the first time as of 23 December 2014. In the period between December 23, 2009 and December 23, 2014, the capital management companies are obliged to set up linear provisions for the purposes of taxes within the meaning of Section 30 (2) (2) of the Special Fund. (3) The The provisions of this Regulation shall apply to closed investment assets, existing before 22 July 2013, to which the accounting rules of the capital investment code are to be applied, subject to the condition that the cost of the acquisition is due to the fact that the investment costs are not cumulatively. (4) The investment accounting and Evaluation Regulation of 16 December 2009 (BGBl. 3871), as defined by Article 3 of the Regulation of 28 June 2011 (BGBl). 1278), to be applied in the version in force on 21 July 2013 to the capital investment companies, special assets and investment companies existing on 21 July 2013, to the extent that these are subject to the transitional provisions § § 345 to 350 and 355 of the Capital Investment Code will continue to be applicable to the provisions of the investment law. Unofficial table of contents

Section 36 Entry into force, external force

This Regulation shall enter into force on 22 July 2013. At the same time, the Investment Accounting and Evaluation Ordinance of 16 December 2009 (BGBl. 3871), as defined by Article 3 of the Regulation of 28 June 2011 (BGBl). 1278), except for force.