Baur, Jürgen (), Investmentgesetze 2. Teilband, 2nd edition Busack, Michael and Stefan Sohl (), ‘Hedgefonds in Deutschland-Ein Marktüberblick’ . 4a. the Bundesrepublik Deutschland – Finanzagentur GmbH ; the Investment Act (Investmentgesetz – InvG) and German branches of similar. the Securities Trading Act, the German Investment Act (Investmentgesetz), the Maritime Workers” (Deutsche Rentenversicherung Knappschaft-Bahn-See).

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Section 10a, with the proviso that the employee shall receive the information in part D section III of the Annex. The fund has to adhere to direct or indirect risk-diversification requiring, in general, more than three assets with a different investment risk profile. I guess it’s just sloppy drafting and in the end it’s basically a “Floskel” and like many Floskeln it sounds pompous and indeed meaningless when translated into English.

In these cases it may, to clarify the matter, also conduct audits on the premises where the relevant activities are assumed to be occurring. For the purpose of financial supervision, the supervisory authority of the home member state is entitled to perform audits of its business operations on the premises of the branch, either using its own staff or persons acting on its behalf, after prior notification of the Supervisory Authority; section 81 1 sentence 3, and section 83 3 and 6 apply accordingly.

Does that make sense? Some OMs not only cover operational issues but also contain further provisions on liability, representations and warranties, etc.

However, this is not a substantial hurdle since the optimisation of business functions and processes, cost saving, expertise of the delegate in administration or in specific markets or investments as well as access of the delegate to global trading capabilities are considered objective reasons. The units of public investment funds may be acquired by an indefinite number of natural persons and legal entities, irrespective of whether the investors are retail, semi-professional or professional investors.

For this calculation and any further measures, section 2 deutschlanx sections to of the Cooperative Societies Act apply accordingly.

In the case of section 3 2 sentence 1 no. The fundamental right granted by Article 13 of the German Basic Law Grundgesetz is, to this extent, restricted. Section 6 2 no. Documentation Investment Management Agreement The Investment Management Agreement by which the Master-KVG delegates the portfolio management function to the asset manager will typically refer to the fund rules and the investment guidelines.

In particular, the Supervisory Authority may prohibit combinations of loan transactions and insurance contracts if the sum insured exceeds the loan. Nowadays most Master-KVGs have a focus on asset under administration mandates. The findings of this investigation shall be recorded and kept in accordance with section 8 1 to 5.

However, the obliged entities shall remain ultimately responsible for fulfilling such due diligence requirements. In all other cases, it shall begin upon conclusion of the calendar year in which the respective information was gathered. This does not apply to provisions for which the memorandum and articles of association expressly stipulate that amendments may also have effect on existing contracts.


For the purpose of guardianship, the insolvency court takes the place of the guardianship court.

Objections and actions for annulment shall have no suspensive effect. Such an exemption is investmentgeset possible with respect to participating interests and subsidiaries or parent undertakings in non-member states within the meaning of section 1 sentences 2 and 3, if the Supervisory Authority sees legal impediments to the transfer of the necessary information.

Simplified due diligence measures include the identification as referred to in section 3 1 no. This also applies to measures taken in accordance with section 81 2 sentence 1, section 83a, section 87 4 sentence 2, sections 87a and 89, also in conjunction with sections h, 3section d 2 and 3section b 4 and 5as well as section which describe restructuring measures subsection 3 below invdstmentgesetz if the notification specified above cannot be made in such cases, the supervisory authorities must be immediately investmentgewetz as soon as the measure has been ordered.


This shall not apply to disclosures:. The guarantee assets shall be drawn on only to the extent that allocations to the guarantee assets are prescribed section investmsntgesetz 1 to 4 and 6a. The undertaking shall be induced to discontinue the use of the name or addition thereto or term designating the object of the business by the imposition of an administrative fine; section of the Act on Matters Relating to Voluntary Jurisdiction shall apply accordingly.

The memorandum and articles of association may permit promissory notes instead of the above payments. The rules relating to the guarantee assets and any rights attached then apply accordingly to each of the separate accounts.

Approval in accordance with sentence 1 shall be granted at the discretion investmentgfsetz the Supervisory Authority. If it has objections to the appointment, the Supervisory Authority may require that another person be designated seutschland a reasonable period of time.

Their liability to pay contributions depends on the length of time they were members within the financial year. The Supervisory Authority may request the appointment of a different trustee if it has cause for doing so. Contracts for the purpose of transferring the portfolio of a mutual society wholly or partly to another undertaking are subject to approval by the senior representative body before coming into effect.

Sentences 2 to 5 do not apply if only the remuneration has been changed. I would understand this to mean that the American holidays would not be taken into account. Funds in accordance with sentence 1 no. The authorised agent shall be entered into the commercial register.

German PRO pts investmentgesdtz category: In voluntary long-term care daily benefits insurance, the general policy conditions may provide for an according increase in benefits instead of a premium reduction.

This is without prejudice to section Section 87 investmwntgesetz to 5 above apply accordingly.


BaFin – Acts – Supervision of Insurance Undertakings (VAG)

Objections to and actions to annul measures taken in accordance with section 1b 4 sentence 1 and subsection investmengtesetzsection 58, section 66 3section 81 2 in conjunction with section 5 1 or section 7 2section 81b 1 sentence 2, subsection 2 sentence 2, subsection 2a sentence 5, subsections 2b2c and 4sections 83, 83a, 87 1 nos.

To meet the qualification requirement, the manager must dispose of sufficient theoretical and practical knowledge relating to insurance business, as well as management experience. The provisions of the Insolvency Code relating to the protection of payment and securities settlement, of collateral security held by central banks investemntgesetz of financial collateral arrangements shall apply accordingly.

If an assessment of the financial recovery plan reveals that the rights of the policyholders are at risk because the financial situation of the insurance undertaking investmeentgesetz deteriorating, the Supervisory Authority may, in order to ensure that the undertaking will be able to meet the solvency requirements in the near future, require that the undertaking maintain a greater amount of own funds than is called for in the regulation pursuant to section 53c 2.

In this notification, the person shall indicate all the facts necessary to assess the reliability of the person and the names of the persons or undertakings from whom the participating interest is to be acquired; the documents mentioned under section 5 5 no. When processing and using information relating to gamblers and gambling transactions, the obliged entities shall take specific technical and organisational measures as referred to in section 9 sentence 1 of the Federal Data Protection Act Bundesdatenschutzgesetz — BDSG which meet the requirements of sentence 2 nos.

BaFin – Acts – Money Laundering Act

Such a majority is only required for other resolutions pursuant to subsections 1 to 3 above if not otherwise specified in the memorandum and articles of association. Managers are those natural persons appointed by virtue of law or the memorandum and articles of association or as authorised agents of a branch in a member state of the European Community or another signatory to the EEA Agreement to manage the business affairs and invest,entgesetz the insurance undertaking.

This is without prejudice to Section 81b 4. Drutschland 11b shall not apply in such cases. If the acquisition is not prohibited, the Supervisory Authority may set a time limit after which the person or partnership who has submitted the notification pursuant to subsection 1 sentence 1 or 4 above shall notify the Supervisory Authority as to whether or not the intended acquisition has been carried out.

For tax consultants and tax agents, the tax office Finanzamt shall be the administrative authority as defined in section 36 1 no.