Erscheinung:22.07.2013 | Topic Investment funds ESMA Guidelines on ETFs have been taken into account
Act Implementing the AIFM Directive has entered into force: BaFin has published Regulations on the Investment Code and updated its FAQs
On 22 July, the Act Implementing the Alternative Investment Fund Managers (AIFM) Directive entered into force. By virtue of the Act Implementing the AIFM Directive, the Investment Act was repealed and replaced by the Investment Code (Kapitalanlagegesetzbuch – KAGB).
This made it necessary to adapt a number of Regulations. BaFin has published on its website all six Regulations, which had previously been consulted (see Table 1), its updated Guideline on specifying fund categories (Fondskategorien-Richtlinie) and updated FAQs on eligible assets (Fragenkatalog zu erwerbbaren Vermögensgegenständen).
BaFin had previously published
- a Guidance Notice on the authorisation procedure for domestic AIF management companies (AIF-Kapitalverwaltungsgesellschaften) pursuant to section 22 of the KAGB (Merkblatt zum Erlaubnisverfahren für eine AIF-Kapitalverwaltungsgesellschaft nach § 22 KAGB),
- a Guidance Notice on the requirements for trustees acting as depositary (Merkblatt zu den Anforderungen an Treuhänder als Verwahrstelle),
- an Interpretive Letter on the scope of application of the KAGB and on the term “Investmentvermögen” (investment fund) (Auslegungsschreiben zum Anwendungsbereich des KAGB und zum Begriff des Investmentvermögens),
- FAQs on marketing and purchasing investment funds (Häufige Fragen zum Vertrieb und Erwerb von Investmentvermögen nach dem KAGB),
- FAQs on the transitional provisions pursuant to sections 343ff. (Häufige Fragen zu den Übergangsvorschriften nach den §§ 343 ff. des KAGB) and
- FAQs on outsourcing pursuant to section 36 of the KAGB (Häufige Fragen zum Thema Auslagerung gemäß § 36 KAGB).
Amended Regulations
| New: | Up till now: |
|---|---|
Kapitalanlage-Prüfungsberichtsverordnung - KAPrüfbV (Regulation on the Contents of Examination Reports for External Domestic Management Companies, Investment Stock Corporations, Investment Limited Partnerships and Funds - not yet published) | Investment-Prüfungsberichts-verordnung - InvPrüfbV |
Kapitalanlageschlichtungsstellen-verordnung - KASchlichtV (Regulation on the Arbitration Board Pursuant to Section 342 of the Investment Code) | Investment-Schlichtungsstellen-Verordnung - InvSchlichtV |
Kapitalanlage-Rechnungslegungs- und (Regulation on the Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds) | Investment-Rechnungslegungs- und Bewertungsverordnung - InvRBV |
Verordnung zum elektronischen Anzeigeverfahren für inländische Investmentvermögen und EU-Investmentvermögen nach dem Kapitalanlagegesetzbuch - EAKAV (Regulation on the Electronic Notification Procedure for Domestic Investment Funds and EU Investment Funds Pursuant to the Investment Code) | Verordnung zum elektronischen Anzeigeverfahren für richtlinienkonforme inländische Investmentvermögen nach dem Investmentgesetz - EAInvV |
Kapitalanlage-Verhaltens- und Organisationsverordnung - KAVerOV (Regulation on the Rules of Conduct and Organisational Rules Pursuant to the Investment Code) | Investment-Verhaltens- und Organisationsverordnung - InvVerOV |
Derivateverordnung - DerivateV (Regulation on Risk Management and Risk Measurement in the Use of Derivatives, Securities Loans and Repurchase Agreements in Investment Funds Pursuant to the Investment Code) | Derivateverordnung - DerivateV |
ESMA Guidelines
The revised DerivateV takes into account ESMA’s Guidelines on ETFs and other UCITS issues, which the European Securities and Markets Authority (ESMA) published in mid-July. The same applies to BaFin’s Guideline on specifying fund categories and updated FAQs on eligible assets (question no 5).
