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

Date: 22.07.2013

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 By virtue of the Act Implementing the AIFM Directive, the Investment Act was repealed and replaced by the Investment Code (Kapitalanlagegesetzbuch – KAGB).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

Amended Regulations

Amended Regulations (only available in German)
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
-Bewertungsverordnung - KARBV

(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).

Additional information

Did you find this article helpful?

We appreciate your feedback

* Mandatory field