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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BaFin – Acts – Supervision of Insurance Undertakings (VAG)

The powers of the members of the management board to represent the society shall also be entered. The obliged entity which must clarify whether the contracting party or the beneficial owner is a close associate of a person who exercises a prominent public function shall be required to do so only to the extent that such relationship is known to the public, or it has reason to believe that such a relationship exists; however, it is not required to conduct investigations into the matter.

Those concerned shall tolerate measures taken in accordance with sentence 1 above. For obliged entities defined in section 2 1 nos. If the undertaking refuses to be audited or if the audit gives rise to any objections against the participating interest, the Supervisory Authority shall prohibit the insurance undertaking from maintaining its participating interest.

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

At the end of the financial year, a copy of the entries made during that year shall be submitted to the Supervisory Authority; the management board shall certify the accuracy of the copy.

Undertakings that are parents that hold a participating interest or that are members of a horizontal group. In the cases described in this subsection, third parties shall, directly and without undue delay, transmit to the obliged entities the data and information obtained upon carrying out measures equivalent to those under section 3 1 nos.

Section investkentgesetz applies accordingly. The asset management of these investors is regulated under the Investment Ordinance Anlageverordnung.

Before Master-KVGs could be established, fund management companies managed on their own the portfolios of their funds whereas asset managers were limited to directly managing the portfolios for their own retail and institutional clients.


At the same time it has to be ensured that all the contractual and liability aspects of using a transition manager are properly clarified. Close linkage within the meaning of sentence 1 is deemed to exist if one or several companies or one or several natural persons are affiliated. Calculation on the basis of the consolidated investmentvesetz method 1 may only be applied if, and insofar as, the Supervisory Authority deems the scope and quality of the integrated management and the internal control mechanisms with regard to the consolidated companies to be sufficient.


Individual subordinated entities of a financial conglomerate within the meaning of subsection 3 sentence 5 may also be exempted if the Supervisory Authority deems their inclusion in supervision at conglomerate level to be inappropriate or misleading.

Any such contracts investemntgesetz with other undertakings do not become effective until three months have elapsed from their submission to the Supervisory Authority, provided the latter does not object on the grounds set forth in section 8 1.

Otherwise, it shall inform the undertaking before the above period expires that the approval to operate cross-border direct insurance business will not be granted, naming the grounds for iinvestmentgesetz. The court determines such expenses and remuneration at the request of the trustee; no further appeal is permissible.

Login or register free and only takes a few minutes to participate in this question. In order to manage the risks inherent in derivatives for instance, each Master-KVG must implement special risk management systems and procedures, which are adapted to the special risks of derivative investments. As a minimum requirement, the Master-KVG has to: These generally include precious metals such as gold, silver and platinum, precious stones, jewellery and watches, works of art and investmehtgesetz, motor vehicles, ships, motor boats and aircraft.

Managing German investment funds Structure and investment process When a German institutional investor assigns a mandate to an asset manager, during the RFP process the asset manager will usually be required to provide information on the German Master-KVG it intends to cooperate with, the designated depositary bank, and which pricing model will be used.

Section 11a 1 sentences 2 to 4, as well as 2 and 2a apply accordingly. Balance sheet values are the gross amounts stated for overall insurance business, less the amounts for ceded reinsurance business.

It has to review the risk management systems with adequate frequency at least once a year and adapt them whenever necessary. If no new appointment is made or if the Supervisor Authority invextmentgesetz has objections to the newly appointed auditor, it shall itself appoint an auditor. Striving for more efficiency the depositary banks were, starting in the s, replaced by a single global custodian. With respect to accounting, the provisions of the second subpart of the invetmentgesetz part in conjunction with the inestmentgesetz of the first and second parts of the third book of the Commercial Code apply accordingly.


Funds in accordance with sentence 1 no. This does not apply to life insurance, health insurance of the type mentioned in section 12, private compulsory long-term care insurance in accordance with section 12f and the insurance classes referred to in section 65 4.

Geltungsbereich | German to English | Investment / Securities

If pursuant to section 13 and 4 of the Commercial Code and the regulation issued pursuant to this authorisation, insurance undertakings are not subject to the requirement to have their annual accounts audited, sections 58 and 59 of this Act shall not be applicable. If it is impossible to postpone the transaction, or if doing so could frustrate efforts to pursue the beneficiaries of a suspected criminal offence, the execution of the transaction shall be permitted; the suspicious transaction report shall be filed subsequently without undue delay.

Transition Management With more and more institutional investors making use of only one Master-KVG and often also just one global custodian for all of their assets, a very large number of portfolios have been transferred between KVGs. This also applies to any other persons who gain access to the information mentioned in sentence 1 by way of official reporting. Where a business relationship already exists, the obliged entities shall terminate or otherwise end the business relationship regardless of any other statutory provisions or contractual terms.

The Supervisory Authority may prohibit the holder of a qualified participating interest, as well as the undertakings controlled by it, from exercising its voting rights and stipulate that disposition of the shares is subject to the approval of the Supervisory Authority if.

The same applies if it issues orders with respect to a business activity carried on in accordance with subsection 1 sentence 1 above.