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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An exchange of information with the competent authorities of non-member states within the meaning of section 1 sentences 2 and 3 is only permitted if these authorities and the persons commissioned by them are subject to a secrecy requirement in accordance with subsection 1 sentence 1 above. The obliged entity as defined in section 2 1 no. Subordinated entities of a financial conglomerate within the meaning of this Act include the supervised entities of a financial conglomerate and the mixed financial holding company, insofar as they are not superordinated entities of a financial conglomerate, as well as financial firms, undertakings offering ancillary services, reinsurance undertakings and insurance holding companies belonging to the conglomerate.

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 deitschland BDSG which meet the requirements of sentence 2 nos.

The Federal Ministry of Finance may set a minimum fee. Sections 58 and 59 do not apply to public law insurance undertakings established under the laws of the individual federal states and subject to their supervision, for which additional requirements with respect to the auditing of the annual accounts in accordance with section k of the Commercial Code have been imposed under the laws of the individual federal deutwchland.

If you want to copy vocabulary items to the vocabulary trainer, click deutschlanc “Import” in the vocabulary list. Intra-group transactions at conglomerate level: The restricted assets may only be invested in assets not mentioned above if permitted in the individual case by the Supervisory Authority upon request in an exceptional situation for a limited period of time and if the interests of the insured are not thereby impaired.


The latter shall issue the rules in consultation with the supervisory authorities of the individual federal states. Further details on the cash flow statement may be required by regulation in accordance with sentence 1, if required for the purposes of insurance supervision.

View forum View forum without registering on UserVoice. No usage examples were found in the Internet. Sections 55 and 55a above are applicable with the proviso that. This requires that the terms and conditions for the fund or written investment guidelines satisfy certain criteria laid down in section 1 para.

The fees are determined based on the gross income gross premiums, contributions, advance deutschlnad supplementary contributions, cost allocations deutscgland by the primary insurance undertakings in the previous financial year under insurance contracts concluded in the member states of the European Community and other signatories to the EEA Agreement and which undertakings exclusively operating reinsurance business realised under insurance policies written in Germany, but after deduction of any refunded surplus or profit participation.


Undertakings that are parents that hold a participating interest or that are members of a horizontal group.

Entering the German investment market as a non-German asset manager

Objections to and actions to annul measures taken in accordance with section 1b 4 sentence 1 and subsection 5section 58, section 66 3section 81 2 in conjunction with section 5 1 or section 7 2section 81b investmentgesstz sentence 2, subsection 2 sentence 2, subsection 2a sentence 5, subsections 2b2c and 4sections 83, 83a, 87 1 nos. However, the obliged entities shall remain ultimately responsible for fulfilling such due diligence requirements.

Liquidators shall be subject to the same duties. Notwithstanding the publication provided for in section 30 of the Insolvency Code, the insolvency court must publish excerpts from the order to open insolvency proceedings in the Official Journal of the European Union.

If the comparison to be submitted to the Supervisory Authority and the trustee indicates a deviation of more than 10 percent for a certain tariff, provided the general policy conditions do not require a lower percentage, the undertaking shall examine all premiums subject to this tariff and, if the deviation may be considered to be more than just temporary, adjust them with the approval of the trustee.

Approval is deemed to have been refused if the Supervisory Authority has not made a decision by the end of the above period. This typically entails that the asset manager organises his internal audit function along the lines of the applicable German rules.

In the cases of sentences 1 and 3, subsection 1 sentence 4 above applies accordingly. Section 12b 3 and 4 and section 12d 2 apply accordingly. Term search All of ProZ. The Investment Management Agreement will not only address the appointment of the asset manager and its representations, but also the limits for any investment decisions, pre-investment obligations as well as numerous other duties of the asset manager permitting the Master-KVG to comply with its regulatory obligations despite the delegation.

Simplified due diligence measures include the identification as referred to in section 3 1 no. A three-fourths majority of votes cast is required to pass the resolution. The provisions of the Insolvency Code relating to the protection of payment and securities settlement, of collateral security held by central banks and of financial collateral arrangements shall apply accordingly. The special AIF will be governed in accordance with the general and special fund rules which set forth the investment restrictions.

This means that the Master-KVG is liable for breaches of investment limitations and other errors and violations of investment regulation.

BaFin – Acts – Supervision of Insurance Undertakings (VAG)

In addition to interest payments from the annual income, the memorandum and articles of association may grant them a right to participation in the surplus as shown in the annual balance sheet; it is within deutschlnd discretion of the Supervisory Authority to decide on the maximum percentage of the interest and total payments received on the paid-in cash investmwntgesetz.

In exercising the voting rights, the trustee shall take into account the need to ensure sound and prudent management of the insurance undertaking. It is subject to approval by the Supervisory Authority, which shall inform the court of registration of such approval.


For the calculation of the minimum amount of other restricted assets, amounts up to 50 percent of the outstanding premiums that have become due during the last three months from primary insurance business and reduced by the valuation allowance may remain unconsidered.

Section 3 4 sentence 2 shall apply mutatis mutandis. The Supervisory Authority shall approve the application if the terms set forth in this subsection have been fulfilled. Sentences 3 and 4 also apply to the audits under subsection 3 above, if the premises are also used for residential purposes or if the business documents are located at other premises which are used for residential purposes by persons required to provide information pursuant to subsection 1 sentence 1 no.

The memorandum and articles of association shall specify how a management board, a supervisory board and senior representative body senior body; assembly of members or of representatives of the members shall be established. A Master-KVG is, in principle, obliged to maintain a permanent risk controlling function which is functionally and hierarchically separate from the investmmentgesetz units including portfolio management.

All kinds of payments, in particular the payment of insurance benefits, profit distributions and, for life insurance, surrenders or policy loans or advances may be temporarily prohibited. In these cases it may, to clarify the matter, also conduct audits on the premises where the relevant activities are assumed to be occurring.

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Units of special AIFs on the other hand may only be acquired by semi-professional or professional investors but not by retail investors. A non-member state is also a quasi-governmental entity with independent regulatory powers, provided the rules and regulations of European community law concerning the freedom of movement, of establishment and the provision of cross-border services do not apply. Nowadays, following several decisions from the European Court of Justice, no VAT is, in principle, due on the portfolio management services if they relate investmentgesezt investment funds within the meaning of the German Investment Tax Act Investmentsteuergesetz — InvStG.

Investmentgesezt insurance creditors can claim the proportion of the minimum guarantee assets in accordance with section 66 1a to which they are entitled as at the date on which insolvency proceedings are opened. The Supervisory Authority may. If insolvency proceedings are opened against an insurance undertaking in a member state or EEA state, the proceedings shall be recognised notwithstanding the requirements pursuant to section 1 of the Insolvency Code.

For the purposes of deutschlahd provision, “third parties” means institutions and persons domiciled in a member state of the European Union and falling under section 2 1 nos. Use of cookies by Norton Rose Fulbright. Objections and actions for annulment shall have no suspensive effect.

This is without prejudice to Section 81b 4.