Federal Act on Investment Funds (Investment Funds Act 2011)

Federal Act on Investment Funds (Investment Funds Act 2011) Table of contents Part 1 General provisions Section 1 Section 2 Section 3 Section 4 Scope Undertakings for collective investment in transferable securities (UCITS) Definitions Derogations Part 2 Management and supervision of UCITS Chapter 1 Management companies Article 1 Conditions for taking up business Section 5 Section 6 Section 7 Article 2 Licence requirement and scope of the licence Application for a licence and grant of the licence Revocation and lapse of licences Operating conditions Section 8 Section 9 Section 10 Section 11 Section 12 Section 13 Section 14 Section 15 Section 16 Section 17 Section 18 Section 19 Section 20 Section 21 Section 22 Section 23 Section 24 Section 25 Section 26 Section 27 Section 28 Section 29 Section 30 Section 31 Section 32 Section 33 Section 34 Section 35 Own funds State commissioners General organisational requirements Investor complaints Electronic records Accounting of the management company Control by senior management and the supervisory board Compliance Internal audit Risk management Personal transactions Recording of portfolio transactions Recording of subscription and repurchase orders Record-keeping requirements Criteria for the identification of conflicts of interest Conflicts of interest policy Independence in conflicts management Management of activities giving rise to a potentially detrimental conflict of interest Strategies for the exercise of voting rights in respect of investments Investor protection in the case of individual portfolio management Delegation of functions of the management company to third parties Duty to act in the best interests of UCITS and their unit holders Due diligence requirements Handling of subscription and repurchase orders, and disclosure requirements Best execution of decisions to deal on behalf of the managed UCITS General principles for handling orders in the context of collective portfolio management Aggregation and allocation of trading orders Granting and accepting inducements to the disadvantage of the UCITS Investmentfondsgesetz_BGBl77_2011_englisch.doc Hinweis: Nichtamtliche Version. 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Seite 1 von 107 www.voeig.at Vereinigung Österreichischer Investmentgesellschaften Article 3 Freedom of establishment and freedom to provide services Section 36 Section 37 Section 38 Chapter 2 Management companies from Member States in Austria Austrian management companies in Member States Supervision in respect of the freedom of establishment and the freedom to provide services Custodian bank Section 39 Section 40 Section 41 Section 42 Section 43 Section 44 Section 45 Chapter 3 UCITS Article 1 Requirement of a custodian bank Tasks of the custodian bank Requirements on the custodian bank Content of the agreement between the management company and the depositary Liability of the custodian bank Independence of the custodian bank Remuneration of the custodian bank and the management company Portfolio of assets Section 46 Section 47 Section 48 Section 49 Article 2 Unit certificates Investment compartments Accounting year of the fund Annual and half-yearly reports Approval of UCITS and general provisions Section 50 Section 51 Section 52 Section 53 Section 54 Section 55 Section 56 Section 57 Section 58 Section 59 Section 60 Section 61 Section 62 Section 63 Section 64 Section 65 Article 3 Approval of UCITS Register of unit holders Power of disposal over the assets of a UCITS Fund rules Liability Issuance, repurchase and redemption of units Suspension of repurchase or redemption Calculation of the value of units; issue price Appropriation of profit and distribution Remuneration Termination of management by the management company Replacement of the management company or the custodian bank Management by the custodian bank or another management company Winding-up of a UCITS Conversion into a special fund Split-off Investment rules Section 66 Section 67 Section 68 Section 69 Section 70 Section 71 Section 72 Section 73 Section 74 Section 75 General principles, risk spreading Liquid financial assets Prohibition of investment in precious metals Securities Money market instruments Units in UCITS and UCI Deposits repayable on demand and deposits which have the right to be withdrawn Derivatives Quantitative limits to avoid issuer concentration Quantitative investment limits for index funds Investmentfondsgesetz_BGBl77_2011_englisch.doc Hinweis: Nichtamtliche Version. 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Seite 2 von 107 www.voeig.at Vereinigung Österreichischer Investmentgesellschaften Section 76 Section 77 Section 78 Section 79 Section 80 Section 81 Section 82 Section 83 Section 84 Article 4 Quantitative limits for investments in issues issued or guaranteed by public bodies Quantitative limits for investments in UCITS or UCI Quantitative limits to prevent influence over issuers Exceptions and derogations from the investment limits Prohibition of borrowing and granting loans In rem disposals over assets Uncovered sales Repurchase agreements Securities lending Risk management of the UCITS Section 85 Section 86 Section 87 Section 88 Section 89 Section 90 Section 91 Section 92 Article 5 Risk management process Risk management policy Measuring and managing risks Liquidity risk management Calculation of global exposure Commitment approach Counterparty risk and issuer concentration Procedures for the valuation of OTC derivatives Master-feeder structures Section 93 Section 94 Section 95 Section 96 Section 97 Section 98 Section 99 Section 100 Section 101 Section 102 Section 103 Section 104 Section 105 Section 106 Section 107 Section 108 Section 109 Section 110 Section 111 Section 112 Section 113 Article 6 Mergers Section 114 Section 115 Section 116 Section 117 Section 118 Section 119 Section 120 Section 121 Section 122 Section 123 Feeder UCITS Master UCITS Approval of the master-feeder structure by the FMA Agreement between feeder UCITS and master UCITS Choice of the law applicable to the agreement Internal rules between master UCITS and feeder UCITS Coordination of timing Suspension of repurchase, redemption or subscription Winding-up of a master UCITS Application for the approval of the winding-up Approval of the winding-up Merger or division of a master UCITS Application for approval of the merger or division Approval of the merger or division Depositaries of master UCITS and feeder UCITS Content of the information-sharing agreement between the depositaries of the master UCITS and the feeder UCITS Auditors Content of the agreement between the auditors of the master UCITS and the feeder UCITS Conversion of existing UCITS into feeder UCITS and change of master UCITS Monitoring of the master UCITS by the management company of the feeder UCITS Obligations of the master UCITS and the FMA Principles Approval of the merger of a merging UCITS approved in Austria Assessment of information for unit holders in the merger of a receiving UCITS approved in Austria Draft terms of merger Review of the draft terms of merger by the depositaries Certification by the auditor Information to unit holders Content of the information to be provided to unit holders New unit holders Unit holders’ right to redemption and exchange Investmentfondsgesetz_BGBl77_2011_englisch.doc Hinweis: Nichtamtliche Version. 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Seite 3 von 107 www.voeig.at Vereinigung Österreichischer Investmentgesellschaften Section 124 Section 125 Section 126 Section 127 Chapter 4 Costs Entry into effect Consequences of the merger Facilitations in non-cross-border combinations of funds Information to be provided to investors, advertising and marketing Article 1 Advertising and offering of units Section 128 Section 129 Section 130 Article 2 Advertising units of UCITS Offering of units Protection of designations Prospectus and information to be provided to investors Section 131 Section 132 Section 133 Article 3 UCITS prospectus Individual and sporadic information obligations Manner of providing information Key investor information – client information document Section 134 Section 135 Article 4 Client information document (CID) Content of the CID Publications and information modalities Section 136 Section 137 Section 138 Article 5 Publications Information to be provided to the FMA Time and way of providing the prospectus, CID and annual report to investors Marketing of units of UCITS in Member States other than the country where the UCITS was approved Section 139 Section 140 Section 141 Section 142 Chapter 5 Marketing in other Member States of units of a UCITS approved in Austria Marketing in Austria of units approved in another Member State Measures for protecting unit holders of a UCITS approved in another Member State Information obligations of a UCITS approved in another Member State Supervision and cooperation at European and international level Article 1 Prudential rules Section 143 Section 144 Section 145 Section 146 Section 147 Section 148 Section 149 Section 150 Section 151 Section 152 Section 153 Section 154 Section 155 Section 156 Supervision Determination of costs Data protection Professional secrecy Inspections and verifications Supervisory measures Cooperation with courts and law enforcement agencies Publications Notifications to be provided to the FMA Periodic reporting requirements Communication with the FMA – electronic transmission Reporting obligation of auditors Information by the FMA on relevant statutory provisions Information of the FMA on measures involving master-feeder funds Investmentfondsgesetz_BGBl77_2011_englisch.doc Hinweis: Nichtamtliche Version. 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Seite 4 von 107 www.voeig.at Vereinigung Österreichischer Investmentgesellschaften Article 2 Cooperation at European and international level Section 157 Section 158 Section 159 Section 160 Section 161 Section 162 Contact point and exchange of information Cooperation in investigations and on-the-spot verifications Refusal to cooperate Consultation of authorities and reports to the European Commission, the ESMA and the ESRB Cooperation to monitor management companies according to Section 38 Precautionary measures Part 3 AIF Chapter 1 Domestic AIF: special funds, other portfolios of assets, pension investment funds Article 1 Special funds Section 163 Section 164 Section 165 Article 2 Special funds Applicable provisions Notification obligation Other portfolios of assets Section 166 Section 167 Article 3 Other portfolio of assets Applicable provisions Pension investment funds Section 168 Section 169 Section 170 Section 171 Section 172 Section 173 Section 174 Chapter 2 Applicable provisions Requirements for acquisition Appropriation of profit Rules concerning investments Derivative products Prospectus Fund rules and redemption plan Rules concerning the marketing of units of foreign AIF in Austria Section 175 Section 176 Section 177 Section 178 Section 179 Section 180 Section 181 Section 182 Section 183 Section 184 Section 185 Scope of application Requirements for the admissibility of a public offer Disclosure provisions Annual report, statement of assets and liabilities, issue price and repurchase price Authoritative German text Representative Notification obligation Waiting period - prohibition of marketing Advertising Provision of prospectuses, annual reports and half-yearly reports free of charge Continued use of general designations Investmentfondsgesetz_BGBl77_2011_englisch.doc Hinweis: Nichtamtliche Version. 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