Deutschland hat das Investmentgesetz am Dezember verändert, um es zur OGAW IV-Richtlinie (Richtlinie /65/EC) gemäß zu machen. Eingeführt. the Banking Act (Kreditwesengesetz), the Securities Trading Act ( Wertpapierhandelsgesetz), the Investment Act (Investmentgesetz) (replaced. Investmentgesetz – Kommentar mit Bezügen zum Kapitalanlagegesetzbuch. Norman Mayr, LL.M. §§ InvG. in: Emde/Dornseifer/Dreibus/Hölscher, .

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Themes Finance, Banking, Insurance. Questa legge introduce diversi cambiamenti, per quanto riguarda le imposte, in materia di fondi di micro finanza e nel controllo del regime degli investimenti.

Section 4 Authorisation c. An appropriate order-to-trade ratio shall be deemed to exist in particular if such ratio is economically reasonable based on the liquidity of the respective financial instrument, the specific market situation or the function of the trading enterprise.

Tools Share content Share Webcode https: The reference to section 33 1 of the Securities Trading Act is now included in section 28 1 sentence 3 of the Investment Code.

Section 16 Stock exchange rules and regulations f. However, especially in the second half of German private investors again deinvested from investment funds. The Exchange Supervisory Authority may require the information and documents to be transmitted investmentgesez data carriers that can be processed automatically. A confirmation email has been sent. Investment fund companies will thus bear the price investmejtgesetz their informationally favored position, by being the issuers of information that consumers will no longer have to look for for themselves.

Human translations with examples: Context and Summary The European Directive on investment funds undertakings for collective investment in transferable securities — known as UCITS IV aims at increasing the investmentgeestz of the investment 201 business as well as creating a competitive framework at the European level for such activities.

This translation is furnished for information purposes only and may refer to an older version of the text. Deutschland hat das 210 am Please click on the confirmation link inside to finish your subscription. The Exchange Supervisory Authority shall publish a notice on its website without undue delay if it takes any measures of the type described in sentence 1 no. Section 2a Exceptions investmentgesetzz.

  ISO 6486-1 PDF

More on this topic Format: Section 26a Order-to-trade ratio k. The directive also includes, as part of the way to attain those objectives, special attention to increased investor protection. Parameters of orders within the meaning of sentence 1 include, in particular, decisions on whether to initiate the order, on the timing, price or quantity of the order, or on how to manage the order after its submission with limited or no human intervention.

Admission to the exchange may also be suspended for the duration of any default on payment of the fees prescribed under section 17 1 nos. Amendments introduced by the High Frequency Trading Act are marked in bold and italics.

II Germany implements the UCITS IV directive | Sectorial Analysis | the Journal of Regulation

For an enterprise that is not domiciled in Germany and that is not an enterprise within the meaning of section 53b 1 sentences 1 and 2, sentence 1 shall apply with the proviso that a complete application for authorisation must be submitted by 14 February This should enable investemntgesetz better fluidity of the market.

Did you find investemntgesetz article helpful? This is justified by the Ministry of Finance by the similarity of the interests involved with any of these funds. Section 1 Definition of terms b.

Section 31f Operation of a multilateral trading facility e. Hence, the price of the market should reflect this informational fluidity, and obliging investment fund companies to inform their customer should break down informational dams.

Section 33 Organisational requirements 4. Also, Germany spontaneously decided to require that investment companies, in the case of mergers or master-feeder structures provide information to the investors using durable media — letters and emails. Section 32c Execution of client orders by systematic investmentgesehz f. If there is evidence to justify the assumption that exchange law rules or regulations are being infringed or other irregularities have occurred which could pose a threat to the orderly conduct of trading on an exchange or the settlement of exchange transactions, the Exchange Supervisory Authority may, to the extent necessary to perform its invesrmentgesetz, demand information and documents as investmenrgesetz as copies thereof from anyone, and may subpoena invrstmentgesetz question individuals.


The original German text is binding in all respects. The order-to-trade ratio shall be determined for each financial instrument on the basis of the numerical volume of the respective orders and transactions over the period of one month. Once consumers obtain a sufficient level of information, their decision and market positioning on the investment fund products can become well-informed, and thus their choices more rational.

The German investment law will thus be modified in accordance with the directive.


We appreciate your feedback helpful less helpful. Section 12 Exchange Council e. Article 7 Entry into force. Section 24 Exchange price j. The Disciplinary Committee may also reprimand issuers or impose a fine of up to two hundred and fifty thousand euros if they, or any person operating on their behalf, wilfully or negligently breach the investmentgesstz associated with their admission to the exchange.

Subject to the requirements of sentence 1, conditions may be subsequently imposed, or existing conditions may be retrospectively amended. Section 4 Functions and powers d. Section 10 Obligation of confidentiality d. Determination of the minimum tick size pursuant to sentence 1 shall pay particular attention to ensuring that the minimum tick size does not undermine the price discovery mechanism or the objective of an appropriate order-to-trade ratio within the meaning of section 26a.

Investmentgesetz pdf