Ordinance on Investment Undertakings (Investment Undertakings ...

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c) it is published in an appropriate manner. 4) If the objective of the investment policy is to replicate such an index, the threshold for investments in a single issuer shall increase to 20%. 5) If the security of an issuer dominates an index, the limit according to paragraph 4 may be increased to 35% in the full prospectus. All other investments may not exceed the limit of 20%. c) Deviation from investment rules Article 47 Deviation from investment rules 1) A newly established investment undertaking need not fulfill the investment rules during the first six months at the longest. After submission of the notification in accordance with article 82, paragraph 2, all risk diversification requirements must be complied with. 2) If the management company, the depositary bank, or the external audit office discovers a deviation from the investment rules due to the exercise of subscription rights or price fluctuations, the necessary countermeasures shall be taken as quickly as possible and at the latest within the following periods: a) in the case of investment undertakings valued daily, within five banking days; and b) in the case of all other investment undertakings, within 20 days of valuation of the net asset value. d) Investment techniques and investment instruments Article 48 Derivative financial instruments 1) To the extent the full prospectus permits investments in derivative financial instruments according to article 4 or if necessary to hedge against the risks associated with the investment (price, interest, currency, 32
creditworthiness risk, etc.), an investment undertaking for transferable securities may conduct transactions with derivative financial instruments. 2) The use of derivative financial instruments for purposes of speculation shall not be permissible. 3) Derivative financial instruments shall be permissible if they directly or indirectly concern transferable securities covered by article 40, paragraph 1 of the Act and the risks associated therewith. 4) Investment undertakings conducting transactions with derivative financial instruments shall take into account the principles recognized by international expert circles for the monitoring and control of the risks, depending on the type and scope of these transactions. 5) The management company shall lay down in writing its principles for the use of derivative financial instruments. These principles shall be kept up to date. 6) Index-based derivative financial instruments shall be considered as a whole. The individual index components shall not be taken into account. 7) The external audit office shall review the requirements according to paragraphs 1 to 6 and issue its conclusions in the audit report. Article 49 Risk management procedure 1) The management company shall use a base model to calculate the risks arising from the investment instruments, especially with respect to derivative financial instruments, and shall use generally recognized calculation methods in this regard. The management company must ensure that at no point in time the risk from derivative financial instruments exceeds the total value of the portfolio, and in particular that no positions are entered into that represent an unlimited risk for the assets. The overall risk of the portfolio may not exceed 200% of the net asset value. In assessing the overall risk, both the default risk and the leverage effect achieved through derivative financial instruments must be taken into account. Combinations of derivative financial instruments and transferable securities must also fulfill these requirements at all times. 2) When taking out loans in accordance with article 50, paragraph 2, the overall risk may not exceed 210% of the net asset value. 33
Page 1 and 2: Ordinance of 23 Au
Page 3 and 4: tractually governed forward transac
Page 5 and 6: Article 8 Name 1) The name of an in
Page 7 and 8: a) the full prospectuses so provide
Page 9 and 10: 5. Business report, half-yearly rep
Page 11 and 12: Article 20 Business report and half
Page 13 and 14: Article 23 Quarterly reporting 1) T
Page 15 and 16: thorize additional cancellation dea
Page 17 and 18: 5) Amendments to the prospectus for
Page 19 and 20: 1. accounting services required by
Page 21 and 22: pecially in the event of insolvency
Page 23 and 24: D. Investment rules 1. Investment u
Page 25 and 26: ments), if they are permissible as
Page 27 and 28: nized international accounting prov
Page 29 and 30: article 39 and article 43, paragrap
Page 31: ) Special limitations Article 45 In
Page 35 and 36: term loans for repaying units, up t
Page 37 and 38: Article 55 Special requirements 1)
Page 39 and 40: Article 58 Securing liabilities 1)
Page 41 and 42: considered unsegmented. All documen
Page 43 and 44: Article 68 Forms With respect to se
Page 45 and 46: Article 72 Volume and term 1) If it
Page 47 and 48: Article 78 Special obligations of t
Page 49 and 50: m) a confirmation by the Office of
Page 51 and 52: 4) The organization, in particular
Page 53 and 54: Article 87 b) Equity position If th
Page 55 and 56: V. Supervision of management compan
Page 57 and 58: Article 95 Foreign audit offices A
Page 59 and 60: a) the accounts are being kept prop
Page 61 and 62: a) the accuracy of the business and
Page 63 and 64: ) the information concerning issue,
Page 65 and 66: Minimum content of the full prospec
Page 67 and 68: *2.1 designation or company name, d
Page 69 and 70: 4.2 main activity. 5 Information on
Page 71 and 72: 2.5 profile of the typical investor
Page 73 and 74: niques and instruments, especially
Page 75 and 76: 2. Off-balance-sheet operations The
Page 77 and 78: 6. Number of units in circulation 6
Page 79 and 80: 1.4.2 buildings on which constructi
Page 81 and 82: 5. Change of net assets For each in
Page 83:
account. 83
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Ordinance on Investment Undertakings (Investment Undertakings ...

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