Ordinance on Investment Undertakings (Investment Undertakings ...

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Article 10 Expenses 1) The amount and the calculation bases of expenses according to article 6, paragraph 3, subparagraph (k) of the Act must comply with article 11 of the Act. 2) Charges against the assets of an investment undertaking or of the investor shall be listed in detail in the full prospectus and in summary in the simplified prospectus and broken down by the beneficiary in question, in particular: a) payments to the management company of the investment undertaking, to the depositary bank, and to the persons entitled to market units (e.g., issue and redemption commissions); and b) incidental charges for the purchase and sale of the investments (e.g., brokerage, fees), other costs, and public duties and taxes. 3) Payments independent of the assets (fixed), payments dependent on the assets (variable), and payments dependent on profit shall be distinguished. Article 11 Transparency of costs All commissions and costs that are continuously charged against the assets of an investment undertaking shall be disclosed in the business report and the half-yearly report in accordance with general principles recognized by the FMA (total expense ratio, TER). 3. Restructuring Article 12 Forms and preconditions 1) The management company may merge or split investment undertakings or transfer their assets to a different investment undertaking. 2) The management company and the investment undertaking may change their legal form (transformation). 3) Investment undertakings may be merged or transferred if: 6
a) the full prospectuses so provide; b) the provisions of article 64 of the Act are complied with; c) the full prospectuses do not diverge significantly with respect to the costs charged against the assets of the investment undertaking; d) the investment undertakings are valued at the time of merging or transfer using the same basis of valuation, the exchange ratio is specified, and the assets and liabilities are assumed; and e) the investment undertaking and the investors do not incur any direct costs. 4) Paragraph 3 shall apply mutatis mutandis to the splitting of investment undertakings or the merging, transfer, and splitting of segments. 5) Unit-holders must be given the opportunity to return their units without additional costs within a reasonable period, with the exception of the costs provided in the prospectuses. 6) In individual cases, the FMA may specify additional conditions or grant easements. Article 13 Principles of procedure for merging, transfer, and splitting 1) The details of the procedure for merging investment undertakings shall be laid down in the full prospectus. In particular, the full prospectus shall contain details concerning the right of investors to return their units. 2) At the time of merging or transfer, the investors shall receive units in accordance with the specified exchange ratio. 3) In the case of merging and transfer, the provisions concerning the liquidation of investment undertakings according to article 17 of the Act shall not be applicable. 4) The FMA may grant a suspension of the redemption of units if the merging or the transfer of the assets takes more than one day. 5) The management company shall inform the FMA of the formal conclusion of the merging or transfer. The external audit office shall confirm the conclusion to the FMA. 6) The provisions of this Article shall be applicable mutatis mutandis to the splitting of investment undertakings. 7
Page 1 and 2: Ordinance of 23 Au
Page 3 and 4: tractually governed forward transac
Page 5: Article 8 Name 1) The name of an in
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 and 32: ) Special limitations Article 45 In
Page 33 and 34: creditworthiness risk, etc.), an 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
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a) the accounts are being kept prop
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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
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*2.1 designation or company name, d
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4.2 main activity. 5 Information on
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2.5 profile of the typical investor
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niques and instruments, especially
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2. Off-balance-sheet operations The
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6. Number of units in circulation 6
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1.4.2 buildings on which constructi
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5. Change of net assets For each in
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account. 83
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