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30 activities of the commissions Financial Market Regulation_ Panel on Financial Market Regulation In 2010, the focus of legislation and regulation was on investment advisory business. Below is an overview of the most important measures: u Documentation requirement Since 1 January 2010, investment advisors have been subject to more extensive requirements in relation to the documentation of investment advisory meetings with private clients. The documentation must contain a record of the advisory meeting, in particular the reason for the meeting and its duration, the customer’s information and his expectations, as well as the recommendations made and the key reasons for these. In this context, BaFin published a letter in November 2010, specifying that this documentation requirement also applies to prospective clients and irrespective of whether a transaction results from the advisory meeting. Additionally, meetings with potential new clients, which did not lead to an investment advisory meeting, must also be documented. u AIFM Directive At EU level, the AIFM Directive was adopted by the European Parliament in November 2010. This directive regulates managers of alternative investment funds, though the scope of applicability is broadly defined. It encompasses open and closed-ended funds that are currently not covered by regulation or fall under the UCITS Directive. After entry into force, national legislatures have two years within which to implement the rules. At the same time, details will need to be clarified via implementing provisions at EU level. u MiFID-Review In December, the EU Commission launched a consultation on review of the MiFID. The key elements are: � Expanding the scope of the MiFID to investment services and activities not currently covered � Expanding the MiFID transparency rules to further financial instruments (bonds and OTC derivatives) � Strengthening of investor protection The legislative drafts are due to be prepared in spring 2011.
featu Financial Market Regulation_ <strong>Equities</strong>_ New German legislation to strengthen investor protection: (Anlegerschutz- und Funktionsverbesserungsgesetz / Gesetz über Vermögensanlagen) In 2010, investor protection was a top focus of the German legislature. It began in March 2010 with publication of the proposal by the German Federal Ministry of Finance (Bundesfinanzministerium – BMF) on planning of a draft law to strengthen investor protection and improve operation of the capital market (Anlegerschutz und Funktionsverbesserungsgesetz – AnlSFG). The new law aims to improve consumer protection for private investors, e.g. through expansion of protections to cover ‘grey capital market’ products, creation of a database of registered investment advisors, sales managers and compliance officers, mandatory qualification for the above functions and introduction of fact sheets for financial products. Registration requirements and acceptable proof of qualification are further defined in a green paper released for a proposed Employee Reporting Regulation (Mitarbeiteranzeigeverordnung). Certain new provisions are also meant to improve operation of the capital markets, including: expansion of disclosure obligations under the Securities Trading Act (WpHG) to include additional financial instruments as a means to prevent hidden voting rights acquisition as well as various new rules for open-ended real estate funds, e.g. ban on daily redemption in conjunction with minimum holding periods meant to help improve the liquidity situation of asset management companies. The Bundestag adopted the government’s draft of the law to strengthen investor protection and improve operation of the capital market on 08 February 2011. The planned expansion of scope to include the 'grey capital market' was removed from the draft. In this context, the BMF and Federal Minister of Economics and Technology have now released a consultation draft of an Investment Products Act (Gesetz über Vermögensanlagen – VermAnlG). Under this law, investment products are classified for the first time as financial instruments, and the general obligations under the WpHG are expanded, including the obligation to give investor-tailored investment advice, disclose fees and maintain a record on investment advice. Activities of ‘investment intermediaries’ (Finanzanlagenvermittler) and ‘investment advisors’ (Finanzanlagenberater) will also be subject to licensing in accordance with the German Industrial Code (GewO). 31
Page 1: 50 YEARS Society of Investment Prof
Page 4 and 5: Imprint Publisher: DVFA e.V. Mainze
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Page 44 and 45: 42 featu Training and Qualification
Page 50 and 51: 48 appendix Winfried Becker Fitch I
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