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, .
|Published (Last):||17 May 2014|
|PDF File Size:||3.56 Mb|
|ePub File Size:||2.76 Mb|
|Price:||Free* [*Free Regsitration Required]|
Furthermore, it must ensure the documentation of every modification of any computer algorithm used for trading purposes.
Section 17 Fees and charges g. Deutschland hat das Investmentgesetz am Themes Finance, Banking, Insurance.
This should enable a better fluidity of the market.
Database on German and European Economic Law
Section 1 Definition of terms b. The German investment law will thus be modified in accordance with the directive. Section 1 Definition of terms 7. May 11, Initial publication: Section 3 Functions and powers of the Exchange Supervisory Authority b. The exchange shall be required to determine an appropriate minimum tick size for traded financial instruments in order to minimise adverse impacts on market integrity and market liquidity. Section 26b Minimum tick size 2.
Section 10 Obligation of confidentiality d. The Board of Management may also suspend admission to the exchange for a period of no longer than six months if a trading participant fails to adhere to the order-to-transaction ratio as described in section 26a; if a trading participant repeatedly fails to adhere to the order-to-transaction ratio within the meaning of section 26a, the Board of Management may revoke the participant’s admission to the exchange.
In order to prevent risks to the proper functioning of exchange trading operations, trading participants shall be required to ensure an appropriate ratio between order entries, modifications and cancellations on the one hand and actually executed orders on the other order-to-trade ratio.
Finally, the German law introduces a redress procedure for consumers, similar to the ombudsman procedure already existing for banks.
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. The Disciplinary Committee shall perform the functions and exercise the powers delegated to it under this Act exclusively in the public interest.
The original Investmmentgesetz text is binding in all respects.
Article 7 Entry into force. We appreciate your feedback helpful less helpful. Thus, the investors will hold important information about investment strategies and costs of funds in the case of mergers. In order to improve the efficiency of the European market, the UCITS IV directive and the German law also facilitate cross-border fund management, and investmentggesetz cross-border master-feeder structures invesrmentgesetz which are a form of asset pooling.
Section 2 Exceptions c. Did you find this article helpful?
Section 33 Organisational requirements 4. 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 stock exchange rules and regulations must stipulate further provisions on appropriate order-to-trade ratios for specific types of financial instruments. 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.
Das Steuerregim und das Rechtssystem von Mikrofinanz, sowie die Investmentsaufsicht. Section 16 Stock exchange rules and regulations f. 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 An investment services enterprise that conducts algorithmic trading must also have in place effective business continuity arrangements to deal with unforeseen failures of its trading systems and must ensure that its systems are fully tested and properly monitored.
Tools Share content Share Webcode https: Thank you A confirmation email has been sent. Article 2 Amendments to the Banking Act Kreditwesengesetz a.
Code sent An email has been sent with a code. In such cases it may, without limitation:. Suitable precautionary invsstmentgesetz within the meaning of sentence 1 shall include, in particular, short-term changes to the market model and temporary circuit breakers to reduce volatility, taking into consideration the static and dynamic price ranges or limit systems of trading participants tasked with price determination.
BaFin – Acts – Translation of the main provisions of the High Frequency Trading Act
Determination of the minimum tick size pursuant to sentence 1 shall pay particular attention to ensuring that the minimum tick investmentgesefz does not undermine the price discovery mechanism or the objective of an appropriate order-to-trade ratio within the meaning of section 26a.
Such cooperation between supervisory authorities helps render the market and its observers more fluid. An investment services enterprise that conducts algorithmic trading must have in place effective systems and risk controls to ensure that. Human translations with examples: Section 9a Organisational requirements 5. Investmentgesetz pdf Second, the new law provides a lighter framework for micro finance funds, relieving them from the previously existing obligation to be established in Germany.
This year has been a mix of periods of net inflows and net outflows, largely correlated with the ups and downs of the stock markets.