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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The Disciplinary Committee shall perform the functions and exercise the powers delegated to it under this Act exclusively in the public interest.

Amendments introduced by the High Frequency Trading Act are marked in bold and italics. Tools Share content Share Webcode https: Section 4 Functions and powers d. Germany, as well as other Member States, had until July 1st to implement this directive.

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.

The stock exchange rules and regulations may stipulate additional provisions. Breadcrumb You are here: This year has been a mix of periods invedtmentgesetz net inflows and net outflows, largely correlated with the ups and downs of the stock markets.

This is justified by the Ministry of Finance by the similarity of the interests involved with any of these funds.

Did you find this article helpful? In particular, the Supervisory Authority may demand a description of the algorithmic investmentgesettz strategies, details of trading parameters and trading limits to which the system is subject, the most important procedures for assessing risks and for complying with the provisions of section 33, and the particulars of its systems testing. Suitable precautionary measures 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 investmentgeseta 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

Germany went a step further in the clarification of the legal framework for investment funds by including both UCITS and non-UCITS funds, thus standardizing the legal requirements for any kind of investment funds, thereby avoiding a formal boundary separating funds that can be very similar in terms of the interests involved.

Second, the new law provides a lighter framework for micro finance funds, relieving them from the previously existing obligation to be established in Germany. Such cooperation between supervisory authorities helps render the market and its observers more fluid. Das Steuerregim und das Rechtssystem von Mikrofinanz, sowie die Investmentsaufsicht. It may issue orders to exchanges, stock exchange operators and trading participants as may be necessary and appropriate for preventing infringements of exchange law rules and regulations or rectifying irregularities which could pose a threat to the orderly conduct of trading on an exchange, the settlement of exchange transactions or the supervision thereof.

Section 9a Organisational requirements 5. Section 26b Minimum tick size 2.


Section 2a Exceptions c. Section 2 Exceptions c.

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 enable cross-border master-feeder structures — which are a form of asset pooling.

More on this topic Format: Section 24 Exchange price j. Also, a better exchange of information and the harmonization of the supervisory standards are foreseen for domestic and cross-border fund mergers.

May 11, Initial publication: 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.

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. Finally, the German law introduces a redress procedure for consumers, similar to the ombudsman procedure already existing for banks.


Thus, the investors will hold important information about investment strategies and costs of funds in the case of mergers. 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.

This should enable a better fluidity of the market. Deutschland hat das Investmentgesetz am This translation is furnished for information purposes only and may refer to an older version of the text.

Article 7 Entry into force. Subject to the requirements of sentence 1, conditions may be subsequently imposed, or existing invdstmentgesetz may be retrospectively amended.

Database on German and European Economic Law

Section 10 Obligation of confidentiality d. 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.

The directive also includes, as part of the way to attain those objectives, special attention to increased investor protection. The stock exchange rules and regulations must stipulate further provisions on appropriate order-to-trade ratios for specific types of financial instruments.

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