Valuation; power to issue statutory instruments

(1) The net asset value per unit or per share is obtained by dividing the value of the open-ended retail investment fund by the number of units or shares in circulation. The value of an open-ended retail investment fund must be determined on the basis of the respective fair values of the assets belonging to it, less the loans raised and other liabilities. The respective statutory or customary market procedure must be applied as the basis for determining the fair value of the asset.
(1a) Where the capital management company avails itself of the swing pricing option, the modified net asset value per unit or per share must be calculated in addition to the net asset value per unit or per share. The requirements of sections 170, 212, 216(7), section 217(3), first sentence, and section 297(2), first sentence, apply correspondingly to the modified net asset value per unit or per share, with the proviso that the modified net asset value per unit or per share must be published or announced in place of the net asset value per unit or per share in each case.
(1b) Where the capital management company avails itself of the dual pricing option, the net asset value per unit or per share to be applied for the issue and redemption prices respectively must be calculated in addition to the net asset value per unit or per share. The requirements of sections 170, 212, 216(7), section 217(3), first sentence, and section 297(2), first sentence, apply correspondingly, with the proviso that the net asset value per unit or per share to be applied for the issue and redemption prices respectively must be published or announced in place of the net asset value per unit or per share in each case.
(2) For assets admitted to trading on an exchange, or admitted to or included in trading on another organised market, the market price of the assets must be applied as the fair value, insofar as this ensures a reliable valuation.
(3) For assets for which the requirements under subsection (2) are not satisfied, or for which no tradable price is available, the fair value that is appropriate on a careful assessment according to suitable valuation models, having regard to the current market conditions, must be applied as the basis.
(4) For the valuation of debt securities that are not admitted to trading on an exchange, or not admitted to or included in trading on another organised market, and for the valuation of promissory note loans, the prices agreed for comparable debt securities and promissory note loans, and, where applicable, the market prices of bonds of comparable issuers of a corresponding term and rate of interest, must be applied as the basis, where necessary with a discount to compensate for the lower marketability.
(5) Margin payments made on derivatives, including the valuation gains and valuation losses established on the exchange trading day, must be attributed to the investment fund.
(6) For pending forward transactions, the consideration to be claimed by the capital management company, rather than the asset to be delivered by it, must be taken into account immediately after conclusion of the transaction. For claims for restitution arising from securities loans, the respective market price of the securities transferred as a loan is determinative.
(7) The capital management company must take all reasonable measures to achieve the best possible result for the open-ended retail investment fund in the acquisition and disposal of assets. In doing so, it must take into account the price, the costs, the speed and likelihood of execution and settlement, the size and nature of the order, and all other aspects relevant to the execution of the order. The weighting of these factors is determined according to the following criteria: 1. the objectives, investment policy, and specific risks of the open-ended retail investment fund, as set out in the sales prospectus or, where applicable, in the investment conditions, 2. the characteristics of the order, 3. the characteristics of the assets, and 4. the characteristics of the execution venues to which the order may be forwarded. Transactions for the open-ended retail investment fund on terms that are not in line with the market are impermissible where they are disadvantageous to the open-ended retail investment fund.
(8) The Federal Ministry of Finance is empowered to issue, by statutory instrument not requiring the consent of the Bundesrat, further provisions on the valuation of assets and the determination of unit or share value, and on the treatment of uncertain tax liabilities in determining unit or share value. The Federal Ministry of Finance may transfer this power by statutory instrument to the Federal Institute.