Reporting obligations of management companies

(1) A capital management company must regularly inform the Federal Institute of the markets and instruments on or with which it trades for the account of the investment funds it manages. It must submit, in respect of each investment fund it manages, information on the instruments with which it trades, the markets of which it is a member or in which it actively participates in trading, and the risks and assets of each investment fund it manages. This information must include the identifiers necessary to uniquely identify the data provided on assets, investment funds, and management companies, and to link it with other supervisory or publicly accessible data sources.
(2) The capital management company must submit to the Federal Institute, for each domestic investment fund and EU investment fund it manages, and for each investment fund that it markets in a member state of the European Union or another contracting state of the Agreement on the European Economic Area, the following information: 1. the percentage of the assets of an AIF that are difficult to liquidate and to which special arrangements therefore apply; 2. the selection of liquidity management tools under section 30a(1) and (3), and information on the detailed policies and procedures for activation and deactivation under section 30a(2), second sentence, and, for UCITS, any further liquidity management arrangements; 3. the current risk profile of the investment fund, including market risk, liquidity risk, counterparty risk, and other risks, including operational risk, and the total amount of leverage employed by the investment fund; 4. the following information on outsourcing arrangements concerning portfolio management or risk management functions: a) the following particulars concerning the outsourcing undertaking: aa) its firm name, place of business, or the seat of the branch, bb) whether it has close links to the capital management company, cc) whether it is an undertaking authorised or supervised for the purposes of asset management, and, where applicable, particulars of its supervisory authority, dd) its legal entity identifier, necessary to link the information provided with other supervisory or publicly accessible data sources, b) the number of full-time-equivalent employees that the capital management company itself deploys for the ongoing portfolio management or risk management tasks, c) a list and description of the activities outsourced in connection with portfolio management and risk management, d) in the case of outsourcing of portfolio management, the amount and percentage of the assets of the investment fund subject to the outsourcing arrangement in respect of portfolio management, e) the number of full-time-equivalent employees that the capital management company deploys to monitor the outsourcing arrangement, f) the number and dates of the regular due diligence reviews that the capital management company carries out to monitor the delegated activity, a list of the problems identified and, where applicable, the measures taken to remedy these problems, and the point in time by which these measures must be implemented, g) in the case of a sub-outsourcing arrangement, the information required under letters a, c, and d concerning the sub-outsourcing undertaking and the activities connected with portfolio management and risk management that are further outsourced, h) the start and end dates of the term of the outsourcing and sub-outsourcing arrangement; 5. the results of the stress tests carried out under section 29(3), point 2, and section 30(2); and 6. the list of member states in which the units of the investment fund are actually marketed by the capital management company or by a distribution body acting in the name of that capital management company.
(3) At the request of the Federal Institute, an AIF capital management company must submit the following documents: 1. an annual report on each domestic special AIF and EU AIF managed by the AIF capital management company, and on each AIF that it markets in a member state of the European Union or contracting state of the Agreement on the European Economic Area, for each business year, under section 67(1), first sentence, section 101(1), first sentence, section 120(1), section 135(1), first sentence, section 148(1), or section 158, 2. at the end of each quarter, a detailed list of all AIFs managed by the AIF capital management company.
(4) An AIF capital management company that manages at least one AIF employing leverage on a substantial scale must provide the Federal Institute with the following, for each AIF it manages: 1. the overall level of leverage employed, and a breakdown between leverage arising from the borrowing of cash or securities and leverage embedded in derivative positions or arising in some other way, 2. the extent to which assets of the investment fund have been reused in connection with the use of leverage, 3. the identity of the five largest sources of borrowed cash or securities, and the amount of the cash or securities borrowed from each of them. The criteria for determining when leverage is to be regarded as employed on a substantial scale for the purposes of the first sentence are governed by Article 111 of Delegated Regulation (EU) No 231/2013. The Federal Institute uses the information under the first sentence to determine the extent to which the use of leverage contributes to the build-up of systemic risk in the financial system, to the risk of disorderly markets, or to risks to long-term economic growth. The Federal Institute forwards the information in accordance with section 9.
(4a) The capital management company must inform the Federal Institute without delay of 1. the activation or deactivation of the liquidity management tool named in Annex IIA, point 1, of Directive 2009/65/EC, for a domestic UCITS, or of the liquidity management tool named in Annex V, point 1, of Directive 2011/61/EU; 2. the activation or deactivation of one of the liquidity management tools named in Annex IIA, points 2 to 8, of Directive 2009/65/EC, for a domestic UCITS, or of the liquidity management tools named in Annex V, points 2 to 8, of Directive 2011/61/EU, where this does not correspond to the normal course of business under the investment conditions, the articles of association, or the partnership agreement of the investment fund.
(4b) The capital management company must inform the Federal Institute, within a reasonable period before the activation or deactivation of the side pocketing of illiquid investments under section 98(5).
(5) The Federal Institute may prescribe additional reporting obligations for capital management companies, on a regular or ad hoc basis, provided that 1. this is necessary for the effective monitoring of systemic risks, or 2. the European Securities and Markets Authority, after consulting the European Systemic Risk Board, requests the Federal Institute to impose such additional reporting obligations, insofar as this is necessary to safeguard the stability and integrity of the financial system, or to promote long-term sustainable growth. The Federal Institute informs the European Securities and Markets Authority of the additional reporting obligations under the first sentence, point 1.
(6) For a foreign AIF management company 1. that, before the point in time named in the delegated act adopted on the basis of Article 66(3) in conjunction with Article 67(6) of Directive 2011/61/EU, markets foreign AIFs within the scope of this Act under section 317 or section 330, or 2. whose reference member state is the Federal Republic of Germany under section 56, subsections (1) to (5) apply correspondingly under section 58(11), section 317(1), point 3, and section 330(1), first sentence, point 1, letter a, and point 2, with the proviso that the particulars under subsection (4) are limited to the domestic special AIFs and EU AIFs managed by it, and the AIFs marketed by it in a member state of the European Union or contracting state of the Agreement on the European Economic Area.
(7) At the request of the Federal Institute, an EU AIF management company and a foreign AIF management company must submit an annual report on each domestic special AIF managed by it, for each business year, under section 101(1), first sentence, section 120(1), section 135(1), first sentence, section 148(1), or section 158.
(8) The criteria specifying the reporting obligations under this provision are governed by Article 110 of Delegated Regulation (EU) No 231/2013.
(9) Management companies must transmit the reports under subsections (1), (2), and (3), point 2, and subsections (4) to (6), electronically via the Federal Institute's reporting and publication system.
(10) The Federal Institute may, by general administrative order, lay down more detailed provisions on the nature, extent, form, and frequency of the reports to be submitted under subsection (9), and on the permissible data media, data structures, and transmission channels.