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KAGB (EN) 🇩🇪

KAGB-EN · 416 sections

Section 1Definitions Section 2Exemptions Section 3Protection of designations Section 4Naming; Fund categories Section 5Competent authority; Supervision; Power to issue orders; Authorisation to issue statutory instruments Section 6Special tasks Section 7Immediate enforceability Section 7aPublication of immediately enforceable measures Section 7bElectronic communication; Authorisation to issue statutory instruments Section 8Duty of confidentiality Section 9Cooperation with other bodies Section 10General provisions for cooperation in supervision Section 11Special provisions for cooperation in the cross-border management and cross-border marketing of AIFs Section 12Reports by the Federal Institute to the European Commission, to the European Supervisory Authorities, and to the body maintaining the company register Section 13Exchange of information with the Deutsche Bundesbank Section 14Requests for information and production, examinations, searches, and seizures Section 15Action against unauthorised investment business Section 16Prosecution of unauthorised investment business Section 16aProhibition of consumer loans Section 17Capital management companies Section 18External capital management companies Section 19Holders of significant participations; Authorisation to issue statutory instruments Section 20Authorisation to conduct business Section 21Application for authorisation for a UCITS capital management company, and grant of authorisation Section 22Application for authorisation for an AIF capital management company, and grant of authorisation Section 23Refusal of authorisation of a capital management company Section 24Consultation of the competent authorities of another member state of the European Union or another contracting state of the Agreement on the European Economic Area; Suspension or restriction of authorisation for undertakings with their seat in a third country Section 25Capital requirements Section 26General rules of conduct; Authorisation to issue statutory instruments Section 27Conflicts of interest; Authorisation to issue statutory instruments Section 28General organisational obligations; Authorisation to issue statutory instruments Section 28aAdditional organisational requirements for the management of development promotion funds Section 29Risk management; Authorisation to issue statutory instruments Section 29aRisk management for loan origination by AIF capital management companies; Authorisation to issue statutory instruments Section 29bRisk management for loan origination by AIF capital management companies; Retention Section 30Liquidity management; Authorisation to issue statutory instruments Section 30aSelection of liquidity management tools; Authorisation to issue statutory instruments Section 31Prime broker Section 32Compensation scheme Section 33Advertising Section 34Notification obligations of management companies to the Federal Institute and the Bundesbank Section 35Reporting obligations of management companies Section 36Outsourcing; Authorisation to issue statutory instruments Section 37Remuneration systems; Authorisation to issue statutory instruments Section 38Annual financial statements, management report, audit report, and statutory auditor of the external capital management company; Authorisation to issue statutory instruments Section 39Lapse and revocation of authorisation Section 40Measures against managers and members of supervisory bodies Section 40aAppointment of a special representative Section 40bRights and obligations of the special representative Section 40cPossible tasks and powers of the special representative Section 40dLiability of the special representative Section 41Measures in the case of inadequate own funds Section 42Measures in the event of danger Section 43Application for insolvency, notification of creditors in insolvency proceedings Section 44Registration and reporting obligations Section 45Annual financial statements and management report of AIF capital management companies subject to registration Section 45aAudit of the annual financial statements of AIF capital management companies subject to registration; power to issue statutory instruments Section 46Annual financial statements and management report of externally managed loan-originating special AIF Section 47Audit of the annual financial statements of externally managed loan-originating special AIF; power to issue statutory instruments Section 48Section 48 Section 48a(repealed) Section 49Branch and cross-border provision of services by UCITS capital management companies; power to issue statutory instruments Section 50Special provisions for the management of EU UCITS by UCITS capital management companies Section 51Domestic branches and cross-border provision of services by EU UCITS management companies Section 52Special provisions for the management of domestic UCITS by EU UCITS management companies Section 53Management of EU AIF by AIF capital management companies Section 54Branch and cross-border provision of services by EU AIF management companies within Germany Section 55Conditions for AIF capital management companies managing non-EU AIF that are not distributed in the Member States of the European Union or the contracting states of the Agreement on the European Economic Area Section 56Determination of the Federal Republic of Germany as the Member State of reference of a non-EU AIF management company Section 57Permissibility of the management of domestic special AIF and EU AIF, and of the distribution of AIF under sections 325, 326, 333, or 334, by non-EU AIF management companies Section 58Grant of authorisation for a non-EU AIF management company Section 59Exemption of a non-EU AIF management company from provisions of Directive 2011/61/EU Section 60Notification of the European Securities and Markets Authority concerning the authorisation of a non-EU AIF management company by the Federal Institute Section 61Change of the Member State of reference of a non-EU AIF management company Section 62Legal disputes Section 63The Federal Institute's options for referral to the European Securities and Markets Authority Section 64Comparative analysis of the authorisation of, and supervision over, non-EU AIF management companies Section 65Management of EU AIF by non-EU AIF management companies for which the Federal Republic of Germany is the Member State of reference Section 66Domestic branch and cross-border provision of services by non-EU AIF management companies whose Member State of reference is not the Federal Republic of Germany Section 67Annual report for EU AIF and non-EU AIF Section 68Appointment and annual audit; power to issue statutory instruments Section 69Supervision Section 70Conflicts of interest Section 71Issue and redemption of units or shares of a domestic UCITS Section 72Custody Section 73Sub-custody Section 74Payment and delivery Section 75Transactions requiring consent Section 76Oversight function Section 77Liability Section 78Assertion of investors' claims; power to issue statutory instruments Section 79Remuneration, reimbursement of expenses Section 80Appointment Section 81Custody Section 82Sub-custody Section 83Oversight function Section 84Transactions requiring consent Section 85Conflicts of interest Section 86Information obligations towards supervisory authorities Section 87Applicable provisions for retail AIF and certain special AIF Section 88Liability Section 89Assertion of investors' claims; power to issue statutory instruments Section 89aRemuneration, reimbursement of expenses Section 90Applicable provisions for non-EU AIF Section 91Legal form Section 92Collective investment fund Section 93Power of disposal, fiduciary status, security provisions Section 94Exercise of voting rights Section 95Unit certificates; power to issue statutory instruments Section 96Unit classes and sub-funds; power to issue statutory instruments Section 97Collective safe custody, loss of unit certificates Section 98Issue and redemption of units; liquidity management tools; power to issue statutory instruments Section 99Termination and loss of the right of management Section 100Winding-up of the collective investment fund Section 100aReal property transfer tax on the transfer of a real estate collective investment fund Section 100bTransfer to another capital management company Section 101Annual report Section 102Audit Section 103Half-yearly report Section 104Interim report Section 105Dissolution and winding-up report Section 106Power to issue statutory instruments Section 107Publication of the annual, half-yearly, interim, dissolution, and winding-up reports Section 108Legal form, applicable provisions Section 109Shares Section 110Articles of association Section 111Investment conditions Section 112Management and investment Section 113Application for authorisation and grant of authorisation for the externally managed UCITS investment stock corporation Section 114Shortfall in initial capital or own funds Section 115Share capital Section 116Variable capital, redemption of shares Section 117Sub-funds; power to issue statutory instruments Section 118Company name and additional notices in legal transactions Section 119Management board, supervisory board Section 120Annual financial statements and management report; power to issue statutory instruments Section 121Audit of the annual financial statements and the management report; power to issue statutory instruments Section 122Half-yearly and liquidation report Section 123Disclosure and submission of the annual financial statements and management report, and of the half-yearly report Section 124Legal form, applicable provisions Section 125Partnership agreement Section 126Investment conditions Section 127Investors Section 128Management Section 129Management and investment Section 130Shortfall in initial capital or own funds Section 131Partnership assets Section 132Sub-funds; power to issue statutory instruments Section 133Variable capital, termination of limited partnership interests Section 134Company name and additional notices in legal transactions Section 135Annual report; power to issue statutory instruments Section 136Audit of the annual financial statements; power to issue statutory instruments Section 137Submission of reports Section 138Dissolution and liquidation Section 139Legal form Section 140Legal form, applicable provisions Section 141Shares Section 142Articles of association Section 143Investment conditions Section 144Management and investment Section 145Shortfall in initial capital or own funds Section 146Company name Section 147Management board, supervisory board Section 148Accounting Section 149Legal form, applicable provisions Section 150Partnership agreement Section 151Investment conditions Section 152Investors Section 153Management, advisory board Section 154Management and investment Section 155Shortfall in initial capital or own funds Section 156Partnership assets Section 157Company name Section 158Annual report Section 159Audit of the annual financial statements Section 159aAdoption of the annual financial statements Section 160Disclosure and submission of reports Section 161Dissolution and liquidation Section 162Investment conditions Section 163Approval of the investment conditions Section 164Preparation of the sales prospectus, key information document, and key investor information Section 165Minimum particulars in the sales prospectus Section 166Content, form, and presentation of the key investor information; power to issue statutory instruments Section 167Information by means of a durable medium Section 168Valuation; power to issue statutory instruments Section 169Valuation procedure Section 170Publication of the issue and redemption price and the net asset value Section 171Approval of the feeder fund Section 172Special requirements for capital management companies Section 173Sales prospectus, investment conditions, annual report Section 174Investment limits, investment restrictions, suspension of units Section 175Agreements in master-feeder structures Section 176Duties of the capital management company and the depositary Section 177Notification duties of the Federal Institute Section 178Winding-up of a master fund Section 179Merger or division of the master fund Section 180Conversion into a feeder fund or change of the master fund Section 181Subject matter of the merger; types of merger Section 182Approval of the merger Section 183Merger of an EU UCITS into a UCITS collective investment fund Section 184Merger plan Section 185Examination of the merger; power to issue statutory instruments Section 186Merger information Section 187Rights of investors Section 188Costs of the merger Section 189Effectiveness of the merger Section 190Legal effects of the merger Section 191Merger with investment stock corporations with variable capital Section 192Permitted assets Section 193Securities Section 194Money market instruments Section 195Bank balances Section 196Investment units Section 197Overall limit; derivatives; power to issue statutory instruments Section 198Other investment instruments Section 199Borrowing Section 200Securities loans, collateral Section 201Securities loan agreement Section 202Organised securities loan systems Section 203Repurchase transactions Section 204Reference; power to issue statutory instruments Section 205Short sales Section 206Issuer limits Section 207Acquisition of units in investment funds Section 208Extended investment limits Section 209Securities-index UCITS Section 210Issuer-related investment limits Section 211Exceeding investment limits Section 212Valuer; frequency of valuation and calculation Section 213Conversion of domestic UCITS Section 214Risk diversification, types Section 215Limitation of leverage by the Federal Institute Section 216Valuer Section 217Frequency of valuation and calculation; disclosure Section 218Mixed investment funds Section 219Permitted assets, investment limits Section 220Other Investment Funds Section 221Permitted assets, investment limits, borrowing Section 222Microfinance institutions Section 223Special provisions on the issue and redemption of units or shares Section 224Particulars in the sales prospectus and the investment conditions Section 225Fund of hedge funds Section 226Right of the Federal Institute to information Section 227Redemption Section 228Sales prospectus Section 229Investment conditions Section 230Real estate collective investment funds Section 231Permitted assets; investment limits Section 232Creation of heritable building rights Section 233Assets in third countries; currency risk Section 234Participation in real estate companies Section 235Requirements for real estate companies Section 236Acquisition of the participation; valuation by an auditor Section 237Extent of the participation; investment limits Section 238Participations of real estate companies in real estate companies Section 239Prohibition and restriction of acquisition and disposal Section 240Granting of loans to real estate companies Section 241Payments, monitoring by the depositary Section 242Effectiveness of a legal transaction Section 243Risk diversification Section 244Ramp-up period Section 245Trust relationship Section 246Restriction on disposal Section 247Statement of assets Section 248Special rules for valuation Section 249Special rules for the valuation procedure Section 250Special rules for the valuer Section 251Special rules on the frequency of valuation Section 252Use of income Section 253Liquidity provisions Section 254Borrowing Section 255Special rules on the issue and redemption of units Section 256Additional particulars in the sales prospectus and the investment conditions Section 257Suspension of redemption Section 258Suspension after termination Section 259Resolutions of investors Section 260Disposal and encumbrance of assets Section 260aInfrastructure collective investment funds Section 260bPermitted assets, investment limits Section 260cRedemption of units Section 260dParticulars in the sales prospectus and the investment conditions Section 261Permitted assets, investment limits Section 262Risk diversification Section 263Limitation of leverage and encumbrance Section 264Restriction on disposal Section 265Short sales Section 266Investment conditions Section 267Approval of the investment conditions Section 268Preparation of the sales prospectus and the key information document Section 269Minimum particulars in the sales prospectus Section 270Section 270 Section 271Valuation, valuation procedure, valuer Section 272Frequency of valuation and calculation; disclosure Section 272aApproval of the closed-ended feeder fund; special requirements for capital management companies Section 272bSales prospectus, investment conditions, annual report Section 272cInvestment limits, investment restrictions Section 272dAgreements in closed-ended master-feeder structures Section 272eDuties of the capital management company and the depositary Section 272fNotification duties of the Federal Institute Section 272gWinding-up of the closed-ended master fund Section 272hAmendment of the closed-ended master fund Section 273Investment conditions Section 273aGranting of loans Section 274Limitation of leverage Section 275Encumbrance Section 276Short sales Section 277Transfer of units or shares Section 277aMaster-feeder structures Section 278Valuation, valuation procedure, and valuer Section 279Frequency of valuation, disclosure Section 280Section 280 Section 281Merger Section 282Investment objects, investment limits Section 283Hedge funds Section 284Investment conditions, investment limits Section 285Investment objects Section 286Valuation, valuation procedure, and valuer; frequency of valuation Section 287Scope of application Section 288Acquisition of control Section 289Notification duties Section 290Duty of disclosure on acquisition of control Section 291Special provisions relating to the annual financial statements and the management report Section 292Asset stripping Section 292aDevelopment promotion funds Section 292bLiquidity and hedging investments Section 292cExtraordinary termination Section 293General provisions Section 294Provisions applicable to the marketing and acquisition of UCITS Section 295Provisions applicable to the marketing and acquisition of AIF Section 295aRevocation of cross-border marketing domestically Section 295bDuties following revocation of cross-border marketing domestically Section 296Agreements with third countries on UCITS conformity Section 297Sales documents and disclosure duties Section 298Publication duties and ongoing information duties for EU UCITS Section 299Publication duties and ongoing information duties for EU AIF and foreign AIF Section 300Additional information duties for AIF Section 301Section 301 Section 302Marketing communications Section 303Authoritative language version Section 304Advance charging of costs Section 305Right of revocation Section 306Prospectus liability and liability for the key investor information Section 306aFacility for marketing to retail investors Section 306bPre-marketing by an AIF management company Section 307Information duties towards semi-professional and professional investors, and liability Section 308Other information duties Section 309Duties on the marketing of EU UCITS domestically Section 310Notification for the marketing of EU UCITS domestically Section 311Prohibition of marketing of EU UCITS Section 312Notification duty Section 313Publication duties Section 313aRevocation of the marketing of UCITS in other States party to the Agreement on the European Economic Area Section 314Prohibition of marketing Section 315Cessation of the marketing of AIF Section 316Notification duty of an AIF capital management company on the intended marketing of domestic retail AIF domestically Section 317Permissibility of the marketing of EU AIF or foreign AIF to retail investors Section 318Sales prospectus for the marketing of EU AIF or foreign AIF to retail investors Section 319Representation of the company, venue for the marketing of EU AIF or foreign AIF to retail investors Section 320Notification duty on the intended marketing of EU AIF or foreign AIF to retail investors domestically Section 321Notification duty of an AIF capital management company on the intended marketing of EU AIF or domestic special AIF to semi-professional and professional investors domestically Section 322Notification duty of an AIF capital management company on the intended marketing, to semi-professional and professional investors domestically, of foreign AIF or of domestic special feeder AIF or EU feeder AIF whose respective master AIF is not an EU AIF or a domestic AIF managed by an EU AIF management company or an AIF capital management company Section 323Notification duty of an EU AIF management company on the intended marketing of EU AIF or domestic special AIF to semi-professional and professional investors domestically Section 324Notification duty of an EU AIF management company on the intended marketing, to semi-professional and professional investors domestically, of foreign AIF or of domestic special feeder AIF or EU feeder AIF whose respective master AIF is not an EU AIF or a domestic AIF managed by an EU AIF management company or an AIF capital management company Section 325Notification duty of a foreign AIF management company whose reference Member State is the Federal Republic of Germany on the intended marketing of EU AIF or domestic special AIF to semi-professional and professional investors domestically Section 326Notification duty of a foreign AIF management company whose reference Member State is the Federal Republic of Germany on the intended marketing of foreign AIF to semi-professional and professional investors domestically Section 327Notification duty of a foreign AIF management company whose reference Member State is not the Federal Republic of Germany on the intended marketing of EU AIF or domestic special AIF to semi-professional and professional investors domestically Section 328Notification duty of a foreign AIF management company whose reference Member State is not the Federal Republic of Germany on the intended marketing of foreign AIF to semi-professional and professional investors domestically Section 329Notification duty of an EU AIF management company or an AIF capital management company on the intended marketing, to semi-professional and professional investors domestically, of domestic special feeder AIF or EU feeder AIF managed by it whose respective master AIF is not an EU AIF or a domestic AIF managed by an EU AIF management company or an AIF capital management company, or of foreign AIF Section 330Notification duty of a foreign AIF management company on the intended marketing, to semi-professional and professional investors domestically, of foreign AIF or EU AIF managed by it Section 330aNotification duty of EU AIF management companies satisfying the conditions under Article 3(2) of Directive 2011/61/EU on the intended marketing of AIF to professional and semi-professional investors domestically Section 331Notification duty of an AIF capital management company on the marketing of EU AIF or domestic AIF to professional investors in other Member States of the European Union or in other States party to the Agreement on the European Economic Area Section 331aRevocation of the marketing of EU AIF or domestic AIF in other States party to the Agreement on the European Economic Area Section 332Notification duty of an AIF capital management company on the marketing of foreign AIF or of domestic feeder AIF or EU feeder AIF whose respective master AIF is not an EU AIF or a domestic AIF managed by an EU AIF management company or an AIF capital management company, to professional investors in other Member States of the European Union or in other States party to the Agreement on the European Economic Area Section 333Notification duty of a foreign AIF management company whose reference Member State is the Federal Republic of Germany on the marketing of EU AIF or domestic AIF to professional investors in other Member States of the European Union or in other States party to the Agreement on the European Economic Area Section 334Notification duty of a foreign AIF management company whose reference Member State is the Federal Republic of Germany on the marketing of foreign AIF to professional investors in other Member States of the European Union or in other States party to the Agreement on the European Economic Area Section 335Certificate of the Federal Institute Section 336Referrals and requests under Article 19 of Regulation (EU) No 1095/2010 Section 337European venture capital funds Section 338European social entrepreneurship funds Section 338aEuropean long-term investment funds Section 338bMoney market funds Section 338cApplicable provisions Section 339Criminal provisions Section 340Administrative fine provisions Section 341Involvement of the Federal Institute and communications in criminal matters Section 341aPublication of measures that have become final and of fine decisions that have become unappealable Section 342Complaints procedure Section 343Transitional provisions for domestic and EU AIF management companies Section 344Transitional provisions for foreign AIF management companies and for other States party to the Agreement on the European Economic Area Section 344a(repealed) Section 345Transitional provisions for open-ended AIF and AIF management companies managing open-ended AIF that were already regulated under the Investment Act Section 346Special transitional provisions for real estate collective investment funds Section 347Special transitional provisions for retirement provision collective investment funds Section 348Special transitional provisions for mixed collective investment funds and mixed investment stock corporations Section 349Special transitional provisions for other collective investment funds and other investment stock corporations Section 350Special transitional provisions for hedge funds and open-ended special AIF Section 351Transitional provisions for open-ended AIF and for AIF management companies managing open-ended AIF that were not already regulated under the Investment Act Section 352Transitional provision on section 127 of the Investment Act Section 352aDefinition of closed-ended AIF within the meaning of section 353 Section 353Special transitional provisions for AIF management companies managing closed-ended AIF, and for closed-ended AIF Section 353aTransitional provisions on sections 261, 262, and 263 Section 353bTransitional provisions on section 285(3) Section 354Transitional provision on section 342(3) Section 355Transitional provisions for UCITS management companies and UCITS Section 356Transitional provisions on the Accounting Directive Implementation Act Section 357Transitional provision on section 100a Section 358Transitional provisions on section 95(2) and section 97(1) Section 359Transitional provision on section 26(7), third sentence, section 82(6), second sentence, and section 85(5), fourth sentence Section 360Transitional provision on the Act on the Further Implementation of the EU Prospectus Regulation and on the Amendment of Financial Market Acts Section 361Transitional provisions on section 5(2), second and third sentence Section 362Transitional provision on the Fund Location Act Section 363Transitional provision on the Act for the Further Strengthening of Investor Protection Section 364Transitional provision on the Act Implementing the Digitalisation Directive Section 365Transitional provision on the Financial Market Digitalisation Act Section 366Transitional provision on the Fund Risk Limitation Act Section 367Transitional provision on sections 29a and 30(3a)

Section 48a

(repealed)

Subdivision 5
Cross-Border Provision of Services by UCITS Management Companies

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EU legislation sourced from the Official Journal of the European Union via EUR-Lex; German federal statutes sourced from gesetze-im-internet.de (Bundesministerium der Justiz / Bundesamt für Justiz). eucite is an independent reference index, not an official publication of either — always confirm against the official source for legal purposes.

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