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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Section 17 Fees and charges g. Section 31f Operation of a multilateral trading facility e. Human translations with examples: This is justified by the Ministry of Finance by the similarity of the interests involved with any of these funds.
The first constituent of the reform concerns investor protection: Section 26a Order-to-trade ratio k. 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 order-to-trade ratio shall be determined for each financial instrument on the basis of the numerical volume invesmtentgesetz the respective orders and transactions over the period of one month.
Second, the new law provides a lighter framework for micro finance funds, relieving them from the previously existing obligation to be established in Germany. The original German text is binding in all respects. A confirmation email has been sent.
Also, the cooperation between supervisory authorities is going to be enhanced by the facilitation of automatic cross-border exchange of information between authorities on the marketing of fund units. Code sent An email has been sent with invesstmentgesetz code. Categories Breaking news Contributions Events.
Database on German and European Economic Law
If there is evidence to justify the assumption that exchange law rules or regulations are being infringed or other irregularities have occurred which could pose a threat to the orderly conduct of trading on an exchange or the settlement of exchange transactions, the Exchange Supervisory Authority may, to the extent necessary to perform its functions, demand information and documents as well as copies thereof from anyone, and may subpoena and question individuals.
The Disciplinary Committee shall perform the functions and exercise the powers delegated to it under this Act exclusively in the public interest. On top of that, the new law introduces several notable changes to the supervisory framework for investment funds.
Section 33 Refusal of Authorisation d.
Get our newsletters Subscribe. Subject to invesstmentgesetz requirements of sentence 1, conditions may be subsequently imposed, or existing conditions may be retrospectively amended.
Section 26b Minimum tick size 2. 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.
Section 16 Stock exchange rules and regulations f. The stock exchange rules and regulations may stipulate additional provisions.
Article 2 Amendments to the Banking Act Kreditwesengesetz a. Section 3 Functions and powers of the Exchange Supervisory Authority b. In such cases it may, without limitation:.
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.
Section 12 Exchange Council e. The Disciplinary Committee may also reprimand issuers or impose a fine of up to two hundred and fifty thousand euros if they, or any person operating on their behalf, wilfully or negligently breach the duties associated with their admission to the exchange.
Breadcrumb You are here: Section 9a Organisational requirements 5. Section 22 Disciplinary Committee i. Furthermore, it must ensure the documentation of every modification of any computer algorithm used for trading purposes.
Section 19 Admission to the exchange h. The right of 200 person authorised to inestmentgesetz in exchange trading in accordance with subsection 5 shall be suspended for as long as the undertaking for which investmentgsetz person engages in exchange trading is suspended from trading.
II Germany implements the UCITS IV directive | Sectorial Analysis | the Journal of Regulation
You have already subscribed Manage your subscription. Section 1 Definition of terms 7. In particular, the Supervisory Authority may demand a description of the algorithmic trading 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. This law introduces three main changes, in taxation, in the framework of micro finance funds and in the supervisory regime for investments.
The stock exchange rules and regulations must stipulate further provisions nivestmentgesetz appropriate order-to-trade ratios for specific types of financial instruments. Section 3 False or misleading signals or artificial price levels investmmentgesetz.