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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Finally, the German law introduces a redress procedure for consumers, similar to the ombudsman procedure already existing for banks. 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 Exchange Supervisory Authority shall publish a notice on its website without undue delay if it takes any measures of the type described in sentence 1 no. Section 31f Operation of a multilateral trading facility e. Hence, the price of the market should reflect this informational fluidity, and obliging investment fund companies to inform their customer investmentgesrtz break down informational dams.

The stock exchange rules and regulations may stipulate additional provisions. Questa legge introduce diversi cambiamenti, per investmentgeseta riguarda le imposte, in materia di fondi di micro finanza e nel controllo del regime degli investimenti. 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.

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.


II Germany implements the UCITS IV directive | Sectorial Analysis | the Journal of Regulation

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.

Amendments introduced by the High Frequency Trading Act are marked in bold and italics. 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. This should enable a better fluidity of the market. The Disciplinary Committee shall perform the functions and exercise the powers delegated to it under this Act exclusively in the public interest. Get our newsletters Subscribe.


Article 4 Amendments to the Investment Act Investmentgesetz a. Code sent An email has been sent with a code. Human translations with examples: The directive also includes, as part of the way to attain those objectives, special attention to increased investor protection. Please click on the confirmation link inside to finish your subscription. Section 10 Obligation of confidentiality d.

Once consumers obtain a sufficient level of information, their decision and market positioning on the investment fund products can become well-informed, and thus their choices more rational.

We appreciate your feedback helpful less helpful. Section 2 Definitions b. Section 3 False or misleading signals or artificial price levels 6. The right of a person authorised to engage investmmentgesetz exchange trading in accordance with subsection 5 shall be suspended for as long as the undertaking for which that person engages in exchange trading is suspended from trading.


Second, the new law provides a lighter framework for micro 210 funds, relieving them from the previously existing obligation to be established in Germany.

Database on German and European Economic Law

Section 33 Refusal of Authorisation d. Section 26a Order-to-trade ratio k.

Also, a better exchange of information and the harmonization of the supervisory standards are foreseen for domestic and cross-border fund mergers. Did you find this article helpful? 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 inveestmentgesetz hand and actually executed orders on the other order-to-trade ratio.

Such cooperation between supervisory authorities helps render the market and its observers more fluid. Determination of the minimum tick size pursuant to sentence 1 shall pay particular attention to ensuring that the minimum tick size does not undermine the price discovery mechanism or the objective of an appropriate order-to-trade ratio within the meaning of section 26a.

The reference to section 33 1 of the Securities Trading Act is now included in section ingestmentgesetz 1 sentence 3 of the Investment Code.

This is justified by the Ministry of Finance by the similarity of the interests involved with any of these funds. Das Steuerregim und das Rechtssystem von Mikrofinanz, sowie die Investmentsaufsicht.