Investment stock corporation

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An investment stock corporation ( InvAG ) refers to an investment company with variable share capital established in accordance with the German Investment Code (KAGB) ( §§ 108 ff. KAGB ). The initial capital must be at least EUR 125,000 (external capital management company) or EUR 300,000 (internal capital management company) ( Section 25 (1) No. 1 KAGB ).

The aim of the InvAG is the management of special funds, and the company's capital is therefore invested in securities . It is therefore comparable to the SICAV , which is virtually the legal counterpart under French, Luxembourg and Swiss law. Similar legal forms can be found in numerous EU countries, for example also in the United Kingdom and Ireland.

An investment stock corporation can also be set up in the form of an umbrella structure with various sub- funds, whereby these sub-funds (abbreviation TGV) are separated from each other like special assets of an investment company in terms of property and liability.

The business assets of such an investment stock corporation in the form of an umbrella construction can be assigned to the corporate assets in 3 different ways:

  1. Any other company assets that are not part of a sub-fund and are therefore not subject to the investment restrictions of the Investment Act and are not kept and controlled by the custodian bank (standard for self-managed investment stock corporations in the form of the umbrella structure, because the costs and expense of the individual sub-funds in this case Connection with whose administration is most clearly and easily guaranteed). This allocation corresponds to that which is customary for investment companies.
  2. The company assets are assigned to a TGV.
  3. The TGVs participate in the business assets like a community of fractions . However, this type of allocation is extremely complicated in practice, especially when determining prices .

In 2005, this type of company was not very common for funds in Germany, only a few hedge funds were set up in this legal shell. However, due to the significant relaxation of the legal framework and the associated flexibility, it has become more popular. B. as a cover for ETFs .

See also

Footnotes

  1. a b Supervision of securities trading and investment business (2005) p. 152 ( Memento of the original from January 31, 2012 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.bafin.de
  2. Archive link ( Memento of the original from May 14, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  @1@ 2Template: Webachiv / IABot / www.inka-kag.de