Investment business

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The investment business in finance includes in particular collective asset management and other related transactions by capital management companies based on the principles of risk diversification , external management and collective investment .

General

“Investment” is to be understood as a capital investment and not an investment . This capital investment can also be operated as a banking business by credit institutions ( Section 1 Paragraph 1, 1a, 4 and 5 KWG ), but also as an investment business by capital management companies in accordance with Section 1 Paragraph 19 No. 24 KAGB . These capital management companies and the credit institutions operating the investment business are colloquially referred to as investment banks . According to Section 1 of the KAGB, collective asset management includes portfolio management , risk management , administrative activities, the sale of own investment units and AIF activities ( alternative investment funds ; AIF) in connection with the AIF's assets. In addition, they may in particular provide financial portfolio management and investment advice on financial instruments (Section 1 (11) KWG) as well as conduct securities custody business.

In contrast to the lending business and deposit business, the investment business is very innovation-oriented and can use the advantages of scope for these businesses and for payment transactions .

history

In April 1957, the former Capital Investment Act (KAGG) classified the capital investment companies as credit institutions because, according to Section 1 (1) No. 6 KWG old version, the investment business was a banking business. That is why investment companies were not only subject to the KAGG, but also to the KWG . In January 2004, the German Investment Act (InvG) replaced the KWG for capital investment companies . The formal investment term in Section 7 (2) InvG a. F. primarily comprised asset management of financial instruments and real estate , investment advice as well as the custody and administration of investment units. The Investment Amendment Act (InvÄndG) of December 2007 abolished the property as a credit institution and no longer classified the investment business as a banking business. Directive 2009/65 / EC, which has been in force for all EU member states since July 2009 , separated banking law and investment law, which meant that capital management companies were no longer at a competitive disadvantage under banking supervision law . The KAGB has been in force since July 2013 and replaces the InvG, the KWG only applies to capital management companies if the KAGB refers to it. The BAFin exercises sole supervision over capital management companies .

species

As part of the granting of a license, Section 20 (2) KAGB provides a concluding list of the transactions permitted for investment companies:

  • Manage individual in financial instruments within the meaning of § 1 Paragraph 11 of the KWG scale. Assets for others with discretion ( wealth management ), whereby in financial instruments derivatives are excluded, the underlying goods ( commodities ), or precious metals are;
  • the administration of individual assets invested in real estate for others as well as investment advice, provided that the capital investment company is authorized to manage real estate special assets;
  • as far as the permit includes the service according to No. 1, investment advice ;
  • the safekeeping and administration of units that have been issued in accordance with the provisions of the KAGB or by a foreign investment company for others;
  • the distribution of units that have been issued in accordance with the provisions of the KAGB or that may be publicly distributed in accordance with Section 127 ff. of the KAGB;
  • the conclusion of retirement provision contracts in accordance with Section 1 (1) of the Retirement Provision Contract Certification Act and
  • other activities directly related to the services and ancillary services mentioned.

These transactions may only be carried out by capital management companies ( Section 17 (1) KAGB). The main tasks in the investment business consist of investment advice, the acceptance of securities orders and the management of securities accounts .

Investment assets

According to Section 1 Paragraph 1 Clause 1 of the KAGB, the investment fund is “any organization for collective investments that collects capital from a number of investors in order to invest it in accordance with a defined investment strategy for the benefit of these investors and that is not an operating company outside the financial sector ". A “number of investors” within the meaning of the definition of investment assets exists if neither the investment conditions nor the articles of association or the partnership agreement limit the number of possible investors (Section 1 (1) sentence 2 KAGB). The "organism" replaces the traditional term of the investment fund . The investment fund consists of this “organism” (UCITS; UCITS Directive ) and the alternative investment funds (AIF). The UCITS stands for the former investment fund, which is only used as a term in the AIF.

Individual evidence

  1. Helmut M. Dietl / Markus Pauli / Susanne Royer, Internationaler Finanzplatzwettbewerb , 1999, p. 83
  2. Jürgen Baur / Falko Tappen (eds.), Investment Laws , Volume 1 §§ 1 - 272 KAGB, 2015, o. P.
  3. Petra Buck-Heeb, Capital Markets Law , 2016, p. 310