Investment company

The term investment company (investment company) is used in practice in the sense of

used. An exact and uniform use of the term investment company is not given in German-speaking countries.

According to the European Court of Justice , the concept of an undertaking within the meaning of Article 107 TFEU includes " any entity carrying on an economic activity, regardless of its legal form and the way in which it is financed ". An investment company is therefore to be regarded as a company within the meaning of Art 107 TFEU, at least insofar as it involves administrative activities and not direct investment activities.

According to Art 2 para. 1 let. a) of the Liechtenstein Investment Entrepreneurship Act (IUG), an investment company is an asset that is procured through public advertising from the public for the purpose of collective investment and is managed by a management company for the joint account of the investors, unless expressly stated otherwise, according to the principle of risk diversification . The term investment company is generally equated with the term fund and further differentiated: According to this, an investment company is either

an investment fund; or
an investment company ;

Individual evidence

↑ often referred to simply as funds or investment funds .
↑ In Austria and Liechtenstein as a management company , previously referred to in Germany as a capital investment company .
↑ Formerly Article 87 of the EC Treaty . Corresponds to Article 61 (1) of the EEA Agreement .
↑ Associated Rsn. C-180/98 to C-184/98, Pavlow et al., 2000 ECR, p. I-6451, para. 74.
↑ With regard to the investment company under Liechtenstein law (investment stock corporation ) in the legal form of a stock corporation or Societas Europaea , the EFTA supervisory authority takes the view that such investment companies for the part of the company that carries out asset management are companies within the meaning of Article 61 Paragraph 1 EEA Agreements are (See OJ 2009 / C 236/6. The EFTA Surveillance Authority also cites the case: T-445/05 Associazione Italiana del risparmio gestito, inter alia against the Commission, not yet published, paragraph 127 et seq. Light, § 127 ff.).

↑ Law of 19 May 2005 on investment companies (IUG), LGBl. 156/2005.

↑ The term fund is not precisely defined in German-speaking countries and is very complex. The term is also often used in a misleading way, in banking practice it is often used generally for special assets .

↑ In Germany investment funds ; in Austria investment funds .

↑ In Germany: Investment Aktiengesellschaft ; France, Switzerland and Luxembourg SICAV or SICAF .

[1] ten referred to simply as funds or investment funds .

[2] In Austria and Liechtenstein as a management company , previously referred to in Germany as a capital investment company .

[3] Formerly Article 87 of the EC Treaty . Corresponds to Article 61 (1) of the EEA Agreement .

[4] Associated Rsn. C-180/98 to C-184/98, Pavlow et al., 2000 ECR, p. I-6451, para. 74.

[5] With regard to the investment company under Liechtenstein law (investment stock corporation ) in the legal form of a stock corporation or Societas Europaea , the EFTA supervisory authority takes the view that such investment companies for the part of the company that carries out asset management are companies within the meaning of Article 61 Paragraph 1 EEA Agreements are (See OJ 2009 / C 236/6. The EFTA Surveillance Authority also cites the case: T-445/05 Associazione Italiana del risparmio gestito, inter alia against the Commission, not yet published, paragraph 127 et seq. Light, § 127 ff.).

[6] Law of 19 May 2005 on investment companies (IUG), LGBl. 156/2005.

[7] The term fund is not precisely defined in German-speaking countries and is very complex. The term is also often used in a misleading way, in banking practice it is often used generally for special assets .

[8] In Germany investment funds ; in Austria investment funds .

[9] In Germany: Investment Aktiengesellschaft ; France, Switzerland and Luxembourg SICAV or SICAF .