Investment assets
Investment fund is capital markets , the ability of a investment company , which this for investors in certain Financial Instruments invested.
General
The term investment fund is used in the Capital Investment Code (KAGB) as a generic term for all investment funds regardless of their legal form . The legal form for investment funds is a stock corporation and a limited partnership . The generic term of the investment fund also includes the special fund .
Legal issues
According to Section 1 (1) of the KAGB, investment assets are any assets of an investment company that collects them from a number of investors as capital in order to invest them in accordance with a defined investment strategy for the benefit of these investors and that is not an operating company outside the financial sector .
The term investment fund is materially defined, because the investment business requiring a license covers every offer of collective asset management ( Section 1 (19) No. 24 KAGB). An interpretation letter from BaFin states that operational activity outside of the financial sector does not constitute an investment fund and that project development or property management therefore do not fall within the scope of the KAGB.
Open-ended investment funds may only be launched as special funds or as an investment stock corporation with variable share capital ( Section 91 (1) KAGB). As an open investment KG, they can only be launched if they are aimed exclusively at professional or semi-professional investors (Section 91 (2) KAGB). Domestic UCITS exclusively form special funds (Section 45 KAGB- Section 65 KAGB), and open-ended real estate funds may only be managed as separate funds. All other funds have investment funds.
literature
- Literature on investment assets in the catalog of the German National Library
Individual evidence
- ↑ Petra Buck-Heeb, Capital Markets Law , 2014, p. 272
- ↑ BaFin, circular of June 14, 2013, Gz .: WA 41-Wp 2137-2013 / 0001
- ↑ Petra Buck-Heeb, Capital Market Law , 2014, p. 278 f.
