Minimum requirements for risk management (InvMaRisk)

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Basic data
Title: Minimum requirements for risk management for investment companies (InvMaRisk)
Short title: Minimum requirements for risk management
Abbreviation: InvMaRisk
Type: Administrative instruction
Scope: Federal Republic of Germany
Legal matter: Administrative law
References : -
Issued on: 06/30/2010
Entry into force on: 06/30/2010
Please note the note on the applicable legal version.

The minimum requirements for risk management for investment companies , abbreviated InvMaRisk , is a standard-interpreting administrative regulation of the German Federal Financial Supervisory Authority (BaFin) for the design of risk management in German investment companies . The circular is intended to summarize the essential requirements of Section 9a of the Investment Act (InvG) from the perspective of the supervisory authority and to provide investment companies with legal and planning security and ensure consistent application of the InvG.


On the basis of Section 9a of the Investment Act (InvG), the circular lays down a flexible and practical framework for the institutions for structuring a proper business organization for capital investment companies and self-governing investment stock corporations.

Structure of MaRisk

In contrast to the MaRisk (BA), the MaRisk circular is not structured in a modular manner . The essential core regulations are largely identical in terms of their basic idea, but with specific reference to the typical business activities of investment companies.

Core regulations / structure of InvMaRisk

Proper business organization includes in particular:

  • an adequate risk management system
  • suitable regulations for the personal business of employees
  • suitable rules for investing your own assets in financial instruments
  • adequate control and security measures for the use of electronic data processing
  • Regulations on procedures for outsourcing
  • adequate documentation
  • appropriate control procedures (including internal auditing)

The risk management system and the other control procedures create the basis for the proper performance of the supervisory functions of the company's supervisory body and therefore also include its appropriate involvement.

Historical development

The InvMaRisk represent the further development of qualitative financial market supervision, which began in 1975 with the minimum requirements for bank-internal control measures in foreign exchange transactions.

“With the abolition of the institutional status of capital investment companies through the Investment Amendment Act in December 2007, MaRisk was no longer formally applicable to capital investment companies. However, BaFin continued to use MaRisk from the banking sector to interpret the organizational obligations in Section 9a of the Investment Act. In order to take account of the special business model of investment companies, BaFin has now - based on the MaRisk regulations in the banking sector - drafted minimum requirements for risk management for investment companies. In addition to specific requirements for risk management, the circular also specifies requirements for outsourcing and internal auditing. "

- Report on

Individual evidence

  1. Archived copy ( Memento of the original dated December 22, 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 /

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