Qualified institutional investor
Qualified institutional investors (Engl. Qualified institutional buyer , QIB ) includes as a special group of institutional investors on the financial investors by certain because of their size and / or qualifications market regulation rules are exempt.
backgrounds
To protect investors , many legislators around the world have issued regulations that regulate how different types of investors are dealt with. This includes in particular the information obligations of the stock corporations, management and intermediary financial institutions and advisors to disclose certain minimum information.
Legal regulation in the USA
In the USA, QIBs are determined by the United States Securities and Exchange Commission based on "Rule 144A" of the US Stock Exchange Act.
The following are essentially qualified institutional investors :
- All legal entities that have or manage a securities account of at least US $ 100 million (banks require a verified net value of US $ 25 million according to the most recent annual financial statements)
- Securities traders registered with the SEC who manage a securities account of at least US $ 10 million for their own account or for the account of other QIBs, and
- People who act in the interest of a QIB in the context of a purchase by the client for whom a simultaneous compensation sale to another QIB takes place.
Shares in a subsidiary of the investor, the unsold shares or shares from a public offer in which the stock exchange trader was a signatory, are not included in the respective limit values.
The investor's counterparty, e.g. the seller of securities, is responsible for ensuring that the required minimum criteria are met. Values that are not older than 16 months from a balance sheet are to be regarded as sufficiently current. In the case of balance sheets that are older than six months, the profit and loss account (which must not be older than six months) must also be used, as well as a max. 12-month old company report or - for foreign issuers - the information required under local law.
Other countries
In India and China there are also national regulations regarding “qualified institutional investors”.
In France , legal regulations on qualified institutional investors were enacted in November 2004 . These determine that, as a rule, only QIBs who are essentially particularly qualified, as well as wealthy private customers who are not as vulnerable as small investors due to the accumulation of their assets , are allowed to invest in hedge funds .
See also
Individual evidence
- ↑ Rule 144A - Private Resales of Securities to Institutions ( Memento of the original from April 15, 2008 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.
- ↑ Archived copy ( Memento of the original dated August 13, 2007 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.
- ↑ Finanzplatz Frankfurt: Actors, Framework Conditions, Perspectives (page 159) ( Memento of the original from January 30, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF; 2.2 MB)
