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Schleswig-Holstein

Having changes to the investment conditions of investment funds approved

Source: Zuständigkeitsfinder Schleswig-Holstein (Linie6PLus)

Service Description

According to the legal definition, an investment fund is an undertaking for collective investment that collects capital from a number of investors in order to invest it according to a fixed investment strategy for the benefit of these investors. Operationally active companies outside the financial sector are not considered investment funds.

As a capital management company (KVG), investment stock corporation or open-ended investment limited partnership, you must have amended investment conditions approved by the German Federal Financial Supervisory Authority (BaFin).

The investment conditions regulate, among other things

  • the relationship between you as the asset management company and the investors
  • the name and registered office of your asset management company
  • the principles according to which assets are selected and acquired
  • the ownership structure of investment funds
  • which conditions apply to the redemption and conversion of units or shares
  • whether income from the investment fund is distributed or reinvested
  • the principles according to which sub-investment assets are formed
  • whether and which costs must be paid by investors, e.g. issue premiums, management fees, redemption fees

You may only attach the amended investment conditions to your sales prospectus once they have been approved by BaFin. In addition, you must make the amendments available to the public on your website in the version applicable at the time.


Process flow

You can apply for approval for changes to the investment conditions of an investment fund online:

  • Create an informal cover letter in which you apply for approval of the amendment.
  • Send the application, including the amended investment conditions, to BaFin via the MVP portal.
  • After receiving your documents, BaFin will check whether your information is complete and may request further documents from you. Furthermore, BaFin may request changes to the submitted investment conditions if they do not meet the legal requirements.
  • If you wish to receive confirmation of receipt from BaFin, you must apply for this separately.
  • You will receive notification of your application.
  • You will also receive a fee notice. Pay the fees.
Requirements

You can only apply for authorization if your management company

  • is a capital management company that is authorized to manage the type of investment fund concerned or
  • is a European Union (EU) - Undertakings for Collective Investment in Transferable Securities (UCITS) - management company that has been authorized by the competent authorities of its home member state to manage UCITS investment funds that it intends to manage in Germany.
Which documents are required?
  • Copy of the investment conditions
  • Copy of the articles of association
  • Copy of the articles of association, if applicable
What deadlines do I have to pay attention to?

You do not have to observe any deadlines.

Processing duration

BaFin has 4 weeks to issue the change approval.

If the requirements for approval are not met, BaFin will inform you of the reasons within 4 weeks and request missing or amended information or documents. If BaFin does not meet both deadlines, the approval is automatically deemed to have been granted.

Legal basis
Appeal
  • In the event of a rejection of the investment conditions by BaFin: Objection. Detailed information on how to lodge an objection can be found in your notification.
  • In the absence of a remedy: administrative court action
Applications / forms

Forms: no
Online procedure possible: no
Written form required: yes
Personal appearance required: no

Author
Technically approved by

Federal Ministry of Finance

Process flow

You can apply for approval for changes to the investment conditions of an investment fund online:

  • Create an informal cover letter in which you apply for approval of the amendment.
  • Send the application, including the amended investment conditions, to BaFin via the MVP portal.
  • After receiving your documents, BaFin will check whether your information is complete and may request further documents from you. Furthermore, BaFin may request changes to the submitted investment conditions if they do not meet the legal requirements.
  • If you wish to receive confirmation of receipt from BaFin, you must apply for this separately.
  • You will receive notification of your application.
  • You will also receive a fee notice. Pay the fees.

Requirements

You can only apply for authorization if your management company

  • is a capital management company that is authorized to manage the type of investment fund concerned or
  • is a European Union (EU) - Undertakings for Collective Investment in Transferable Securities (UCITS) - management company that has been authorized by the competent authorities of its home member state to manage UCITS investment funds that it intends to manage in Germany.

Which documents are required?

  • Copy of the investment conditions
  • Copy of the articles of association
  • Copy of the articles of association, if applicable

What deadlines do I have to pay attention to?

You do not have to observe any deadlines.

Processing duration

BaFin has 4 weeks to issue the change approval.

If the requirements for approval are not met, BaFin will inform you of the reasons within 4 weeks and request missing or amended information or documents. If BaFin does not meet both deadlines, the approval is automatically deemed to have been granted.

Legal basis

Appeal

  • In the event of a rejection of the investment conditions by BaFin: Objection. Detailed information on how to lodge an objection can be found in your notification.
  • In the absence of a remedy: administrative court action

Applications / forms

Forms: no
Online procedure possible: no
Written form required: yes
Personal appearance required: no

Author

Technically approved by

Federal Ministry of Finance

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