responsibility finder
Schleswig-Holstein

Have election and change of depositaries approved

Source: Zuständigkeitsfinder Schleswig-Holstein (Linie6PLus)

Service Description

Custodians serve to hold the assets of investment funds in safe custody. As a capital management company, you are free to choose which depositaries you use for your services, provided the depositary meets the legal requirements. However, you must generally have each choice and change of a new depositary approved by the German Federal Financial Supervisory Authority (BaFin).

In addition, BaFin may impose a change of depositary on you if the depositary does not properly fulfill its legal and contractual obligations or its initial capital falls below the prescribed minimum level.


Process flow

If you wish to apply for election or change to a new depositary, use BaFin's notification and publication platform (MVP) online for this purpose:

  • To do so, log in to the MVP with your access data.
    • If you do not have access yet: First register on the MVP.
  • Select the specialist procedure "Notification procedure KAGB - funds".
    • Please note that you must be registered for the specialist procedure. If you have not yet registered, you can do so in the "Specialized procedure" section ("Apply for specialized procedure").
  • Select "Submit notification" and complete the online application.
  • After activation, upload the required documents. Submit all documents exclusively via the MVP.
  • After successful transmission of the documents, you will receive an electronic confirmation of receipt from BaFin.
  • BaFin will review your request.
  • If the documents are complete and the choice or change of depositary complies with the legal requirements, you will receive written approval from BaFin.
Requirements

You want to launch a new investment fund or change the depositary for an existing investment fund.

Which documents are required?
  • Notification of selection or change of depositary
  • Attach to the notification a list of the investment assets to be managed, including details of the new depositary.
  • In case of appointment of a depositary for a UCITS investment fund with which a group link exists, attach a report relating to the duties of the depositaries.
  • Unless the institution or branch in question is already acting as depositary for investment assets of the same type with the approval of BaFin, or at the request of BaFin, enclose the following documents:
    • Curricula vitae of the management responsible for the depositary functions, unless these are already available to BaFin and are not older than 1 year
    • Business plan
    • Description of the organizational arrangements including the personnel structure and equipment
    • Depositary agreement, if applicable in the final negotiated version
    • confirmation of the branch office about the audit, if applicable
What deadlines do I have to pay attention to?

You must have approval before you hire the custodian.

Legal basis
Appeal
  • Appeal.
  • Detailed information on how to file an appeal can be found in the notice of your application.
  • In the absence of remedy, administrative court action
What else should I know?

There are no clues or specifics.

Author
Technically approved by

Federal Ministry of Finance (BMF)

Process flow

If you wish to apply for election or change to a new depositary, use BaFin's notification and publication platform (MVP) online for this purpose:

  • To do so, log in to the MVP with your access data.
    • If you do not have access yet: First register on the MVP.
  • Select the specialist procedure "Notification procedure KAGB - funds".
    • Please note that you must be registered for the specialist procedure. If you have not yet registered, you can do so in the "Specialized procedure" section ("Apply for specialized procedure").
  • Select "Submit notification" and complete the online application.
  • After activation, upload the required documents. Submit all documents exclusively via the MVP.
  • After successful transmission of the documents, you will receive an electronic confirmation of receipt from BaFin.
  • BaFin will review your request.
  • If the documents are complete and the choice or change of depositary complies with the legal requirements, you will receive written approval from BaFin.

Requirements

You want to launch a new investment fund or change the depositary for an existing investment fund.

Which documents are required?

  • Notification of selection or change of depositary
  • Attach to the notification a list of the investment assets to be managed, including details of the new depositary.
  • In case of appointment of a depositary for a UCITS investment fund with which a group link exists, attach a report relating to the duties of the depositaries.
  • Unless the institution or branch in question is already acting as depositary for investment assets of the same type with the approval of BaFin, or at the request of BaFin, enclose the following documents:
    • Curricula vitae of the management responsible for the depositary functions, unless these are already available to BaFin and are not older than 1 year
    • Business plan
    • Description of the organizational arrangements including the personnel structure and equipment
    • Depositary agreement, if applicable in the final negotiated version
    • confirmation of the branch office about the audit, if applicable

What deadlines do I have to pay attention to?

You must have approval before you hire the custodian.

Legal basis

Appeal

  • Appeal.
  • Detailed information on how to file an appeal can be found in the notice of your application.
  • In the absence of remedy, administrative court action

What else should I know?

There are no clues or specifics.

Author

Technically approved by

Federal Ministry of Finance (BMF)

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