iveta prostrednik austrian financial market authority challenges of collective investment business...
TRANSCRIPT
Iveta Prostrednik
Austrian Financial Market Authority
Challenges of Collective Investment Business in CEE 27-28 October 2011 – Kyiv Workshop – 3rd session
First experiences with the implementation of UCITS IV
in Austria from a regulatory point of view
Implementation of UCITS IV
New Investment Funds Act
Entered into force on 1 September 2011
Increased demands on management companies:
- Risk management
- Compliance
- Conflicts of interest
- Personal transactions
Increased demands on authorities:
- Enhanced cooperation of member state authorities
- Reduction of time limits for authorisation
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New demands on authority
Master-Feeder structure
Cross-border mergers
Management Company Passport
Umbrella construction
KID (Key Investor Information Document)
Notification procedure new
Iveta Prostrednik 27-28 October 2011 – Kyiv
Notification procedure - outgoing
Documents sent by the investment fund management company
Document check – 10 days limit
Package sent to the host authority
Currently in 4 countries (Germany, United Kingdom,
Czech Rep., Switzerland)
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Notification procedure incoming
Notification carried out by the foreign authority
Electronic means – via e-mail
Language: German and English (KID only German)
5 days limit
Published on the FMA – homepage
Current status: 60 notifications from Ireland, Luxemburg,
France, Germany
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Notification of Non-UCITS
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National regulation (not based on Directive)
Carried out by the investment company, resp. management
company
Prospectus must be approved by Austrian bank
(Representative)
Paper form
Language: only German
Distribution of new Non-UCITS Funds: 4 months limit
Changes to prospectus: 2 months limit
Published on the FMA – homepage
Conclusion
Aditional regulation in future (UCITS V, AIFM)
Change of attitude in management companies
necessary (e.g. risk management)
Increased demands on authorities
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Contact
FMA Austrian Financial Market Authority
Dr. Iveta PROSTREDNIK
Prudential Supervision of Collective Investment Undertakings
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