Bafin specifies limits of investor participation in investment decisions (Draft)
The Federal Agency for Financial Service Supervision (Bafin) Has made new clarifications ( Download). These affect capital management companies in particular (Kvgs), The one to the investment network (Kagb) be subject.
Why is this leaflet relevant?
The leaflet defines the limits, within which investors may influence investment decisions, without this having to violate regulatory requirements. In particular, the focus is on the delimitation between permissible influence and inadmissible control by investors.
In this context, the Bafin clarifies, that the management of investment assets is exclusively the task of the KVG. Investors - including supervised banks and insurers - can express wishes or make suggestions, However, this must not lead to this, that the KVG loses its independent decision -making authority.
Legal framework and documentation obligations
A central reference point of the leaflet is § 17 Kagb, according to which investment assets must always be managed by a KVG. Investors therefore have no direct control option, but only limited influence opportunities. Too extensive influence could even lead to this, that no investment assets within the meaning of § 1 Abs. 1 KAGB is more.
Bafin also emphasizes the need to document such influencing. The KVGs are obliged, to capture any permissible investor participation, To ensure and prove transparency, that she continues to make decisions independently. However, the documentation required for this should not cause a considerable additional effort, Since they are already under § 28 KAGB are regulated.
What does this mean for capital management companies and investors?
- Capital management companies must preserve their autonomy: Every investor participation should be checked and documented critically, To avoid regulatory violations.
- Investors have limited say: Influence is possible, but must not lead to it, that the KVG loses its position as an independent administrator.
- Documentation as a security mechanism: A proper recording protects both the KVG and the investors and enables transparent traceability of the decisions.
Conclusion
The draft of the Bafin comrade creates more clarity in terms of the permissible influence of investors on investment decisions. KVGs should check their internal processes, whether they meet the requirements. You can ensure by precise documentation, that your decision -making processes remain within the framework of the KAGB and that inappropriate investor influence is avoided.