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) unterliegen.

Why is this leaflet relevant?

The leaflet defines the limits, within which investors may influence investment decisions, without this having to violate regulatory requirements. Dabei steht insbesondere die Abgrenzung zwischen zulässiger Einflussnahme und unzulässiger Steuerung durch Anleger im Fokus.

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, dass die KVG ihre unabhängige Entscheidungsbefugnis verliert.

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 mehr vorliegt.

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 geregelt sind.

What does this mean for capital management companies and investors?

1. Capital management companies must preserve their autonomy: Every investor participation should be checked and documented critically, um aufsichtsrechtliche Verstöße zu vermeiden.
2. Investors have limited say: Influence is possible, but must not lead to it, dass die KVG ihre Position als unabhängiger Verwalter verliert.
3. Documentation as a security mechanism: Eine ordnungsgemäße Aufzeichnung schützt sowohl die KVG als auch die Anleger und ermöglicht eine transparente Nachverfolgbarkeit der Entscheidungen.

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, dass ihre Entscheidungsprozesse im Rahmen des KAGB bleiben und unangemessene Anlegerbeeinflussung vermieden wird.

Der Beitrag Bafin leaflet (Draft) To influence investors on investment/de-stewing decisions of capital management companies erschien zuerst auf AGILE Real Estate.