Standard regarding the reimbursement of costs for durable media. (Status: November 2014)

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1 Standard regarding the reimbursement f csts fr durable media (Status: Nvember 2014)

2 The fllwing standard was develped and apprved by BVI and Deutsche Kreditwirtschaft and its respnsible cmmittees. It is nt apprved r discussed with the German Financial Supervisry Authrity ( BaFin ). It is aimed t prvide guidance in practice and is nt binding. The user shuld analyse the guidance befre applying it t the specific case; amendments r changes might be necessary. The standard was prepared with diligence and t the best f ur knwledge, hwever, ther legal views r mistakes by the persns drafting the guidance cannt be cmpletely ruled ut. The guidance des nt claim exhaustive validity. Shuld yu recgnize any flaws, mistakes, ambiguities r shuld yu pssess new r different infrmatin regarding administrative practice f BaFin, please infrm us under neri.ihmr@bvi.de. BVI and Deutsche Kreditwirtschaft d nt accept any liability fr the cntents f this standard. 2

3 TABLE OF CONTENTS Intrductin List f cases in which ManC has t infrm investrs by way f DD Frm f DD accrding t law EU r freign ManCs bligatin t reimburse Standard regarding reimbursement including specific cases... 6 Annex 1 Frm fr ManCs... 7 Annex 2 Invicing Frm... 8 Annex 3 BaFin pinin regarding DD cst reimbursement by EU ManCs

4 INTRODUCTION Investment management cmpanies ( ManCs ) are required by law t prvide in specified cases infrmatin t investrs by way f durable medium (dauerhafter Datenträger DD ). The infrmatin is usually transmitted thrugh the credit institutin maintaining a custdy accunt n behalf f their clients ( Custdy Institutin ), e.g. banks, fund platfrms. This standard aims t prvide guidance n the reimbursement f csts fr the DD transmitted by the Custdy Institutin. It cntains the fllwing: 1. List f cases in which ManC has t infrm investrs by way f DD 2. Frm f DD accrding t law 3. EU ManCs r freign ManCs bligatin t reimburse 4. Standard regarding reimbursement including specific cases 1. LIST OF CASES IN WHICH MANCO HAS TO INFORM INVESTORS BY WAY OF DD The EU r freign ManC has t infrm investrs by way f DD accrding t the German Capital Investment Act (Kapitalanlagegesetzbuch KAGB ) nly in the fllwing cases ( DD Cases ): 1 - Suspensin f redemptin f investment units r shares; - Terminatin f fund administratin; - Liquidatin f the fund; - Amendments t the fund rules which are nt equivalent t the current investment principles, affect substantial rights f the unit hlder, relate t fees and expenses, which are t be reimbursed by the fund; - Infrmatin abut fund mergers; 2 - Transfrmatin f a fund int a feeder-fund r a master-fund de-merger; 3 - Any changes t the depsitry s liability, in case f alternative investment funds ( AIFs ) marketed t private investrs. 4 In case f amendments t the fund rules regarding fees and expenses which are bviusly t the benefit f the investrs r nly editrial, a transmissin by DD is nt required. 5 BaFin has cnfirmed that it will nt take any measures if in such cases n DD will be transmitted. BaFin shares the view that the csts wuld be superfluus and wuld in any case be at the expense f the fund, hence the investr. 2. FORM OF DD ACCORDING TO LAW A DD means an instrument which enables an investr t stre infrmatin addressed persnally t that investr in a way that is accessible fr future reference fr a perid f time 1 See Sec. 298 para. 2 KAGB fr EU-UCITS and Sec. 299 para. 5 KAGB fr EU-AIF. 2 See Art. 7 para. 1 Directive 2010/44/EG ( Fund Merger Directive ), Art. 43 para. 1 Directive 2009/65/EG ( UCITS Directive ). 3 See Art. 29 Fund Merger Directive, Art. 64 para. 1 UCITS Directive. 4 See Sec. 300 para. 4 KAGB. 5 See BaFin (Dr. Anahita Sahavi) t BVI (Marcus Mecklenburg) dated March 27, 2013; 5.57 p.m., subject: Infrmatin der Anleger per dauerhaftem Datenträger bei ffensichtlich begünstigenden der neutralen, rein redaktinellen Änderungen vn Kstenklauseln_WA 41-Wp /

5 adequate fr the purpses f the infrmatin and which allws the unchanged reprductin f the infrmatin stred. 6 The fllwing media are cnsidered as DD (list is nt exclusive): 7 - Paper, - , 8 - CD-Rm, - DVD. 3. EU OR FOREIGN MANCOS OBLIGATION TO REIMBURSE In case the Custdy Institutin transmits infrmatin in a DD Case t the investr, it has t be reimbursed by the ManC. 9 This als applies t EU r freign ManC since the rules fr EU r freign ManCs refer t rules applicable t German funds. 10 BaFin has cnfirmed this interpretatin. 11 The reimbursement, hwever, nly cmprises: - Written ntificatin - Electrnic ntificatin - Pstage fees - Cpy/printing csts The Custdy Institutin may nt claim reimbursement f any ther csts. The csts t be reimbursed are determined by law. 12 These are as fllws: Type Up t t t 5,000 5,001 t 50,000 Mre than 50,000 Written ntificatin Electrnic ntificatin Pstage fees Cpy/printing csts EUR 3 per ntificatin EUR 3 per ntificatin EUR 2 per ntificatin, at least EUR 90 EUR 1 per ntificatin, at least EUR 90 EUR 0.95 per ntificatin, at least EUR 200 EUR 0.40 per ntificatin, at least EUR 100 accrding t real csts EUR 0.55 per ntificatin, at least EUR 4,750 EUR 0.25 per ntificatin, at least EUR 2,000 accrding t custmary market cnditins EUR 0.45 per ntificatin, at least EUR 27,500 EUR 0.20 per ntificatin, at least EUR 12,500 6 See Art. 2 para. 1 m) UCITS Directive. 7 See Verführth/Emde, in: Emde/Drnseifer/Dreibus/Hölscher, InvG, 2013, 2, N See als Recital 5 Fund Merger Directive. 9 See Secs. 299 para. 5, 298 para. 2, 167 para. 3 KAGB in cnnectin with Sec. 1 f the regulatin regarding reimbursement f credit institutins (Verrdnung über den Ersatz vn Aufwendungen der Kreditinstitute KredInstAufwV ). 10 See Secs. 299 para. 5, 298 para. 2 in cnnectin with Sec. 167 para. 3 sentence 3 and 4 KAGB. 11 See Annex 1 BaFin pinin regarding DD cst reimbursement. Thugh the pinin refers t the frmer Investment Law, the specific sectins have nt been amended under the new law despite editrial changes. 12 See Sec. 1 KredInstAufwV. 5

6 4. STANDARD REGARDING REIMBURSEMENT INCLUDING SPECIFIC CASES The fllwing rules shuld apply fr the reimbursement f csts fr the DD: Rule 1. ManC has t submit DD in DD Cases t Custdy Institutins. Custdy Institutins shall nly transmit infrmatin by durable media in case infrmatin is identified as such. Csts will nly be reimbursed in such cases. 2. The legal standard is by letter mail. Hwever, Custdy Institutins shall use the mst reasnably priced way t transmit the DD in case the legal precnditins are fulfilled (custmer agreement). 3. Cpy/printing csts shuld be calculated n a reasnable basis. 4. Invicing t the ManC shall be made within reasnable time and fllwing the enclsed invicing frm r a frm with crrespnding cntents (Annex 2). Invices shuld cntain a reference t ManC s instructin. 5. Invices shall nly cmprise the csts fr the transmissin f a single DD Case. Unless therwise agreed, summary invices fr several DD Cases shuld nt be issued. 6. Unless therwise agreed, Custdy Institutins shuld issue ne invice fr a single DD Case t the ManC even if it cncerns several ISINs and/r several funds. Ratinale Sme Custdy Institutins tend t send all infrmatin by DD t be n the safe side. Hwever, the ManC can easily (i) assess whether the infrmatin has t be sent by DD and (ii) indicate this in the ntice t the Custdy Institutin. Typically, the infrmatin is prvided thrugh an infrmatin data prvider (e.g. WM Daten) where the files are als identified as DD. In ther cases, a frm culd be used either by print letter r by (see the example in Annex 1). Otherwise Custdy Institutins wuld have t analyse the dcuments and see whether a DD Case exists. The Custdy Institutin shuld als take int accunt ManCs and investrs interest and shuld nt increase the csts unnecessarily. The csts fr cpies and printut shuld be determined in advance t avid disagreements between ManC and Custdy Institutin. The reference t lawyers expenses as stipulated by law seems fair since the legislatr cnsidered these as apprpriate fr lawyers expenses. There is n reasn why the expenses f the Custdy Institutin shuld be treated differently. The enclsed frm cntains all infrmatin necessary t understand the basis fr the amunt inviced. The invice shuld generally be issued within three mnths time after submissin f the DD and shuld cntain a reference t the ManC s instructin t be identifiable. Whether the DD expenses can be charged t the fund r have t be brne by the ManC depends n the type f DD. Hence if invices cntain mre than ne case f DD, the invicing psitins have t be separated. This increases the administrative amunt f wrk since e.g. crrecting invices have t be issued and frequent queries psed. A single DD Case may apply t several ISINs within ne fund r several funds at a same time. Unless therwise agreed between Custdy Institutin and ManC, Custdy Institutins shuld nly issue ne invice fr a single DD Case. Otherwise the ManC culd receive a significant higher number f individual invices which it has t enter int its system. Further, the csts t be reimbursed accrding t law increase significantly if ne DD Case which relates t several funds is divided in several DD Case. 6

7 ANNEX 1 FORM FOR MANCOS T be used nly if the dcument is nt identified as a DD by the Management Cmpany [Letterhead ManC] [Address f Custdy Institutin] Infrmatin t be transmitted by durable media [ISINs] Dear Sir r Madam, The enclsed infrmatin cncerns Suspensin f redemptin f investment units r shares; Terminatin f fund administratin; Liquidatin f the fund; Amendments t the fund rules which are nt equivalent t the current investment principles, affect substantial rights f the unit hlder, relate t fees and expenses, which are t be reimbursed by the fund; Infrmatin abut fund mergers; Transfrmatin f a fund int a feeder-fund r a master-fund de-merger; Any changes t the depsitry s liability, in case f alternative investment funds ( AIFs ) marketed t private investrs. It is required t transmit the infrmatin by durable media t investrs. Please send the invice t the attentin f [name, address] using the frmat as prvided by the Industry standard regarding the reimbursement f csts fr a durable medium agreed between and BVI. 7

8 ANNEX 2 INVOICING FORM 13 [Letterhead f Custdy Institutin] [Address f ManC] We wuld like t invice the sum f [sum] fr the transmissin f durable media regarding [ISINs] t investrs. The transmissin cncerned: Suspensin f redemptin f investment units; Terminatin f fund administratin; Liquidatin f the fund; Amendments t the fund rules which are nt equivalent t the current investment principles, affect substantial rights f the unit hlder, relate t fees and expenses, which are t be reimbursed by the fund; Infrmatin abut fund mergers; Transfrmatin f a fund int a feeder-fund r a master-fund de-merger; Any changes t the depsitry s liability, in case f alternative investment funds ( AIFs ) marketed t private investrs. [It relates t yur instructin dated [date].] Calculatin: Fund / Ntificatin Fund name Fund Fund ISIN Psitin Amunt Price scale Unit price Min. payment VAT Amunt Written Ntificatin Pstage fees Electrnic Ntificatin Cpy csts Subttal TOTAL Cntact details: < -address/cntact persn> 13 The invice shuld cntain belw cntents. 8

9 ANNEX 3 BAFIN OPINION REGARDING DD COST REIMBURSEMENT BY EU MANCOS (December 2013) [letter bdy] Ihre Anfrage ist an mich zur Bearbeitung weitergeleitet wrden. Nach Abstimmung in meinem Hause darf ich Ihnen nun wie flgt antwrten: Ich stimme Ihnen insweit zu, als dass 122 Abs. 1 Satz 5 auf 42a InvG vllumfänglich verweist mit der Flge, dass an sich die ausländische Investmentgesellschaft verpflichtet ist, inländische Anleger zu infrmieren. Dies ergibt sich auch systematisch aus dem Standrt in 122 InvG, der ausschließlich Pflichten der Investmentgesellschaften regelt. Materiell ist diese auch die einzige, die die ntwendigen Infrmatinen hat und in ihrer Bedeutung für den Anleger einschätzen kann. Der Verweis auf 42a Abs. 3 InvG ergibt überhaupt erst die Möglichkeit, die deptführende Stelle in den Infrmatinsprzess einzuschalten. Dann kann es aber nicht sein, dass drt die ersten zwei Sätze angewandt werden, der Verweis auf die Sätze 3 und 4 mit den Regelungen zum Aufwendungsersatz aber als nicht eindeutig betrachtet wird. Wenn 122 Abs. 1 Satz 5 InvG ausdrücklich eine entsprechende Anwendung des 42a InvG anrdnet, kann nicht eingewandt werden, dessen Wrtlaut adressiere nur inländische Kapitalanlagegesellschaften; dieser Anwendungsbereich wird ja gerade durch 122 Abs. 1 Satz 5 InvG erweitert. Es ist kein Grund ersichtlich, aus dem der Gesetzgeber die Kstentragungspflicht hier anders hätte regeln wllen der sllen. Ich sehe auch kein Prblem mit dem territrialen Anwendungsbereich der Nrm, denn ein Inlandsbezug ist durch den gezielten Vertrieb in Deutschland zweifells ebens gegeben wie bei den Regelungen der 130 ff. InvG. Nicht akzeptabel sind dagegen die Erwägungen für den Fall, dass die ausländischen Investmentgesellschaften die Kstenerstattung verweigern. Es entspricht nicht der Rati des InvG, dass die Anleger letztlich die Leidtragenden der Uneinigkeit der beteiligen Gesellschaften sind und die Infrmatinen überhaupt nicht erhalten. Vielmehr ist die deptführende Stelle in jedem Fall nach 122 Abs. 1 Satz 5 ivm 42a Abs. 3 Satz 2 InvG riginär verpflichtet, die ihr vn den Investmentgesellschaften zur Verfügung gestellten Infrmatinen für die Anleger unverzüglich und frmgerecht, d.h. auf einem dauerhaften Datenträger weiterzugeben. Sweit sich die Investmentgesellschaften weigern, kenntlich zu machen, welche der übermittelten Infrmatinen in den Anwendungsbereich vn 122 Abs. 1 Satz 5 Nr. 1 bis 5 fallen, der die Ksten für die Anlegerunterrichtung im Nachhinein nicht begleichen, hat die... nur die 9

10 Möglichkeit, entweder die vertraglichen Vereinbarungen entsprechend nachzubessern der die Geschäftsbeziehung zu den betreffenden Gesellschaften zu beenden und ggf. ffene Aufwandspsitinen auf dem Rechtswege geltend zu machen. Ein Zurückbehaltungsrecht an den Infrmatinen würde jedenfalls nicht den Richtigen treffen, sndern den Sinn des Gesetzes in sein Gegenteil verkehren. Sweit Sie der Auffassung sind, dass ausländische Investmentgesellschaften sich weiterhin weigern, die Vrschriften nach 122 Abs. 1 Satz 5 in Verbindung mit 42a Abs. 3 invg einzuhalten, bitte ich, mir diese Gesellschaften zu benennen, damit ich weitere aufsichtliche Maßnahmen prüfen kann. Mit freundlichen Grüßen Im Auftrag Hans-Gerg Carny Bundesanstalt für Finanzdienstleistungsaufsicht Referent Bereich Wertpapieraufsicht Referat WA 41 10