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Matthias Lehmann, Christoph Kumpan - European Financial Services Law

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Matthias Lehmann (ed.), Christoph Kumpan (ed.)

European Financial Services Law

Series: Kooperationswerke Beck - Hart – Nomos

Volume 2019

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Article 30 Internally managed investment companies, restrictions on third-party portfolio management S. 1369-1370

„… Article 30 Internally managed investment companies, restrictions on third-party portfolio management …” „… managed investment company. This prompts the question of how the respective boards of the management …” „… company and the investment company interact. Since the management company assumes responsibility, at least …”

Article 25 Assessment of suitability and appropriateness and reporting to clients S. 180-193

„… competence. 2. When providing investment advice or portfolio management the investment firm shall obtain the …” „… predecessor provision in MiFID I. Suitability requirements apply to investment advice and portfolio manage- 1 …” „… both investment advice and portfolio management. Where a firm provides investment advice to a …”

Article 31 Portfolio compression S. 517-519

„… portfolio compression, investment firms and market operators shall not be subject to the best execution …” „… this Regulation. (2) Investment firms and market operators providing portfolio compression shall make …” „… ) MiFIR) II. Commentary Scope Portfolio compression services may be provided by investment firms or …”

Article 2 Definitions S. 1317-1323

„… investment companies (collective portfolio management of UCITS); (c) ‘management company’s home Member State …” „… ) ‘mergers’ means an operation whereby: (i) one or more UCITS or investment compartments thereof, the …” „… liabilities to another existing UCITS or an investment compartment thereof, the ‘receiving UCITS’, in exchange …”

Article 20 Delegation S. 1502-1504

„… sufficiently experienced; (c) where the delegation concerns portfolio management or risk management, it must be …” „… competent authorities of the home Member State of the AIFM; (d) where the delegation concerns portfolio …” „… the services provided by each delegate on an ongoing basis. 2. No delegation of portfolio management …”

Article 30 Indirect clearing arrangements S. 513-517

„… portfolio compression, investment firms and market operators shall not be subject to the best execution …” „… this Regulation. (2) Investment firms and market operators providing portfolio compression shall make …” „… client providing indirect clearing services must be authorised EU credit institutions or investment firms …”

Article 24 General principles and information to clients S. 157-180

„… 65 (duty of investment firms carrying out portfolio management and reception and transmission of …” „… respect of investment advice on an independent basis or portfolio management services), Art 13 …” „… relating to the investment firm and its services, with specific requirements for portfolio managers …”

Article 19 Managers’ transactions S. 808-824

„… the collective investment undertaking; (b) the financial instrument provides exposure to a portfolio …” „… the portfolio’s assets; (c) the financial instrument is a unit or share in a collective investment …” „… composition or exposure of such collective investment undertaking or portfolio of assets in relation to the …”

Article 51 Risk management, exposure limits, reliance on credit rating agencies S. 1386-1389

„… Risk management, exposure limits, reliance on credit rating agencies 1. A management or investment …” „… risk of the positions and their contribution to the overall risk profile of the portfolio of a UCITS …” „… third paragraph aggregated in respect of all the management or investment companies they supervise is …”

Article 15 Risk management S. 1493-1496

„… AIF shall correspond to the size, portfolio structure and investment strategies and objectives of the …” „… generally follow the pattern of related European legislation on investment firms and UCITS management …” „… of portfolio management. The functional and hierarchical separation of the functions of risk …”

Article 4 Definitions S. 22-34

„… , e.g. about their knowledge, experience and investment objectives, and then calculate a portfolio of …” „… that advice or portfolio management provided by computers are ‘investment services’ in the sense of Art …” „… following definitions apply: (1) ‘investment firm’ means any legal person whose regular occupation or …”

Article 2 Definitions S. 396-403

„… transactions conducted as administrator of a pension scheme for its staff, or (c) for its investment portfolio …” „… of their investment operations.16 Article 15 of the Commission Delegated Regulation (EU) 2017/583 …” „… ) ‘investment firm’ means an investment firm as defined in Article 4(1)(1) of Directive 2014/65/EU; (2 …”

Article 70 Disclosures on categories and volatility of assets, risk management S. 1412-1413

„… for retail investors to be able to make an informed investment decision including a clear and easily …” „… for the purpose of hedging or with the aim of meeting investment goals, and the possible outcome of …” „… attention to the investment policy. 3. Where the net asset value of a UCITS is likely to have a high …”

Article 26 Provision of services through the medium of another investment firm S. 193-195

„… when external investment advisers or portfolio managers cooperate with investment firms to execute …” „… financial adviser or portfolio manager, the dealing investment firm can assume that the specific financial …” „… needed to rebalance a portfolio. The necessary level of detail required in a suitability statement must …”

Article 6 Conditions for taking up activities as AIFM S. 1478-1480

„… such as individual portfolio management in respect of AIFs. However, investment firms shall, directly …” „… addition to collective portfolio management, i.e. the management of investment funds, external AIFM may …” „… its own corporate functions; this will, for example, typically be the case for investment funds …”

Article 12 Prudential regulation S. 1334-1336

„… subject to prudential supervision; the delegation must be in accordance with investment-allocation …” „… 2. For the purposes of this Directive, the terms ‘investment firm’ and ‘investment firms’ referred …” „… particular, rules for personal transactions by its employees or for the holding or management of investments …”

Article 13 Remuneration S. 1489-1492

„… in portfolio management, namely investment firms engaging in discretionary asset management under the …” „… 2. Each AIFM the authorisation of which also covers the discretionary portfolio management service …” „… portfolio in units or shares of the AIFs it manages, unless it receives prior general approval from the …”

Article 12 General principles S. 1488-1489

„… in portfolio management, namely investment firms engaging in discretionary asset management under the …” „… AIFM the authorisation of which also covers the discretionary portfolio management service referred to …” „… portfolio in units or shares of the AIFs it manages, unless it receives prior general approval from the …”

Article 50 a Investment in securitisation positions S. 1385-1386

„… effective on 21 July 2018. Article 50 a Investment in securitisation positions In order to ensure …” „… eligible assets for investment by UCITS. 8 Cf. CESR/07-044, para 8. 9 ESMA/2015/880, Opinion Impact of …” „… Money Market Funds. Chapter VII Obligations concerning the investment policies of UCITS Art. 50 a …”

Article 12 Procedures on the notification and disclosure of major holdings S. 1156-1163

„… Articles 9 and 10 with the holdings that such an investment firm manages as part of a portfolio on a …” „… investment firm authorised under Directive 2004/39/EC shall not be required to aggregate its holdings under …” „… Articles 9 and 10 with the holdings which such investment firm manages on a client-by-client basis within …”

Article 29 Minimum capital, organisation, key people, authorisation and withdrawal of authorisation S. 1366-1369

„… portfolio management or investment advice. In this regard, the scope of authorisation is smaller than that …” „… portfolio management Articles 13 to 14 b shall apply mutatis mutandis to investment companies that have not …” „… Member States shall determine the legal form which an investment company must take. The registered …”

Article 32 Trading obligation procedure S. 519-524

„… , a portfolio compression runs as follows: The investment firms and market operators must conclude an …” „… of legal documentation.9 After the execution of the portfolio compression, the investment firms and …” „… risk reduction techniques such as portfolio compression. This is true, in particular, of the obligation …”

Article 18 Insider lists S. 799-808

„… the collective investment undertaking; (b) the financial instrument provides exposure to a portfolio …” „… the portfolio’s assets; (c) the financial instrument is a unit or share in a collective investment …” „… composition or exposure of such collective investment undertaking or portfolio of assets in relation to the …”

Article 3 Exclusions from the scope S. 1323-1324

„… , list number 8, ‘liquidity risk’ means the risk that a position in the UCITS portfolio cannot be sold …” „… for the UCITS resulting from fluctuation in the market value of positions in the UCITS’ portfolio …” „… are not subject to this Directive: (a) collective investment undertakings of the closed-ended type; (b …”

Article 71 Disclosure of fund rules, instruments of incorporation S. 1413-1414

„… transactions: hedging or the ambition of achieving investment goals. In each instance, the effect on the risk …” „… a prominent statement drawing attention to the investment policy. In equal measure, Art 70(3) of …” „… is likely to have a high volatility due to its portfolio composition or the portfolio management …”

Article 6 a Conflicts of interest concerning investments in credit rating agencies S. 1257-1258

„… interest concerning investments in credit rating agencies 1. A shareholder or a member of a credit rating …” „… investment schemes, including managed funds such as pension funds or life insurance, provided that the …” „… to investments in other credit rating agencies belonging to the same group of credit rating agencies …”

Article 13 Delegation S. 1336-1337

„… subject to prudential supervision; the delegation must be in accordance with investment-allocation …” „… discretionary portfolio management.1 On the one hand, such management companies are not permitted to invest all …” „… or part of an investor’s portfolio in fund units the management company manages itself, unless it …”

Article 23 Third countries S. 1200-1204

„… with Article 5(1) of Directive 85/611/EEC or, with regard to portfolio management under point 4 of …” „… investment firm, its head office within the Community, shall also be exempted from aggregating holdings with …” „… ) provided that they comply with equivalent conditions of independence as management companies or investment …”

Article 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 423-425

„… . Market operators and investment firms operating a trading venue shall make public the price, volume and …” „… other similar financial instruments traded on that trading venue. Market operators and investment firms …” „… technically possible. 2. Market operators and investment firms operating a trading venue shall give access, on …”

Article 69 Minimum content of mandatory disclosures S. 1410-1412

„… establishes standard duties for investment and management companies concerning the ongoing investor disclosure …” „… . An investment or management company must publish a prospectus, an annual report for each financial …” „… the information necessary for investors to be able to make an informed judgement of the investment …”

Article 18 General principles S. 1498-1499

„… met in case of investments in securitisations. These include both due diligence requirements to be met …” „… prior to an investment in securitisations and ongoing monitoring requirements. The requirements under …” „… for the holding or management of investments in order to invest on its own account and ensuring, at …”

Article 7 Application for authorisation S. 1480-1482

„… with Art 20 on delegation and the ability of AIFM to delegate the portfolio management of AIFM to third …” „… third party managing such AIF will, however, typically qualify as management of an individual portfolio …” „… ) information about the investment strategies including the types of underlying funds if the AIF is a fund of …”

Article 23 Conflicts of interest S. 151-155

„… II. Commentary MiFID II requires investment firms to comply on an ongoing basis with their …” „… to monitor investment firms’ compliance with the requirements of MiFID II. The monitoring methods …” „… for effective supervision. Under Art 21 of MiFID II, investment firms contribute to effective …”

Article 6 b Maximum duration of the contractual relationship with a credit rating agency S. 1258-1261

„… investments that have invested 5% or more in another rating agency. Portfolio managers should be exempted, as …” „… rules apply to shareholders or members from the EU or a third country2 and include portfolio managers.3 …” „… In order to enable purely economic investments in rating agencies, participations in diversified …”

Chapter 3 Prudential requirements S. 1643-1653

„… with respect to specific financial instruments. A CCP may calculate margins with respect to a portfolio …” „… portfolio margining practices referred to in paragraph 4 can be implemented. ESMA shall submit those draft …” „… 1646 Paola Lucantoni Article 47 Investment policy 1. A CCP shall invest its financial resources only in …”

Article 19 Notification for cross-border services by virtue of a branch S. 1347-1348

„… services by virtue of a branch 1. A management company which pursues the activity of collective portfolio …” „… which pursues the activity of collective portfolio management on a cross-border basis by establishing a …” „… Dominik Nast 1347 (c) investment policies and limits, including the calculation of total exposure and …”

Article 16 Organisational requirements S. 65-120

„… adopted under Art 97 (4) CRR. Art 29 to 32 CRD IV provides exemptions for certain investment firms …” „… where the license is limited to certain types of investment services and activities. Recital 49 MiFID …” „… accordance with Recital 50 MiFID, investment firms that only deal on their own account in financial …”

Article 17 Algorithmic trading S. 120-134

„… the bank clients’ portfolio. Article 17 Algorithmic trading 1. An investment firm that engages in …” „… financing transactions may require the transfer of title of clients’ assets, in that context investment …” „… investment firms, but must send a notice to the Commission 2 months before the additional requirements comes …”

Article 63 Requirements for the management body of a data reporting services provider S. 341-347

„… transparency and the transaction reporting obligations of market operators, investment firms and systematic …” „… determines the scope and the content of the information to be provided by market operators, investment firms …” „… replicated by the investment firm or trading venue, but should simply be transmitted to the competent …”

Article 24 Competent authorities and their powers S. 1204-1208

„… , require either an authorisation under the UCITS Directive11 or for engaging in portfolio management12 …” „… they comply with equivalent conditions of independence as EU management companies and investment firms …” „… laws, regulations and administrative provisions relating to undertakings for collective investment in …”

Commentary on Articles 40 and 41 Art. 40, 41 S. 545-549

„… portfolio of investment products. The measures must also not create a risk of regulatory arbitrage.20 This …” „… EU regulation. Example: Bank A sells an investment product the return of which is linked to the …” „… considerable risk, these products may be a worthwhile addition to increase portfolio diversification. Instead …”

Article 31 Prudential and conduct of business rules, organisational requirements for internally managed investment companies S. 1370-1371

„… UCITSD to internally managed investment companies. Therefore, subparagraph 2 provides that the term …” „… ‘management company’ is replaced by ‘investment company’. In addition to Art 28 of UCITSD, investment …” „… companies may only manage assets in their own portfolio and shall not under any circumstances receive any …”

Article 3 Short and long positions S. 888-892

„… calculation shall take into account, in particular, whether different investment strategies are pursued in …” „… , whether the same investment strategy is pursued in relation to a particular issuer through more than one …” „… fund, and whether more than one portfolio within the same entity is managed on a discretionary basis …”

Index S. 1785-1803

„… emission allowances – auctions MAR 2 3 Authorisation of investment firms – application MiFID II 7 6 et …” „… 7 8 – notification MiFID II 8 8 – operating requirements MiFID II 7 4 – registered investment …” „… SEPAR 2 2 Directors’ dealings MAR 19 1 et seq. Disclosure MiFID II 24 15 et seq. – investment advice …”

Article 54 Investment limits for state-backed target investments S. 1392-1393

„… money market instruments are highly dominant. The investment up to that limit shall be permitted only …” „… for a single issuer. I. Purpose Art 53 of UCITSD raises the investments limits under Art 52 of UCITSD …” „… where the target investment’s economic charactistic suggests that diversification can take place on the …”

Article 53 Investment limits for diversified target investments S. 1391-1392

„… body for calculating investment limits. According to Art 52(5) subparagraph 4 of UCITSD, Member States …” „… may allow cumulative investment in transferable securities and money market instruments within the …” „… ) of UCITSD shall never combine if it would lead to investment of more than 20% of its assets in a …”

Article 21 Depositary S. 1504-1512

„… Special requirements apply under Art 20 (2), (5) to the delegation of the portfolio management or …” „… risk management. Neither the portfolio management, nor the risk management may be delegated to the …” „… Directive 2006/48/EC; (b) an investment firm having its registered office in the Union, subject to capital …”

Article 12 Obligation to make pre-trade and post-trade data available separately S. 450-451

„… operators and investment firms operating a trading venue shall make the information published in accordance …” „… improve data consolidation, market operators and investment firms must publish information in accordance …” „… obligations of market operators and investment firms to make information public pursuant to Arts 3, 4 and 6 to …”

Introduction to Articles 39-43 Intro Art. 39-43 S. 538-541

„… ., Kahneman and Riepe, ‘Aspects of Investor Psychology’ (1998) 24 Journal of Portfolio Management 52; Barber …” „… inherent and unavoidable for any kind of investment, that the criteria for the identification of overly …” „… definitions, transparency, portfolio compression and supervisory measures on product intervention and …”

Article 5 Determination of the AIFM S. 1477-1478

„… delegate functions, including the portfolio management, to third parties (cf. → Art 20), Art 5 AIFMD …” „… will, for example, typically be the case for investment funds established in corporate form (e.g …” „… provide the following services: (a) management of portfolios of investments, including those owned by …”

Article 5 S. 1046-1048

„… whenever a packaged retail and insurance-based investment product (‘PRIIP’) is ‘made available’ to retail …” „… contract, such as OTC-derivatives or insurance-based investment products (‘IIPs’). The definition of ‘offer …” „… and insurance-based investment products (PRIIPs) [2014] OJ L352. 2 See definition in Article 4(4 …”

Article 52 Diversification S. 1389-1391

„… UCITS EAD defines techniques and instruments for the purpose of efficient portfolio management under …” „… limits laid down in paragraph 1, a UCITS shall not combine, where this would lead to investment of more …” „… than 20 % of its assets in a single body, any of the following: (a) investments in transferable …”

Article 17 Access to quotes S. 463-465

„… authorities shall check the following: (a) that investment firms regularly update bid and offer prices …” „… ; (b) that investment firms comply with the conditions for price improvement laid down in Article 15(2 …” „… instruments and maximise the possibility for investment firms to obtain the best deal for their clients, the …”

Article 7 Conditions for authorisation S. 1328-1331

„… an investment firm license under MiFID. The specialist license ensures the management’s focus on …” „… delegation, – investment companies for which the management company is the designated management company …” „… , – other collective investment undertakings managed by the management company including portfolios for …”

Article 1 Scope and UCITS definition S. 1304-1317

„… investment companies (collective portfolio management of UCITS); (c) ‘management company’s home Member State …” „… 4. Funds Undertakings for Collective Investments in Transferable Securities Directive (UCITSD …” „… laws, regulations and administrative provisions relating to undertakings for collective investment in …”

Article 28 Obligation to trade on regulated markets, MTFs or OTFs S. 503-511

„… investment firm in question. The information shall be shared with the competent authority where most of the …” „… Berket A, ‘Derivatives – Trading, Clearing, STP, Indirect Clearing, and Portfolio Compression’, in: Busch …” „… so-called ‘indirect clearing’ (Art 30 MiFIR), and the special case of portfolio compression (Art 31 MiFIR …”

Article 13 Obligation to make pre-trade and post-trade data available on a reasonable commercial basis S. 451-454

„… reasonable commercial basis 1. Market operators and investment firms operating a trading venue shall make the …” „… , transparency, portfolio compression and supervisory measures on product intervention and positions (OJ EU L …” „… provided by market operators, investment firms operating a trading venue or systematic internalisers.3 …”

Article 21 Post-trade disclosure by investment firms, including systematic internalisers, in respect of bonds, structured finance products, emission allowances and derivatives S. 478-482

„… Member State where a particular investment firm is established; the location of the APA through which a …” „… of post-trade OTC reporting Investment firms may outsource their post-trade OTC reporting, which must …” „… be reported to an APA, to a third party, but if an investment firm does so it remains fully …”

Article 1 Subject matter and scope S. 392-396

„… ) for its investment portfolio pursuant to obligations under national law. Pursuant to Art 1(9) and Art …” „… ) provision of investment services or activities by third-country firms following an applicable equivalence …” „… decision by the Commission with or without a branch. 2. This Regulation applies to investment firms …”

Commentary on Articles 25-27 Art. 25-27 S. 499-503

„… obligations for investment firms and trading venues. Transaction reporting must be distinguished from trade …” „… orderly functioning of the market and the activities of investment firms.1 The data may also be useful for …” „… necessary for fulfilling their monitoring tasks over investment firms (see → Art 24 mn 1). But the scope of …”

Article 39 Market monitoring S. 541-542

„… private law.13 It was remarked that risks are inherent and unavoidable for any kind of investment, that …” „… Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory …”

Article 14 Conflicts of interest S. 1492-1493

„… generally follow the pattern of related European legislation on investment firms and UCITS management …” „… of portfolio management. The functional and hierarchical separation of the functions of risk …”

Article 14 b Details and proportionality of remuneration policy S. 1339-1343

„… services sectors, in particular credit institutions and investment firms. I. General features Purpose Art …” „… process is based on the longer-term performance of the UCITS and its investment risks and that the actual …” „… management of UCITS accounts for less than 50 % of the total portfolio managed by the management company, in …”

Article 11 Notification of acquisitions and disposals of qualifying holdings S. 53-58

„… information and requirements for the authorisation of investment firms. If a parent company is established, or …” „… holding or close links to the investment firm is obvious from the outset, the NCA will refuse …” „… authorisation. No further steps are necessary. However, if the harmful influence on the investment firm becomes …”

Article 15 Execution of client orders S. 458-463

„… investment firms, a systematic internaliser must notify its competent authority of the fact that it meets the …” „… investment firm is a systematic internaliser.5 The MiFIR identifiers are set out in field 4 of Table 2 of …” „… of the Council with regard to definitions, transparency, portfolio compression and supervisory …”

Titelei/Inhaltsverzeichnis

„… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 941 Packaged Retail and Insurance-based Investment Products Regulation (PRIIPR) Regulation (EU) No …” „… for packaged retail and insurance-based investment products (PRIIPs …” „… ) . . . . . . . . . . . . . . . . . . 1231 VII 4. Funds Undertakings for Collective Investments in Transferable Securities Directive (UCITSD …”

Article 23 Trading obligation for investment firms S. 487-492

„… user-friendly manner and in a single place.37 Article 23 Trading obligation for investment firms 1. An …” „… investment firm shall ensure the trades it undertakes in shares admitted to trading on a regulated market or …” „… not contribute to the price discovery process. 2. An investment firm that operates an internal …”

Article 4 Definitions S. 1471-1477

„… collective investment undertakings, including investment compartments thereof, which: (i) raise capital from …” „… a number of investors, with a view to investing it in accordance with a defined investment policy …” „… excluding any share in the profits of the AIF accrued to the AIFM as a return on any investment by the AIFM …”

Introduction to MiFID II and MiFIR Matthias Lehmann S. 1-6

„… types of investment service providers, such as financial advisers, stockbrokers and portfolio managers …” „… to be found in the US Securities Act, Securities Exchange Act, Matthias Lehmann 1 1 Investment …” „… ) the prohibition of non-paid research by investment services; (12) rules on product governance and …”

Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments S. 472-478

„… ”) by replacing a date. Article 20 Post-trade disclosure by investment firms, including systematic …” „… instruments 1. Investment firms which, either on own account or on behalf of clients, conclude transactions in …” „… both parties to the transaction are investment firms. ESMA shall submit those draft regulatory …”

Article 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives S. 465-471

„… and derivatives 1. Investment firms shall make public firm quotes in respect of bonds, structured …” „… to definitions, transparency, portfolio compression and supervisory measures on product intervention …” „… internaliser.9 If an investment firm is not a systematic internaliser in respect of each instrument in a …”

Article 4 Uncovered position in a sovereign credit default swap S. 892-894

„… , a portfolio of assets or financial obligations the value of which is correlated to the value of the …” „… proportionate to the size of S’s exposure: 10% of the € 20 m investment in the fund is € 2 m. As to the …”

Commentary to Articles 35-37 Art. 35-37 S. 532-537

„… require Member States to give investment firms from other Member States the right to direct and indirect …” „… legislation give investment firms the right to have their contracts cleared. Art 35-37 MiFIR complement these …” „… portfolio margining approach to correlated contracts irrespective of where they are traded.33 Example: CCP C …”

Article 2 Exemptions S. 10-18

„… (ESM). The fact that these institutions manage a portfolio or give investment advice does not submit …” „… . Territorial scope MiFID II regulates investment firms, market operators and data reporting service providers …” „… addition, MiFID II covers investment firms established in third countries, but only under the condition …”

Article 2 Definitions S. 958-965

„… non-professional clients. Investment firms and credit institutions shall communicate their classification on …” „… request to the issuer without prejudice to the relevant legislation on data protection. Investment firms …” „… Lucantoni 959 o. ‘collective investment undertaking other than the closed-end type’ means unit trusts and …”

Article 35 Non-discriminatory access to a CCP S. 526-529

„… particular those in Art 30 and 31 MiFIR relating to indirect clearing and portfolio compression. Article 34 …” „… investment firms may choose to exercise their rights under Article 37 of Directive 2014/65/EU in respect of …”

Article 13 S. 1073-1081

„… paragraph 1 by providing the key information document to a person with written authority to make investment …” „… packaged retail and insurance-based investment products (PRIIPs) by laying down regulatory technical …” „… Advice ‘Advising on’ is understood to mean giving investment advice as defined in Article 4(1)(4 …”

Article 9 Reporting obligation S. 1596-1600

„… derivative contract or portfolio are determined.13 Reform proposal In the first set of amendments14 to EMIR …” „… behalf of an alternative investment fund (AIF) that is a counterparty to an OTC derivative contract …”

Article 2 Definitions S. 1104-1114

„… of investment companies (collective portfolio management of UCITS)’. A ‘market maker’ is a firm that …” „… markets, such as the Alternative Investment Market in the UK or the Freiverkehr in Germany. However, a …” „… TD does not apply to collective investment undertakings other than closed-end ones (Article 1(2 …”

Article 4 Waivers for equity instruments S. 408-417

„… investment firms operating a trading venue have to make accessible the arrangements they employ for making …” „… public their information on bid and offer prices and the depth of trading interests to those investment …” „… authorities shall be able to waive the obligation for market operators and investment firms operating a …”

Introduction S. 1563-1574

„… , ‘Derivatives: Trading, Clearing, STP, Indirect Clearing, and Portfolio Compression’, in Busch D and Ferrarini G …” „… the Council of 26 June 2016 on prudential requirements for credit institutions and investment firms …” „… resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and …”

Article 13 Accepted market practices S. 756-767

„… persons or persons linked to them produce or disseminate investment recommendations which are erroneous …” „… institution and are not influenced by orders to trade received from clients, portfolio management or …” „… asymmetries than institutional investors. A practice targeting the retail investment market may be justified …”

Article 12 Market manipulation S. 730-756

„… ’ (2015) 16 Journal of Investment Compliance 5 (with references). 83 France: AMF, decision against Virtu …” „… ’ (2015) 16 Journal of Investment Compliance 6. 94 The algorithm described in the text was used in the …” „… : Systems and controls in an automated trading environment for trading platforms, investment firms and …”

doi.org/10.5771/9783845279893

Michael Schröder - Die Eignung nachhaltiger Kapitalanlagen für die Vermögensanlage von Stiftungen

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Michael Schröder

Die Eignung nachhaltiger Kapitalanlagen für die Vermögensanlage von Stiftungen

Series: ZEW Wirtschaftsanalysen - Schriftenreihe des ZEW

Volume 98 2010

Results in this title

Literaturverzeichnis S. 245-254

„… Portfolio-Strategien, Bern. Kayser, J., A. Richter und J. Steinmüller (2004), Alternative Investments für Stiftungen …” „… : Investment Funds and Indices, Financial Markets and Portfolio-Management 18 (2), 122–142. Schröder, M. (2007 …” „… Manuskripte zu Risikotheorie, Portfolio-Management und Versichungswirtschaft Nr. 158. Albrecht, P., R. Maurer …”

Performancevergleich: Nachhaltige versus konventionelle Anlagen S. 197-215

„… Struktur der jeweiligen Indizes (Investmentstil-Analyse). In Kapitel E.2.3 schließen werden die Ergebnisse …” „… , dass jeder auf konventionelle Anlagen ausgerichtete Portfolio-Manager auch in der Lage sein sollte …” „… , Anlagen entsprechend den SRI-Ratings durchzuführen, während ein SRI-Portfolio-Manager in seinen …”

Einleitung S. 17-24

„… Management (Social Investment Forum (2007)). Bis Ende 2007 ging dieser Betrag allerdings wieder leicht auf …” „… Absicherungsmaßnahmen unter Verwendung von Put-Optionen sowie die Methode der Constant Proportion Portfolio 21Insurance …” „… Portfolio-Managements nachhaltiger Kapitalanlagen für Stiftungen thematisiert, wobei die Beurteilung der Performance …”

Nachhaltige Kapitalanlagen und Stiftungen: Status-quo des Marktes und der Struktur der Stiftungsvermögen S. 49-54

„… Laut www.nachhaltiges-investment.org waren Ende Dezember 2008 249 Investmentfonds mit Schwerpunkt …” „… Portfolio halten. Bei dieser Befragung, die sich generell auf die Beziehungen von Stiftungen zu Banken …” „… Anleger in nachhaltigen Kapitalanlagen ergibt sich durch die Daten des European Social Investment Forums …”

Nachhaltige Kapitalanlagen im Ziel-Mittel-System von Stiftungen S. 34-45

„… den Vereinigten Staaten findet sich üblicherweise die Bezeichnung „Socially Responsible Investments …” „… höchstens genauso hoch ist wie im Falle eines vollständigen Anlageuniversums. Denn das Portfolio …” „… anstreben, gibt Institute for Responsible Investment (2007). 43dass sie nur eine unterdurchschnittliche …”

Weitere Eigenschaften der Renditeverteilungen S. 215-223

„… SRI-Index passende Portfolio als Linearkombination der zugrunde liegenden Investmentstil-Indizes ri,t fest …” „… risikoadjustierten Rendite die Investition in ein „Sin“-Portfolio und den Leerverkauf eines „Social“-Portfolios …” „… Investmentstil-Analyse. E.2.2.1 Sensitivität bezüglich makroökonomischer Faktoren Die Analysen dieses Kapitels sollen …”

Zusammenfassung, Schlussfolgerungen und Ausblick S. 235-244

„… Portfolio Insurance (CPPI) und ergibt sich als Optimum aus verschiedenen Ansätzen zur intertemporalen …” „… Absicherungsmaßnahmen unter Verwendung von Put-Optionen sowie die Methode der Constant Proportion Portfolio Insurance …” „… Fällen sollte das optimale Portfolio eine sehr hohe Aktienquote enthalten. Die Verwendung von …”

Beschreibung der simulierten Anlagestrategien S. 68-73

„… dadurch das relative Gewicht der Aktien am Portfolio. Erst zu Beginn des jeweils nächsten Jahres werden …” „… Die Anwendung der Constant Proportion Portfolio Insurance (CPPI)-Methode107 und ihre empirische …” „… , dass das Portfolio-Management von einem externen Vermögensverwalter durchgeführt wird, auf Basis einer …”

Titelei/Inhaltsverzeichnis S. 2-16

„… Constant Proportion Portfolio Insurance (CPPI) 136 D.4 Analyse der Ausschüttungen 148 D.4.1 Ausschüttungen …” „… % pro Jahr) 158 E Portfolio-Management nachhaltiger Kapitalanlagen für Stiftungen 171 E.1 …” „… Investmentstil-Analyse mit der Methode von Sharpe (1992) für den Gesamtzeitraum 221 Tabelle 85: Ergebnisse der …”

Literaturüberblick S. 171-182

„… 171E Portfolio-Management nachhaltiger Kapitalanlagen für Stiftungen Kapitel E widmet sich …” „… Fragestellungen, die für das Portfolio-Management nachhaltiger Kapitalanlagen wichtig sind, wobei so weit als …” „… , Investmentstil), die für die Anlageentscheidungen von Stiftungen von Bedeutung sein können. Kapitel E.1 dient …”

Indirekter Einfluss auf das Unternehmensverhalten S. 45-49

„… festgelegt, dass 80% aller Aktien und Unternehmensanleihen, die im Portfolio enthalten sind, in mindestens …” „… und Osthoff (2008) zeigen, dass amerikanische SRI-Investmentfonds verglichen mit konventionellen Fonds …” „… , Unternehmensanleihen, Investmentfonds oder Indexprodukten die Eigen- und Fremdkapitalkosten nachhaltig wirtschaftender …”

doi.org/10.5771/9783845223629

Manfred Stüttgen - Ethik von Banken und Finanzen

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Manfred Stüttgen (ed.)

Ethik von Banken und Finanzen

Series: Religion - Wirtschaft - Politik

Volume 17 2017

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Andreas Beck, Gabriel Layes Ethische Investments aus Sicht der Portfoliotheorie S. 99-116

„… Portfolio aus ethischen Investments genauso hohe risikobereinigte Renditen erzielen kann wie ein …” „… : Journal of Portfolio Management, 17 (3), 1991, 35–40. Ethische Investments aus Sicht der Portfoliotheorie …” „… Andreas Beck / Gabriel Layes Ethische Investments aus Sicht der Portfoliotheorie Einführung Eine …”

Autorinnen und Autoren S. 557-564

„… Researchs sowie Aufbau des Portfolio-Managements für den ersten nachhaltigen Dachfonds der Schweiz in …” „… Fakultät der Universität Basel. Zwischen 2007 und 2012 Leiter Investment Research und später Leiter …” „… Microfinance: Constructing an Early Warning Index (Zürich: responsAbility, CMEF and Triodos Investment …”

Kevin Schaefers Anlageberater und Anlageberatung. Eine investmentethische Untersuchung S. 203-232

„… » – unterziehen und die moralische Güte der Investments im Portfolio analysieren und beurteilen. Nachhaltigkeit …” „… , welche Investments in seinem Portfolio moralkonform (langzeitverantwortlich) und welche moralwidrig …” „… Investments ausschliessen. Banken werden daher zunehmend mit investmentethisch sensibilisierten Anlegern …”

Manfred Stüttgen Mikrokredite. Nachhaltige Geldanlage im Spannungsfeld von Marketing und Moral S. 117-140

„… , Jürgen, Microfinance Investment Funds – Analysis of Portfolio Impact. Geneva Papers On Inclusiveness, 6 …” „… , ihre sehr anspruchsvollen operativen (Investment-)Prozesse entlang der Wertkette der …” „… , Swiss Microfinance Investments Report, 1 und 8; responsAbility Investments, Microfinance Market Outlook …”

Annette Krauss, Simone Landolt Investieren in Mikrofinanz. Erträge und Risiken aus einer Perspektive der Verantwortung S. 141-164

„… . wegen Diversifizierungswirkungen auf Anlagenportfolien getätigt (siehe z. B. Krauss / Walter, Portfolio …” „… eigenständige Anlageklasse (Dominicé, Microfinance Investments, 11, 46). 16 Der Begriff der Bottom oder Base of …” „… , zu diesem «Paradigmenwechsel». 25 Vgl. Goodman, Microfinance Investment Funds, 13. 148 Annette …”

Klaus Gabriel Verantwortlich Investierende. Motive, Massstäbe und Handlungsoptionen von Kapitalanlegern S. 57-76

„… Investment-Ansätze in den letzten Jahren vor allem auch deshalb stark an Akzeptanz gewonnen, weil die Integration …” „… Definition ergänzt die Frage nach der Nachhaltigkeit von Finanzprodukten (Investment-Objekt) um die Frage …” „… nach der Verantwortung von Investierenden (Investment-Subjekt): − Verantwortlich Investierende …”

doi.org/10.5771/9783845281698

Andreas Harrer - Exchange Traded Funds (ETFs)

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Andreas Harrer

Exchange Traded Funds (ETFs)

Series: Schriften des Augsburg Center for Global Economic Law and Regulation - Arbeiten zum Internationalen Wirtschaftsrecht und zur Wirtschaftsregulierung

Volume 73 2016

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Literaturverzeichnis S. 326-354

„… (2009). Grinblatt, Marc/Titman, Sheridan/Wermers, Russ, Momentum investment strategies, portfolio …” „… , Investment - Ergänzbares Handbuch für das gesamte Investmentwesen, Band 1 - 5, Loseblattsammlung, Stand …” „… Drives the Economy, and Why It Matters ..., Princeton 2010. Albrecht, Peter/Maurer, Raimond, Investment …”

Ökonomische Untersuchung von ETFs S. 50-161

„… Risiko hat, Markowitz, Portfolio Selection: Efficient Diversification of Investments, 1959, S. 129. 75 …” „… , S. 105 ff. 67 Klos/Weber/Weber, Investment Decisions and Time Horizon: Risk Perception and Risk …” „… , Portfoliomanagement, 4. Aufl. 2008, S. 9. 69 Markowitz, Portfolio Selection, 7 Journal of Finance 77 - 91 (1952 …”

Einführung S. 32-49

„… Derivate Verband, Jahresbericht 2014, S. 30, 34 f. Für die Angaben zu den Investmentfonds, ICI, Investment …” „… diversifiziertes Portfolio einfach und günstig zusammengestellt werden kann. Durch die Förderung der …” „… ein diversifiziertes Portfolio aufzubauen. Zudem gelten ETFs als transparent und sicher. Sie haben …”

Regulierungsansätze de lege ferenda S. 265-318

„… . 1. c). 1216 Guedj/Li/McCann, Leveraged and Inverse ETFs, Holding Periods, and Investment Shortfalls …” „… Dynamics of Leveraged and Inverse- Exchange Traded Funds, 7 Journal of Investment Management 43, 57 (2009 …” „… ETF-Portfolio im Vergleich zum Index deutlich illiquider ist. Im Gegensatz dazu darf nach europäischem Recht …”

Zusammenfassung S. 319-325

„… wichtigsten Märkte, die sog. Core- Investments, kostengünstig abgebildet werden. Über Satelliten- Investments …” „… Unterschied zu synthetischen ETFs. In beiden Fällen weicht das ETF-Portfolio vom Index ab. Die Höhe des …” „… mithilfe von Ausnahmegenehmigungen der SEC auf Einzelfallbasis unter den Investment Company Act of 1940 …”

Titelei/Inhaltsverzeichnis S. 1-31

„… Investmentfonds (Alternative Investment Fund) AIFM Alternativer Investmentfonds Manager (Alternative Investment …” „… D. Rechtsvergleichende Betrachtung 257 I. Anlagemöglichkeiten von ETFs nach dem Investment …” „… Kapitalanlage 52 2. Das optimale Portfolio 53 Inhaltsverzeichnis 14 3. Voraussetzungen für eine …”

Rechtliche Untersuchung von ETFs S. 162-264

„… zitiert wird. 608 EU-Kommission, Roadmap: Reforming the framework for collective investment funds/UCITS …” „… , Investment, Stand Erg.-Lfg. 14/14, 405 KAGB § 200 Rn. 20b. 645 Rinker, in: Beckmann/Scholz/Vollmer …” „… , Investment, Stand Erg.-Lfg. 14/14, 405 KAGB § 200 Rn. 20b. 646 Möllers, in: Gsell/Herresthal …”

doi.org/10.5771/9783845268057

Henry Schäfer, Michael Schröder - Nachhaltige Kapitalanlagen für Stiftungen

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Henry Schäfer, Michael Schröder

Nachhaltige Kapitalanlagen für Stiftungen

Series: ZEW Wirtschaftsanalysen - Schriftenreihe des ZEW

Volume 92 2009

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Michael Schröder, Henry Schäfer Literaturverzeichnis S. 151-156

„… : Investment Funds and Indices, Financial Markets and Portfolio Management 18 (2), 122-142. Schröder, M. (2007 …” „… Ethical Mutual Fund Performance und Investment Style, Journal of Banking and Finance 29, 1751-1767. Bawa …” „… , V. (1978), Safety First, Stochastic Dominance, and Optimal Portfolio Choice, Journal of Financial …”

Michael Schröder, Henry Schäfer CSR-Ratinginstitutionen und deren Einfluss auf die SRI-basierte Asset Allocation S. 93-131

„… Wertschöpfungsprozess im SRI-Markt Quelle: in Anlehnung an Schoenheit (2005: 112). Bei nachhaltigen Investments bildet …” „… wirtschaftender Unternehmen für die Portfolio-Selection gewonnen wird. Aufgrund schwer zu überwachender …” „… Vgl. hierzu ausführlich Social Investment Forum: http://www.sriadvocacy.org/, Stand: 24.01.2006 sowie …”

Michael Schröder, Henry Schäfer Anlagestrategien von Stiftungen S. 47-56

„… Portfolio zu den wesentlichen Aufgaben des Vermögensmanagements.38 Die Anforderungen unterscheiden sich …” „… risikobehafteten Portfolio investiert, das prinzipiell alle weltweit verfügbaren Anlageobjekte enthält. Dieses …” „… Portfolio kombiniert die Anlageobjekte mit festen Gewichten, die genauso wie der Anteil der risikolosen …”

Michael Schröder, Henry Schäfer Fazit S. 149-151

„… . Otten (2005), International Evidence on Ethical Mutual Fund Performance und Investment Style, Journal of …” „… Portfolio Choice, Journal of Financial and Quantitative Analysis 13, 255-271. Bawa, V. und E. Lindenberg …” „… , Wirtschaftswissenschaftliches Studium 18 (10), 430-436. Black, F. und A. Perold (1992), Theory of Constant Proportion Portfolio …”

Michael Schröder, Henry Schäfer Literaturverzeichnis S. 165-166

„… 165Literaturverzeichnis Dieckmann, R. (2008), Mikrofinanz-Investments – Eine sozial verantwortliche …” „… , Benchmark, and Regulation of Microfinance Investment Vehicles, Conference Paper, European Microfinance Week …” „… 2007, Luxemburg. Markowitz, H. (1952), Portfolio Selection, Journal of Finance 7 (1), 77-91. Menichetti …”

Michael Schröder, Henry Schäfer Fazit S. 164-165

„… ), Mikrofinanz-Investments – Eine sozial verantwortliche Anlage mit großem Potential, Deutsche Bank Research 407, 1-18 …” „… Armut, Zürich. Goodman, P. (2007), Transparency, Benchmark, and Regulation of Microfinance Investment …” „… Vehicles, Conference Paper, European Microfinance Week 2007, Luxemburg. Markowitz, H. (1952), Portfolio …”

Michael Schröder, Henry Schäfer Stiftungsrechtliche Rahmenbedingungen für die Vermögensanlage S. 19-22

„… Die Einbindung von Socially Responsible Investments (SRI) in die Vermögensanlagestrategie einer …” „… Wertpapiere, Rohstoffe oder alternative Investments, wie zum Beispiel Hedge-Fonds oder Private Equity. In …” „… einem gut diversifizierten Portfolio entstehen keine stiftungsrechtlichen Bedenken. Bei einem Vergleich …”

Michael Schröder, Henry Schäfer Analyse der Renditeverteilungen von SRI-Indizes und Fonds S. 131-149

„… Faktoren sind: das Marktportfolio; ein Portfolio, das die Renditeunterschiede zwischen Unternehmen mit …” „… hoher und geringer Marktkapitalisierung abbildet; ein drittes Portfolio, das die Renditeunterschiede …” „… zwei Einzelportfolios zeigt sich, dass das Portfolio mit den „gut“ gerateten Unternehmen eine …”

Michael Schröder, Henry Schäfer Empirische Ergebnisse S. 160-164

„… das Growth-Portfolio zu einer Erhöhung der Standardabweichung und damit des Risikos. Dies kann 162 …” „… Investmentstrategie. Am stärksten wirkt sich die Beimischung auf die jeweilige Aktienkomponente aus, da der MFIF über …” „… jeweiliger Anlageklasse) Investmentstrategien Aktien Anleihen Hedge-Fonds Geldmarkt Growth 0,20 0,22 0,24 …”

doi.org/10.5771/9783845216171

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