Case 9 - Collective investment schemes  pp. 456-485

Collective investment schemes

By Georg Graf et al.

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Case

A financial services company wishes to launch a collective investment scheme. It hopes to choose a vehicle that will allow the free transfer of the interests of investors, and which will permit the rules governing the scheme to be changed where necessary.

What options are available to it?

Discussion

AUSTRIA

Austrian private law recognises one type of collective investment scheme, namely, investment funds that fall under the Austrian Investment Fund Act (InvFG). Austrian investment funds are open-ended funds that work on the principle of risk diversification and lend themselves to an open clientele. It is also possible to create special funds that only have a limited number of investors. All types of Austrian investment funds allow for changes of terms and conditions and for changes of investors, although there is no secondary market for trading the investment fund ‘certificates’. Under the Austrian Investment Fund Act, the investors have the right of redemption.

A change of the terms and conditions of an investment fund, under s. 22(3) InvFG, does not require the consent of the investors, but it must be made in their interest, must be approved by the supervisory board and must be published. Section 22(3) InvFG deals only with the public law of the modification.

Different supervision schemes apply for Austrian investment funds. Supervision under the InvFG includes a bank supervisor, a supervisory board, an investment company (a special bank) and the depository bank. The investment company manages the fund and makes the investment decisions.

Case 9

Reference Title: Select bibliographies for jurisdictions represented

Reference Type: bibliography

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Perrick, ‘Het beleggingsfonds en de stichting’, Stichting & Vereniging (1993), 118
Perrick‘Capita selecta beleggingsinstellingen’, in Schaafsma, ed., Ontwikkelingen in het effectenverkeersrecht (1996)
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Ponsen and Klemann, Beleggingsinstellingen nader belicht (2000)
Rank, ‘Custody of Securities in the Netherlands’, in Hayton et al., eds., Vertrouwd met de trust, Trust and Trust-Like Arrangements (1996), 319
Rank‘Privatieve last tot hypotheekvestiging: een nieuwe zakelijke zekerheid?’, in Kortmann, ed., Onderneming en 5 jaar Nieuw Burgerlijk Recht (1997), 465
RankDe (on)hanteerbaarheid van het Nederlandse recht voor de moderne financiële praktijk (1998)
Rank-Berenschot, ‘Het Wge-aandeel: een recht op naam van eigen aard’, in Kortmann et al., eds., Onderneming en effecten (1998), 149
Rongen, ‘Enige beschouwingen omtrent asset backed securitisation’ in Kortmann et al., eds., Financiering en aansprakelijkheid (1994), 99
Rongen‘Securitisation en vermogensafzondering van vorderingsrechten op naam’, in Kortmann et al., eds., Onderneming en effecten (1998), 419
Ruys, ‘Beleid van de Nederlandse Bank inzake securatisation en toezicht’, Bedrijfsjuridische Berichten 1998, 82
Ruys‘Securitisation en bankhypotheken: problemen en mogelijke oplossingen’, in Kortmann et al., eds., Onderneming en effecten (1998), 511
van Setten, De commissionair in effecten (diss. RU Utrecht) (1998)
van Solingen, ‘Afsplitsing van vorderingen’, in Kortmann et al., eds., Onderneming en effecten (1998), 467
Meijer Timmerman Thijssen, ‘Asset Securitization’, in Meijer Timmerman Thijssen and Blaisse, eds., Financiering van de onderneming (1995), 375
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Cámara Lapuente‘El trust y la fiducia: posibilidades para una armonización europea’, in Cámara Lapuente, ed., Derecho Privado Europeo (2003), 1099
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KarlgrenObehörig vinst och värdeersättning (1982)
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