Machine Translated by Google Federal law consolidated Entire legislation for the Pensionskassen Act, version of 07/26/2022 Long title Federal law of May 17, 1990 on the establishment, administration and supervision of pension funds (Pensionskassengesetz – PKG) StF: BGBl. No. 281/1990 (NR: GP XVII IA 365/A AB 1328 p. 143. BR: AB 3863 p. 530.) Amendment BGBl. No. 10/1991 (NR: GP XVIII IA 9/A AB 23 S. 5. BR: AB 4004 S. 535.) Federal Law Gazette No. 20/1992 (NR: GP XVIII IA 259/A AB 355 p. 52. BR: AB 4197 p. 548.) Federal Law Gazette No. 209/1992 (NR: GP XVIII IA 290/A AB 444 p. 65. BR: AB 4246 p. 552.) Federal Law Gazette No. 532/1993 (NR: GP XVIII RV 1130 AB 1170 p. 127. BR: AB 4571 p. 573.) [CELEX No.: 373L0183, 377L0780, 389L0646, 389L0299, 389L0647, 391L0031, 383L0350, 386L0635, 389L0117, 391L0308 (EEA/Annex IX)] [CELEX No.: 387L0102 (EEA/Annex XIX)] Federal Law Gazette No. 755/1996 (NR: GP XX RV 370 AB 464 p. 47. BR: AB 5316 p. 619.) Federal Law Gazette I No. 64/1997 (NR: GP XX IA 453/A AB 687 p. 75. BR: 5445, 5447 AB 5448 p. 627.) Federal Law Gazette I No. 126/1998 (NR: GP XX RV 1187 AB 1241 p. 129. BR: 5722 AB 5695 p. 642.) Federal Law Gazette I No. 127/1999 (NR: GP XX RV 1764 AB 1945 p. 176. BR: AB 5990 p. 656.) Federal Law Gazette I No. 73/2000 (NR: GP XXI RV 173 AB 245 p. 33. BR: AB 6191 p. 667.) Federal Law Gazette I No. 142/2000 (NR: GP XXI RV 311 AB 369 p. 45. BR: 6250 and 6251 AB 6268 p. 670.) Federal Law Gazette I No. 97/2001 (NR: GP XXI RV 641 AB 714 p. 76. BR: AB 6423 p. 679.) Federal Law Gazette I No. 9/2002 (NR: GP XXI RV 775 AB 861 p. 84. BR: AB 6517 p. 682.) Federal Law Gazette II No. 14/2002 Federal Law Gazette I No. 71/2003 (NR: GP XXII RV 59 AB 111 S. 20. BR: 6788 AB 6790 S. 697.) [CELEX No.: 31997L0078, 32001L0089] Federal Law Gazette I No. 80/2003 (NR: GP XXII RV 97 AB 139 p. 27. BR: AB 6850 p. 700.) [CELEX No.: 32001L0107, 32001L0108] Federal Law Gazette I No. 135/2003 as amended by Federal Law Gazette I No. 119/2004 (VFB) (NR: GP XXII RV 276 AB 326 p. 40. BR: AB 6937 p. 704.) Federal Law Gazette I No. 13/2004 (NR: GP XXII AB 348 p. 46. BR: 6971 p. 705.) Federal Law Gazette I No. 70/2004 (NR: GP XXII RV 456 AB 520 p. 66. BR: AB 7073 p. 711.) [CELEX No.: 32002L0087] Federal Law Gazette I No. 161/2004 (NR: GP XXII RV 677 AB 739 p. 90. BR: AB 7165 p. 717.) [CELEX No.: 32003L0051, 32003L0038] Federal Law Gazette I No. 8/2005 (NR: GP XXII RV 707 AB 790 p. 93. BR: AB 7209 p. 718.) [CELEX No.: 32003L0041] Federal Law Gazette I No. 37/2005 (NR: GP XXII AB 895 p. 109. BR: AB 7262 p. 722.) Federal Law Gazette I No. 59/2005 (NR: GP XXII RV 927 AB 985 p. 112. BR: AB 7308 p. 723.) Federal Law Gazette II No. 419/2005 Federal Law Gazette I No. 48/2006 (NR: GP XXII RV 1279 AB 1321 p. 140. BR: AB 7494 p. 732.) Federal Law Gazette I No. 104/2006 (NR: GP XXII RV 1421 AB 1522 p. 153. BR: AB 7572 p. 735.) [CELEX No.: 32003L0072] Federal Law Gazette I No. 134/2006 (NR: GP XXII RV 1436 AB 1469 p. 150. BR: 7536) Federal Law Gazette I No. 141/2006 (NR: GP XXII RV 1558 AB 1585 p. 160. BR: AB 7629 p. 737.) [CELEX no. 32006L0048, 32006L0049] Federal Law Gazette I No. 107/2007 (NR: GP XXIII RV 286 AB 387 p. 42. BR: 7806 AB 7860 p. 751.) [CELEX No.: 32005L0060, 32006L0070] Federal Law Gazette I No. 73/2009 (NR: GP XXIV IA 670/A AB 279 p. 29. BR: AB 8141 p. 774.) Federal Law Gazette I No. 29/2010 (NR: GP XXIV RV 612 AB 651 p. 60. BR: 8302 AB 8304 p. 784.) Federal Law Gazette I No. 58/2010 (NR: GP XXIV RV 771 AB 840 p. 74. BR: 8354 AB 8380 p. 787.) Federal Law Gazette I No. 77/2011 (NR: GP XXIV RV 1254 AB 1326 p. 114. BR: AB 8561 p. 799.) [CELEX No.: 32009L0065, 32010L0043, 32010L0044, 32010L0078] Federal Law Gazette I No. 22/2012 (NR: GP XXIV RV 1680 AB 1707 p. 148. BR: 8685 AB 8687 p. 806.) Federal Law Gazette I No. 35/2012 (NR: GP XXIV RV 1685 AB 1708 p. 148. BR: 8686 AB 8688 p. 806.) www.ris.bka.gv.at Page 1 of 64 Machine Translated by Google Federal law consolidated Federal Law Gazette I No. 54/2012 (NR: GP XXIV RV 1749 AB 1779 p. 155. BR: AB 8734 p. 809.) Federal Law Gazette I No. 70/2013 (NR: GP XXIV RV 2196 AB 2233 p. 193. BR: AB 8921 p. 819.) Federal Law Gazette I No. 184/2013 (NR: GP XXIV RV 2438 AB 2514 p. 216. BR: 9050 AB 9087 p. 823.) [CELEX No.: 32013L0036, 32011L0089] Federal Law Gazette I No. 70/2014 (NR: GP XXV RV 176 AB 190 p. 34. BR: 9201 AB 9208 p. 832.) [CELEX No.: 32013L0014, 32013L0036] Federal Law Gazette I No. 34/2015 (NR: GP XXV RV 354 AB 436 p. 55. BR: 9274) [CELEX No.: 32009L0138, 32014L0051] Federal Law Gazette I No. 68/2015 (NR: GP XXV RV 560 AB 589 p. 73. BR: AB 9374 p. 842.) [CELEX No.: 32013L0034] Federal Law Gazette I No. 107/2017 (NR: GP XXV RV 1661 AB 1728 p. 190. BR: 9823 AB 9846 p. 870.) [CELEX No.: 32014L0065, 32017L0593] Federal Law Gazette I No. 81/2018 (NR: GP XXVI RV 206 AB 324 p. 43. BR: AB 10051 p. 885.) [CELEX No.: 32016L2341] Federal Law Gazette I No. 100/2018 (NR: GP XXVI RV 329 AB 413 p. 57. BR: 10079 AB 10082 p. 888.) Federal Law Gazette I No. 36/2022 (NR: GP XXVII RV 1364 AB 1374 p. 147. BR: 10912 AB 10944 p. 939.) [CELEX No.: 32019L2177, 32020L1504] text SECTION I Pension Fund Act General Provisions Section 1. (1) A pension fund is a company which, under this Federal Act, is entitled operate pension fund business. (2) Pension fund transactions consist of the legally binding promise of pensions to beneficiaries and the provision of pensions to beneficiaries and surviving dependents as well as the associated acceptance and investment of pension fund contributions (Article 16). Every pension fund has to make commitments to pensions for old age and surviving dependents; in addition, promises of disability benefits may be granted. Retirement pensions are to be paid for life, disability pensions for the duration of the disability and survivor's pensions in accordance with the pension fund contract. The pensions to be paid out by a pension fund may only be settled if 1. the cash value of the payment amount does not exceed EUR 9,300 when the benefit event occurs or 2. a person who is entitled to a survivor's pension within the meaning of this Federal Act has remarried. The amount limit of Z 1 does not apply in this case. (2a) The severance payment limit of EUR 9,300 referred to in paragraph 2 is reduced or increased in increments of EUR 300 if its change due to valorization corresponds to that announced by the federal agency "Statistics Austria" for the month of July of a calendar year 1996 consumer price index or the index replacing it exceeds or falls below the amount of EUR 300 compared to the 1996 consumer price index published for the month of January 2002. The new severance payment limit applies from January 1 of the calendar year following the adjustment. The Financial Market Authority (FMA) has to announce the new severance payment limit and the date from which it will take effect on the internet. (3) Pensionskassen may not conduct any business that is not related to the administration of pension funds are related. (4) The provisions of this Federal Act do not apply to contract insurance companies, with the exception of Article 43, insofar as they conduct business similar to the Pensionskasse business that is part of their own business. (5) For pension commitments to persons subject to the Federal Payments Act (BBG) or similar are subject to state regulations, the PKG is to be applied with the following deviations: 1. The employee is replaced by the employee in § 1 BBG or a similar one persons named under state law; www.ris.bka.gv.at Page 2 of 64 Machine Translated by Google Federal law consolidated 2. the federal government or another local authority takes the place of the employer; 3. the termination of the entitlement to an employee takes the place of the termination of the employment relationship Purchase according to the BBG or a similar provision under state law; 4. Section 7 of the Pension Fund Provision Act takes the place of Section 5 of the Company Pensions Act (BPG). (PKVG) or a similar provision under state law. (6) For pension fund commitments pursuant to Section 78a of the 1948 Contract Servants Act (VBG), BGBl. No. 86, and § 22a of the Salary Act 1956 (GehG), BGBl. No. 54, in § 27 Para. 5 and § 29 Para 5 Z 3 instead of the company agreement according to § 3 paragraph 1 BPG the collective agreement. (7) For prospective beneficiaries according to § 5 Z 1 lit. a sublit. cc takes the place of the employer and the federal government. (8) For pension commitments to public employees, the PKG is with the following Deviations to apply: 1. The employee is replaced by the prospective beneficiary pursuant to § 5 Z 1 lit. a sublit. dd; 2. The local authority with which the public-law employment relationship exists; 3. the termination of the employment relationship takes the place of the termination of the employment relationship; 4. in Article 15, paragraph 3a, the term “employment relationship” is replaced by the term "Employment"; 5. in Section 21 (8) and Section 30a (2), the works council's right to information goes to the staff representation over. § 2. (1) The Pensionskasse shall conduct the Pensionskasse business in the interests of the beneficiaries and in doing so shall pay particular attention to security, profitability and the need for liquid funds as well as an appropriate mix and spread of assets. The pension fund must guarantee a minimum return for each investment and risk sharing group in accordance with paragraphs 2 to 4 (pension fund commitment with minimum return guarantee). The guarantee of the minimum income by the pension fund can be excluded in the pension fund contract (pension fund commitment without minimum income guarantee). The exclusion of the minimum income must be agreed in the collective agreement, in the company agreement or in the agreement based on the contract model under the Company Pensions Act and in the declaration in accordance with Section 3 (2) PKVG or a similar provision under state law. In the case of defined benefit pension fund commitments with an unlimited obligation for the employer to make additional contributions, the agreement on the exclusion of the minimum income can be included in the collective agreement, in the company agreement or in the agreement pursuant to Sample contracts according to the Company Pensions Act are omitted; if an employer fails to meet his obligation to make additional contributions, the pension fund must again guarantee the minimum income from this point in time. Pension fund commitments with a minimum income guarantee and pension fund commitments without a minimum income guarantee may only be managed jointly in an investment and risk sharing group if management in separate investment and risk sharing groups is not possible under the provisions of Article 12 (2) to 5 or if the FMA can prove that the interests of the beneficiaries are not adversely affected as a result and the obligations from the pension fund contracts can continue to be regarded as permanently achievable. (2) If the annual investment income less interest income pursuant to Section 48 (investment surplus less interest income reported in the income statement of an investment and risk sharing community pursuant to Section 48) in relation to the assets of an investment and risk sharing community relevant for the calculation of the minimum yield (total sum of the the invested assets shown in the statement of assets of an investment and risk sharing group less liabilities from the purchase of assets) on average over the last 60 months have not been at least half of the average monthly secondary market return on federal bonds or an index that takes its place over the previous 60 months less 0.75 percentage points, a shortfall is to be determined. When the shortfall is determined for the first time, the pension resulting from the annuitization of the shortfall is to be credited to the beneficiary in the following year from the pension fund's own funds. (3) After a shortfall has been determined for the first time, a comparative value must be determined in subsequent years in addition to the calculation pursuant to Para. 2 and compared to the respective shortfall, with the calculation having to be carried out pursuant to Para. 2. The calculation period for determining the comparative value is extended from 60 months by twelve months each www.ris.bka.gv.at Page 3 of 64 Machine Translated by Google Federal law consolidated Following year. The pension resulting from the retirement of the higher of the two values is to be credited to the beneficiary in the following year from the pension fund's own funds. This additional calculation must be continued annually until it no longer produces a positive comparative value for the first time. If a shortfall is to be determined again in subsequent years in accordance with paragraph 2, paragraph 3 shall be applied accordingly. (4) When determining the minimum yield, the assets allocated to the beneficiary on the respective balance sheet date are to be used. The FMA can use the calculation modalities necessary for the execution of paragraphs 2 and 3, in particular with regard to the target and Actual value, the determination of the difference according to para. 2, the comparative calculation according to para. 3 as well as the credit to the accounts of the beneficiaries by ordinance, taking into account the recognized rules of actuarial mathematics, the economic interest in the functionality of the pension funds and the interests of the beneficiaries and those entitled to benefits must be observed. Company pension funds § 3. (1) Company pension funds are entitled to carry out pension fund transactions for beneficiaries of an employer. (2) Only the contributing employer and employees who are employed by them and who are entitled to receive entitlements may have a stake in the share capital of company pension funds. The articles of association of the company pension fund must provide for transfer provisions for the shares. (3) Several employers who belong to a group according to Section 15 of the Stock Corporation Act (AktG) or according to Section 115 of the Limited Liability Company Act (GmbHG) are to be treated as one employer within the meaning of paragraph 1. (4) A group of companies within the meaning of paragraph 3 are also to be considered equivalent: 1. The covenant including a) those companies in which the federal government holds a direct or indirect majority capital interest after January 1, 1990; in the case of an indirect majority interest of the federal government in a company, this only applies if the indirect majority interest of the federal government in the company concerned amounts to 100%; such as b) those foundations, institutions and funds that are subject to the control of the Court of Auditors are subject; such as c) those federal states that have made use of the authority to issue ordinances pursuant to Section 22a Para. 4a Z 2 GehG and Section 78a Para. 6 Z 2 VBG with regard to the groups of persons covered by these ordinances; 2. by a federal law or on the basis of a federal law in each case to represent the Public corporations set up in the interests of their members. Corporate pension funds § 4. Inter-company pension funds are entitled to carry out pension fund transactions for beneficiaries of several employers. definitions § 5. Within the meaning of this federal law are: 1. Entitled beneficiaries: those natural persons who a) on ground aa) an existing or previous employment relationship or bb) Section 1 (2) BPG or cc) § 78a para. 1 no. 2 of the Contract Servants Act 1948 or dd) an employment relationship under public law for which the applicability of the provisions of the BPG relevant to pension funds is legally standardized, are entitled to a future benefit in accordance with the pension fund contract as a result of contributions from the employer and possibly also their own contributions, or b) as an employer, have enabled the employees of his company to participate in the pension fund system and make or have made pension fund contributions for himself or www.ris.bka.gv.at Page 4 of 64 Machine Translated by Google Federal law consolidated c) as members of representative bodies of legal entities under private law Activity Other income than that from non-self-employed activity according to § 25 EStG 1988 if the employer is the sponsor of a company pension fund or has joined an inter- company pension fund for the benefit of its employees; d) on the basis of the BBG or similar state law regulations, a claim to a future benefit in accordance with the PKVG or similar state law have regulations; e) on the basis of an existing employment relationship or as members of representative bodies of legal entities under private law from this activity income from non-self-employed work according to § 25 EStG 1988, if in the course of the termination of the work or employment relationship, a direct benefit commitment pursuant to Section 48 is transferred to a pension fund; 2. Beneficiaries: those natural persons to whom the pension fund already has to pay the following pensions in accordance with the pension fund contract: a) Own pensions (especially old-age and invalidity pensions) or b) survivor's pensions (widower's, widow's and orphan's pension) after the death of a beneficiary or beneficiary from a personal pension; 2a. Potential beneficiaries: those natural persons who wish to join a pension fund commitment are entitled; 3. Obligation to make additional payments: the obligation of the employer a) to close unforeseen gaps in coverage that have arisen due to inaccurate assumptions in the calculation bases (§ 20 para. 2 no. 3) within a maximum of ten years; the contributions must be transferred annually with at least one tenth of the original coverage gap, b) to close other gaps in coverage immediately by paying single premiums; There is an unlimited obligation to make additional payments if every gap in coverage is closed in accordance with lit. a and b; 4. Institution: the foreign institution for company pension schemes, which, regardless of the respective legal form, works according to the funded procedure and is set up legally independently of the employer for the purpose of providing pension fund transactions and activities directly related to them in compliance with the relevant labor and social law provisions and which is registered or authorized in a national register by the competent supervisory authority of the home Member State in accordance with the provisions of Directive (EU) 2016/2341; 4a. Member State: any state belonging to the European Economic Area; 5. Home Member State: the Member State where the entity is registered or authorized in a national register and has its head office; 6. Host Member State: the Member State whose social and labor law governs the relationship between the employer and employees for occupational pensions; 7. Place of head office: the place where the most important strategic decisions to be hit; 8. Durable medium: a medium that allows the prospective or beneficiary to store information addressed to him personally in such a way that he can subsequently consult it for a period of time reasonable for the purposes of the information, and which allows the unaltered reproduction of the stored information allows. legal form § 6. (1) A pension fund may only be operated in the legal form of a stock corporation with its head office in Germany. The shares must be registered. If the management board of the pension fund becomes aware of the transfer of shares, it must inform the supervisory board at the next meeting. (2) The statutory provisions generally applicable to stock corporations apply to pension funds apply provisions unless otherwise provided in this federal law. www.ris.bka.gv.at Page 5 of 64 Machine Translated by Google Federal law consolidated Owner Policy § 6a. (1) Anyone who intends to directly or indirectly hold at least 10 per cent of the share capital of a Pensionskasse must notify the FMA in writing beforehand, stating the amount of this holding. (2) Any person who intends to increase his holding of at least 10 per cent in a pension fund in such a way that the limits of 20 per cent, 33 per cent or 50 per cent of the capital are reached or exceeded, or to make the pension fund his subsidiary notify the FMA of this in writing beforehand. (3) The FMA shall prohibit the intended participation within three months of notification pursuant to para. 1 or 2 if the prerequisites specified in Article 9 nos. 2 and 3 are not met. If participation is not prohibited, the FMA may prescribe a period within which the intentions specified in paras. 1 and 2 may be implemented. (4) The reporting obligations pursuant to Paras. 1 and 2 shall apply in the same way to the intended relinquishment of an investment within the meaning of Para. 1 and to the intended falling below the limits specified in Para. 2 for investments in a pension fund. (5) If there is a risk that the influence exercised by owners who hold more than 10 per cent directly or indirectly in the Pensionskasse will not suffice the claims to be made in the interests of sound and prudent management of the Pensionskasse, the FMA shall to take the necessary measures to avert this danger or to end such a situation. Such measures are in particular: 1. Measures pursuant to Section 33 (4) or 2. Sanctions against the members of the Executive Board in accordance with Article 33 Paragraph 6 Z 2 or 3. Filing an application with the court of first instance responsible for the seat of the Pensionskasse, which is responsible for exercising jurisdiction in commercial matters, for an order to suspend the voting rights for those shares held by the shareholders concerned, a) for the duration of that danger, the end of which shall be determined by the Court, or b) until the acquisition of these shares by third parties after non-prohibition pursuant to paragraph 3; the Court decides in non-contentious proceedings. (6) The FMA shall take appropriate measures, in particular pursuant to para. 5 nos. 1 and 2, against the shareholders named in paras. 1 and 2 if they fail to meet their notification obligations or if they acquire a stake contrary to a prohibition pursuant to para. 3 or outside of a period set pursuant to this provision. The voting rights for those shares held by the shareholders concerned are suspended 1. until the FMA has determined that the acquisition of the holding pursuant to para. 3 is not prohibited or 2. until the FMA has determined that the reason for the ban no longer applies. (7) If a court orders the voting rights to be suspended pursuant to para. 5, it shall at the same time appoint a trustee who must meet the requirements of Section 9 no. 2 and transfer the exercise of the voting rights to him. In the case of para. 6, the FMA must immediately apply to the court responsible pursuant to para. 5 for the appointment of a trustee as soon as it becomes aware that the voting rights are suspended. The trustee is entitled to reimbursement of his expenses and to remuneration for his work, the amount of which is to be determined by the court. The pension fund and the shareholders concerned are jointly and severally liable. The obligated party has the right to appeal against resolutions that determine the amount of the trustee's remuneration and the expenses to be reimbursed. There is no further legal action against the decision of the Higher Regional Court. (8) When determining the voting rights in accordance with paragraphs 1, 2 and 4, Section 133 of the Stock Exchange Act 2018 - BörseG 2018, Federal Law Gazette I No. 107/2017. equity § 7. (1) In the interests of maintaining its ability to function, every Pensionskasse must at all times hold own funds corresponding to its risk. These must at all times amount to at least 1% of the total value of the actuarial reserve of all investment and risk sharing groups reported in the Pensionskasse’s balance sheet on the balance sheet date, less the parts of the obligation covered by insurance policies in accordance with Section 20 (1). (2) own funds within the meaning of paragraph 1 1. the paid-up share capital, www.ris.bka.gv.at Page 6 of 64 Machine Translated by Google Federal law consolidated 2. the capital reserves, 3. retained earnings, 4. the balance sheet profit not intended for distribution, 5. the untaxed reserves and 6. the supplementary capital pursuant to paragraph 5. A balance sheet loss is to be deducted from equity. (2a) In addition to the own funds listed in para. 1, each Pensionskasse shall have own funds of at least 3.3 per cent of the total value of the to hold the actuarial reserve assigned to the beneficiaries of the security IRG. (3) In order to secure the obligations arising from the minimum income pursuant to Article 2, Paragraphs 2 and 3, each Pensionskasse must set up a reserve (minimum income reserve) in addition to the equity listed in Paragraph 1, which amounts to 3% of the total value of the assets in the Pensionskasse’s balance sheet at has to amount to the actuarial reserve with minimum yield guarantee of all investment and risk sharing groups reported on the balance sheet date. Those portions of a provision that were allocated from the minimum income reserve and are not used for obligations from the minimum income are to be returned to the minimum income reserve. Insofar as the minimum earnings reserve does not exceed the legal requirement, it may only be used for obligations arising from the minimum earnings pursuant to Section 2 (2) and (3). (4) The paid-up share capital of an inter-company pension fund is at least 5 million to amount to euros. (5) Supplementary capital are those paid-up own funds, 1. which, by agreement, are made available to the Pensionskasse for at least eight years and which cannot be terminated by the creditor before this period has expired; early termination by the pension fund is only permissible in accordance with Z 5; 2. may be paid out for the interest, insofar as it is included in the annual surplus (before reserve movement) are covered, 3. which may only be repaid prior to liquidation with a proportionate deduction of the net losses incurred during their term, 4. which are subordinate in accordance with Section 45 (4) BWG, 5. whose remaining term is at least three years; the Pensionskasse can terminate the contract with effect before the end of the remaining term of three years without notice if this is contractually permissible and the Pensionskasse has raised capital in the same amount and at least the same equity quality beforehand; 6. that up to 100% of the own funds can be credited in accordance with para. 2 nos. 1 to 5. (6) Para. 1 shall not be applied to that part of the actuarial reserve shown in the Pensionskasse’s balance sheet as of the balance sheet date without a minimum yield guarantee of all investment and risk sharing groups, which was created for Pensionskasse commitments with the employer’s unlimited obligation to make additional contributions. If an employer does not meet his obligation to make additional contributions, the pension fund is again obliged to comply with the provisions of paragraph 1 from this point in time. (7) Paragraphs 1, 3 and 9 apply to those parts of the pension fund's balance sheet as of the balance sheet date reported actuarial reserve with minimum yield guarantee of all investment and risk sharing groups, which were formed for pension fund commitments with unlimited obligation of the employer to make additional payments, provided that the obligation to make additional payments also includes the obligation pursuant to Article 2 (2) and (3) and the pension fund concerned reports to the FMA the existence of this obligation to make additional payments meaningful documents. If an employer does not meet his obligation to make additional contributions, the pension fund is again obliged to comply with the provisions of paragraphs 1, 3 and 9 from this point in time. (8) If the own funds pursuant to para. 2 exceed the requirement pursuant to para. 1, the portion of the own funds exceeding the requirement can be offset against the minimum revenue reserve required pursuant to para. (Note: Paragraph 9 repealed by Federal Law Gazette I No. 58/2010) www.ris.bka.gv.at Page 7 of 64 Machine Translated by Google Federal law consolidated concession § 8. (1) The operation of a pension fund requires a license from the FMA. The license must be granted in writing if it is otherwise invalid; it can be provided with corresponding conditions and requirements. (2) The application for a license has all the relevant to determine the information required for the facts of the case, in particular about: 1. Place of head office; 2. the Articles of Association; 3. the shareholders; 4. the equity capital freely available to the Executive Board in Germany; 5. the proposed members of the board and their qualifications to operate the pension fund; 6. the number of beneficiaries and beneficiaries for whom the pension fund is active want; (Note: Z 7 repealed by Federal Law Gazette No. 755/1996) 8. in the case of company pension funds, the works agreement regarding the establishment of a company pension fund and any agreements in accordance with the contract model. (3) Business operations may only be started after approval of the business plan (§ 20 Para. 4). (4) The FMA shall keep a register in which all Pensionskassen are entered. If the pension fund carries out cross-border activities in the Member States by way of freedom to provide services or via a branch, the Member States in which it operates must also be entered. § 9. The license is to be granted if 1. neither the Articles of Association nor the business plan contain provisions which do not guarantee the fulfillment of the Pensionskasse's obligations or the proper administration of the Pensionskasse; 2. the shareholders who hold at least 10 per cent of the share capital of the pension fund meet the requirements to be made in the interests of sound and prudent management of the pension fund; 3. the structure of a group to which shareholders who hold at least 10% of the share capital of the pension fund belong does not impede effective supervision of the pension fund; 4. the pension fund for a group of at least 1,000 expectant and beneficiaries; 5. the share capital a) for company pension funds pursuant to Section 7 AktG and b) for cross-company pension funds pursuant to Section 7 (4) PKG, the Management Board without restriction and is freely available in Germany without being charged; 6. the headquarters of the pension fund is in Germany; 7. the pension fund is operated in the legal form of a stock corporation; (Note: Z 8 repealed by Federal Law Gazette I No. 126/1998) 9. the requirements of Article 11f are met; 10. bankruptcy has been declared over the assets of none of the members of the board of directors or of any legal entity other than a natural person over whose business a member of the board of directors has or has been granted significant influence, unless the bankruptcy proceedings are about to be completed of a remedial plan that was fulfilled; 11. the members of the Management Board are technically suitable based on their educational background and have the qualities and experience required to operate the Pensionskasse; the professional suitability of a member of the board of directors presupposes that he or she has sufficient theoretical and practical knowledge of the requested transactions in accordance with § 1 paragraph 2 as well as managerial experience; the professional suitability for the management of a a) Inter-company pension fund is to be assumed if at least three years of managerial activity in the pension fund, banking or insurance sector can be proven; www.ris.bka.gv.at Page 8 of 64 Machine Translated by Google Federal law consolidated b) company pension fund is also to be assumed if a managerial activity in HR or finance department or in similar areas of the employer is proven; (Note: Z 12 repealed by Federal Law Gazette I No. 54/2012) 13. at least one member of the board of directors speaks German; 14. the pension fund has at least two members of the board of directors and the granting of sole power of representation, sole procuration and power of attorney for all business operations is excluded in the articles of association; 15. no member of the board of directors of an inter-company pension fund has another main occupation outside of the pension fund, banking or insurance system and pension provision advice. Section 10. (1) The FMA shall revoke the license 1. if the business to which it relates has not started within two years of the granting of the licence; 2. if the Pensionskasse does not pay within two years of the granting of the license for at least 1,000 beneficiaries are employed; 3. if it was brought about by incorrect information or by deceptive actions or was obtained by fraud in any other way; 4. if the pension fund meets its obligations towards the expectancy and beneficiaries not met; 5. if the requirements of Article 33 Para. 6 Z 3 are met. (2) A notice with which the license is revoked shall have the same effect under company law as a dissolution resolution of the Pensionskasse if the Pensionskasse business is not given up as the object of the company within three months of the decision becoming final and the company name is not changed in accordance with Section 42. The FMA must deliver a copy of this notice to the registry court; the notification must be entered in the company register. (3) At the request of the FMA, the court shall appoint liquidators if the persons otherwise responsible for liquidation do not guarantee proper liquidation. If the FMA is of the opinion that the persons responsible for the liquidation offer no guarantee of orderly liquidation, it must apply to the court responsible for the registered office of the Pensionskasse, which is responsible for exercising jurisdiction in commercial matters of first instance, for the appointment of suitable liquidators; the Court decides in non-contentious proceedings. § 11. (1) The license expires 1. upon their replacement; 2. upon completion of the winding-up of the pension fund; 3. upon the opening of bankruptcy proceedings over the assets of a pension fund; 4. with the entry of the merger of the Pensionskasse with another Pensionskasse or the entry of the conversion of a Pensionskasse into another Pensionskasse in the company register; 5. upon the occurrence of a condition subsequent (§ 8 Para. 1); 6. with the entry of the European company (SE) in the register of the new country of domicile. (2) The FMA shall issue an official notification that the license has expired. § 10 paragraphs 2 and 3 apply accordingly. (3) The surrender of the license pursuant to para. 1 no. 1 is only effective if it is made in writing and all pension fund transactions have been completed beforehand. Austrian pension funds in member states § 11a. (1) A Pensionskasse may carry out its activities in the Member States by way of freedom to provide services or via a branch. (2) If a Pensionskasse intends to conclude a Pensionskasse contract with an employer in the sovereign territory of another Member State, it must notify the FMA of the following prior to the conclusion of the contract: 1. The Member State in whose territory the activity is to be carried out; 2. the name and location of the employer's head office; 3. The main characteristics of the pension scheme to be operated for this employer. www.ris.bka.gv.at Page 9 of 64 Machine Translated by Google Federal law consolidated (3) If a Pensionskasse intends to set up a branch in the territory of another Member State to set up, it must notify the FMA of this, including the following information: 1. The Member State in whose territory the branch is to be established; 2. the address at which the documents of the pension fund can be requested in the host Member State and to which communications intended for the responsible managers can be sent; 3. the names of the responsible managers of the branch, who must have sufficient powers of attorney to bind the pension fund to third parties and to represent it before the authorities and before the courts of the host Member State. (4) If, in view of the project, the FMA has no reason to doubt the adequacy of the administrative structure and the financial position of the Pensionskasse as well as the required reliability and professional suitability of the managers in relation to the project planned in the host Member State, it shall provide the information pursuant to para. 2 and 3 to the competent authority of the host member state within three months of receipt of all the information; the pension fund must be informed immediately of the transmission of the information. If the requirements for the transmission are not met, the FMA must issue a notification to the Pensionskasse within the above period. (5) The Pensionskasse shall notify the FMA in writing of any change to the conditions of the information pursuant to paras. 2 and 3 at least one month before the change is implemented. The FMA must transmit this information to the competent authority of the host Member State within three months. (6) The FMA shall notify the Pensionskasse of the relevant labor and social law provisions in the area of occupational pensions that the Pensionskasse must comply with, as well as those provisions that are to be applied pursuant to Article 11 (6) of Directive (EU) 2016/2341 , as soon as it has received this information from the competent authority of the host Member State. (7) The Pensionskasse may carry out its activities in the Member State concerned by way of the freedom to provide services or via a branch after receipt of the notification pursuant to para. 6. If the competent authority of the host member state does not comment, the pension fund may cease the activity after a period of six weeks after the FMA has transmitted the information pursuant to para. 3 or 4, taking into account the relevant labor and social law provisions in the area of company pension schemes and all according to Art. 11 Para. 6 of Directive (EU) 2016/2341. (Note: Para. 8 repealed by Art. 2 Z 16, Federal Law Gazette I No. 81/2018) Institutions from Member States in Austria § 11b. (1) Pensionskasse business may be carried out in accordance with paras. 2 to 8 and after prior approval by the competent authority of the home member state by an institution pursuant to Article 5 no. 4 in Austria by way of free movement of services or via a branch will. (2) If an institution intends to administer the pension fund commitment of an employer in Austria, this requires the competent authority of the home member state to notify the FMA of the information pursuant to Article 11a para. 2 nos. 2 and 3. (3) If a branch is established in Austria, the FMA may request the competent authority of the home Member State to transmit all information about the establishment pursuant to Article 11a para. 3 no. 2 and 3 requests. (4) After transmission of the information pursuant to para 1. § 1, § 2 Z 1, § 3, § 4, § 5, § 5a, § 6, § 6e, § 16, § 16a, § 17, § 18 and § 19 BPG and 2. § 1 paragraphs 2 and 2a, § 12 paragraphs 6 and 7, § 12a, § 15, § 15a, § 16, § 16a, § 17, § 18, § 28, § 43 and § 48 including the related ordinances issued by the FMA must be complied with as well as 3. Article 11b, Article 19, Article 19b, Article 25a Para. 4 and Article 30a Para. 2 including the relevant ordinances issued by the FMA are to be applied. (5) After the notification according to paragraph 4, but at the latest after a period of six weeks after the notification pursuant to para. 2, the institution pursuant to para. 1 may provide the activity in Austria in relation to the reported pension fund business. For disputes between prospective www.ris.bka.gv.at Page 10 of 64 Machine Translated by Google Federal law consolidated and those entitled to benefits, as well as between employers making contributions and the institution pursuant to Section 5 no. 4 from such cross-border pension fund transactions, the court in whose district the seat of the court of first instance is located that would be responsible for disputes arising from the employment relationship on which the pension fund commitment is based shall have local jurisdiction. The agreement of a different domestic place of jurisdiction is permissible subject to different regulations. The pension fund contract and all essential documents are from the institution in accordance with § 5 Z 4, unless in the collective agreement, in the company agreement or in the agreement Contract templates in accordance with the Company Pensions Act and in the declaration pursuant to § 3 Para. 2 PKVG or a similar provision of state law have been expressly agreed otherwise, in German. (6) The institution pursuant to para. 1 must notify the FMA in writing of any change to the information pursuant to Article 11a para. 2 at least one month before the change is made. The FMA can comment on this in accordance with paragraph 4. (7) Institutions pursuant to Para. 1 that provide activities in Austria by way of the freedom to provide services or through a branch office must comply with the provisions referred to in Para. 4 and the ordinances and decisions issued on the basis of the aforementioned provisions. (8) The FMA must inform the competent authorities of the home member state about significant changes to the provisions pursuant to para. 4 if these affect the activities of an institution in Austria. (9) If an institution pursuant to para. 1 administers a pension fund commitment in which the beneficiaries and beneficiaries bear the full risk from the investment of the assets, it shall be responsible for the custody of the assets and the performance of supervisory duties pursuant to Articles 34 and 35 of the Directive (EU) 2016/2341 to appoint one or more depositaries. Transfer to Austrian pension funds Section 11c. (1) If a Pensionskasse intends to take over the administration of a commitment pursuant to Article 15 para. 1 no. 2 in whole or in part from an institution pursuant to Article 5 no. 4, it must notify the FMA of the following before the conclusion of the Pensionskasse contract: 1. The written agreement between the pension fund and the institution pursuant to Article 5 no. 4 about the terms of the transfer; 2. the company name and the location of the head office of the institution pursuant to Section 5 no. 4 and the Member State in which the institution is registered or licensed pursuant to Section 5 no. 4; 3. the name and location of the employer's head office; 4. the main features of the commitment to be managed for this employer pursuant to Section 15 (1) no. 2; 5. the description of the liabilities or technical provisions to be transferred and other rights and obligations as well as corresponding assets or liquid funds corresponding to these; 6. Proof of prior consent in accordance with Article 12 (3) of the Directive (EU) 2016/2341; 7. in the case of cross-border activities of the pension fund, those Member States whose labor and social law provisions are relevant for the commitment pursuant to Section 15 (1) no. 2. (2) After receipt of all the information pursuant to para. 1, the FMA shall check it for completeness and then immediately transmit it to the competent authority of the institution’s home Member State pursuant to Article 5 no. 4. (3) The FMA shall approve acceptance of the commitment pursuant to Article 15 para. 1 no. 2 within three months of receipt of all the information pursuant to para 1. the administrative structure, the financial situation and the personal reliability as well as the professional qualifications and professional experience of the members of the Management Board are appropriate with regard to the acceptance of the commitment pursuant to Article 15 Paragraph 1 Item 2; 2. the long-term interests of the beneficiaries of the Pensionskasse and the beneficiaries covered by the acceptance of the commitment pursuant to Section 15 (1) no. 2 are adequately protected; 3. the actuarial provisions for the affected investment and risk sharing group are fully covered, apart from gaps in coverage pursuant to Section 5 no. 3, Section 20 Para. 3d and Section 24a Para. 8 and transfers still to be made pursuant to Section 48 Para. 1, www.ris.bka.gv.at Page 11 of 64 Machine Translated by Google Federal law consolidated if a cross-border activity is associated with accepting the commitment pursuant to Section 15 (1) no. 2; 4. the assets to be transferred are sufficient and appropriate to cover the liabilities, technical provisions and other obligations and claims to be transferred in accordance with the provisions of the pension fund's business plan and the investment regulations as well as the guidelines for risk management. (4) The FMA shall communicate the approval or its refusal pursuant to para. 3 to the competent authority of the home Member State of the institution pursuant to Article 5 no. 4 within two weeks of delivery to the Pensionskasse. (5) The FMA shall forward the information it has received from the competent authority of the home Member State pursuant to Article 12 (11) second paragraph of Directive (EU) 2016/2341 to the Pensionskasse within one week of receipt. (6) The Pensionskasse may manage the commitment pursuant to Section 15 (1) no. 2 1. after receiving the approval according to para. 3 or 2. if it receives neither the approval nor its refusal pursuant to para. 3 within three months and three weeks, exercise (7) If a cross-border activity is associated with accepting the commitment pursuant to Section 15 (1) no. 2, Section 11a (6) and (7) shall apply. (8) The assets allocated to the investment and risk sharing group may not be included Administrative costs related to the takeover pursuant to paragraph 1 will be charged. Transfer to entities from Member States § 11d. (1) After receiving notification pursuant to Article 12 (6) of Directive (EU) 2016/2341 from the competent authority of the home Member State of an institution pursuant to Article 5 no. 4 regarding the intended transfer of a pension fund commitment, the FMA shall within eight weeks of receipt of the Notice to agree to transfer if 1. Section 17 (1) to (2) has been complied with; 2. the long-term interests of those beneficiaries who remain in the investment and risk sharing group affected by the transfer of the pension fund commitment are adequately protected; 3. the individual entitlements of the beneficiaries affected by the transfer in the receiving institution pursuant to Article 5 no. 4 are at least the same after the transfer; 4. the assets to be transferred pursuant to Section 17 (4) are sufficient and appropriate to cover the liabilities, actuarial provisions and other obligations and claims to be transferred in accordance with the relevant provisions of the institution’s home Member State pursuant to Section 5 no. 4. (2) The FMA shall inform the competent authority of the institution’s home Member State pursuant to Article 5 no. 4 of the outcome of the procedure pursuant to para. 1 within the period stipulated there. (3) After receiving the approval within the meaning of Article 12 (11) of Directive (EU) 2016/2341 from the competent authority of the home Member State of the institution pursuant to Article 5 no. 4, the FMA shall provide this authority with the information pursuant to Article 11b within four weeks paragraph 4. (4) Article 11b paragraphs 6, 7 and 9 shall apply. (5) The assets of the beneficiaries remaining in the investment and risk community allocated to the investment and risk community may not be burdened with administrative costs associated with the transfer pursuant to para. 1. Corporate governance requirements § 11e. (1) The Pensionskasse shall have an effective corporate governance system that ensures sound and prudent management of the Pensionskasse and is appropriate to the size, type, scope and complexity of the activities of the Pensionskasse. (2) The corporate governance system shall include an appropriate and transparent organizational structure with a clear allocation and appropriate segregation of responsibilities and an effective system to ensure the transmission of information. www.ris.bka.gv.at Page 12 of 64 Machine Translated by Google Federal law consolidated (3) The pension fund has for 1. risk management, 2. the internal audit, 3. the actuarial function and 4. if necessary, outsourcing to third parties create and implement written guidelines. These guidelines must be adapted in the event of significant changes and reviewed at least every three years. (4) The pension fund must have an effective internal control system that includes administrative and accounting procedures and an internal control framework and ensures appropriate reporting. (5) The Pensionskasse shall take reasonable precautions and develop contingency plans to ensure the continuity and regularity of its activities. Appropriate and appropriate systems, procedures and resources shall be used for this purpose. Professional qualification and personal reliability § 11f. (1) The Pensionskasse must ensure that the Management Board and those persons who perform a key function (Article 21) or to whom a key function has been outsourced are technically qualified and personally reliable. (2) Fulfillment of the requirements of paragraph 1 is to be assumed if 1. there is no reason for exclusion within the meaning of Article 13, Paragraphs 1 to 3, 5 and 6 of the Industrial Code (GewO 1994), Federal Law Gazette No. 194/1994; 2. they have a sound financial situation and there are no facts that would give rise to doubts about their personal reliability, honesty and impartiality required for the performance of their function; 3. the members of the Management Board collectively have the qualifications, knowledge and experience that are required for solid and prudent management of the pension fund; 4. Persons who perform a key function pursuant to Article 21 Paragraph 1 Item 1, who have the qualifications, knowledge and experience required for the key function; 5. Persons who perform a key function pursuant to Article 21 Paragraph 1 Item 2 or 3, who have the professional qualifications, knowledge and experience required for the respective key function. (3) The Pensionskasse shall notify the FMA of the appointment of 1. Members of the Executive Board in good time before the appointment takes effect and 2. other persons named in paragraph 1 immediately after the order together with all documents required for the verification of professional qualifications and personal reliability. If a person named in paragraph 1 is re-appointed, the documents pursuant to paragraph 2 nos. 2 to 5 may be omitted. (4) If, when the persons named in para. 1 are appointed, there are justified doubts as to their professional qualifications or personal reliability, or if the people named in para. 1 do not fulfill their obligations or reasons for exclusion subsequently arise, the FMA shall be subject to the Pensionskasse threat of a fine, to appoint another suitable person within two months. If the pension fund does not comply with this mandate, Section 33 (6) no. 3 shall apply. (5) In the case of nationals of other Member States, the FMA has 1. the submission of an extract from the criminal record or 2. in the absence of an extract from the criminal record, the presentation of an equivalent document issued by a competent judicial or administrative authority in the Member State of origin of the national concerned, which shows that these requirements are met, to be recognized as sufficient proof of the requirements pursuant to Para. 2 Z 1. (6) If, in the Member State of origin of the respective national concerned, the said certificate is not issued, it can 1. by an affidavit or www.ris.bka.gv.at Page 13 of 64 Machine Translated by Google Federal law consolidated 2. in the absence of an affidavit pursuant to subparagraph 1, by a solemn declaration made by the relevant national concerned before a competent judicial or administrative authority or, where applicable, before a notary of the home Member State, be replaced. The certificate issued by the responsible judicial or administrative authority or the notary must be recognized by the FMA. This also applies to a declaration that no insolvency has occurred made before a competent professional body of the Member State concerned. (7) The documents, declarations and certificates referred to in paragraphs 5 and 6 must not be older than three months when they are presented. Principles of Remuneration Policy § 11g. (1) The pension fund has for 1. the board of directors, 2. the people who hold key positions and 3. Other employees of the Pensionskasse whose work has a significant impact on the risk profile of the Pensionskasse or the investment and risk sharing groups, introduce and implement a remuneration policy that is appropriate to the size and internal organization of the pension fund and the magnitude, nature, scope and complexity of its business activities. (2) When introducing and implementing the remuneration policy, the pension fund has the following Principles to apply: 1. The remuneration policy is designed, implemented and maintained in accordance with the activities, risk profile, objectives and overall long-term interest, financial stability and performance of the pension fund and contributes to sound, prudent and efficient management of the pension fund; 2. the remuneration policy is in line with the long-term interests of the entitlement and beneficiaries in line; 3. the remuneration policy includes measures to avoid conflicts of interest; 4. the remuneration policy is consistent with sound and effective risk management and does not encourage risk-taking that is incompatible with the risk profiles and regulations of the pension fund; 5. The remuneration policy applies to the pension fund itself and to the service providers pursuant to Article 11h, provided that these do not fall within the scope of Directives 2009/65/EG, 2009/138/EG, 2011/61/EU, 2013/36 EU or 2014/ 65/EU. (3) The Pensionskasse defines the general principles of the remuneration policy and reviews and updates them at least every three years. The remuneration policy and its monitoring are subject to clear, transparent and efficient rules. Unless Regulation (EU) 2016/679 provides otherwise, the pension fund publishes information on its remuneration policy at regular intervals. Assignment of Tasks to Third Parties § 11h. (1) The Pensionskasse is entitled to transfer one or more activities to third parties (service providers) who work on behalf of the Pensionskasse. The entire transfer of all activities is only permitted to another pension fund or an institution pursuant to Article 5 no. 4. (2) The obligations of the Pensionskasse pursuant to this Federal Act or ordinances issued pursuant to this Federal Act and the fulfillment of the obligations pursuant to Directive (EU) 2016/2341 shall not be affected by such a transfer. The pension fund is liable for the behavior of the service provider as for its own behavior according to § 1313a of the General Civil Code - ABGB, JGS No. 946/1811. (3) The transfer of activities according to paragraph 1 requires a written agreement. This agreement must be legally binding and clearly define the rights and obligations of the pension fund and the service provider. (4) The FMA must be notified immediately in writing of the transfer of activities to service providers. The FMA must be notified in writing of the transfer of key functions to service providers before the agreement pursuant to para. 3 becomes effective. The Pensionskasse must notify the FMA immediately of any significant changes in connection with the transfer of activities to service providers. www.ris.bka.gv.at Page 14 of 64 Machine Translated by Google Federal law consolidated (5) The Pensionskasse shall appropriately monitor the services provided by the service provider. (6) The transfer of activities to service providers is not permitted if 1. the quality of the Pensionskasse’s corporate governance system is impaired, 2. the operational risk is excessively increased, 3. the FMA does not adequately monitor compliance with the obligations of the pension fund can or 4. the implementation of pension fund transactions for beneficiaries and beneficiaries is endangered. (7) In the agreement pursuant to para. 3, the Pensionskasse must ensure that it and the FMA receives information about the outsourced activities from the service provider at any time. Investment and risk community Section 12. (1) The beneficiaries of a pension fund form a community with regard to actuarial risks and investment risks (assessment and risk community – VRG). Where applicable, the pension fund takes into account the goal of distributing the risks and benefits in a balanced manner between the generations. (2) Deviating from para. 1, however, the management of several investment and risk sharing groups in a pension fund is permitted, provided that they are managed for at least 1,000 beneficiaries. (3) The minimum number of beneficiaries per investment and risk-sharing community specified in paragraph 2 may not be fallen below for a maximum of five years after establishment of the investment and risk-sharing community or after the minimum number was last fallen below. However, the number of investment and risk sharing groups in a pension fund that falls below the limit specified in paragraph 2 may never exceed three. (4) Contrary to para 1. the investment and risk sharing group only exclusively for entitlement and Beneficiaries of an employer are listed, 2. no new beneficiaries or beneficiaries within the meaning of Section 5 no. 2 lit join and 3. it is demonstrated to the FMA that the interests of those entitled to benefits are adequately safeguarded in this investment and risk sharing group and that the obligations arising from the Pensionskasse contracts can be regarded as permanently achievable. The last sentence of paragraph 3 does not apply to the cases of paragraph 4. The limitation of Z 2 does not apply to company pension funds with an unrestricted obligation for the employer to make additional contributions, as long as the minimum number specified in paragraph 2 is not fallen below by more than 30%. (5) Both the separation and the merging of investment and Risk communities may only take effect on the balance sheet date and only if 1. if an investment and risk sharing group is separated, at least one of the affected investment and risk sharing groups continues to be managed for at least 1,000 beneficiaries and 2. it is demonstrated to the FMA that the interests of the beneficiaries will not be adversely affected and that the obligations arising from the Pensionskasse contracts can still be considered to be permanently achievable. The FMA must be notified immediately of the separation or merger of investment and risk sharing groups, together with suitable evidence pursuant to no. 2. (6) A maximum of five sub-investment groups (Sub-VG) can be set up for different investment strategies in a maximum of three IRGs. The limits of Article 23 Para. 1 Z 3a and Article 25 are to be applied separately to each sub-VG. (7) If the pension fund offers several IRGs or sub-VGs with the exception of the security IRG with different investment strategies and this in the pension fund contract (§ 15 Para. 3 Z 7a) in accordance with the collective agreement, the company agreement or the agreement If a sample contract has been agreed, the following applies to commitments without an unlimited obligation to make additional payments on the part of the employer: www.ris.bka.gv.at Page 15 of 64 Machine Translated by Google Federal law consolidated 1. If included in the pension fund commitment, the beneficiary or beneficiary is managed in the VRG or sub- VG specified in the pension fund contract. 2. Up to the point at which the pension fund benefit is called, the beneficiary can declare a change to another VRG or sub-VG in writing to the pension fund no more than three times and in each case after providing verifiable information in accordance with Section 19b. This declaration must be received by the pension fund by October 31 of a calendar year for the change to take effect on January 1 of the following calendar year; deviating from this, the declaration can be submitted at the latest when the pension fund benefit is called, the change then becomes effective with the first pension benefit. The declaration can also be submitted with the request for a survivor's pension after the death of a beneficiary; the change then becomes effective with the first pension payment. 3. Contrary to no. 2, the change to another IRG or sub-VG becomes effective for a beneficiary on specified key dates, provided that this is specified in the pension fund contract in accordance with the collective agreement, the works agreement or the agreement contract model has been agreed. The prospective beneficiary can change this change by means of a declaration in accordance with no. 2. The number of possible changes and the deadlines of Z 2 are to be applied. The transfer amount is calculated from the actuarial reserve and equalization reserve created for the beneficiary or surviving dependents on the transfer date. A change is not permitted for beneficiaries. (8) In an IRG and in an IRG with a sub-IG according to Para. 6, pension fund commitments can be managed both with and without the possibility of switching according to Para. 7. Investment and risk community with guarantee § 12a. (1) Unless Paragraph 6 is applied, the Pensionskasse shall, in deviation from Article 12 Paragraphs 2 and 4, maintain an IRG geared towards investment security and pension stability (Sicherheits IRG), which must meet the following conditions: 1. Neither pension fund commitments may a) with minimum yield guarantee still b) with the employer's obligation to make additional payments to get managed. 2. The Pensionskasse must guarantee that the monthly pension due to the beneficiary is at no time less than the first monthly pension that results from the annuitization of the actuarial reserve formed for the beneficiary at the time the Pensionskasse benefit is first called up. 3. The value of the guaranteed first monthly pension pursuant to item 2 is to be compounded after five years on the next balance sheet date at the interest rate which for the previous financial year was half the average monthly secondary market yield on federal bonds or an index replacing it for the previous 60 months calculated minus 0.75 percentage points. This interest rate must not be negative. 4. If, on the balance sheet date, the remaining result of an IRG leads to a withdrawal from the actuarial reserve and the newly calculated pension falls below the monthly pension guaranteed in accordance with nos. 2 and 3, the beneficiary shall be paid the difference to the monthly pension guaranteed in accordance with nos. 2 and 3 from the monthly pensions in the following year own funds to be credited to the pension fund. 5. In addition to the information pursuant to Section 20 (2), the business plan has the following deviations and Supplements to include: a) The principles and formulas for calculating the guaranteed first monthly pension for old-age pension and survivor's pension; b) the procedure for adjusting bases of calculation; c) the equalization reserve is global for beneficiaries to lead. Deviating from Article 20 para. 2a, the percentage for the actuarial interest and the actuarial surplus for all beneficiaries within the framework of the maximum permissible percentage for the actuarial interest and the actuarial surplus prescribed by the FMA is to be set the same. 6. Deviating from Article 23, Paragraph 1, Item 3a, a maximum of 40 per cent pursuant to Article 23, Paragraph 1, Item 3a, Letter c and a maximum of 80 per cent in total of the assets allocated to the security IRG may be dedicated www.ris.bka.gv.at Page 16 of 64 Machine Translated by Google Federal law consolidated will. By November 30 of each financial year, the pension fund must demonstrate to the FMA the existence of sufficient liquidity reserves to be able to meet the pension benefits for the following financial years, together with suitable evidence. 7. The formation of a negative equalization reserve pursuant to Article 24a Paragraph 8 is not permitted. (Note: Z 8 repealed by Art. 6 Z 3, Federal Law Gazette I No. 36/2022) (2) The beneficiary can, at the time the pension fund benefit is accessed, but in any case from the year in which he or she reaches the age of 55, up to the time the pension fund benefit is accessed at the latest, after verifiable information pursuant to Section 19b, can notify the pension fund in writing of the change to the Explain security VRG. The declaration must be received by the pension fund by October 31 of a calendar year for the change to take effect on January 1 of the following calendar year; deviating from this, the declaration can be submitted at the latest when the pension fund benefit is called, the change then becomes effective with the first pension benefit. The declaration can also be submitted with the request for a survivor's pension after the death of a beneficiary; the change then becomes effective with the first pension payment. (3) Until the Pensionskasse benefit is called, the beneficiary of a security IRG can, after providing verifiable information in accordance with Section 19b, declare to the Pensionskasse in writing that he or she will switch to the IRG in which the pension fund commitment was administered before the change to the security IRG. A change is not permitted for beneficiaries. (4) The actuarial reserve and equalization reserve created for the beneficiary on the transfer date is to be transferred to the security IRG as follows: 1. If the transfer date falls on a balance sheet date, the equalization reserve of the security IRG must be allocated that pro rata amount that corresponds to the percentage of the equalization reserve set up in the security IRG in relation to the allocated average assets (Article 20 (2) no. 5). corresponds to this balance sheet date. 2. If the transfer date does not fall on a balance sheet date, the equalization reserve of the security IRG must be allocated that pro rata amount that corresponds to the percentage of the equalization reserve set up in the security IRG in relation to the allocated average assets (Article 20 (2) no. 5). corresponds to the last balance sheet date. 3. If the equalization reserve allocated to the beneficiary exceeds the allocation amount pursuant to no. 1 or 2, the excess amount is to be allocated to the actuarial reserve of the beneficiary. 4. If the volatility reserve allocated to the beneficiary falls below the allocation amount pursuant to no. 1 or 2, the shortfall is to be taken from the beneficiary's actuarial reserve. (5) Contrary to Article 17, Paragraph 1, if the Pensionskasse contract is terminated, the beneficiaries of the security IRG remain with the Pensionskasse. Section 15 para. 3a is to be applied with the proviso that changes to the pension fund contract caused by para. 1 no. 5 are permissible. (6) If a Pensionskasse has not set up a security IRG, it must conclude a cooperation agreement with an inter-company Pensionskasse so that those beneficiaries of the Pensionskasse who make use of the option pursuant to Para. 2 can transfer the amount pursuant to Para. 4 to a security -VRG can be transferred to the inter-company pension fund. The inter-company pension fund must inform the beneficiary pursuant to Section 19b. In the company agreement or in the collective agreement on the establishment of a company pension fund, it can be agreed that neither a security IRG will be set up nor a cooperation agreement concluded with an inter-company pension fund. (7) If the prospective beneficiary out a pension fund commitment with a minimum income guarantee declares a change to the security IRG in accordance with para. 2, it must be in the pension fund contract and in the collective agreement, in the company agreement or in the agreement in accordance with the contract model under the Company Pensions Act and in the declaration in accordance with section 3 para. 2 PKVG or one Similar state law does not include an agreement on the exclusion of the minimum yield guarantee pursuant to Section 2 Para. 1. A possible benefit from the minimum yield guarantee is not to be taken into account in the event of a change with access to the pension fund benefit when determining the guaranteed first monthly pension pursuant to Para. 1 Z 2. In the event of a change pursuant to paragraph 3, the www.ris.bka.gv.at Page 17 of 64 Machine Translated by Google Federal law consolidated pension fund to guarantee the minimum return again, with the calculation period beginning anew in accordance with Section 2 (2) to (4). contingent liabilities § 13. (1) In order to secure or collect liabilities that were effectively established by the Pensionskasse for the assets allocated to one of its managed investment and risk sharing groups, execution can only be carried out on this basis. (2) In order to secure or collect liabilities that were not established by the Pensionskasse for the assets allocated to an investment and risk sharing group managed by it, execution cannot be carried out on these assets. Restrictions on Disposal § 14. (1) The assets combined in an investment community may not be legally pledged or otherwise encumbered, transferred or assigned as security. (2) Deviating from paragraph 1 1. Loans are only allowed for liquidity purposes and at a prudent level for a period of up to twelve months; 2. Land and buildings may be temporarily encumbered for their improvement or rehabilitation will; 3. Assets may be temporarily transferred to provide collateral for derivatives used pursuant to Section 25 (1) no. 6, provided that the provision of collateral is stipulated by Regulation (EU) No. 648/2012 and the resulting risks are appropriately taken into account in risk management. (3) Claims against the pension fund and claims that lead to an investment and belonging to the risk community cannot be legally offset against each other. (4) In the case of entries of ownership in the land register, it shall be made clear at the request of the Pensionskasse to which investment and risk sharing group the asset is dedicated. pension fund contract § 15. (1) The pension fund contract is between the pension fund and the acceding complete employer. in it are 1. for pension fund commitments that are subject to the Company Pensions Act, in accordance with the collective agreement, the works agreement or the agreement in accordance with the model contract under the Company Pensions Act, or 2. for commitments from another Member State in accordance with those applicable in that Member State relevant labor and social law provisions to regulate the claims of the beneficiaries to benefits from the pension fund. (2) The pension fund contributions and benefits must be determined at least on the balance sheet date using a sufficiently prudent actuarial method in accordance with the recognized rules of actuarial mathematics, taking into account all obligations with regard to the contributions and benefits in accordance with the pension fund commitment, so that the coverage requirement is evenly financed is guaranteed. (3) Depending on the type of benefit commitment, the Pensionskasse contract must contain in particular: 1. The amount of contributions to be paid by the employer; 2. the amount of agreed contributions paid by employees; 3. Method of payment and due date of current contribution payments; 4. the amount of interest on arrears pursuant to Section 16 (3); 5. the type of contribution or benefit adjustment in the event of additional coverage requirements; 6. Provisions on the obligation of the employer, the beneficiary and the beneficiary to inform the pension fund of all circumstances relevant to the contributions, the expectancies and the pension benefits and any changes thereto; 7. the possible exclusion of the payment of the minimum income by the pension fund; www.ris.bka.gv.at Page 18 of 64 Machine Translated by Google Federal law consolidated 7a. any agreement on voting rights pursuant to Section 12 (7) nos. 2 and 3 and the definition of those VRGs or sub-VGs in which newly added beneficiaries or beneficiaries pursuant to Section 12 (7) no. 1 are included; 8. the principles of the investment policy applicable at the time the pension fund contract was concluded; this can also be done by enclosing the declaration on the principles of the investment policy (§ 25a) as an appendix to the pension fund contract; 9. the nature of the risks associated with the pension fund commitment from the investment and the actuarial risks and the distribution of these risks among the pension fund, employer, beneficiaries and beneficiaries; 10. the prerequisites for further contributions to be made by the employee after the end of his employment relationship; 11. the calculation of vested entitlements if a beneficiary leaves the company during the year; 12. the conditions, if they are met, an employee also pays the employer's contribution can (§ 6 Company Pensions Act); 13. the conditions for an employee to remain unpaid after the end of his employment relationship, in particular the type of cost calculation and the amount of the cost allocation (administrative cost contribution) to the employee; 14. the type of cost calculation and the amount of the cost allocation (administrative costs). a) the employer, b) the beneficiaries in the investment and risk community such as c) to the contributing employee in the event that the employer temporarily suspends or restricts payment of contributions for compelling economic reasons or revokes the benefit commitment; 15. the detailed requirements for termination; 15a. the detailed procedure in the event that the employer leaves the group a pension fund contract with a company pension fund; 16. the type of transfer of the employer and the beneficiaries allocated assets in the event of termination; 17. the amount of the assets to be transferred pursuant to Article 17, Paragraph 4 and the vested amount pursuant to Article 17, Paragraph 5; 18. The employer's declaration to the pension fund that Section 3 of the Company Pensions Act has been complied with. (3a) If an employee remains in accordance with Section 5 (2) Z 1 or 5 BPG or in accordance with Section 6 (3) Z 1 or 3 BPG or a beneficiary in accordance with Section 17 (1) or a beneficiary in accordance with Section 12a (5) or Section 17 Paragraph 1 for the pension fund, the pension fund contract shall continue to apply. If the appendix to the pension fund contract contains a corresponding model agreement, then an agreement can be concluded between the pension fund and the employee on the following points: 1. Information obligations of the employee towards the pension fund; 2. Information obligations of the pension fund towards the employee; 3. Any declaration by the employee pursuant to Articles 5, paragraph 2, line 5 or 6, paragraph 3, line 3 BPG; 4. Method of payment and due date of any contribution payments; 5. Method of Payment and Due Date of Services. Changes to the pension fund contract and the company agreement in the model agreement are inadmissible and legally ineffective. An agreement concluded between the pension fund and the employee expires as soon as the employer resumes his payments and the employee is then still in an employment relationship with the employer. (4) If a Pensionskasse contract does not comply with the provisions of this Federal Act or the provisions of Section 3 of the Company Pensions Act, the FMA shall commission the Pensionskasse to improve the contract; If the Pensionskasse does not comply with this order within a maximum of six months, the Pensionskasse contract is void. § 15a. (1) Persons pursuant to Section 5 no. 1 lit. b or c may only be included if Section 18 (2) BPG was taken into account when designing the pension fund commitment and the contribution www.ris.bka.gv.at Page 19 of 64 Machine Translated by Google Federal law consolidated and benefit right in its entirety corresponds to that of the persons pursuant to § 5 Z 1 lit. a, whereby in any case 1. all deadlines standardized in the PKG and BPG are to be applied equally to all beneficiaries and 2. There must be no differentiation based on key dates for inclusion in the pension fund or exclusion from the pension fund. (2) If persons are involved in accordance with § 5 Z 1 lit. b or c, so 1. the pension fund contract must also contain the following provisions: a) The amount of the assessment basis of the contribution for persons according to § 5 Z 1 lit. b or c, whereby the assessment basis may not exceed the maximum of twice the annual ASVG maximum contribution basis and 150% of the assessment basis of the best-earning employee; b) the retirement age; this has the retirement age specified in the pension fund contract for beneficiaries pursuant to Section 5 no. 1 lit. a; c) the prerequisites for the granting of disability insurance, whereby a benefit may only be provided if a legally binding notification of a statutory pension insurance institution or a professional old-age provision institution an occupational disability pension has been awarded; 2. the following provisions shall also apply: a) § 3 para. 4 BPG with regard to an additional personal contribution; b) § 4 BPG with regard to the restrictions on disposal and execution of pursuant to Z 3 in connection with § 5 BPG vested entitlements; c) § 5 BPG regarding the non-forfeitability of contributions; the resignation from the function within the meaning of § 5 Z 1 lit. b or c is equivalent to a termination of the employment relationship; d) § 6 BPG regarding the cessation, suspension or restriction of the payment of contributions. (3) If persons are included pursuant to Article 5 no. 1 lit to contain vesting of the contribution. Section 15b. (1) For pension fund contracts between the federal government or a local authority and a pension fund within the meaning of Section 3 (1) PKVG or a similar provision under state law, the declaration pursuant to Section 3 (1) takes the place of the agreements referred to in Section 15 (1). 2 PKVG or a similar provision under state law. (2) Pensionskasse contracts pursuant to para. 1 may not contradict the PKVG or a similar provision of state law. § 3 BPG does not apply to such pension fund contracts. (3) Items 12, 14 and 18 of Article 15 Paragraph 3 shall not apply to Pensionskasse contracts pursuant to Paragraph 1. pension fund contributions § 16. (1) Pension fund contributions are the contributions of employers and employees to the pension fund; they also include the administration fee. (2) The employer must transfer its contributions and the agreed employee contributions, which are to be deducted from the wage or salary, to the pension fund in good time when the respective wage or salary payment is due. Deviating agreements in the pension fund contract are permissible. (3) Default interest at a market rate is to be provided for in the Pensionskasse contract. (4) Amounts from another pension fund, an institution (§ 5 Z 4), a company collective insurance (§ 93 of the Insurance Supervision Act 2016 - VAG 2016, Federal Law Gazette I No. 34/2015), an institution of additional pension insurance according to Section 479 of the General Social Insurance Act (ASVG), Federal Law Gazette No. 189/1955, a pension scheme structured according to the funded procedure according to Section 173 (2) of the Public Accountant Professions Act , Federal Law Gazette I No. 58/1999, according to Section 50 (3) of the Lawyers' Code, RGBl. No. 96/1868, according to § 41 paragraph 4 of the Salary Fund Act 2002, Federal Law Gazette I No. 154/2001, or one www.ris.bka.gv.at Page 20 of 64 Machine Translated by Google Federal law consolidated be transferred to a foreign pension scheme if the employee is a beneficiary at the time of the transfer. administrative expenses Section 16a. (1) The Pensionskasse is entitled to withhold a reasonable and customary remuneration from the Pensionskasse contributions and from the cover requirement pursuant to Article 48 got to. (2) When calculating or transferring a vested amount (Section 5 (1) and (1a) BPG), the pension fund is entitled to withhold a one-off cost contribution of no more than 1.0 per cent of the vested amount, with the cost contribution amounting to EUR 300 per vested amount must not exceed. (3) The pension fund is entitled to charge a maximum annual cost contribution of 0.5% of the respective actuarial reserve for the administration of non-contributory entitlements, whereby the cost contribution may not exceed EUR 100 per non-contributory entitlement. (4) For the investment of the assets of the investment and risk sharing group, the pension fund is entitled to withhold a fee from the investment result, which must be appropriate and customary in the market. (4a) For the investment of the assets of the security IRG, the pension fund is entitled to withhold a fee from the investment result, which may not exceed 0.55 per cent of the assets allocated to the security IRG (§ 20 Para. 2 Z 5) per financial year. The percentage must be the same for all beneficiaries of the security IRG. (4b) If, for beneficiaries with a commitment without an unlimited obligation to make additional contributions on the part of the employer or a commitment without a minimum yield guarantee, the investment income for a financial year is not sufficient for the remuneration pursuant to para. 4 when calculated individually, the following applies: 1. The pension fund may only withdraw 50% of the remuneration from the assets allocated to these beneficiaries in relation to the actuarial reserve allocated to these beneficiaries. If the pension fund waives the additional 50% of the remuneration, nos. 2 to 6 shall not apply to these beneficiaries. 2. For the remaining part of the remuneration, there is a liability towards the VRG report the pension fund. 3. These beneficiaries are to be paid a pension allowance in the amount of the remaining part of the remuneration in the next financial year; an other asset is to be reported in the VRG for this subsidy. 4. The distributable profit of a financial year may not be increased by the claim amount for the remaining part of the remuneration shown in the balance sheet of the pension fund. 5. The withdrawal of the portion of the remuneration remaining in the VRG is only permitted in subsequent years if the remaining investment income is sufficient for a withdrawal after the actuarial interest has been allocated to the actuarial reserve of the beneficiaries. 6. If the other asset cannot be reversed by withdrawing the portion of the remuneration remaining in the VRG within ten years of its creation, this must be reversed at the expense of the corresponding liability to the pension fund shown in the VRG. 7. The calculation according to nos. 1 to 6 applies to each beneficiary on an individual basis take place. (5) The absolute amounts pursuant to paragraphs 2 and 3 are valued in accordance with the 1996 consumer price index published by Statistics Austria – special classification “Services” with the value resulting from the change in the value for July of a calendar year compared to that announced for January 2006 value. The new amount is to be announced by the FMA and applies from January 1 of the following year. (6) All administrative costs pursuant to paras. 1 to 4 are to be agreed in the pension fund contract (Article 15 para. 3 no. 14). The assets of the investment and risk sharing group may not be encumbered with costs that are not listed in paragraphs 2 to 4a. Termination and Resignation § 17. (1) A termination of the pension fund contract by the employer or by the pension fund or a mutual termination of the pension fund contract is only permissible and www.ris.bka.gv.at Page 21 of 64 Machine Translated by Google Federal law consolidated legally effective if a transfer of the assets to be transferred pursuant to para. 4 to another pension fund, an institution (§ 5 Z 4), a company collective insurance (§ 93 VAG 2016) of an insurance company authorized to operate life insurance in Germany or an institution of the additional Pension insurance according to § 479 ASVG is guaranteed. The termination or amicable termination of the pension fund contract can only be legally effective for all beneficiaries and beneficiaries covered by this pension fund contract, unless the collective agreement, company agreement or agreement according to the contract model stipulates that all beneficiaries or all beneficiaries and beneficiaries who are exempt from contributions should be terminated upon termination of the pension fund contract stay with the pension fund. (1a) Notwithstanding the last sentence of paragraph 1, in the event of an intended transfer to an institution pursuant to Section 5 no. 4, the termination or mutual termination of the Pensionskasse contract requires the prior consent of the majority of the affected beneficiaries and the majority of the affected beneficiaries. The Pensionskasse shall inform the beneficiaries in writing of the intended termination or mutual termination of the Pensionskasse contract, the information pursuant to Section 11c Para. 1 Items 1 to 5, the right to consent and the modalities of the voting procedure. The voting procedure must be carried out in such a way that the voting behavior cannot be traced back to individual persons. The beneficiary is responsible for exercising the Allow a reasonable period of time for the right to consent. Unless otherwise agreed, all costs incurred by the pension fund in connection with the voting procedure are to be borne by the employer. (1b) Approval for the termination or termination by mutual agreement shall be deemed to have been given if more than half of the beneficiaries and beneficiaries covered by the intended termination or termination by mutual consent participate in the vote and more than half of these beneficiaries and beneficiaries agree to the termination or by mutual agreement agree to termination. (1c) In the event of termination of the pension fund contract by the pension fund and an intended transfer to an institution pursuant to Section 5 no. 4, the termination also requires the consent of the employer. Notwithstanding the last sentence of paragraph 1a, unless otherwise agreed, all of the Pensionskasse's costs incurred in connection with the voting procedure shall be borne by the Pensionskasse. (2) The notice period for the pension fund contract by the employer or the pension fund is one year; the notice of termination may only be given with effect from the balance sheet date of the pension fund. The mutual termination of the pension fund contract will take effect at the earliest on the balance sheet date of the pension fund, which is at least six months after the mutual termination of the pension fund contract was agreed. (3) After an employer leaves a group pursuant to Section 3 (3), insofar as there is a need to transfer and a transfer is ensured, the assets to be transferred pursuant to Para facility (§ 5 Z 4) or a company collective insurance (§ 93 VAG 2016) of an insurance company authorized to operate life insurance in Germany. (4) The value of the assets to be transferred in the event of termination is to be specified in the Pensionskasse contract and may not be less than 100% of the actuarial reserve to be created according to the business plan plus 100% of the equalization reserve of the affected beneficiaries. (5) The transfer of the vested amount (§ 5 Para. 1 and 1a BPG) of a beneficiary after termination of his employment relationship or after revocation by the employer must take place plus appropriate interest within six months of the request of the beneficiary. The amount of the vested amount is to be specified in the pension fund contract. retirement accounts § 18. The pension fund must keep an account for each beneficiary, broken down according to employer and employee contributions. This account must contain all the essential data for each beneficiary and is used to calculate the actuarial reserve and the pension and vesting amounts. www.ris.bka.gv.at Page 22 of 64 Machine Translated by Google Federal law consolidated information requirements Article 19. (1) The employer, the beneficiary and the beneficiary shall immediately notify the Pensionskasse in writing of all circumstances relevant to the contributions, entitlements and pension benefits and any changes thereto to the extent specified in the Pensionskasse contract. If this notification is not made or not made in a timely manner, you will have to bear any disadvantages resulting from this yourself. Details are to be specified in the pension fund contract. (1a) The information pursuant to paragraphs 2 to 5b must 1. be updated regularly, 2. be formulated clearly, concisely and understandably, 3. Avoiding technical terms if a generally understandable language can be used, 4. be consistent in content and terminology used and not misleading, 5. be designed in a reader-friendly form, 6. be written in the official language of the Member State whose social and labor law applies to the pension fund commitment is decisive, 7. free of charge on a durable medium or website or upon request paper are made available. (2) The employer has potential beneficiaries prior to inclusion in the pension scheme 1. the designation of the pension fund or institution pursuant to Article 5 no. 4, the Member State in which it is authorized or registered and the competent supervisory authority, 2. the content of the pension fund contract, in particular the provisions of the Pensionskassenvertrag according to § 15 Abs. 3 Z 1, 2, 3, 6, 7, 7a, 8 to 14 and 17, 2a. the sustainability information made available to the employer by the pension fund in accordance with Article 6 (1) of Regulation (EU) 2019/2088, and 3. where to get more information, to inform. If they are affected, the employer must inform the beneficiaries and the pension fund must inform the beneficiaries of any subsequent changes to the pension fund contract. At their request, the Pensionskassen and the employer must immediately provide the beneficiaries with a paper copy of the parts of the Pensionskassen contract that relate to the respective commitment. (2a) The Pensionskasse shall provide the beneficiaries with the following general information: 1. the company of the pension fund or institution pursuant to Article 5 no. 4, the Member State in which it is authorized or registered and the relevant regulatory authority; 2. the rights and obligations of the pension fund, the employer and the beneficiaries; 3. the principles of the investment policy of the respective investment and risk community; 4. the nature of the financial risks to be borne by the beneficiaries; 5. a description of the type and extent of a guarantee by the pension fund or, if none warranty is provided, a statement to that effect; 6. the options that may be open when the benefit event occurs; 7. the options and modalities of a transfer according to § 5 para. 2 BPG; 8. the description of any option rights pursuant to Section 12 (7) and Section 12a; 9. for commitments without an unlimited obligation to make additional contributions on the part of the employer pursuant to Section 5 no. 3 a) a description of the mechanisms that can reduce pension entitlements, b) a description of the performance of the respective IRG or sub-IG or security IRG over the last five years, c) the structure of administrative costs. (3) The pension fund has the beneficiaries annually as of December 31 of the previous financial year 1. the person of the beneficiary and that specified in the pension fund contract retirement age, 2. Company and location of the main administration of the pension fund, 3. VRG, sub-VG or security VRG in which the pension fund commitment is managed, www.ris.bka.gv.at Page 23 of 64 Machine Translated by Google Federal law consolidated 4. any guarantee and information on where further information is available, 5. premium and capital development, 6. retained administrative costs, 7. accrued entitlements of their pension fund commitment, 8. a forecast of the anticipated amount of the pension benefits, including a disclaimer that this forecast may deviate from the final amount of the pension benefits, 9. Investment and performance of the investment and risk community, 10. about all other data relevant to the ability to fulfill the pension commitment, provided that the underlying pension fund commitment is not a defined benefit commitment with an unrestricted obligation for the employer to make additional contributions, to inform. Significant changes compared to the information from the previous year are clear to highlight. The beneficiaries are also to be informed of any options that may be exercised, of the information available on request pursuant to Article 25a Paragraph 3 and Article 30a Paragraph 2 and, if applicable, of the information pursuant to Article 19b. The information has the designation "Performance /pension information”. (4) The Pensionskasse shall inform the beneficiaries annually as of December 31 of the previous financial year about the development of capital and the administrative costs retained. Furthermore, the pension fund must inform the beneficiaries of the investment and performance of the investment and risk sharing group and of all other data relevant to the ability to fulfill the pension commitment, unless the underlying pension fund commitment is a performance-oriented commitment with an unrestricted obligation to make additional contributions on the part of the employer. Significant changes compared to the information from the previous year should be clearly highlighted. In addition, the beneficiaries must be informed of any change in pension benefits. The pension benefit may only be reduced at the end of the third month after the information about a reduction in the pension benefit was made available to the beneficiary. (5) The pension fund has 1. the beneficiaries upon reaching the target specified in the pension fund contract retirement age or on request about the payout options and 2. the beneficiaries when the benefit event occurs about the acquired entitlement to retirement, surviving dependents or disability benefits as well as about the payment modalities and payment options for the pension to inform. (5a) The Pensionskasse shall notify the beneficiaries, at their request, of the IRG, sub-VG or security IRG in which the Pensionskasse commitment is managed within a reasonable period of time for a maximum of the last three financial years 1. a key figure for the total expense ratio in the form that all costs charged by the pension fund or third parties to the assets allocated to the VRG are to be calculated as a percentage of the assets allocated to the VRG, and 2. a representative performance comparison to specify. (5b) In the event of a change in the pension benefit, the Pensionskasse must inform the beneficiaries of a change in the pension benefit within a reasonable period of time in a schematic representation of the individual causes and sources of results. (5c) The pension fund has a collective bargaining body representing the interests of employees Request to make those performance-relevant parts of the business plan available, which in individual cases and at the request of a beneficiary or beneficiary for the review of the information in accordance with Paragraphs 3 to 5 and 5b are required. (6) The FMA shall determine the calculation method and scenarios for the forecast pursuant to para. 3 no. 8 and for the content and structure of the information pursuant to para. 2a, 3, 4 and 5 by ordinance, taking into account the interests of the and beneficiaries, good comparability and transparency as well as the economic interest in a functioning pension fund system. (Note: Para. 7 repealed by Art. 2 Z 36, Federal Law Gazette I No. 81/2018) www.ris.bka.gv.at Page 24 of 64 Machine Translated by Google Federal law consolidated Section 19a. The Austrian health insurance fund is obliged to forward the death notifications in accordance with Section 360 (5) ASVG in automated form via the Main Association of Social Insurance Institutions (Note 1) to the pension funds in return for reimbursement of the costs. (__________________ Note 1: "Main Association of Austrian Social Insurance Institutions" replaced by "Umbrella Association of Social Insurance Institutions", cf. § 720 ASVG, Federal Law Gazette No. 189/1955, as amended by Federal Law Gazette I No. 100/2018) Section 19b. (1) The Pensionskasse shall, upon request before a decision pursuant to Section 12 (7) or Section 12a (2) of this Federal Act or Section 5 (5), Section 5a (1) § 6c para. 5 or § 6e para. 1 BPG on a durable medium according to Art. 3 para. 1 of the Delegated Regulation (EU) 2017/565. The pension fund must keep records of the information and decisions made by the beneficiary and keep them for at least seven years. The recordings are to be kept on a data carrier so that they can be made accessible to the FMA immediately in the future. (2) The information pursuant to para. 1 depends on the nature of the intended decision 1. for the prospective beneficiary, the amount of the vested amount pursuant to Section 5 (1). BPG; 2. The relevant parameters of that IRG, sub-VG or security set out in the business plan IRG to which the beneficiary is assigned; 3. The relevant parameters specified in the business plan for those IRGs, sub-IGs or security IRGs to which the prospective beneficiary or insured person is to be included or wants to switch; 4. with regard to a transfer to a security IRG (§ 12a Para. 2) a) the probable amount of the guaranteed first monthly pension, b) the modalities of the valorization of the guaranteed first month's pension, c) the investment strategy as well as income opportunities and risks, d) the effects of a change from a pension fund commitment with a minimum yield guarantee to the security IRG, e) the amount of the remuneration for the investment of the assets of the Security IRG § 16a paragraph 4a and f) a particularly highlighted reference to the whereabouts of the beneficiaries in the Security IRG upon termination of the pension fund contract; 5. with regard to the choice of an VRG or sub-VG (§ 12 Para. 7) the investment strategy as well as income opportunities and risks; 6. Before a decision is made pursuant to Section 6c (5) or Section 6e (1) BPG, a description of the differences between company collective insurance and a pension fund commitment; 7. on the basis of the entitlements acquired to date or the vested amount pursuant to Section 6c (1) BPG, assuming that the most recent contributions or bonuses paid by the employer and employee remain the same, forecasts of the future development of the entitlements and pension benefits, with the calculations being based on the discount rate used in the business plan at least three different assumptions about the development of earnings are to be taken as a basis, to contain. (3) The FMA shall determine the content and structure of the information pursuant to paras. 1 and 2 as well as specifications for the calculations pursuant to para. 2 no. 7 by ordinance. In doing so, it must take into account the interest in a functioning pension fund system and the interests of the beneficiaries in having sufficient, comparable and clearly understandable information. business plan Section 20. (1) The Pensionskasse shall draw up a business plan. If the pension fund manages several IRGs, the business plan must be divided into a general and a special part. In the special part, the information and parameters that apply only to this VRG must be shown separately for each VRG in accordance with paragraph 2. Actuarial risks that the pension fund cannot bear itself due to the business plan must be covered by insurance companies. www.ris.bka.gv.at Page 25 of 64 Machine Translated by Google Federal law consolidated (2) The business plan contains all the information required to operate the pension fund business to contain information and parameters, in particular: 1. The types of services offered; 2. the description of the circumstances that are significant for safeguarding the interests of the beneficiaries and for the assessment of the long-term ability to meet the obligations of the pension fund; 3. the bases of calculation (probability tables, actuarial interest rate, planned actuarial surplus); 4. the type and management of the equalization reserve; 5. the calculation of the average assets of the investment and risk community and the allocation of the allocated assets and the allocated average assets to the groups of expectant and/or beneficiaries; 6. the principles and formulas for calculating pension fund contributions and benefits; these are to be explained by numerical examples; 7. the formulas for calculating the minimum yield in accordance with Article 2, paragraphs 2 and 3, or if applicable, a reference to the ordinance of the FMA pursuant to Article 2 (4); 8. the formulas for calculating the assigned assets pursuant to Article 17, Paragraph 4; 9. the basic admissibility of an evaluation according to § 23 para. 1 no. 3a and the mode that is required for the calculation of a payment amount. (2a) The actuarial interest rate and the actuarial surplus are to be increased with due caution Select. are there 1. the returns on investments which, taking future investment income into account, are comparable to investments held by the pension fund for the assets of the investment and risk sharing groups, or 2. the market yields of government debt securities, other high quality debt securities, European Stability Mechanism debt securities, European Investment Bank debt securities or European Financial Stability Facility debt securities or a mixed rate of both, minus appropriate safety margins. By ordinance, the FMA has to specify one or more maximum percentages for actuarial interest and actuarial surplus for new pension fund contracts to be concluded and for new beneficiaries in existing pension fund contracts. A maximum percentage for actuarial interest and actuarial surplus is to be set for the security IRG, which in any case may not be higher than the maximum percentage for actuarial interest and actuarial surplus specified in the previous sentence for an investment and risk sharing group without a guarantee. The FMA must review the appropriateness of interest rates at least every three years. (3) The actuarial provisions are to be calculated by a suitably trained specialist in accordance with the recognized rules of actuarial mathematics. The probability tables used to calculate the technical provisions are to be based on the principle of prudence, with the most important characteristics of the beneficiaries and the pension fund commitments and in particular the expected changes in the relevant risks are observed. (3a) Unless otherwise provided by law, the gender factor may only result in different contributions or benefits for women and men if gender is a determining factor in a risk assessment based on relevant and accurate actuarial and statistical data. The risk assessment as well as the actuarial and statistical data collected are to be stated in the business plan. The pension fund must update this risk assessment regularly. (3b) The Pensionskasse shall publish the actuarial and statistical data from which different contributions or benefits for women and men are derived and any updates to this data. If this is data that has already been published by other bodies, a reference to this publication is sufficient. If the data is made available on the Internet, anyone who so requests must be provided with a copy that can be read without technical aids. (3c) The method for calculating the technical provisions and the assessment basis must not change from financial year to financial year. deviations www.ris.bka.gv.at Page 26 of 64 Machine Translated by Google Federal law consolidated may, however, be permissible if there is a change in the legal, demographic or economic conditions on which the assumptions are based. (3d) Any gap in coverage resulting from a change in the bases of calculation must be closed within a maximum of ten years and at least one tenth per year. If more than one tenth of the funding gap has been closed in a financial year, the funding gap may not be closed to this extent in a later financial year. If a pension fund contract is terminated or terminated by mutual consent, the uncompleted gap in coverage must be deducted when calculating the assets to be transferred in accordance with Section 17 (4). (4) The business plan and any changes to the business plan require the approval of the FMA; this can be provided with appropriate conditions and deadlines. The business plan and any changes to the business plan must be checked by the auditor; The report of the auditor on the result of the audit must be attached to the application for approval. Approval is to be granted if the business plan corresponds to the recognized rules of actuarial mathematics, if the interests of the beneficiaries are adequately safeguarded and, in particular, the obligations from the pension fund contracts can be regarded as permanently achievable. The Pensionskasse must prove to the FMA that these circumstances exist. (5) The FMA may, by ordinance, set criteria for the management of the business-planned provision for the administrative costs incurred after the start of the pension, taking into account the recognized rules of actuarial mathematics. When this ordinance was issued, it 1. to the requirement of a sufficient allocation to this reserve, which will ensure that the benefits are paid out free of charge, 2. on the economic interest in the functioning of the pension funds and 3. in the interest of the beneficiaries and beneficiaries to take into consideration. key functions Section 21. (1) The pension fund must set up the following key functions: 1. A risk management function, 2. an internal audit function and 3. an actuarial function. A key function can be exercised by a person or an organizational unit. If a key function is exercised by an organizational unit, the requirements of Section 11f must be met by the head of this organizational unit. (2) The outsourcing of a key function to a contributing employer is permitted, if the pension fund can credibly demonstrate that no conflicts of interest will arise. (3) The holder of a key function informs the Board of Management of the Pensionskasse of all significant findings and recommendations in his area of responsibility, and the latter decides which measures are to be taken. (4) If the Board of Management of the Pensionskasse does not take appropriate corrective measures within a reasonable period of time after notification pursuant to para is at significant risk, provisions 1. of this federal law or 2. an ordinance issued on the basis of this federal law or an administrative decision issued on the basis of this federal law, or 3. of § 5 BPG and if this could have a significant impact on the interests of the beneficiaries or if, in the opinion of the key function holder, the provisions specified in nos. 1 to 3 have been violated. Section 159 (4) of the 2018 Stock Exchange Act – BörseG 2018, Federal Law Gazette I No. 107/2017, applies to reports to the FMA. Risk Management and Risk Management Function Section 21a. (1) The Pensionskasse shall set up an effective risk management function that is appropriate to the size, type, scope and complexity of the Pensionskasse's activities and that facilitates the functioning of risk management. www.ris.bka.gv.at Page 27 of 64 Machine Translated by Google Federal law consolidated (2) The Pensionskasse shall have in place those strategies, processes and reporting procedures that are required to identify, measure, monitor and control the risks to which the Pensionskasse and the investment and risk sharing groups may be exposed, as well as their interdependencies . Risk management must be effective and well integrated into the organizational structure and decision-making processes of the pension fund. (3) Risk management must cover the risks to which its investment and risk communities may be exposed in a manner appropriate to the size, type, scope and complexity of the Pensionskasse's activities. Risks in other areas of the pension fund and from third parties in accordance with Section 11h must also be appropriately taken into account. Where necessary, risk management must include the following areas in particular: 1. Risk analysis and risk assessment; 2. risk control and risk monitoring; 3. asset-liability management; 4. Assets of the pension fund and those allocated to the investment and risk sharing group Assets, in particular derivatives, securitisations and similar obligations; 5. Liquidity and Concentration Risk Management; 6. management of operational risks; 7. reinsurance and other risk mitigation techniques; 8. Assumption of risk and provisioning; 9. ecological, social and corporate governance risks in connection with the investment of the assets allocated to the investment and risk sharing group. (4) If, according to the provisions of the Pensionskasse contract or the business plan, the beneficiaries bear risks, risk management also takes these risks into account from the point of view of the beneficiaries. (5) The guidelines for risk management (§ 11e Para. 3) are in accordance with the specifications to create paragraphs 1 to 4. The FMA can specify the requirements pursuant to paras. 1 to 4 by ordinance. (6) The risk management function shall report regularly to the board of directors of the pension fund on an individual and aggregated basis. Internal audit function Article 21b. (1) Each Pensionskasse shall appoint an internal audit department that reports directly to the Executive Board subject and exclusive 1. the ongoing and comprehensive review of the legality, regularity and expediency of the business and operation of the pension fund and 2. the assessment of whether the internal control system and other components of the corporate governance system are appropriate and effective, possibly also with regard to outsourced activities, serves. (2) Taking into account the scope of business, internal auditing must be set up in such a way that it can perform its tasks appropriately and must be managed separately from the other key functions. (3) Decisions relating to internal auditing must be made jointly by at least two members of the Executive Board. The internal audit has to report to all members of the executive board. It also has to report to the Chairman of the Supervisory Board on a quarterly basis on essential audit findings based on the audits carried out. Actuarial function Section 21c. The actuarial function is performed by the actuary and test actuary in his respective area of responsibility. actuary Section 21d. (1) The pension fund has at least one actuarial expert (Actuary) to order. This one has 1. undertake or direct the creation of the business plan and ensure compliance with it monitor; www.ris.bka.gv.at Page 28 of 64 Machine Translated by Google Federal law consolidated 2. to coordinate the calculation of technical provisions and to monitor; 3. The sufficiency of the quality of the data used in the calculation of the underwriting Provisions are taken as a basis to evaluate and 4. Contribute to the effective implementation of the risk management system. If a member of the board of directors of the pension fund is to be appointed as actuarial expert, the appointment is the responsibility of the supervisory board. In the case of inter-company pension funds, at least one deputy actuary must also be appointed. (2) The actuary must carry out his work in compliance with the statutory provisions relevant to his work and all professional principles according to the recognized rules of actuarial mathematics. audit actuary § 21e. (1) The Pensionskasse shall appoint an independent actuarial expert (auditing actuary) for the actuarial review. The appointment is the responsibility of the Supervisory Board. The pension fund must ensure the availability of the auditing actuary. (2) The auditing actuary must carry out his work on his own responsibility carefully, in compliance with the legal regulations and all professional principles according to the recognized rules of actuarial mathematics. (3) The auditor has to check in particular: 1. whether the business plan is being followed, 2. whether changes to the existing contribution and benefit regulations are necessary, 3. whether and to what extent and within what period of time the employer has incurred gaps in coverage has to close 4. Whether the insurance requirements (§ 20 Para. 1) are adequately taken into account became, 5. whether the subscription and acceptance policy of the pension fund, if it has such, is appropriate and 6. whether in the calculation of technical provisions a) appropriate methods, base models and assumptions used for this purpose were used as well b) the assumptions stand up to a comparison with empirical values. The auditor has to report to the board of directors on the reliability and adequacy of the calculation of the technical provisions. (4) The board of directors and the actuary must present the auditing actuary with the books, documents and data carriers required to fulfill his statutory duties. The auditing actuary can demand all explanations and evidence from the board and the actuary, which the careful fulfillment of his auditing obligation requires. (5) In addition to the reporting obligation pursuant to Section 21 (4), the auditor shall record the results of the audit once a year in an audit report and submit it to the Management Board and the Supervisory Board of the Pensionskasse and the auditor no later than five months after the end of the financial year; the Pensionskasse must submit the audit report to the FMA no later than six months after the end of the financial year. The FMA shall set the minimum structure and content of the audit report by ordinance; when issuing this ordinance, it must take into account the economic interest in the functioning of the pension funds and the interests of those entitled to expectancy and benefits. Upon request, the Board of Management of the Pensionskasse shall immediately submit the audit report or a short report prepared by the audit actuary, containing the necessary information and conclusions, to the employers making the contributions or to the responsible persons to be communicated to works councils. § 22. (1) The audit actuary is obliged to conscientious and impartial audit and confidentiality. He may not make unauthorized use of business and company secrets that he has learned in the course of his work. Anyone who intentionally or negligently violates their obligations is obliged to compensate the pension fund for the resulting damage. (2) The compensation obligation of an audit actuary who has acted negligently is limited to 350,000 euros for an audit. www.ris.bka.gv.at Page 29 of 64 Machine Translated by Google Federal law consolidated (3) The obligation to pay compensation according to these regulations can neither be excluded nor limited by contract. (4) Claims arising from these regulations become time-barred after five years. Own risk assessment § 22a. (1) The Pensionskasse shall carry out and document its own risk assessment in a manner appropriate to its size, internal organization and the size, type, scope and complexity of its activities. Your own risk assessment must be included in the strategic decisions of the pension fund. (2) The Pensionskasse shall carry out its own risk assessment at least every three years or immediately after a significant change in the Pensionskasse's risk profile has occurred. If the pension fund bears a risk and if this is necessary for its assessment, the relevant investment and risk sharing group must also be included in its own risk assessment. (3) Your own risk assessment has to do with the size and internal organization of the Pension Fund and the magnitude, nature, scope and complexity of the Pension Fund's activities: 1. The description of your own risk assessment, which is included in the management process and the decision-making processes of the pension fund are included; 2. assessing the effectiveness of the risk management system; 3. The description of how the pension fund avoids conflicts of interest with the employer when a key function is outsourced to the employer; 4. the assessment of the overall financing needs of the pension fund, including, if applicable a description of the recovery plan; 5. the assessment of the risks for the beneficiaries with regard to the payment of their pension fund benefits and the effectiveness of corrective measures, if necessary taking into account a) indexing mechanisms, b) mechanisms reducing pension entitlements, including the extent to which accrued rights may be reduced, under what conditions and by whom; 6. The qualitative assessment of the mechanisms protecting the acquired rights, including, where appropriate, guarantees, binding commitments or any other type of financial support from the employer; 7. the qualitative assessment of operational risks; 8. where environmental, social and governance factors are taken into account in investment decisions, an assessment of emerging or anticipated risks, including but not limited to risks related to climate change, resource use and the environment, and social and related risks the impairment of assets caused by a change in regulation. In doing so, the Pensionskasse shall use methods to identify and assess the risks to which it will be or may be exposed in the short and long term and which could affect the ability of a Pensionskasse to meet its obligations. These methods must be appropriate in relation to the size, type, scope and complexity of the Pensionskasse's activities. The pension fund must describe these methods in its own risk assessment. (4) Your own risk assessment must be submitted to the FMA every three years and after a significant change. Scoring Rules § 23. (1) The assets allocated to the investment and risk sharing groups are to be stated at the following values: 1. Claims for a fixed amount of money may be stated at a maximum of their nominal value, unless otherwise specified in item 3; 2. Assets in foreign currencies are to be valued at the mean exchange rate; 3. Securities are www.ris.bka.gv.at Page 30 of 64 Machine Translated by Google Federal law consolidated a) with the respective stock exchange price or the respective price on the recognized securities market to set or b) to be valued at market value; If there is no liquid market for an asset, the calculated value that results from the based on market conditions; 3a. Deviating from item 3, investments are made directly or via special funds in accordance with Section 163 of the Investment Funds Act 2011 (InvFG 2011), Federal Law Gazette I No. 77/2011, or comparable foreign special funds in which the pension fund is the sole shareholder a) bonds issued by the federal government, a federal state, another member state, a member state of another member state, another full member state of the Organization for Economic Cooperation and Development (OECD) or an international organization under public law to which one or more member states belong, and securities, the federal government, a federal state, another member state, a member state of another member state, another full member state of the OECD or an international organization under public law to which one or more member states belong is liable for the repayment and interest, and the assessment in accordance with part 3 title II Chapter 2 of Regulation (EU) No. 575/2013 would be given a risk weight of no more than 20%, b) Debt securities issued by credit institutions which, in accordance with Part 3, Title II, Chapter 2 of Regulation (EU) No. 575/2013, would have to be assigned a risk weight of no more than 20 per cent, and securities for which a credit institution is responsible for repayment and interest payments pursuant to Part 3, Title II, Chapter 2 of Regulation (EU) No. 575/2013 would be given a risk weight of no more than 20%, is liable, c) corporate bonds whose creditworthiness is comparable to investment grade, taking into account the requirements of Section 25 (3) with regard to reference to external ratings, with a fixed term, if they are intended to be held to maturity due to a separate dedication, to be valued at their amortized cost or their amortized market value at the time of dedication using the effective interest method, if this has been declared permissible in the business plan. For the securities dedicated directly or indirectly via special funds, the ability as a permanent investment must be demonstrated on the basis of a prudent liquidity plan; however, a maximum of 25% in accordance with letter c and a maximum of 60% in total of the assets allocated to an investment and risk sharing group may be dedicated. Upon request, evidence must be provided to the FMA that the fund regulations of special funds contain regulations on the separate allocation of certain bonds and on the ongoing reporting of an additional calculated value, taking into account the special valuation. A security dedicated by the pension fund as a permanent investment may only be disposed of before final maturity in special circumstances and with the approval of the FMA. In the guidelines for the investment (§ 25 Para. 4), taking into account the requirements of § 25 Para is to be evaluated; a de- designation carried out according to these criteria does not require the approval of the FMA, but it must be notified immediately. A sale of bonds dedicated separately via special funds is only permitted in special circumstances and with the approval of the FMA. In the ordinance pursuant to Article 36 para. 2, the FMA must prescribe the disclosure of the hidden liabilities and hidden reserves arising from the HTM valuation; 4. Unit certificates of investment funds pursuant to Section 3 Para. 2 Z 30 InvFG 2011 are to be recognized at the redemption price within the meaning of Section 55 Para. 2 InvFG 2011 or comparable regulations in the OECD member states; 4a. Share certificates of real estate funds according to § 1 paragraph 1 and special real estate funds according to § 1 paragraph 3 Real Estate Investment Funds Act, Federal Law Gazette I No. 80/2003 (ImmoInvFG) as well as real estate funds managed by a capital investment company based in the EEA are with the set return price within the meaning of Section 11 (1) ImmoInvFG; 4b. Shares in an alternative investment fund (AIF) are to be recognized at the net asset value in accordance with Section 17 of the Alternative Investment Fund Manager Act – AIFMG, Federal Law Gazette I No. 135/2013; 5. Other material assets, in particular real estate, are to be stated at market value; the market values must be determined at least every three years by suitable auditors; in particular, revaluations and devaluations must be justified; www.ris.bka.gv.at Page 31 of 64 Machine Translated by Google Federal law consolidated 6. the value of investments in derivative products pursuant to Section 73 InvFG 2011 must be assessed with due caution, taking into account the underlying value, and must be included in the valuation of the assets allocated to the investment and risk community. (2) When determining the total value of the assets allocated to the investment and risk sharing groups on the balance sheet date, recognizable risks and imminent losses that have arisen in the financial year or in an earlier financial year must be taken into account, even if these circumstances only occurred between the balance sheet date and the day the preparation of the annual financial statements became known. Necessary value adjustments are to be taken into account when evaluating the individual assets themselves. Equalization reserve – general provisions § 24. (1) In order to balance profits and losses from the investment of the assets and from the actuarial result, an equalization reserve is to be set up in every investment and risk sharing group. The allocation or reversal of the equalization reserve must be based on the value of the equalization reserve on the balance sheet date of the last financial year and must take place in the order prescribed by Article 24a. (2) The equalization reserve can be managed either separately for individual beneficiaries (individual) or jointly for groups of beneficiaries (global). The following possible combinations are permitted: 1. For an entire investment and risk community a) individually for all beneficiaries and beneficiaries, b) individually for all beneficiaries and globally for all beneficiaries, c) globally for all prospective beneficiaries and globally for all beneficiaries or d) globally for all prospective and benefit beneficiaries; however, this is only permissible if it is an investment and risk sharing group with an unlimited obligation on the part of the employer to make additional payments for all beneficiaries. 2. Contrary to no. 1 lit. a, b and c, the equalization reserve can be managed globally within an IRG for a group of beneficiaries or a group of beneficiaries, whereby the following criteria can be used individually or in combination to form the group: a) Sub-VG, b) probability tables, c) interest rate, d) actuarial surplus, e) employer or group of employers. 3. Deviating from no. 1 lit. d, the equalization reserve within an IRG can be managed globally for all beneficiaries of this employer and globally for all beneficiaries of this employer and globally for all beneficiaries of this employer if an employer has an unlimited obligation to make additional payments, whereby of the employer, a group of employers can also appear. If pension fund commitments with a minimum yield guarantee and pension fund commitments without a minimum yield guarantee are managed jointly in an investment and risk sharing group, the equalization reserve must be managed separately for pension fund commitments with a minimum yield guarantee and pension fund commitments without a minimum yield guarantee if the equalization reserve is managed in accordance with no. 1 lit. (3) The assets relevant for the management of the equalization reserve correspond to the total amount of the invested assets shown in the list of assets of an investment and risk sharing group less the liabilities from the purchase of assets, valued in accordance with Article 23 on the relevant reporting date. (4) The target value of the equalization reserve is to be determined by the Executive Board and stated in the business plan, whereby it may not be less than 10% and not more than 20% of the assets pursuant to paragraph 3 on the respective balance sheet date. (5) If the vested amount is calculated in an investment and risk sharing group both in accordance with Section 5 (1a) no. 1 BPG and Section 5 (1a) no. 2 BPG, the actuarial result arising from the termination of the employment relationship before the insured event occurs (§ 24a Para. 4) to be calculated separately for the two groups of prospective beneficiaries and assigned accordingly. www.ris.bka.gv.at Page 32 of 64 Machine Translated by Google Federal law consolidated (6) If the employer's contributions have not yet vested at the end of an employment relationship (§ 5 Para. 1 BPG), these employer's contributions can be offset against future employer's contributions in the case of commitments with an unlimited obligation to make additional contributions on the part of the employer, otherwise they are to be added to the actuarial result. Structure of the equalization reserve Section 24a. (1) If the employer's contributions contain amounts intended for the equalization reserve, they are to be included in the equalization reserve. If the equalization reserve for beneficiaries and beneficiaries is managed separately and globally for beneficiaries, if a beneficiary changes to the group of beneficiaries, their pro rata equalization reserve is to be transferred to the equalization reserve for beneficiaries retrospectively as of January 1 of the year in which the change takes effect. (2) If the investment surplus shown in the income statement of an investment and risk sharing group, less the actuarial interest pursuant to Section 48, in relation to the allocated average assets (Section 20 (2) no. 5), exceeds the calculated surplus, the difference is to be allocated to the equalization reserve. If the investment surplus shown in the income statement of an investment and risk sharing group less the actuarial interest pursuant to Article 48, based on the assigned average assets (Article 20 Para. 2 Z 5), falls below the actuarial surplus, the difference shall be added to the equalization reserve remove. (3) For an additional allocation to the equalization reserve by the board of directors of the Pensionskasse, the FMA shall, by ordinance, establish framework conditions for the group of people affected as well as criteria for the extent of the allocation. She's open 1. a pension adjustment that is as even as possible for beneficiaries, 2. an allocation of earnings that is as even as possible for beneficiaries, 3. the amount of actuarial interest and actuarial surplus, 4. the special features of the security IRG, 5. the extent of the equalization provision and 6. the capital market situation to take into consideration. (4) Actuarial profits are to be allocated to the equalization reserve, actuarial losses are to be covered from the equalization reserve. (5) If the created equalization reserve exceeds 25% of the allocated assets (§ 20 Para. 2 Z 5), then it is to be released immediately to the extent of the difference. By resolution of the board of directors, the dissolution for beneficiaries of one or more employers can be omitted in whole or in part, as long as the equalization reserve does not amount to 25% of the allocated assets (§ 20 Para. 2 Z 5) plus the claims according to § 48 on the balance sheet date exceeds. (6) If the equalization reserve exceeds the target value set by a resolution of the board of directors, 10% of the equalization reserve must be released immediately. By resolution of the board of directors, the dissolution for beneficiaries of one or more employers can be omitted in whole or in part, as long as the equalization reserve does not amount to 25% of the allocated assets (§ 20 Para. 2 Z 5) plus the claims according to § 48 on the balance sheet date exceeds. (7) If a negative equalization reserve arises after the application of paragraphs 1 to 4, the release negative equalization provision immediately. (8) At the request of the Pensionskasse in an investment and risk sharing group, the FMA may authorize the formation of a negative equalization reserve up to a maximum of 5% of the allocated assets, in derogation of paragraph 7. The application from the pension fund must be accompanied by a financing plan that shows how and within what period of time the negative equalization reserve can be reversed. When preparing the financing plan, particular attention must be paid to the calculation bases pursuant to Section 20 (2) no. 3, an additional payment obligation on the part of the employer pursuant to Section 5 no. 3, the risk structure, the structure of the assets and liabilities, the structure of the beneficiaries and the structure of the pension fund commitment to take into consideration. At their request, the pension fund must send the beneficiaries the financing plan or allow them to inspect the financing plan. www.ris.bka.gv.at Page 33 of 64 Machine Translated by Google Federal law consolidated (9) The formation of a negative equalization reserve pursuant to para. 8 is 1. for beneficiaries without the employer's obligation to make additional contributions pursuant to Section 5 no. 3 and 2. in investment and risk sharing groups in which pension fund commitments result from an activity according to § 11a paragraph 1 not permitted. assessment regulations Section 25. (1) The board of directors of the pension fund must ensure that the assets allocated to an investment and risk sharing group are invested by persons who are technically suitable and who are particularly experienced in the areas of portfolio management, risk management and asset-liability Management can demonstrate appropriate professional experience and that appropriate technical resources are available for the investment. The assets allocated to an investment and risk sharing group must be invested in accordance with the principle of entrepreneurial prudence and taking into account the other provisions of this federal law. In particular, the following must be observed: 1. The assets are to be invested for the greatest possible long-term benefit of the beneficiaries overall; 2. In the event of a possible conflict of interest, the investment decisions have sole and to be carried out solely in the interest of the beneficiaries; 3. the assets are to be invested in such a way that the security, quality, liquidity and profitability of the assets allocated to an investment and risk sharing group is guaranteed overall; 4. the assets are in an expected future type and duration to invest pension benefits in an appropriate manner; 5. Securities and money market instruments must be given priority a) are listed or traded on a regulated market pursuant to Section 1 no. 2 BörseG 2018 or b) are traded on a multilateral trading facility (MTF) pursuant to Section 1 Z 24 of the Securities Supervision Act 2018 – WAG 2018, Federal Law Gazette I No. 107/2017, or an organized trading facility (OTF) pursuant to Section 1 Z 25 WAG 2018 or c) are officially listed on a stock exchange in a third country (§ 2 Z 8 BWG) or traded on another recognized, regulated, properly functioning securities market in a third country that is open to the public; Investments in assets that are not admitted to trading on regulated markets must be provided for in the statement of investment policy principles and in any case be kept at a prudent level; 6. Derivative products pursuant to Section 73 InvFG 2011 that were not purchased to hedge price risks may only be purchased if they contribute to reducing investment risks or to facilitating efficient management of the assets allocated to an investment and risk community; risk concentration in relation to a single counterparty or other risk concentrations in derivative products are to be avoided; 7. the assets are to be spread in an appropriate manner and a concentration of risk is to be allowed avoid; 8. the acquisition of assets from the same issuer or from issuers belonging to the same group of companies must not lead to an excessive concentration of risk; 9. Within the framework of the principle of entrepreneurial prudence, account can be taken of the possible long-term effects of the investment of assets allocated to an investment and risk sharing group on ecological, social and corporate governance factors. (2) With the exception of investments in bonds issued by the Federal Government, a federal state, another member state or a member state of another member state, the reinvestment by employers who make contributions to the investment and risk community is to a maximum of 5 per cent of that allocated to the investment and risk community assets limited. (3) Taking into account the nature, scope and complexity of the activity of Pensionskassen, the FMA monitors the appropriateness of the Pensionskassen's procedures for the Credit rating, evaluates the use of references to credit ratings by credit rating agencies www.ris.bka.gv.at Page 34 of 64 Machine Translated by Google Federal law consolidated within the meaning of Article 3(1)(b) of Regulation (EC) No. 1060/2009 on rating agencies, ABl. No. L 302 of 17.11.2009 p. 1, in the investment policy of the investment and risk community and suggests, if appropriate, the mitigation of the effects of such references in order to counteract the exclusive and automatic recourse to such ratings. (4) In order to ensure that the requirements pursuant to paragraphs 1 to 3 are met, the Pensionskasse shall draw up and implement written guidelines for the investment of assets allocated to an investment and risk sharing group which, if applicable, shall at least include the following areas: 1. Investment goals taking into account the obligations from the pension fund contracts; 2. Criteria for safety, quality, liquidity, profitability and availability throughout the Assets allocated to investment and risk sharing groups; 3. Strategic asset allocation, appropriate deviation parameters and rules for each determination; 4. Definition of the investment universe based on the following investment categories: a) bank balances, b) loans and credits, c) debt securities aa) by regional authorities, bb) from credit institutions, cc) from other companies, d) shares and other equity securities, e) real estate, f) other assets, Investments in shares in investment funds, real estate funds and AIF are to be allocated to the investment categories accordingly; 5. Investment processes in relation to the selection, mix and spread of assets; 6. Definition of a suitable limit system with quantitative investment limits with regard to para. 1 no. 7, at least with regard to the investment categories according to no. 4 and for issuers and counterparties; 7. Criteria for calculating investments in unit certificates of investment funds, real estate funds and AIF based on issuer limits and counterparty limits pursuant to no. 6, including any determination of materiality thresholds; 8. Conditions for the investment in a) assets pursuant to para. 1 no. 5, b) derivative products pursuant to para. 1 no. 6 and c) securities lending and repurchase agreements; 9. Description of the escalation processes in the event that defined limits are exceeded; 10. Criteria for canceling the designation of securities as a permanent investment (§ 23 Para. 1 Z 3a). Statement on the principles of the investment policy Section 25a. (1) The Pensionskasse shall have a written one for each investment and risk sharing group Draw up a statement on the principles of the investment policy. Anyway, this statement has 1. the procedures for assessing the investment risk, 2. risk management, 3. Strategies for selecting assets and for the mix and spread of assets depending on the type and duration of the liabilities incurred, 4. the admissibility and the strategies of investments in derivative products, 5. the admissibility and strategies of investments in assets that are not admitted to trading on regulated markets and/or are traded on venture capital markets, and 6. Any selection of assets based on ethical, ecological and/or social criteria criteria to encompass. (1a) If the pension fund offers several VRGs or sub-VGs with different investment strategies (Article 12 (6) and (7)), it has the different ones www.ris.bka.gv.at Page 35 of 64 Machine Translated by Google Federal law consolidated To define investment strategies based on qualitative and quantitative criteria and to present the differences in an overview that is easy to understand. (2) The declaration on the principles of the investment policy must be updated immediately after a significant change in the investment policy, but must be reviewed at least every three years. (3) The declaration of the principles of the investment policy is for each IRG in the respective make the current version publicly available. (Note: Para. 4 repealed by Art. 2 Z 49, Federal Law Gazette I No. 81/2018) custodian Section 26. (1) The Pensionskasse shall commission one or more custodian banks with the custody of the securities and shares in capital investment funds belonging to an investment and risk sharing group. Only a credit institution that is duly authorized to carry out this activity in accordance with Directive 2013/36/EU or 2014/65/EU or is recognized as a custodian within the meaning of Directive 2009/65/EC or 2011/61/EU can be commissioned as a custodian bank will. The appointment of the custodian bank requires a written agreement that regulates in particular what information the pension fund must transmit to the custodian bank in order to carry out its duties. Together with the notification of the assignment, the Pensionskasse must submit a declaration from the credit institution or the depositary to the FMA, in which the rights and obligations of paragraph 2 are acknowledged and any right of offsetting and retention is waived. (1a) For each IRG, each sub-IG and security IRG, a separate securities account must be maintained for all financial instruments that can be booked in an account for financial instruments in the custody account. In any case, the name of the pension fund and a designation of the IRG, sub-VG or security IRG must be stated in the securities account name. (1b) For assets other than those referred to in paragraph 1a, the custodian bank shall check whether the Pensionskasse owns the property rights to these assets and keeps continuously updated records of these assets. The audit must be based on documents and information submitted by the pension fund and, if available, also on external evidence. (1c) The custodian bank has the custody of the investment and risk sharing group allocated assets, the following principles in particular must be observed: 1. The custodian bank must follow the instructions of the pension fund, with the exception of these instructions violate any provision of this federal law; 2. In the case of transactions, the custodian bank must ensure that the equivalent value is transferred to the investment and risk sharing group within the usual time limits and 3. The custodian bank must use the income in accordance with the pension fund's specifications. (2) The custodian bank is entitled and obliged to file an objection in its own name pursuant to Section 37 of the Enforcement Code if an asset belonging to an investment and risk sharing group is subject to execution, provided that the claim is not based on Section 13 acts against an investment and risk community. The custodian bank must inform the pension fund managing the relevant investment and risk sharing group of all necessary steps without delay. (3) If the competent authority of the home Member State prohibits an institution from freely disposing of the assets, the FMA shall, at the request of this authority, prohibit the domestic custodian bank commissioned with the safekeeping of the assets of this institution pursuant to para. 1 from freely disposing of these assets. (4) The custodian bank may not carry out any activity that could lead to a conflict of interest with the pension fund or the beneficiaries, unless a functional and hierarchical separation of the performance of its duties as custodian bank from its potentially conflicting duties has been made and the potential conflicts of interest are properly identified, managed and monitored and disclosed to the Board of Management of the pension fund and, unless it is a commitment pursuant to Section 5 no. 3, to the beneficiaries. (5) The custodian bank is liable to the pension fund and the beneficiaries for any losses caused by the custodian bank or a third party to whom the safekeeping of assets allocated to the investment and risk sharing group has been transferred, as a result of culpably caused non-performance or poor performance of their obligations are. www.ris.bka.gv.at Page 36 of 64 Machine Translated by Google Federal law consolidated (6) The custodian bank must act honestly, honestly, professionally, independently and in the interests of the investment and risk community when performing its duties in accordance with the provisions of paragraphs 1 to 4. supervisory board Article 27. (1) The supervisory board in inter-company pension funds consists of at least six and no more than twelve representatives of the share capital elected by the general meeting and of two fewer than the number of representatives of the beneficiaries. The number of members of the supervisory board is to be specified in the articles of association. The articles of association can provide for a higher participation of the representatives of the beneficiaries. (1a) If the number of beneficiaries with commitments without an unlimited obligation to make additional payments on the part of the employer exceeds the quotient of the total number of beneficiaries with commitments without an unlimited obligation to make additional payments on the balance sheet date before the election of the representatives of the beneficiaries at the general meeting of the employer divided by the number of representatives of the beneficiaries specified in the articles of association, at least one mandate of the representatives of the beneficiaries on the supervisory board of the inter-company pension fund is reserved for the beneficiaries. (2) On the supervisory board of company pension funds, the representatives of the beneficiaries shall have one less representative than the representatives of the share capital. In the event of a tie, the vote of the Chairman of the Supervisory Board, whose election requires both the majority of all Supervisory Board members and the majority of the representatives of the share capital, shall be decisive - unless the works agreement and any agreements according to the contract model under the Company Pensions Act provide otherwise. The operating agreement and any agreements in accordance with Contract templates according to the company pension law can provide for a higher participation of the representatives of the beneficiaries. The number of members of the supervisory board is to be specified in the articles of association. (3) (Note: repealed by Federal Law Gazette No. 755/1996) (4) Section 110 of the Labor Constitution Act (ArbVG) applies with the proviso that the works council (works committee, central works council) of the pension fund is entitled to delegate a representative to the supervisory board in addition to the supervisory board seats specified in paragraphs 1 and 2. (5) The beneficiaries pursuant to Section 5 no. 1 and the beneficiaries pursuant to Section 5 no. 2 lit. a are entitled to vote for the representatives of the beneficiaries on the Supervisory Board according to the following principles: 1. The election must take place at the Annual General Meeting of the Pensionskasse; the key date for eligibility to vote is the day of the Annual General Meeting. If the key date for eligibility to vote differs from the day of the general meeting, it must be specified in the articles of incorporation. The reference date may not go back more than six months, but no longer than the last balance sheet date. The Articles of Association may provide for postal votes instead of elections at the Annual General Meeting if this appears necessary due to the number of those entitled to vote; 2. the representatives of the beneficiaries on the supervisory board are elected on the basis of nominations that any person entitled to vote or representative can submit in writing to the board of directors at least one week before the start of the election, according to the principles of proportional representation (d'Hondt's system); the deadline for submitting nominations for election can be set in the articles of association at the latest two weeks before the start of the election; 2a. under the conditions of paragraph 1a, at least one separate election proposal for the representatives of the beneficiaries in the supervisory board can be submitted in accordance with the specifications of item 2; 2 B. if there are nominations pursuant to subparagraph 2a, those entitled to vote shall vote on the nominations pursuant to subparagraph 2 in a first ballot and on the nominations pursuant to subparagraph 2a in a second ballot; 3. If the person entitled to vote is or was represented by the works council responsible for the works agreement pursuant to Section 3 (1) BPG, this works council shall be deemed to be the representative for exercising the right to vote; www.ris.bka.gv.at Page 37 of 64 Machine Translated by Google Federal law consolidated 3a. the assignment pursuant to no. 3 does not apply to beneficiaries and beneficiaries who are exempt from contributions and who remain with the Pensionskasse pursuant to Article 12a Paragraph 5 or Article 17 Paragraph 1 in the event of termination of the Pensionskasse contract; 4. the person entitled to vote or the works council can issue the assignment without giving reasons withdraw; 5. the granting of powers of attorney to representatives other than the works council is permissible; 6. the revocation pursuant to no. 4 and the granting of power of attorney pursuant to no. 5 are the responsibility of the pension fund to be communicated in writing by the beginning of the election at the latest; 7. Every person entitled to vote who is not represented by a representative in the right to vote has one Voice; each commissioner has as many votes as he represents eligible voters; 8. Eligible voters who are not represented by a representative and who do not exercise their right to vote at the general meeting or postal vote lose their right to vote and are also not taken into account for any statutory attendance and number of votes requirements or for determining the election result according to the proportional representation system; 9. the election takes place by open vote, unless the statutes provide otherwise; 10. If the General Meeting does not result in an election in accordance with the articles of incorporation, the right of appointment shall pass to the chamber of labor responsible for the seat of the pension fund in the case of inter-company pension funds and to the works council (works committee, central works council, group representative body) in the case of company pension funds. (6) In addition to the transactions regulated in Section 95 (5) AktG, the following additional transactions require Approval of the Supervisory Board: 1. The establishment of a branch in another Member State; 2. the formation of investment and risk sharing groups in the pension fund; 3. investments in real estate; 4. the reorganization plan pursuant to Section 33b (2). In addition, the Articles of Association may reserve the right to other transactions subject to the approval of the Supervisory Board. (7) In addition to reimbursement of cash expenses, the members of the supervisory board in pension funds may only be paid appropriate remuneration for their work. The amount of this possible fee is to be determined in the general meeting. Advisory Committee Section 28. (1) The Pensionskasse may set up an advisory committee for each investment and risk sharing group. (2) The Advisory Committee has the following tasks and rights: 1. Making suggestions about the investment policy of the investment company in question and risk community; 2. Inspection of the annual accounts and the annual report of the persons concerned investment and risk community; 3. Information rights vis-à-vis the Management Board and the Supervisory Board with regard to transactions affecting the investment and risk sharing group; 4. the right to reporting and submitting proposals at the general meeting of the pension fund; 5. Submission of proposals to the Supervisory Board for dealing with certain agenda items and the right to send a representative with an advisory vote to the Supervisory Board meeting in which this agenda item is dealt with. (3) The Advisory Committee consists of a number of persons to be determined by the Supervisory Board, who are to be appointed in equal parts by the Management Board of the Pensionskasse and by representatives of the beneficiaries on the Supervisory Board. (4) The Advisory Committee sets its own rules of procedure. Recommendations and motions are decided with a simple majority of the votes cast. general assembly Section 29. (1) The employers making contributions and those entitled to benefits pursuant to Section 5 no. 1 and those entitled to benefits pursuant to Section 5 no. 2 are also present at the general meeting of the Pensionskasse to invite The Articles of Association may provide that registration is required for participation in the General Meeting. In this case, the entitled beneficiary's right to participate expires if he or she does not participate by the deadline specified in the articles of association www.ris.bka.gv.at Page 38 of 64 Machine Translated by Google Federal law consolidated informs the pension fund in writing before the general meeting that he intends to attend the general meeting. The period between the key date and the Annual General Meeting may not exceed three months. (2) Each participant pursuant to Para. 1 is entitled to the information rights of Section 118 Para. 1 AktG, in particular with regard to their own investment and risk community. Section 118 (2) to (4) AktG applies. (3) The invitations to the Annual General Meeting are to be sent at least two weeks before the key date Para. 1, no later than two weeks before the Annual General Meeting, in the "Official Gazette of the Wiener Zeitung" to announce. If the representatives of the beneficiaries are to be elected to the supervisory board, this must be announced in the invitation to the general meeting. In addition, the responsible works council (§ 27 Para. 5 Z 3) must be invited in writing at least two weeks before the key date according to Para. 1, but no later than two weeks before the general meeting. Annual accounts and statement of accounts § 30. (1) The financial year of the pension funds and the investment and risk sharing groups is the calendar year. (2) The provisions of the Austrian Commercial Code (UGB), dRGBl. S. 219/1897, unless this federal law provides otherwise. (3) In addition to the balance sheet and the profit and loss account of the Pensionskasse, in which the assets, liabilities, income and expenses of all investment and risk sharing groups of a Pensionskasse are contained in summarized form, the financial and to prepare a statement of accounts using the non-financial information specified in Article 11 of Regulation (EU) 2019/2088. The statement of accounts must be checked by the auditor of the pension fund. (4) The FMA shall establish the forms for the balance sheet and profit and loss account of the Pensionskasse as well as the annual report of the investment and risk sharing group by ordinance. In doing so, it must take into account the special features of the pension fund business, the general accounting principles of the UGB and the interests of the beneficiaries. In doing so, the FMA can appropriately take into account the size, internal organization and size, type, scope and complexity of the activities of the Pensionskassen. (5) The Pensionskasse shall prepare the annual financial statements and the statement of accounts in accordance with the forms pursuant to para. 4 in good time so that the submission deadline of Article 30a para. 1 is observed. (6) The auditor shall review those parts of the audit report on the annual financial statements that relate to the assets and liabilities of the statement of assets of the investment and risk sharing groups in the Pensionskasse's balance sheet and to the result of the investment and risk sharing groups in the Pensionskasse's income statement relate, to be explained separately and broken down by the respective investment and risk sharing groups. A separate explanation of the items relating to the investment and risk sharing groups is not required in the audit report on the balance sheet and the profit and loss account. (7) If no objections are to be raised after the final result of the examination of the statement of accounts of the investment and risk sharing group, the auditor must confirm this with the following note: "According to my/our dutiful examination, the bookkeeping and the financial statements comply with the statutory provisions. The statement of accounts conveys as true a picture as possible of the situation of the investment and risk community, taking into account the principles of proper bookkeeping.” Section 30a. (1) The pension fund has 1. the annual financial statements of the pension fund, 2. the management report of the pension fund, 3. the annual reports of the investment and risk sharing groups and 4. the audit report on the annual financial statements and the reports on the assessment and risk communities submitted to the FMA no later than six months after the end of the financial year. Furthermore, the pension fund of the FMA has no longer than six months after the conclusion of the www.ris.bka.gv.at Page 39 of 64 Machine Translated by Google Federal law consolidated financial year to transmit the data from the annual financial statements and the statements of accounts of the investment and risk sharing groups on electronic data carriers in a standardized form. (1a) The Pensionskasse shall transmit the data to the FMA electronically in standardized form in accordance with the provisions of Regulation (EU) 2018/231 within fourteen weeks of the end of the financial year at the latest. (2) The annual reports of the investment and risk sharing groups and the audit report on the annual reports of the investment and risk sharing groups shall be sent to the members of the Pensionskasse's supervisory board without delay. The annual financial statements and the management report of the pension fund as well as the statement of accounts for the respective investment and risk sharing group must be made available immediately upon request to the contributing employers, the beneficiaries or the responsible works council. In addition, there are no obligations to disclose or publish the annual reports. (3) The following applies to the disclosure for pension funds: 1. The balance sheet to be disclosed need only contain the items designated with letters and Roman numerals and 2. the appendix to be disclosed only needs the information pursuant to Section 203 (5), last sentence, Section 222 (2), Section 223 (1), (2) and (5), Section 226 (1), Section 237 (1) nos. 1 and 6, § 239 para. 1 no. 1 and para. 2 UGB. (Note: Para. 4 repealed by Art. 2 Z 57, Federal Law Gazette I No. 81/2018) auditor Section 31. (1) Persons for whom there are grounds for exclusion pursuant to Section 271 and Section 271a UGB may not be appointed as auditors of pension funds. The reasons for exclusion according to § 271a UGB are applicable regardless of size characteristics. (2) The auditor must be appointed before the start of the financial year to be audited and the FMA must be notified immediately in writing if an auditing company has been appointed as the auditor, the notification must also include the information pursuant to Section 77 (9) of the Wirtschaftstreuhandberufsgesetz – WTBG, Federal Law Gazette I No. 137/2017, to specify natural persons named for the audit assignment. The FMA must be notified immediately of any change in these persons. The FMA can raise an objection to the appointment of the auditor within the meaning of Section 270 (3) UGB if there are grounds for exclusion. The court must decide on the objection, taking into account the reasons for exclusion. (3) If the statutory auditor ascertains facts during the course of his or her auditing activities which endanger the existence of the audited Pensionskasse or the ability to meet its obligations or which indicate that statutory or other regulations or decisions of the Federal Minister of Finance or the FMA that are relevant for the supervision of Pensionskassen have been violated, without prejudice to Section 273 (2) UGB, he must also report these facts to the FMA in writing without delay, together with explanations. However, if the short-term remediable, minor deficiencies are involved, a report is only to be made if the Pensionskasse has not remedied the identified deficiencies within a maximum of three months. A report must also be made if the members of the Management Board do not properly provide information requested by the auditor within a reasonable period of time. (4) The auditor shall examine the legality of the annual financial statements and the reports of the investment and risk sharing groups. The examination shall also include: 1. The correctness of the assessment of the assigned to the investment and risk community wealth; 2. the observance of §§ 7, 12 and 18; 3. compliance with Article 25; 3a. the assessment of whether, in the case of investments in the assets of issuers who belong to a group pursuant to Section 15 AktG or Section 115 GmbHG and such a group company is the owner within the meaning of Section 6a (1), the fees charged are appropriate and customary in the market; 4. compliance with the other provisions of this federal law. Section 31a. The liability of the auditor is limited to pension funds with one total assets 1. up to 200 million euros on ............................................ 2 million euros, www.ris.bka.gv.at Page 40 of 64 Machine Translated by Google Federal law consolidated 2. up to 400 million euros on ............................................ 3 million euros, 3. up to one billion euros on ....................................... 4 million euros, 4. up to two billion euros on ........................................ 6 million euros, 5. up to 5 billion euros on ........................................ .9 million euros, 6. up to 15 billion euros on ....................................... 12 million euros, 7. from more than 15 billion euros to ............................ 18 million euros per audited pension fund. In the event of intent, the obligation to pay compensation is unlimited. For the rest, Section 275 (2) of the Austrian Commercial Code (UGB) applies to the obligation to pay compensation for auditors. At sight Section 33. (1) The Pensionskassen are subject to the supervision of the FMA. (2) The FMA shall monitor compliance with the provisions of this Federal Act. In doing so, it must take into account the economic interest in the functionality of the pension funds, the stability and solidity of the pension funds and the interests of the beneficiaries. (2a) Without prejudice to the objectives pursuant to para. 2, the FMA shall, in carrying out its tasks, duly consider the possible impact of its decisions on the stability of the financial system in all Member States concerned and in particular in crisis situations, using the information available at the time has to be based on. (2b) The supervisory activity of the FMA must be forward-looking and risk-based. The FMA must exercise its supervisory powers in a timely manner and in a manner that is appropriate to the magnitude, type, scope and complexity of the Pensionskassen's activities. Here, attention must be paid to an appropriate combination of location-independent activities and on-site inspections. (2c) The FMA has compliance 1. the provisions of Regulation (EU) 2019/2088 on sustainability-related Disclosure requirements in the financial services sector and 2. the provisions of Art. 5, 6 and 7 of Regulation (EU) 2020/852 on the establishment of a Framework to Facilitate Sustainable Investments continuously monitored by pension funds. For this purpose, the FMA is entitled to the powers pursuant to para. 3 in particular, without prejudice to the powers assigned to it in these ordinances. (2d) In the scope of application of this Federal Act, the financial product pursuant to Art. 2 No. 12 Item iv of Regulation (EU) 2019/2088 is the investment and risk sharing group pursuant to Section 12 Para. 1, the Sub-VG pursuant to Section 12 Para. 6 and to understand the security VRG according to § 12a paragraph 1. (3) In its area of responsibility as the Pensionskasse supervisory authority, the FMA may, without prejudice the powers to which it is entitled on the basis of other provisions of this federal law 1. require the Pensionskassen to submit interim financial statements, statements in a specific form and structure, asset/ liability analyzes and audit reports, and also require information from the Pensionskassen and their bodies on all business matters and in the books, documents and data carriers of the to inspect pension funds; 2. Obtain information from the auditors and from persons who perform a key function pursuant to Section 21 (1); furthermore, it can obtain all necessary information from the government commissioner appointed pursuant to para. 4 no. 2 and provide this to him; 2a. have all necessary audits carried out by auditors, auditors and other experts; the reasons for exclusion according to § 11f paragraph 2 are to be applied; the FMA may provide information to the auditors commissioned by it, insofar as this is useful for the fulfillment of the audit mandate; 3. On-site inspections by our own auditors, auditors or other experts execute; 3a. for the examination of branches in Member States, also request the competent authorities of the host Member State to carry out the examination if this simplifies or accelerates the procedure compared to an examination pursuant to no. 3 or if this is in the interest of expediency, simplicity, speed or cost savings; 4. Proof from the pension funds of the regular payment of the demand pension fund contributions; www.ris.bka.gv.at Page 41 of 64 Machine Translated by Google Federal law consolidated 5. from the pension funds all information about activities transferred to third parties in accordance with demand § 11h. (4) If the Pensionskasse is at risk of not being able to meet its obligations, the FMA may order temporary measures to avert this risk by means of an administrative decision, which shall expire no later than 18 months after the date on which they take effect. You can by decision in particular 1. prohibit the members of the Board of Management of the Pensionskasse from managing the business in whole or in part, while at the same time notifying the body responsible for appointing the Board of Management; the responsible body must re-appoint the appropriate number of board members within one month; in order to be legally effective, the appointment requires the approval of the FMA, which is to be refused if the newly appointed board members do not appear suitable for averting the above risk; 2. appoint a competent supervisor (government commissioner) who belongs to the profession of lawyer or chartered accountant and who is entitled to all the rights of paragraph 3 nos. 1 and 2; the supervisor has a) to prohibit the Pensionskasse from all transactions that are likely to result in the above risk enlarge and b) in the event that the Pensionskasse is prohibited from continuing the business in whole or in part to allow single transactions that do not increase the above risk; 3. prohibit capital reductions or profit distributions in whole or in part; 4. prohibit the continuation of business operations in whole or in part. (4a) The FMA may appoint a deputy at the request of the supervisor (government commissioner) appointed pursuant to para. 4 no. 2 or para. The provisions applicable to the supervisor apply to the appointment of the deputy and his rights and obligations. With the approval of the FMA, the supervisor (government commissioner) may use suitably qualified persons to carry out their duties, insofar as this is necessary given the scope and difficulty of the duties. The approval of the FMA must name these persons and must also be sent to the pension fund. These persons act on the instructions and on behalf of the supervisor (government commissioner) or their deputy. (5) The FMA shall obtain reports on suitable government commissioners from the Austrian Bar Association and the Chamber of Public Accountants. If a government commissioner is to be appointed pursuant to para. 4 no. 2 or a deputy pursuant to para nominate a professionally qualified lawyer or accountant as a government commissioner. In the event of imminent danger, the FMA 1. a lawyer or 2. an auditor temporarily appointed as government commissioner. This appointment expires with the appointment of a lawyer or auditor according to the first sentence. (6) If a license requirement pursuant to Article 9 no longer applies after the license has been granted, or if a Pensionskasse violates provisions of this Federal Act, an ordinance issued on the basis of this Federal Act, the Pensionskasse contract or a decision by the FMA (pension fund supervisory authority), the FMA 1. instruct the Pensionskasse, under threat of a coercive penalty, to restore the lawful state of affairs within a period that is reasonable with regard to the fulfillment of its tasks and in the interests of the beneficiaries; 2. in the event of a recurrence or continuation, to the members of the Board of Management of the Pensionskasse to prohibit business management in whole or in part; 3. to revoke the license if other measures under this Federal Act cannot ensure the functionality of the pension fund. (7) The FMA shall pay the government commissioner a fee (functional fee) that is proportionate to the work involved in supervision and the expenses involved. The government commissioner is authorized to render accounts for the preceding quarter and after the end of his/her activity. The FMA must pay the fee immediately after the audit. www.ris.bka.gv.at Page 42 of 64 Machine Translated by Google Federal law consolidated (8) Experts commissioned by the FMA are subject to the obligation of confidentiality pursuant to Article 14 (2) FMABG. (Note: Paragraphs 8a and 8b repealed by Art. 2 Z 64, Federal Law Gazette I No. 81/2018) (9) The Pensionskassen must immediately inform the chairperson of the supervisory body of all decisions issued by the FMA on the basis of the provisions referred to in Article 33 (2). Section 33a. (1) Audits pursuant to Section 33 (3) nos. 2a and 3 must be reported to the Pensionskasse concerned one week before the start of the audit or, if the purpose of the audit could otherwise be frustrated, at the start of the audit activities. The auditing bodies are to be provided with a written audit assignment and must identify themselves without being asked before the start of the audit and present the audit assignment. (2) The Pensionskassen shall provide the auditing bodies with the documents required for the audit and shall allow them to inspect the books, documents and data carriers and provide information. You must allow the auditing bodies access to the business and work premises at any time during normal business and working hours. (3) The auditing bodies may obtain the information and business documents required for the audit from 1. the members of the board,, 1a. Persons who exercise a key function pursuant to Section 21 (1), 2. Employees nominated by the members of the Board of Directors and 3. by every person employed in the company, provided that the circumstances to be examined are in the assigned area of responsibility, to demand. (4) The Pensionskasse shall make suitable premises and tools available to the auditing bodies to carry out the audit. If entries or storage have been made using data carriers, the Pensionskasse must provide the tools necessary to make the documents legible and, if necessary, permanent ones that are legible without tools, at its own expense and within a reasonable period of time Teach the required number of renditions. (5) In the case of examinations pursuant to Section 33 (3) nos. 2a and 3, the examination bodies shall take this into account ensure that any disruption or hindrance to the operation that is not absolutely necessary is avoided. (6) The findings made in the examination must be recorded in writing. The pension fund must be given the opportunity to comment. Solvency and recovery plan Section 33b. (1) If a Pensionskasse does not have its own funds to the extent required pursuant to Article 7, it must submit a plan for restoring sound financial conditions (“solvency plan”) to the FMA. If the FMA has legitimate reason to assume that a Pensionskasse will no longer have own funds to the extent required pursuant to Article 7 in the foreseeable future, it shall require the Pensionskasse to submit a solvency plan. The solvency plan must explain how it is ensured that own funds reach the required level or do not fall below it. The solvency plan requires approval by the FMA. Approval is to be granted if implementation of the plan leads to the expectation that healthy financial conditions will be restored. (2) If, due to a deterioration in the Pensionskasse's financial situation, the FMA has justified reason to assume that the Pensionskasse's sufficient equity base is likely to no longer be guaranteed in the long term, the FMA may request the submission of a restructuring plan. If the recovery plan shows that there is a risk of insufficient own funds, the FMA can demand that additional own funds be made available. A restructuring plan can also be required in addition to a solvency plan. (3) In the restructuring plan pursuant to paragraph 2, the following must also be specified for the next three financial years: 1. the expected income and expenses of the pension fund, 2. the probable development of the business plan provision for administration costs, 3. the probable development of the minimum earnings reserve, 4. the expected obligations from the minimum yield pursuant to Section 2 (2) and (3), www.ris.bka.gv.at Page 43 of 64 Machine Translated by Google Federal law consolidated 5. the financial means that are likely to be available to cover the obligations and the own funds requirement. (4) To ensure that the obligations arising from the limit or prohibit the free disposal of the assets of the pension fund if 1. insufficient provisions have been made for obligations from the minimum yield or 2. the conditions according to paragraph 1 first sentence are met and due to the extraordinary circumstances it is to be expected that the financial situation of the pension fund will continue to deteriorate. (5) Insofar as the free disposal of assets has been restricted or prohibited pursuant to para. 4, the Pensionskasse may legally dispose of the assets only with the consent of the FMA. Approval is to be granted if the disposition does not jeopardize the ability to fulfill the obligations from the minimum yield. (6) To ensure that the Pensionskasse benefits can be met at all times, the FMA shall restrict or prohibit the Pensionskasse’s free disposal of the assets of an investment and risk sharing group if 1. Insufficient actuarial reserve for the entirety of the investment and Risk-sharing managed pension fund commitments was formed or 2. insufficient assets to cover the actuarial reserve of these Investment and risk community were created. (7) If the free disposal of assets of an investment and risk sharing group has been restricted or prohibited pursuant to para. 6, the Pensionskasse may legally dispose of the assets of this investment and risk sharing group only with the consent of the FMA. Approval is to be granted if the disposal does not jeopardize the ability to fulfill the obligations from all of the pension fund commitments managed in this investment and risk sharing group. (8) The FMA has decisions on the restriction or prohibition of free disposal about assets in the "Amtsblatt zur Wiener Zeitung" and on the Internet. Supervision within the framework of the freedom to provide services and freedom of establishment Section 33c. (1) If an institution that carries out its activities in Austria by way of the freedom to provide services or via a branch violates the provisions referred to in Article 11b para. 4 or ordinances and decisions issued on the basis of the aforementioned provisions, the FMA shall have the competent authorities of the home member state and to request that appropriate measures be taken in consultation with the FMA to prevent the violations that have been identified. (2) If, despite the measures taken or to be taken by the competent authorities of the home Member State or because they have not taken appropriate measures, the institution continues to violate the provisions referred to in para. 1, the FMA shall, at the same time notifying the competent authorities of the home Member State 1. to order the facility to restore the lawful state of affairs within a period that is reasonable with regard to the fulfillment of its tasks and in the interests of the beneficiaries; 2. the responsible managers of the branch of the institution the management in full or to be partially prohibited and/or 3. to prohibit business activities in Austria in the event of further violations. (3) In the event of an urgent threat to the institution’s fulfillment of its obligations pursuant to para. 1 vis-à-vis the beneficiaries, in particular to the security of the assets entrusted to it, the FMA may take temporary measures pursuant to para. 2 nos. 1 and 2 to avert this risk by means of an official notification while at the same time informing the competent authorities of the home Member State, which shall cease to have effect no later than 18 months after the start of its effectiveness. (4) If the authorization is withdrawn from the facility, the FMA shall immediately admit it to prohibit new business activities. Section 10 paragraphs 2 and 3 shall apply. (5) The competent authorities of the home Member State may, after informing the FMA beforehand, themselves or through their agents, carry out the supervisory supervision of the branch www.ris.bka.gv.at Page 44 of 64 Machine Translated by Google Federal law consolidated required tests within the meaning of Art. 48 and Art. 50 letter c) of Directive (EU) 2016/2341 make at the branch. At the request of the competent authorities of the home Member State, the FMA can also carry out such audits itself using one of the procedures specified in Article 33 para. 3 nos. 1 to 3. Section 33d. If a Pensionskasse, which carries out its activities in a Member State through a branch or by way of the freedom to provide services, continues to violate the national provisions of the Member State in which it is active, despite a request by the competent authorities in the Member State in which it is active, the FMA shall, after notification by the competent authorities of the host member state to take suitable measures in accordance with Section 33 (6) in order to establish a lawful situation in the host member state. The competent authorities of the host Member State must be informed immediately in writing of the measures taken. deliveries Section 33e. In the case of the service of documents from the competent authorities of a host member state that contain requests within the meaning of Section 33d, the recipient can only refuse acceptance in accordance with Section 12 (2) ZustellG if these documents are not drafted in the official language of a member state. Cooperation with supervisory authorities in the Member States § 33f. (1) The FMA is entitled to provide the authorities of the other Member States responsible for the supervision of the Pensionskassen or institutions at their request with information about the Pensionskassen subject to its supervision and to transmit those documents that they need to fulfill their tasks and the following Objects concern: 1. Concessions, branches and exercise of freedom to provide services; 2. Shareholders, members of the board of directors and the supervisory board of the pension fund; 3. the business plan approved by the FMA with regard to those investment and risk sharing groups in which pension fund commitments from the respective member state are managed; 4. Own funds requirement and own funds of the pension fund; 5. the annual financial statements of the pension fund and the annual reports of those investment and risk sharing groups in which pension fund commitments from the respective Member State are managed; 6. Observations and measures based on the monitoring of business operations in accordance with Sections 33 and 33a; 7. Criminal proceedings according to § 46a paragraph 1. (2) The FMA may obtain information about the activities of Pensionskassen in Member States and the situation of institutions that operate in Austria at any time if this is necessary in the economic interest of the functionality of the Pensionskassen or in the interests of the beneficiaries. (3) If a Pensionskasse's license is revoked, the FMA shall immediately inform the competent authorities of the Member States in which it carries out its activities in writing. (4) The Federal Minister of Finance may, insofar as he is authorized to do so pursuant to Art. 66 Para. 2 B-VG, at the suggestion of the FMA within the framework of Para. 1 and Articles 11a, 11b, 33c and 33d, enter into agreements with competent supervisory authorities in other Member States about the procedure for cooperation with the FMA for the monitoring and supervision of the institutions and close pension funds. (5) If the FMA receives confidential information from a supervisory authority of a Member State, it may only use this for the purpose of monitoring and supervising an institution pursuant to Article 5 no. 4. Disclosure of this information is only permitted if the competent supervisory authority of the Member State has expressly consented to it and only for the purpose stated in the consent. Cooperation with EIOPA § 33g. (1) The FMA shall cooperate with the European Insurance and Occupational Pensions Authority (EIOPA) insofar as this is necessary for the performance of in the www.ris.bka.gv.at Page 45 of 64 Machine Translated by Google Federal law consolidated Directive (EU) 2016/2341 or in Regulation (EU) No. 1094/2010 or by way of administrative and legal assistance. (2) The FMA shall notify EIOPA of the following: 1. Each entry in the register pursuant to Section 8 (4); 2. any withdrawal of the license pursuant to Section 10 (1); 3. Any ban on continuing business operations in accordance with Section 33 (4) no. 4. (3) The FMA shall inform the EIOPA of the national supervisory regulations that are relevant for Pensionskassen but do not fall under the labor and social law regulations specified in Article 11b para. 4 nos. 1 and 2, and shall provide this information regularly, but at least every two years to be updated. (4) The FMA shall inform the EU Commission and EIOPA of any significant difficulties that arise in connection with its supervisory activities over the Pensionskassen from the application of the provisions of Directive (EU) 2016/2341. Supervisory review process Section 33h. (1) The FMA shall review the strategies, processes and reporting procedures established by the Pensionskasse in order to comply with the provisions of this Federal Act. In doing so, it must take into account the size, type, scope and complexity of the activities of the pension funds. (2) During the review pursuant to para. 1, the FMA shall take into account the general conditions under which the Pensionskasse carries out its activities and whether key functions or other activities pursuant to Article 11h are transferred to third parties. In particular, the FMA must review the following: 1. The qualitative requirements for the corporate management system; 2. the risks existing for the pension fund or the IRG; 3. The pension fund's ability to assess and manage these risks. (3) The FMA shall use appropriate supervisory tools, including stress tests, with which it can identify a deterioration in the financial position of Pensionskassen and monitor the remedial measures taken by a Pensionskasse. (4) The FMA shall draw up an inspection plan for the inspection pursuant to para. 1. transparency and accountability Section 33i. The FMA must disclose the following information on its website and update it on an ongoing basis To update: 1. The legal and administrative provisions and general guidelines applicable in the field of pension fund supervision and the non-application of Articles 4 and 5 of Directive (EU) 2016/2341; 2. Information on the supervisory review process pursuant to Article 33h; 3. Aggregated statistical data on key aspects of the application of the prudential framework; 4. Objectives of supervision and its main functions and activities; 5. the provisions to be applied in the event of violations of the provisions of this federal law are. § 34. The Federal Minister of Finance shall appoint a state commissioner and his deputy for a maximum term of office of five years for each pension fund; reappointment is permitted. The state commissioners and their deputies act as organs of the FMA and are exclusively subject to its instructions in this function. Section 76 paras. 2 to 11 BWG shall apply. Costs Section 35. (1) The allocation of the costs of pension fund supervision to the licensed pension funds (section 8) must be made within accounting group 4 in accordance with section 19 (1) no. 4 of the Financial Market Authority Act (FMABG) based on the following criteria: 1. 10% of the total costs of accounting group 4 pursuant to Article 19 para. 1 no. 4 FMABG are to be borne equally by the licensed Pensionskassen; www.ris.bka.gv.at Page 46 of 64 Machine Translated by Google Federal law consolidated 2. 30% of the total costs of accounting group 4 pursuant to Section 19 (1) no. 4 FMABG are from the licensed pension funds in relation to the number of pension funds managed by one pension fund investment and risk sharing groups to contribute to the total number of investment and risk sharing groups of all pension funds; 3. 30% of the total costs of accounting group 4 pursuant to Section 19 (1) no. 4 FMABG are to be borne by the licensed Pensionskassen in relation to the number of beneficiaries of a Pensionskasse and the total number of beneficiaries of all Pensionskassen; 4. 30% of the total costs of accounting group 4 pursuant to Article 19 Para. 1 No. 4 FMABG are to be borne by the licensed Pensionskassen in relation to the actuarial reserve reported by one Pensionskasse to the total sum of the actuarial reserves reported by all Pensionskassen. (2) The total costs of accounting group 4 may not exceed 1.5 per cent of the amount resulting from the sum of the current contributions for beneficiaries and the payment of old-age pensions, survivor's pensions and disability pensions for the respective financial year. disclosure requirements Section 36. (1) The Pensionskasse must notify the FMA in writing without delay, whereby in the event of a resolution it is not possible to wait for the subject matter of the resolution to take effect: 1. The relocation of the headquarters of the pension fund; 2. any amendment to the Articles of Association; 3. every acquisition and every relinquishment of shares in the pension fund as well as every exceeding or falling below the participation limits according to § 6a paragraphs 1, 2 and 4 as soon as they become aware of it; 4. falling below the limits pursuant to §§ 7, 9 Z 4 and 12; 5. every resolution of the supervisory board on the formation of a separate VRG in accordance with Section 12 (2). or security VRG according to § 12a; 6. any formation of a sub-VG according to Section 12 (7); 7. any closure of an IRG, sub-IG or security IRG; 8. any termination or mutual termination of a pension fund contract pursuant to Article 17 Para. 1 as well as any change of pension fund pursuant to Article 17 Para. 3; 9. any appointment or any withdrawal of appointment of a custodian bank; 10. Circumstances that could jeopardize the fulfillment of the benefits to be provided on the basis of the pension fund contracts, in particular long-term impairments of the assets allocated to the investment and risk sharing groups. (2) Within four weeks of the cut-off dates of March 31, June 30, September 30 and December 31, the Pensionskassen shall provide the FMA with quarterly reports broken down by VRG, sub-VG and security VRG, with which the invested assets and the number of the beneficiaries and beneficiaries is identified, to be transmitted electronically in a standardized form in accordance with the structure provided for in the ordinance pursuant to para. 3. (3) The FMA shall determine the structure of the quarterly reports by ordinance; when issuing this ordinance, it must take into account the economic interest in a functioning pension fund system. Form of communication with the FMA – electronic transmission Section 36a. The FMA can prescribe by ordinance that the notifications and transmissions pursuant to Article 6a Paragraphs 1 and 2, Article 7 Paragraph 7, Article 11f Paragraph 3, Article 11h Paragraph 4, Article 12 Paragraph 5, Article 12a Paragraph 1 Section 6, Section 21e paragraph 5, Section 22a paragraph 4, Section 26 paragraph 1, Section 30a paragraphs 1 and 1a, Section 31 paragraph 2, Section 33b paragraphs 1 and 2 and Section 36 paragraphs 1 and 2 must be made exclusively in electronic form and must comply with certain structures, minimum technical requirements and transmission modalities. In doing so, the FMA must be guided by the principles of efficiency and expediency and must ensure that the electronic availability of the data is guaranteed for the FMA at all times and that supervisory interests are not adversely affected. The FMA must take suitable precautions to ensure that those subject to the reporting obligation or, where applicable, those responsible for submission can ensure that the reporting data they or those responsible for submission are correct and complete in the system for a reasonable period of time. www.ris.bka.gv.at Page 47 of 64 Machine Translated by Google Federal law consolidated insolvency Section 37. (1) Restructuring proceedings cannot be opened on the assets of a pension fund will. (2) In the event of bankruptcy of a Pensionskasse, no reorganization plan application will be made. (3) The application for the opening of bankruptcy proceedings can only be filed by the FMA. Section 70 of Insolvency regulations apply. (4) The assets allocated to an investment and risk sharing group form a special estate in the event of bankruptcy (Section 48 (1) of the Insolvency Code). (5) The contractual relationships from the Pensionskasse contracts end when bankruptcy is declared. curator Section 38. (1) When bankruptcy proceedings are opened, the bankruptcy court shall appoint a trustee to assert the claims arising from pension fund contracts. Claims from pension fund contracts against the pension fund can only be asserted by the curator. The curator is obliged to hear the beneficiaries and beneficiaries at their request before registering the claim. The claims that can be ascertained from the books of the pension fund are deemed to have been registered. (2) The bankruptcy trustee has the trustee and, upon request, the prospective and Grant beneficiaries access to Company books and records. (3) The trustee is entitled to reimbursement of his cash expenses and a appropriate remuneration for his efforts. Section 125 of the Insolvency Code applies accordingly. satisfaction of claims § 39. (1) The bankruptcy court has a final list of the pension accounts for the time of the bankruptcy proceedings. (2) The beneficiaries are entitled to the assets allocated to their investment and risk sharing group according to the status of their pension account determined in accordance with paragraph 1. (3) Insofar as the claims to which the beneficiaries are entitled under the Pensionskasse contract pursuant to paragraph 2 are not satisfied in full, they shall take precedence over the remaining bankruptcy claims. Dissolution, merger and conversion of a pension fund Section 40. The decision to dissolve, merge or transform a Pensionskasse requires the approval of the FMA to be effective. Approval is to be granted if a transfer of the assets assigned to the investment and risk sharing groups in accordance with Section 41 is feasible, taking into account the economic interest in the functionality of the pension funds and their security in the interest of the beneficiaries. Transfer of assets allocated to an investment and risk sharing group Article 41. (1) The FMA shall transfer the assets allocated to an investment and risk sharing group to another Pensionskasse by means of a decision after obtaining their consent, if 1. the license of the pension fund managing the investment and risk sharing group is withdrawn or expires; 2. the application for the bankruptcy of the investment and risk community is provided to the managing pension fund in accordance with Section 37 (3) or 3. an application for the dissolution of the pension fund is approved in accordance with Section 40. (2) The dissolution of the pension fund and the transfer of the investment and Assets allocated to the risk community are to be announced in the official gazette of the Wiener Zeitung. (3) The transfer of assets allocated to an investment and risk sharing group another pension fund causes it to enter into all contracts concluded by the previous pension fund for the investment and risk sharing group by way of universal succession. (4) Until the transfer of the assets allocated to an investment and risk sharing group has been carried out, the FMA may order their provisional management by another Pensionskasse after obtaining their consent if this is in the interest of the beneficiaries. www.ris.bka.gv.at Page 48 of 64 Machine Translated by Google Federal law consolidated Entries in the company register Section 42. A pension fund and any change requiring approval pursuant to Sections 40 and 41 may only be entered in the company register if the original or a certified copy of the corresponding legally binding notifications are available. Orders and resolutions on such commercial register entries are to be served on the FMA. Protection of Labels Section 43. (1) The designation "Pensionskasse" or word combinations containing this designation may only be used by Pensionskassen in the company name, in business transactions and in advertising. The designation "institution" or "institution of company pension schemes" or word combinations containing this designation may only be used in the company name, in business transactions and in advertising by institutions or pension funds. (2) Advertising that misleadingly gives the impression that a pension fund or institution is being operated is prohibited. Prohibitions on acquisitions Article 44. Members of the Management Board or the Supervisory Board of a Pensionskasse may neither acquire assets from the assets allocated to an investment and risk sharing group, which are managed by this Pensionskasse, nor sell them to such assets. Article 46. (1) Anyone who violates the provisions of Articles 43 and 44 commits (note 1) an administrative offense and is subject to a fine of up to EUR 60,000 by the FMA in the case of intentional inspection and a fine of up to EUR 60,000 in the case of negligent inspection to be fined 30,000 euros. ___________ (Note 1: Art. 32 Z 5 of the amendment BGBl. I No. 107/2017 reads: "In § 46 Para. 1 the word order is omitted ", provided that the act does not constitute a criminal offense falling within the jurisdiction of the courts .". The word sequence to be omitted is correct: "unless the act constitutes a criminal offense falling within the jurisdiction of the courts.") (2) The violator shall be instructed to stop his unlawful act immediately. (Note: Paragraph 3 repealed by Federal Law Gazette I No. 8/2005) Section 46a. (1) Who as the person responsible (§ 9 VStG) of a pension fund 1. fails to report the intended activity in the sovereign territory of another member state pursuant to Section 11a (2) and (3); 2. the notification pursuant to Section 11a (5) of a change in the conditions for the information pursuant to Section 11a (2). and 3 refrains; 3. does not meet the requirements for an effective corporate governance system in accordance with Section 11e follows; 4. refrains from notifying the appointment and making any changes to persons named in Section 11f Paragraph 1 in accordance with Section 11f Paragraph 3; 5. does not comply with the principles of the remuneration policy pursuant to Section 11g; 6. refrains from notifying the transfer of tasks to third parties in accordance with Article 11h Paragraph 4; 7. a request for information from a beneficiary pursuant to Section 19 (2). fails to comply with the last sentence even after a reminder; 8. towards the beneficiaries of the information obligation according to § 19 fails to comply with paragraphs 2a, 3, 4 and 5; 9. does not meet the risk management requirements according to Article 21a; 10. the obligation to submit their own risk assessment pursuant to Section 22a (4) not immediately follows; 11. does not meet the requirements for the own risk assessment according to § 22a; 12. violates the limits set out in Article 23 Paragraph 1 Item 3a; 13. fails to notify the de-designation of a security pursuant to Section 23 (1) no. 3a; 14. contravenes the investment regulations of Section 25; 15. does not comply with the obligation to publish in accordance with Article 25a Paragraph 3; www.ris.bka.gv.at Page 49 of 64 Machine Translated by Google Federal law consolidated 16. does not comply with a request for information from a contributing employer, a beneficiary or a responsible works council pursuant to Section 30a (2), even after a reminder; 17. fails to notify the FMA immediately of the facts specified in Article 36 (1); 18. conducts pension fund business that does not conform to the approved business plan; 19. against the obligation of transparency in pre-contractual information and regular To report a) for ecologically sustainable investments in accordance with Article 5 of Regulation (EU) 2020/852, b) for financial products with which ecological features according to Art. 6 of the Regulation (EU) 2020/852 or c) for other financial products in accordance with Art. 7 of Regulation (EU) 2020/852 violates commits an administrative offense and is subject to a fine of up to EUR 6,000 by the FMA with regard to Z 1, 2, 4, 6 to 8, 10, 12, 13 and 15 to 17, with regard to Z 3, 5, 9, 11 and 14 shall be punished with a fine of up to 30,000 euros and with regard to Z 18 and 19 with a fine of up to 60,000 euros. (2) Anyone who, while exercising a key function pursuant to Article 21 (1), fails to notify the FMA in writing of the facts specified in Article 21 (4) commits an administrative offense and shall be fined up to EUR 30,000 by the FMA. (3) Anyone who, as an auditor, fails to notify the FMA in writing of the facts specified in Article 31 (3) without delay commits an administrative offense unless the act constitutes a criminal offense falling within the jurisdiction of the courts and is punishable by the FMA punished with a fine of up to 60,000 euros. (4) Any person responsible (Article 9 VStG) of a custodian bank who fails to take the necessary measures pursuant to Article 26 (2) commits an administrative offence, provided that the act does not constitute a criminal offense falling within the jurisdiction of the courts, and is liable to the FMA to be punished with a fine of up to 60,000 euros. (5) Anyone who, as an employer or as the person responsible (§ 9 VStG) of the employer, does not comply with the request for information of a beneficiary pursuant to § 19 Para. 2 even after the latter has been warned, commits, unless the offense is one within the jurisdiction of the courts constitutes an administrative offense and is to be punished by the FMA with a fine of up to EUR 3,000. Article 47 Anyone who establishes or operates a pension fund without the necessary authorization commits an administrative offense and is liable to a fine of up to EUR 100,000 by the FMA. Use of Fines Received Section 47a. Those imposed by the FMA pursuant to Article 46a para. 1 nos. 3 to 6, 9 to 11, 17 and 19 and para. 2 Fines accrue to the federal government. Publication of measures and sanctions Section 47b. (1) On the website of to be published by the FMA after the person concerned has been informed of the decision imposing the measure or sanction (publication). The publication is also to be supplemented by any judicial decision that confirms the merits. (2) If, after a case-by-case assessment of the proportionality of the disclosure of the relevant information, the FMA has come to the conclusion that disclosure of the identity of the legal entities or of the personal data of the natural persons would be disproportionate, or would the disclosure jeopardize the stability of the financial markets or ongoing jeopardize investigations, the FMA can either 1. not publish the decision imposing the sanction or other measure until the reasons for not publishing it have ceased to exist, or 2. publish the decision imposing the sanction or other measure in an anonymous form, if this anonymous publication ensures effective protection of personal data, or www.ris.bka.gv.at Page 50 of 64 Machine Translated by Google Federal law consolidated 3. refrain from publicizing the decision imposing the sanction or other measure if, in their opinion, the possibilities pursuant to no. 1 or 2 are not sufficient to ensure that a) the stability of the financial markets is not endangered or b) for measures or sanctions that are considered minor, for a Announcement of such decisions proportionality is maintained. If a decision is made to publish a sanction or other measure in an anonymous form, publication of the relevant information may be deferred for a reasonable period of time if the reasons for anonymous publication are likely to cease to exist over the course of that period. (3) Paragraphs 1 and 2 do not apply to decisions imposing investigative measures. (4) The person affected by the publication can apply to the FMA for a review of the lawfulness of the publication pursuant to para. 1 in a procedure to be dealt with by administrative decision. In this case, the FMA must announce the initiation of such a procedure in the same way. If the review determines that the publication is unlawful, the FMA must correct the publication or, at the request of the person concerned, either revoke it or remove it from the website. (5) The FMA shall make every publication pursuant to this provision available on the FMA's website for five years. A publication of personal data is only to be maintained as long as one of the criteria according to para. 2 nos. 1 to 3 is not met. transmission § 48. (1) The transfer of entitlements and benefit obligations from direct benefit commitments or claims from the Salary Act, Federal Law Gazette No. 273/1972, in the version of the Federal Law Federal Law Gazette I No. 64/1997 or on the basis of similar state law regulations, to a pension fund within the meaning of this federal law is permitted under the following conditions: 1. The transfer of the cover requirement plus the actuarial interest to the pension fund must be made within ten years from the time of the transfer; 2. the transfer of the cover requirement plus the actuarial interest must be made annually with at least one tenth; early transfers are allowed; 3. the employer's assumed obligation to transfer the coverage requirement in installments remains in effect a) the occurrence of the benefit event, b) the lapse of the claim or c) the termination of employment during the transfer period untouched. In the case of a severance payment (§ 1 Para. 2 PKG, § 5 Para. 4 BPG or § 5 Para. 2 AVRAG) or a transfer (§ 5 Para. 2 Z 1 to 4 BPG) of a vested amount, the employer has to or the time of transfer, to transfer the outstanding part of the coverage requirement to the pension fund ahead of time. (2) If the employer meets his obligation to transfer the coverage requirement according to para. 1 not after, because the conditions 1. of Section 6 Para. 1 Z 2 BPG or 2. for the opening of bankruptcy (Sections 66 and 67 IO), the pension fund must adjust the affected entitlements and benefit obligations accordingly. The adjustment must be made according to the formulas to be specified in the business plan. The employer must demonstrate to the pension fund that the requirements of Section 6 (1) no. 2 BPG are met. The cessation of the transfer of the coverage requirement by the employer also presupposes that the employer has revoked his current contributions to the pension fund. (3) If the employer does not meet his obligations to transfer the coverage requirement due to the occurrence of one of the conditions specified in para. 2 no. 1 or 2, a claim arises from the outstanding part of the coverage requirement from a direct benefit commitment by the employer. The entitlement must be calculated according to the calculation bases used in the pension fund for this pension fund contract. Section 3 of the BPG applies to this claim against the employer. The other benefit conditions of this direct benefit commitment result from the pension fund contract www.ris.bka.gv.at Page 51 of 64 Machine Translated by Google Federal law consolidated underlying agreements between the employer and the beneficiaries. (4) The vested amount to which the beneficiary is entitled from the employer is to be calculated from the claim pursuant to paragraph 3 in accordance with the following provisions: 1. The vested amount corresponds to the cash value of the entitlements resulting from the entitlement pursuant to paragraph 3; 2. when calculating the vested amount is the one used in the pension fund to use the discount rate as a basis; however, it must not fall below 6%; 3. when calculating the vested amount, the risk of disability is not included consider; 4. the vesting amount is equal to the outstanding portion of the coverage requirement limited. (5) If the vested amount calculated according to the provisions of Section 7 Para. 3 Z 1 BPG for the direct benefit commitment pursuant to Para. 3 exceeds the vested amount calculated according to Para. 4, with interest at the discount rate (Section 14 Para. 7 Z 6 EStG 1988) , exceeds this higher value. (6) In the event of a transfer pursuant to paragraph 1, employee contributions made may also be transferred, whereby 1. the employee can only request this transfer prior to the transfer pursuant to paragraph 1 and 2. the employee contributions must be transferred in full at the time of the transfer pursuant to paragraph 1. (7) In the case of the transfer of entitlements and benefit obligations from a direct benefit commitment without a survivor's pension pursuant to Para. 1, which was granted before July 1, 1990, the commitment of the Pensionskasse to a survivor's pension is not required, in deviation from Section 1 Para. 2. However, this only applies to those beneficiaries who were promised this benefit before July 1, 1990 and to those direct benefit commitments for which there have been no significant changes since July 1, 1990 or in the course of the transfer. After the transfer has taken place, such commitments may only be changed if they correspond to Section 1 (2). Paragraphs 1 to 5 apply to the transfer of the cover requirement. (8) The transfer of claims from a life or group pension insurance is after Para. 1 permitted, whereby the transfer must be completed in full at the time of transfer. Section 48a. Entitled and benefit beneficiaries whose direct benefit commitment was transferred to a pension fund without an agreement on an employer's obligation to make additional contributions (Article 5 no. 3) pursuant to Article 48 can transfer the actuarial reserve from employer contributions reported as of December 31, 2003 to another as actuarial reserve from employee contributions under the following conditions Transfer to the investment and risk sharing group of this pension fund: 1. The transfer pursuant to Section 48 must have taken place before January 1, 2003. 2. The beneficiary must apply in writing to the Pensionskasse for the transfer by November 30, 2003 at the latest, and the Pensionskasse must carry out the transfer by June 30, 2004 at the latest with effect from January 1, 2004. 3. The general conditions for the transition are to be regulated in a collective agreement or – if no collective agreement is effective in this matter – in a works agreement or an agreement in accordance with the model contract under the Company Pensions Act and in an amendment to the pension fund contract. Beneficiaries who are not represented by a works council and for whom such a collective agreement does not apply can agree a corresponding supplement to the pension fund contract that applies to them with the pension fund in an individual contract, whereby the pension fund must use a contract template designed according to uniform principles for such agreements. Such a model contract must be submitted to the FMA. 4. The Pensionskasse has to set up its own investment and risk sharing group for this reconciliation, whereby the interest rates used (actuarial interest and actuarial surplus) must meet the requirements of Article 20 Paragraph 2a, which must be applied to new Pensionskasse contracts and must in any case be lower, than those interest rates that are used in the investment and risk community in which the claims were managed. In the first year after establishment, the number of beneficiaries and beneficiaries in this investment and risk sharing group will reach 1,000 www.ris.bka.gv.at Page 52 of 64 Machine Translated by Google Federal law consolidated not achieved, the auditor must confirm that the interests of those entitled to benefits are adequately safeguarded in this investment and risk sharing group and that the obligations arising from the pension fund contracts can be regarded as being able to be met on an ongoing basis. If the auditor refuses confirmation, this investment and risk sharing group is to be merged with another investment and risk sharing group on the next balance sheet date. 5. As a result of the transition, the previous employer contributions are converted into employee contributions (§ 25 Para. 1 Z 2 lit. a EStG 1988). Transferred employer contributions are subject to a flat income tax of 25%. The pension fund must withhold the tax in the course of the transfer and pay it to the tax office of the permanent establishment no later than the 15th day after the end of the calendar month in which the transfer was carried out. This conversion of employer contributions into employee contributions counts as an inflow of retirement and pension benefits. advance taxation Section 48b. (1) The actuarial reserve from employer contributions reported as of December 31, 2011 for a beneficiary on this date 1. from pension fund commitments without an unlimited obligation on the part of the employer to make additional contributions (§ 5 Z 3) and 2. with an actuarial interest rate of at least 3.5% after December 31, 2001 subject to a flat income tax of 25%. The flat-rate income tax is deemed to have been levied on the beneficiary. Before applying the flat-rate income tax, the actuarial reserve must be reduced by the gross pensions paid out in the 2012 calendar year. The tax rate is reduced to 20% if the monthly gross pension of the beneficiary from this pension fund commitment did not exceed an average of EUR 300 in the 2011 calendar year. The first to third sentences are to be applied mutatis mutandis to the actuarial reserve reported as of December 31, 2011 for a beneficiary born before January 1, 1953. (2) The pension fund must pay the tax to the company tax office on November 30, 2012. As a result of the payment of the flat-rate income tax, the actuarial reserve from employer contributions reported as of December 31, 2011 after deduction of the flat-rate income tax is converted into a actuarial reserve from employee contributions (§ 25 Para. 1 Z 2 lit. a EStG 1988). This conversion of employer contributions into employee contributions is to be carried out on January 1, 2013. (3) Paras. 1 and 2 shall apply if the beneficiary who meets the requirements of para. 1 has submitted a written application to the Pensionskasse by October 31, 2012 for collection of the flat-rate income tax pursuant to para. 1 . The pension funds must inform the affected beneficiaries of this option in writing. (4) The income generated by the advance taxation in 2012 will be deducted from the income tax (excluding capital gains tax pursuant to Section 93 EStG 1988 in conjunction with Section 27 Para. 2 Z 2 Para. 3 and 4 EStG 1988) before it is divided among the local authorities. This deduction is a deduction within the meaning of Section 8 (2) of the Financial Equalization Act 2008, Federal Law Gazette I No. 103/2007, and reduces the net income. The income from the advance taxation flows into the "Fund for measures according to FinStaG" (§ 7a Para. 3 of the Stability Tax Act, Federal Law Gazette I No. 111/2010) and is earmarked within the framework of this fund for measures that are set out in the Federal Act on measures to safeguard of the stability of the financial market, Federal Law Gazette I No. 136/2008. transitional provisions Section 49. (1) After the entry into force of this federal law, the following transitional provisions shall apply: 1. (On Article 20) The approved business plan contains provisions that do not correspond to this Federal Act, the provisions of this Federal Act shall apply from the time this Federal Act comes into force and conflicting provisions of the business plan lose their validity. The next time the business plan is changed, it must be adapted to the changed provisions. 2. (On Section 24a) If the list of assets of an investment and risk sharing group of a pension fund (Form A) as of December 31, 1996 shows a deficit pursuant to Section 24 (5) PKG (Form A, assets, item XV.), so must be dissolved within a maximum of three years. www.ris.bka.gv.at Page 53 of 64 Machine Translated by Google Federal law consolidated 3. (Regarding Section 25) Existing assessments at the time this federal law comes into force that exceed the limits of Section 25 may no longer be increased; they are to be adapted to the limits of Section 25 within one year of the entry into force of this Federal Act. 4. (on Article 25 Paragraph 4 Z 2) In § 25 Para. 4 Z 2 the word "Euro" is replaced by the word "Schilling" until January 1, 1999 substitute. 5. (on Article 25 para. 2 no. 2, para. 4 no. 2 and para. 7) Investments in national currency units of those Member States participating in Stage 3 of EMU are equivalent to investments denominated in euros. 6. The punishability of administrative offenses according to §§ 46 and 46a in the version valid until March 31, 2002 is not affected by the entry into force of the federal law Federal Law Gazette I No. 97/2001; According to §§ 46 and 46a, such violations remain in the version before Federal Law Gazette I No. 97/2001 punishable. 7. Administrative penal proceedings pending on March 31, 2002 due to the administrative offenses mentioned in item 6 are to be continued by the authority responsible on March 31, 2002. 8. Administrative penal proceedings pending from April 1, 2002 on account of the The above-mentioned administrative violations are to be managed by the FMA. 9. Proceedings pending on March 31, 2002 for the enforcement of notices based on Article 33 are to be continued by the FMA from April 1, 2002. 10. The effectiveness of the notices issued by the Federal Minister of Finance up to March 31, 2002 in implementation of Section 33 is not affected by the transfer of responsibility for exercising pension fund supervision to the FMA effected by Federal Law Gazette I No. 97/2001. 11. The costs incurred up to March 31, 2002 and not yet collected up to this point in time for the measures specified in Section 33 (8) in the version of Federal Law Gazette I No. 142/2000 are to be prescribed by the FMA to the legal entities concerned as reimbursement of costs and hand it over to the federal government. 12. To the extent that reference is made to the FMA in the provisions of Article 51 (1k), the Federal Minister of Finance shall take the place of the FMA until March 31, 2002. 13. (on Article 31 (2)): For the audit of the annual financial statements for the first financial year beginning after December 31, 2005, the auditor must be elected before the end of this financial year. 14. On Section 2 Paragraph 1: The exclusion of the minimum yield for five-year periods (§ 2 Para. 2) ending before January 1, 2005 is not permitted. 15. Re Article 7: The reference value for the minimum income reserve as of the December 31, 2005 balance sheet date is the total value of the actuarial reserve of all investment and risk sharing groups as of the December 31, 2004 balance sheet date, less those parts of the actuarial reserve for which, with effect from January 1, 2005, the guarantee of the minimum yield by the pension fund was waived. If the guarantee of the minimum income by the pension fund is excluded in the pension fund contract with effect from January 1, 2005 (section 2 (1)) and this contract amendment is agreed by November 30, 2005 at the latest, an adjustment is recognized in the pension fund’s balance sheet as of December 31, 2004 and release Minimum Income Reserve not used for Minimum Income obligations to the extent that Minimum Income Reserve was established in relation to this Pension Plan Agreement. The dissolved minimum earnings reserve is to be credited to the beneficiaries and employers to the extent that they have contributed to their formation. If the waiver is made before the balance sheet for the 2004 financial year is adopted and the allocation to the minimum income reserve for the 2004 financial year is not required to meet the minimum income obligations for the beneficiaries affected by the waiver for the period up to December 31, 2004, which is not covered by the waiver , the allocation to the minimum earnings reserve can be omitted in these cases for the 2004 financial year. Section 7 (6) in conjunction with Section 20 (2) no. 7 in the version of the federal law, Federal Law Gazette I No. 97/2003 can be used for the last time in the balance sheet as of December 31, 2005. If, as of December 31, 2005, the pension fund's balance sheet shows a "difference according to Section 7 (6) PKG", this must be reversed by December 31, 2009 at the latest. www.ris.bka.gv.at Page 54 of 64 Machine Translated by Google Federal law consolidated 16. Regarding the omission of a word sequence in § 20 para. 2 no. 3: For Pensionskasse contracts that were concluded before September 23, 2005 and which do not comply with Article 16a, the provisions of the business plan in the version most recently approved by the FMA before September 23, 2005 shall apply with regard to administrative costs, unless they are adapted to Article 16a version to continue to apply. 17. On Section 24a Paragraph 7: If a negative equalization reserve is reported in the annual report of an investment and risk sharing group as of December 31, 2004, this must be reversed within a maximum of ten years and at least one tenth each year; early terminations are permitted. If pension fund business from cross-border membership is managed in an investment and risk sharing group, the negative equalization reserve formed in relation to this investment and risk sharing group must be released immediately. The FMA can stipulate by ordinance that the negative equalization reserve may not be reversed in a financial year if a) the earnings situation on the capital markets deviates significantly from the average of previous years and b) at least some of the beneficiaries are affected by reductions in benefits in this financial year due to low or negative income before the negative equalization reserve is released. 18. On Article 25, Paragraphs 9 and 10: Until the FMA issues ordinances pursuant to Article 25 Paragraphs 9 and 10, but no later than September 30, 2006, the Pensionskassen must comply with the following additional investment regulations when investing assets assigned to an investment and risk sharing group: assets a) Investments according to § 25 Para. 1 Z 6 are with a maximum of 10% of the Assets allocated to the investment and risk sharing group are limited; b) Investments according to § 25 Para. 2 Z 5 are with a maximum of 20% of the Assets allocated to the investment and risk sharing group are limited; c) Investments according to § 25 Para. 2 Z 6 are with a maximum of 10% of the Assets allocated to the investment and risk sharing group are limited; d) Investments in securities via option rights are a maximum of 3% of the Assets allocated to the investment and risk sharing group are limited; e) for investment and risk-sharing communities in which pension fund commitments with a minimum income guarantee are managed, investments pursuant to Section 25 (3) no. 2 are limited to a maximum of 50 per cent of the assets allocated to the investment and risk-sharing community. 19. Re Section 36 (2) and (4): For the first time as of December 31, 2005, the quarterly reports must correspond to the structure set by the FMA ordinance. (2) After the entry into force of Federal Law Gazette I No. 54/2012, the following transitional provisions shall apply: 1. On Article 12, Paragraph 7 and Article 12a, Paragraph 2: All beneficiaries as of December 31, 2012 with a pension fund commitment without an unlimited obligation to make additional contributions on the part of the employer can, in deviation from Section 12 (7) and Section 12a (2) after verifiable information in accordance with Section 19b, notify the pension fund in writing by October 31, 2013 a) in an investment and risk sharing group or sub-VG with a permissible discount rate, b) in a security IRG or c) in a company collective insurance to explain. The change will take effect on January 1, 2014. The transfer amount is calculated from the actuarial reserve and equalization reserve formed for the beneficiary on the transfer date. In the case of a transfer pursuant to lit. b, Section 12a (4) shall apply; Section 12a para. 1 no. 2 applies with the proviso that the guarantee applies to the monthly pension granted for January 2014. In the event of a transfer pursuant to www.ris.bka.gv.at Page 55 of 64 Machine Translated by Google Federal law consolidated lit. c, information pursuant to § 18k VAG must be proven. If the beneficiary from a pension fund commitment with a minimum income guarantee declares a change to the security IRG in accordance with lit. b, the pension fund contract and the collective agreement, the company agreement or the agreement in accordance with the contract model under the Company Pensions Act and the declaration in accordance with Section 3 para. 2 PKVG or a similar provision of state law no agreement on the exclusion of the minimum yield guarantee according to § 2 para. 1. 2. On Section 12a, Paragraph 4: When the security IRG is set up, the percentage of the equalization reserve to be formed is 5% of the assets allocated to the beneficiaries (§ 20 Para. 2 Z 5), which are transferred to the security IRG at this point in time. 3. On Article 15, Paragraph 3, Items 7a and 15a: Pension fund contracts concluded at the time Federal Law Gazette I No. 54/2012 came into force must be supplemented by the prescribed content by December 31, 2015. 4. On Section 24a: Beneficiaries with a pension fund commitment without an unlimited obligation to make additional contributions on the part of the employer, whose equalization reserve is managed individually, can declare in writing and irrevocably by October 31, 2014 that from the financial year in which the declaration is submitted, an allocation or release of the equalization reserve pursuant to Section 24a Para. 2, 3 and 4 do not apply if the current monthly pension at the time of the declaration of waiver is less than the first monthly pension that resulted from the annuitization of the actuarial reserve formed for the beneficiary at the time the pension fund benefit was first called up. At their request, the pension fund must provide the beneficiaries with verifiable information in paper form about the possibility of declaring a waiver and the associated effects. 5. On Section 26 Paragraph 1: For custodian banks commissioned as of January 1, 2013, the declaration of the bank or the depositary in which any right of offsetting or retention is waived must be submitted to the FMA by December 31, 2013 at the latest. (3) After the entry into force of Federal Law Gazette I No. 81/2018, the following transitional provisions shall apply: 1. On Article 19 Paragraph 1a Z 7: The pension fund can only make the information available on paper free of charge until December 31, 2023 at the latest. 2. On Section 19, Paragraphs 3 to 5: Section 19 (3) to (5) in the version of Federal Law Gazette I No. 81/2018 applies to financial years beginning after December 31, 2018. 3. On Section 20 Paragraph 1: The business plan must be adapted to the prescribed structure by December 31, 2022 at the latest. 4. On Section 30a Paragraph 1a: The deadline for the transmission of the data for the 2019 financial year is twenty weeks and is reduced by two weeks each year until the transmission of the data for the 2022 financial year. 5. On Section 35 Paragraph 1: Section 35 (1) in the version of Federal Law Gazette I No. 81/2018 applies to FMA financial years beginning after December 31, 2018. 6. On Section 36, Paragraphs 2 and 3: Section 36 (2) to (4) in the version of Federal Law Gazette I No. 107/2017 is to be applied to the quarterly report for the last time as of December 31, 2018. Section 36 (2) and (3) in the version of Federal Law Gazette I No. 81/2018 is to be applied for the first time to the quarterly report as of March 31, 2019. www.ris.bka.gv.at Page 56 of 64 Machine Translated by Google Federal law consolidated Linguistic equality Section 49a. Insofar as personal designations are only given in the masculine form in this federal law, they refer to women and men in the same way. When applying to specific persons, the respective gender-specific form is to be used. References and Regulations Section 49b. (1) To the extent that other federal laws are referred to in this federal law, these unless otherwise ordered, to be applied in their currently valid version. (1a) Insofar as this federal law refers to the following legal acts of the European Union, these shall apply in the following version, unless otherwise specified: 1. Directive (EU) 2016/2341 on the activities and supervision of establishments of occupational pension scheme, OJ No. L 354 of 23.12.2016 p. 37; 2. Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), OJ No. L 302 of November 17th, 2009 p. 32, last amended by Directive 2014/91/ EU, OJ No. L 257 of 28.08.2014 p. 186; 3. Directive 2009/138/EC on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II), OJ L 335 of November 25, 2009 p. No. L 354 of 23.12.2016 p. 37; 4. Directive 2011/61/EU on alternative investment fund managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No. 1060/2009 and (EU) No. 1095/2010, OJ No. L 174 of July 1, 2011 p. 1, last amended by Directive 2014/65/EU, OJ No. L 173 of June 12, 2014 p. 5. Directive 2013/36/EU on access to the business of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, OJ . No. L 176 of 06/27/2013 p. 338, last amended by Directive 2014/59/EU, OJ. No. L 173 of 12.06.2014 p. 190, as amended by the corrigendum, OJ No. L 20 of 15.01.2017 p. 6. Directive 2014/65/EU on markets in financial instruments and amending directives 2002/92/ EC and 2011/61/EU, OJ No. L 173 of June 12, 2014 p. 349, last amended by the directive (EU ) 2016/1034, OJ No. L 175 of 23.06.2016 p. 8, as amended by the corrigendum, OJ No. L 64 of 10.03.2017 p. 7. Regulation (EU) No. 1094/2010 of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No. 716/2009/EC and repealing Decision 2009 /79/EC of the Commission – OJ No. L 331 of 15.12.2010, page 48, last amended by Directive 2014/51/EU, OJ No. L 153 of 22.05.2014, page 1; 8. Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data, on the free movement of data and repealing Directive 95/46/EC (General Data Protection Regulation), OJ No. L 119 of 4 May 2016 p. 1; 9th Regulation (EU) 2018/231 on reporting statistical the obligations for pension funds (ECB/ the 2018/2), OJ No. L 45 of 17.2.2018 p. 3; 10. Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector, OJ No. L 17 of December 9, 2019 p. 1, as amended by Regulation (EU) 2020/852, OJ No. L 198 of June 22. 2020 p. 13; 11. Regulation (EU) 2020/852 establishing a framework to facilitate sustainable investments and amending Regulation (EU) 2019/2088, OJ No. L 198 dated 06/22/2020 p. 13. (2) Ordinances based on this Federal Act can already be taken from the date of its promulgation be issued on the following day. implementation note Section 49c. (1) The federal law BGBl. No. L 235 of 23.09.2003, p. 10. www.ris.bka.gv.at Page 57 of 64 Machine Translated by Google Federal law consolidated (2) With the federal law Federal Law Gazette I No. 70/2014, Directive 2013/14/EU amending Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision, Directive 2009/65/EC coordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) and Directive 2011/61/EU on alternative investment fund managers with regard to over-reliance on ratings, OJ No. L 145 of 31.05.2013 p 1, implemented. (3) With the Federal Act BGBl. I No. 81/2018, Directive (EU) 2016/2341 on the activities and supervision of institutions for occupational retirement provision, ABl. No. L 354 of 23.12.2016 p. 37. (4) The Federal Law BGBl. I No. 36/2022 serves to become effective 1. Regulation (EU) 2019/2088 on sustainability-related disclosure requirements in the financial services sector, OJ No. L 17 of December 9, 2019 p. 1, as amended by Regulation (EU) 2020/852, OJ No. L 198 of June 22 .2020 p. 13, and 2. Regulation (EU) 2020/852 establishing a framework to facilitate sustainable investments and amending Regulation (EU) 2019/2088, OJ No. L 198 from 22.06.2020 p. 13. enforcement clause § 50. The following are entrusted with the execution of this federal law: 1. with regard to §§ 13, 27 paragraphs 1, 2 and 5 to 7, 37 paragraphs 1 and 2, 38, 39 and 47 of Federal Minister of Justice; 2. with regard to Sections 10 (2) and (3), 11 (2), 30 (2), 4 and 6, 30a (3), 42, 46 and 46a of Federal Minister of Finance in agreement with the Federal Minister of Justice; 3. with regard to Section 11b (4) and Section 27 (4) the Federal Minister of Finance in agreement with the Federal Minister of Economics and Labour; 4. with regard to all other provisions of the Federal Minister of Finance. Come into effect; expiration § 51. (1) This federal law comes into force on July 1, 1990, §§ 2, paragraph 2, 24, paragraphs 1, 3, 4, 6 and 7 as well as 48 in the version of Federal Law Gazette No. 20/1992 come into force on 1 January 1991. (2) Section 1 (2) and (2a), Section 2 (2), Section 5 including the heading, Section 6 (1), Section 6a including the heading, Section 7 (2), the omission of Section 8 (2) no. 7, Article 8 paragraph 2 no. 8, Article 8 paragraph 3, Article 9, Article 10 paragraph 1 no. 5, Article 10 paragraph 3, Article 11 paragraph 1 no. 5, Article 11 paragraph 3, Article 12 paragraph 2 to 5, § 15 para. 1, § 15 para. 3 no. 9, § 15 para. 3a, § 15a, § 17, § 18 para. 1, § 18 para. 2, § 20 para. 2 and 4, the Omission of Section 20 (5), Section 20a including the heading, Section 21, Section 23, Section 24 including the heading, Section 24a including the heading, Section 25, Section 26, Section 27 (2) and 4 to 6, the lapse of Section 27 Section 3, Section 28 Section 3, Section 29 Section 1 and 3, Section 30, Section 30a, Section 31 Section 2 to 4, Section 32 including the heading, Section 33 Section 3 to 8, Section 33a, the omission of Section 35, Section 36, Section 41 para. 1 no. 1, Section 46 para. 1, Section 46a, Section 48 para. 1, Section 48 para. 6 to 8, Section 49, Section 50 nos. 1 and 2, Section 51 Paragraphs 1a and 1b and Annexes 1 and 2 to Section 30 of this Federal Act in the version of Federal Law Gazette No. 755/1996 come into force on 1 January 1997. (3) The ordinance of the Federal Minister of Justice on the forms to be used by the pension funds for structuring the balance sheet and the profit and loss account, BGBl. No. 198/1991 and the ordinance of the Federal Minister of Finance regarding the amendment of forms for pension funds, Federal Law Gazette No. 93/1991, will expire on December 31, 1996. (4) Article 1 paragraph 5, Article 5 line 1 letter d, Article 15b, Article 25 paragraph 2 line 10 and Article 48 paragraph 1 first sentence of this Federal Act in the version of the Federal Law Federal Law Gazette I No. 64/1997 come into effect on August 1, 1997. (5) The omission of Article 9 no. 8, Article 25 para. 2 no. 1, Article 25 para. 2 no. 12, Article 25 para. 4, Article 25 para. 5 no. 2, Article 25 para. 5a and Article 49 no 4 of this federal law in the version of the federal law BGBl. I No. 126/1998 come into force on August 1, 1998, § 2 paragraph 2, § 23 paragraph 1 item 2, § 25 paragraph 1 item 1 letter b sublit. aa and bb, Section 25 Para. 2 Z 2, Section 25 Para. 2 Z 6, Section 25 Para effective in 1999. (6) Article 1 paragraphs 6 and 7, Article 3 paragraph 4, Article 5 no. 1 lit. a sublit. bb and cc and Section 25 Paragraph 5a in the version of the Federal Law Gazette I No. 127/1999 come into force on August 1, 1999. (7) Section 1 (2a), Section 1 (8) and Section 5 no. 1 lit. a sublit. cc and dd of this federal law in the version of the federal law Federal Law Gazette I No. 73/2000 come into force on January 1, 2000. www.ris.bka.gv.at Page 58 of 64 Machine Translated by Google Federal law consolidated (8) Article 19a, Article 20 paragraph 5, Article 24a paragraph 7, Article 25 paragraph 1 number 2, Article 25 paragraph 2 number 2, 3, 5, 6, 6a, 7, 12 and 13, Article 25 Para. 5 Z 1 and § 25 Para. (9) § 5 no. 1 lit. e and § 15a paragraph 3 of this federal law in the version of the federal law Federal Law Gazette I No. 142/2000 come into effect on January 1, 2001. (10) Section 24a (3) of this federal law in the version of the federal law Federal Law Gazette I No. 97/2001 to be applied for the first time to fiscal years beginning after December 31, 2000. (11) Article 23, paragraph 1, line 6 and Article 25, paragraph 2, line 12 in the version of the federal law, Federal Law Gazette I No. 97/2001 come into effect on September 1, 2001. (12) Article 1 paragraph 2 no. 1 and paragraph 2a, Article 7 paragraph 2, Article 21 paragraph 8, Article 22 paragraph 2, Article 31 paragraph 1 and Article 45 in the Version of the Federal Law BGBl. I No. 97/2001 come into force on January 1st, 2002. (13) Article 6a paragraphs 1, 2, 3, 5, 6 and 7, Article 8 paragraph 1 (Note: Article 8 is not affected by the amendment), Article 10 paragraphs 1, 2 and 3, Article 11 paragraph 2, Article 12, Paragraph 5, Article 15, Paragraph 4, Article 20, Paragraphs 4 and 5, Article 20a, Paragraphs 3 and 4, Article 21, Paragraphs 3, 4, 5, 9 and 10, Article 30, Paragraph 4, Article 30a paragraphs 1 and 4, Article 31 paragraphs 2 and 3, Article 33 paragraphs 1, 2, 3, 4, 4a, 5, 6, 7, 8 and 9, Article 35, Article 36 paragraphs 1 and 2 , § 37 Paragraph 3, § 40, § 41 Paragraph 1 and 4, § 42, § 46 Paragraph 1, § 46a, § 47 Paragraph 2 and § 49 Z 6 to 11 in the version of the federal law BGBl. I No. 97/2001 come into effect on April 1, 2002. (14) Section 3 (4) no. 1 lit. a in the version of Federal Law Gazette I No. 9/2002 applies Effective December 1, 2001. (15) Article 6a paragraph 2, Article 8 paragraph 1 and Article 36 paragraph 2 in the version of the federal law Federal Law Gazette I No. 9/2002 come into force on April 1, 2002. (16) Section 2 paras. 2, 3 and 4, the heading before Section 7, Section 7 paras. 1, 1a and 4 to 7, Section 20 para. 2 no. 7, Section 35 para. 2 and Annex 1 to Art I, Section 30 in the version of Federal Law Gazette I No. 71/2003 are to be applied for the first time to financial years beginning after December 31, 2002. (17) Article 23, Paragraph 1, Item 4a and Article 25, Paragraphs 5a and 6 in the version of the Federal Law, Federal Law Gazette I No. 80/2003 come into effect on September 1, 2003. (18) Article 25 paragraph 5 subparagraph 1 letter b and paragraph 5a in the version of the federal law Federal Law Gazette I No. 135/2003 comes into force on February 13, 2004. (19) Section 34 in the version of the federal law Federal Law Gazette I No. 70/2004 comes into force on August 1, 2004. (20) § 2 para. 1, § 5 no. 3, § 7 para. 1 to 8, § 24 para. 2, § 24a para. 5 to 9, § 49 no Appendix 1 to Article I, Section 30 Form A – Balance sheet of the pension fund, liabilities and Item I of Appendix 2 to Article I, Section 30 Form A – Statement of assets of an investment and risk sharing group, liabilities in the version of the federal law, Federal Law Gazette I No. 8/2005 are to be applied for the first time to fiscal years beginning after December 31, 2004. (21) § 1 para. 1 nos. 1 and 2 (note: correct: § 1 para. 2 nos. 1 and 2), § 5 nos. 4 to 6, § 7 para. 9, § 9 no. 5, § 11a together Heading, § 11b including the heading, § 15 Para. 1, 2 and 3 Z 7 to 9 and 14, § 16a including the heading, § 17 Para. 1 to 3, § 18, § 19, § 20 Para. 2 Z 7, Para. 3, 3a, 3b and 4, Section 23 Para. 1 Z 3 and 6, Section 24 Para. 4, Section 25, Section 25a including the heading, Section 26 Para. 1 and 3, Section 27 Para. 2 and 6, § 30a paragraphs 1 and 2, § 32 paragraph 3, § 33b including the heading, § 33c including the heading, § 33d, § 33e including the heading, § 33f including the heading, § 36 paragraph 1 Z 8 and 9, paragraph 2 and 4, § 43 para. 1 and 2, § 46a para. 1 and 5, § 47, § 47a, § 49 Z 16, 18 and 19, § 49a including the heading, § 49b including the heading, § 50 Z 3, the Pos. E. of Appendix 1 to Article I, Section 30 Form A – Balance sheet of the pension fund, assets, Appendix 2 to Article I, Section 30 Form A – Statement of assets of an investment and risk sharing group, assets and Item IIa. Annex 2 to Article I, § 30 Form A – List of assets of an investment and risk sharing group and Item B. IIa. and C.Via. Annex 2 to Article I, § 30 Form B - Income statement of an investment and risk sharing group in the version of the federal law Federal Law Gazette I No. 8/2005 come into effect on September 23, 2005. (22) The wording in Section 20 (2) no. 3, Section 46 (3) and item A. II. of Annex 2 to Article I, Section 30 Form B – Income statement of an investment and risk sharing group will come into effect at the end of the 22nd September 2005 expired. (23) The Quarterly Reporting Ordinance Federal Law Gazette II No. 75/1997 in the version of Federal Law Gazette II No. 444/1998 expires on December 30, 2005. (24) Section 12 para. 4 no. 3 and para. 5, Section 20a para. 4, Section 21 para. 3, para. 5, para. 8 and para. 9, Section 31 para. 3 and para. 4 no. 2 to 4 and § 33 paragraph 3 in the version of the federal law Federal Law Gazette I No. 37/2005 come into force on July 1, 2005. Section 21 (10) shall expire on July 1, 2005. www.ris.bka.gv.at Page 59 of 64 Machine Translated by Google Federal law consolidated (25) Section 7 (5) no. 5, Section 19 (4), Section 20 (4), Section 25a (1) no. 6, Section 30a (1), Section 36 (3) and Section 46a (1) no. 5 and 5a and paragraph 2 in the version of the Federal Law Gazette I No. 37/2005 come into force on September 24, 2005. (26) Article 31, Paragraphs 1 and 2, Article 31a and Article 49, Item 13 in the version of the Federal Law, Federal Law Gazette I No. 59/2005 come into effect on January 1, 2006. (27) Section 25 (3), Section 49 no. 18 lit. e and items VII. 3. and VIII. 3. of Annex 2 to Article I, Section 30 Form A – Statement of assets of an investment and risk sharing group, in the version of the federal law Federal Law Gazette I No. 59/2005 come into force on September 24, 2005. (28) Article 23, paragraph 1, item 3a, letter b in the version of the federal law, Federal Law Gazette I No. 141/2006, enters into force on January 1, 2007. (29) Section 20 (3a) to (3d) in the version of the federal law, Federal Law Gazette I No. 107/2007, takes effect on January 1st effective in 2008. (30) Section 1 (6) and Section 3 (4) no. 1 in the version of the federal law, Federal Law Gazette I No. 73/2009 effective January 1, 2009. (31) Section 9 no. 9 and Section 37 paragraphs 1 and 2 in the version of the federal law, Federal Law Gazette I No. 58/2010 effective August 1, 2010. (32) Section 7 (3) and (8) in the version of Federal Law Gazette I No. 58/2010 apply Effective September 23, 2010. Section 7 (9) shall expire on September 22, 2010. (33) Article 23, paragraph 1, items 3a, 4 and 6 and Article 25, paragraph 1, items 6 and paragraphs 7 and 8 in the version of the federal law, Federal Law Gazette I No. 77/2011, shall enter into force on September 1, 2011. (34) Section 33g in the version of the federal law Federal Law Gazette I No. 77/2011 enters into force on 1 January 2012. (35) Article 46, paragraph 1, Article 46, paragraphs 1 to 5 (note: correct: Article 46a, paragraphs 1 to 5), Article 47 and the heading to Article 51 in the version of the 2nd Stability Act 2012, BGBl. I No. 35/2012, come into force on May 1, 2012. (36) § 3 para. 3, § 5 no. 4a, § 7 para. 2a, § 12 para. 1, 6 and 7, § 12a including the heading, § 15 para. 3 no. 7a and 15a and para. 3a, § 16 para. 4, § 16a para. 4a, 4b and 6, § 17 para. 1, 3 and 4, § 19 para. 2, 5a to 5c and 7, § 19b, § 20 Paragraph 2a, Article 20a Paragraph 1, Article 23 Paragraph 1 Item 3a, Article 24 Paragraph 2, Article 24a Paragraph 3, Article 25 Paragraph 1 Item 5 Letter b, Paragraph 2 Item 1, Paragraph 5 , 7 to 10, Section 25a paras. 1a and 3, Section 26 paras. 1 and 1a, Section 27 paras. 1a and 5 nos. 2a, 2b and 3a, Section 29 paras. 1 and 2, Section 31 para. 4 nos. 3a , Section 36 Paragraph 1 Z 8 and 10a and Paragraph 2, Section 36a including the heading, Section 46a Paragraph 1 and Section 49 Paragraph 1 and 2 in the version of the Federal Law Federal Law Gazette I No. 54/2012 shall come into effect on 1 effective January 2013. § 9 Z 12, § 25 Para. 11 and the ordinance of the financial market supervisory authority of September 22, 2006 on the special investment regulations for pension funds, Federal Law Gazette II No. 361, shall expire on December 31, 2012. (37) Section 47a in the version of the federal law Federal Law Gazette I No. 70/2013 enters into force on 1 January 2014. (38) Article 23 paragraph 1 line 3a, Article 25 paragraph 1 line 5 letter a, Article 27 paragraph 5 line 2b and Article 33 paragraph 8 to 8b in the version of the federal law Federal Law Gazette I No. 184/2013 come into force on 1 January 2014. (39) § 23 para. 1 no. 3a, § 25 para. 3 no. 2 and para. 11 and § 46a para. 1 no. 5a in the version of Federal law BGBl. I No. 70/2014 come into force on December 21, 2014. (40) Section 16 (4), Section 17 (1) and (3) and Section 19b (1) in the version of the federal law, Federal Law Gazette I No. 34/2015 come into effect on January 1, 2016. (41) Article 23 para. 1 no. 3a, Article 25 para. 9, Article 30 para. 2, Article 30a para. 3 no. 2, Article 31 para. 1, 2 and 3 and Article 31a in of the version of the federal law Federal Law Gazette I No. 68/2015 come into force on July 20, 2015. (42) Article 6a paragraph 8, Article 19 paragraph 7, Article 19b paragraph 1 and Article 46 paragraph 1 in the version of the federal law Federal Law Gazette I No. 107/2017 come into force on 3 January 2018. Section 45 and Section 47a shall expire on January 2, 2018. (43) Section 5 nos. 2a and 4 to 8, Section 6 subsection 1, Section 7 subsections 1, 2a, 6 and 7, Section 8 subsection 2 subsections 1 and 4, Section 9 subsections 6 and 9, Section 11a Para. 2 Z 2, Para. 6 and 7, § 11b Para. 1, 4, 5 and 9, §§ 11c to 11h including headings, § 12 Para. 1, § 12a Para. 1 Z 5, § 14 Para 1 and 2, Section 16a Paragraph 4b, Section 17, Paragraph 1a to 1c, Section 19 Paragraph 1a, 2, 2a, 3 to 5b and 6, Section 20 Paragraph 1, 2a Z 2 and Paragraph 3, Article 21 including the heading, Articles 21a to 21e including the headings, Article 22a including the heading, Article 23 paragraph 1 no. 3, Article 24a paragraph 8, Article 25, Article 25a paragraph 3, Article 26 paragraph 1, 1a to 1c and 4 to 6, Article 30 paras. 4 and 5, Article 30a paras. 1, 1a and 2, Article 33 paras. 2 to 2b, 3 and 8, Article 33a paras. 1, 3 nos. 1 and 1a and para. 5 , § 33c para. 5, § 33f para. 5, § 33g para. 1, 2 no. 1 and para. 4, §§ 33h and 33i including headings, § 34, § 35 para. 1, § 36, § 36a, Section 46a (1) and (2), Section 47, Sections 47a and 47b including the headings, Section 49 (3) and Section 49b (1a) in the version of the federal law, Federal Law Gazette I No. 81/2018, come into effect on January 1, 2019 Power. § 9 Z 10, § 11a para. 8, § 19 para. 7, § 20a including the heading, § 25a para. 4, § 30a para. 4, § 32 together www.ris.bka.gv.at Page 60 of 64 Machine Translated by Google Federal law consolidated Headline, Section 33 Paragraphs 8a and 8b, Annexes 1 and 2 to Article I, Section 30, and the ordinance of the Financial Market Authority (FMA) on minimum standards for risk management in pension funds, Federal Law Gazette II No. 360/2006, last amended by Federal Law Gazette II No. 145/2015, will expire on December 31, 2018. (44) § 7 para. 2, Z 9 Z 10, § 19 para. 2 Z 2 and 2a, § 30 para. 3, § 33 para. 2c and 2d, § 46a para. 1, § 49b para. 1 Z 9 to 11 and § 49c including the title in the version of the Federal Law Gazette I No. 36/2022 come into force on the day following the announcement. § 12a para. 1 no. 8 expires at the end of the day of the announcement. SECTION XII Commercial law transitional provision (1) If entitlements and benefit obligations from direct benefit commitments are transferred from an employer to a pension fund in accordance with Article 48 of the Pensionskassen Act, the pension fund must demand from the employer the cover requirement determined in accordance with actuarial principles, including interest. The employer must include the full amount of the cover requirement as a liability in the balance sheet. The difference between the pension provision shown in the balance sheet at the time of the transfer and the coverage requirement can be shown in the balance sheet under prepaid expenses and is distributed evenly over a maximum of ten years. The amount is to be explained in the notes to the balance sheet. (2) Claims according to Section 48 (3) PKG are to be accounted for in accordance with Section 211 (2) HGB. Art. X Para. 4 RLG is to be applied. SECTION XIII Special provision for the operation of pension funds by public corporations Public corporations are entitled to set up pension funds within the meaning of to establish the Pensionskassen Act and to participate in such. SECTION XIV Entry into Force and Enforcement Clause (1) This Federal Act shall come into force on July 1, 1990. (2) Insofar as this Federal Law refers to other Federal Laws, these shall be applied in their currently valid version. (3) Ordinances based on this Federal Act can already be taken from the date of its promulgation be issued on the following day. (4) The following are entrusted with the enforcement of this federal law: 1. with regard to Section I §§ 13, 27 paragraphs 1 to 3 and 5 to 7, 37 paragraphs 1 and 2, 38, 39 and 47 of Federal Minister of Justice; 2. with regard to Section IV the Federal Minister for Economic Affairs; 3. with regard to Section I Sections 10 (2) and (3), 11 (2) and 42 of the Federal Minister of Finance in agreement with the Federal Minister of Justice; 4. with regard to Section I § 27 Paragraph 4 the Federal Minister of Finance in agreement with the Federal Minister for Labor and Social Affairs; 5. with regard to Section XIII, the person entrusted with the supervision of the respective body federal minister; 6. with regard to all other provisions of the Federal Minister of Finance. article 1 (Note: from Federal Law Gazette I No. 70/2004, on Section 34, Federal Law Gazette No. 281/1990) This federal law implements Directive 2002/87/EC of the European Parliament and Council of December 16, 2002 on the additional supervision of credit institutions, insurance companies and investment firms in a financial conglomerate and amending Directives 73/239/EEC, 79/267/EEC , 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC of the Council and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council (OJ No. L 035 of February 11, 2003, p. 1) into Austrian law. www.ris.bka.gv.at Page 61 of 64 Machine Translated by Google Federal law consolidated article 1 (Note: from Federal Law Gazette I No. 8/2005, on Sections 1, 2, 5, 7, 9, 11a, 11b, 15, 16a to 19, 20, 23 to 27, 30a, 32, 33, 33b to 33f, 36, 43, 46 to 47a, 49 to 50, Appendices 1 and 2, Federal Law Gazette No. 281/1990) This federal law transposes Directive 2003/41/EC of the European Parliament and Council of June 3, 2003 on the activities and supervision of institutions for occupational retirement provision (OJ No. L 235 of September 23, 2003, S 10) in Austrian law implemented. article 1 (Note: from Federal Law Gazette I No. 141/2006, on Section 23, Federal Law Gazette No. 281/1990) This federal law serves to implement Directive 2006/48/EC of the European Parliament and Council on taking up and pursuing the business of credit institutions (Official Journal No. L 177 of June 30, 2006, p. 1) and Directive 2006/49/ EC of the European Parliament and of the Council on the appropriate capital adequacy of investment firms and credit institutions (Official Journal No. L 177 of June 30th, 2006, p. 201). article 1 (Note: from Federal Law Gazette I No. 107/2007, on Section 20, Federal Law Gazette No. 281/1990) By this federal law 1. Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on preventing the use of the financial system for the purpose of money laundering and terrorist financing (OJ No. L 309 of 25.11.2005, p. 15) and Commission Directive 2006/70/EC of 1 August 2006 with implementing provisions for Directive 2005/60/EC of the European Parliament and of the Council with regard to the definition of "politically exposed persons" and the determination of the technical criteria for simplified due diligence and for the exemption in cases where financial transactions are carried out only occasionally or to a very limited extent (OJ No. L 214 of 04.08.2006, p. 29), and 2. the necessary measures to enforce Regulation (EC) No. 1781/2006 of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds (OJ No. L 345 of 08.12.2006, p 1) created. article 1 (Note: from Federal Law Gazette I No. 77/2011, on Sections 23, 25 and 33 g, Federal Law Gazette No. 281/1990) This federal law serves to implement Directive 2009/65/EC on the coordination of legal and administrative provisions relating to certain undertakings for collective investment in transferable securities (UCITS) (OJ No. L 302 of November 17, 2009, p. 32) and Directive 2010/ 43/EU implementing Directive 2009/65/EC with regard to organizational requirements, conflicts of interest, conduct of business, risk management and the content of the agreement between depositary and management company (OJ L 176 of 10.07.2010, p. 42) and Directive 2010 /42/EU implementing Directive 2009/65/EC with regard to provisions on fund mergers, master-feeder structures and the notification procedure (OJ L 176 of 10.07.2010, p. 28) and Directive 2010/78/EU amending directives 98/26/EG, 2002/87/EG, 2003/6/EG, 2003/41/EG, 2003/71/EG, 2004/39/EG, 2004/39/EG, 2004/109/ EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/ EC with regard to the powers of the European Au Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) - OJ. No. L 331 of 15.12.2010, p. 120). As part of the new version of the Investment Funds Act (Article 2), Directive 2007/16/ EC, which has already been implemented with Federal Law Gazette I No. 69/2008, is also taken into account. Article VIII Note on implementation (Note: from Federal Law Gazette I No. 161/2004, to Annex 1, Federal Law Gazette No. 281/1990) § 1. Article 5 letter b) and Article 9 of Regulation (EC) No. 1606/2002 on the application of international accounting standards (“IAS Regulation”), ABl. No. L 243 of 11.9.2002 p.1, Directive 2003/51/EC amending Directives 78/660/EEC, 83/349/EEC, 86/635/EEC and 91/674/EEC on the annual accounts and the consolidated one www.ris.bka.gv.at Page 62 of 64 Machine Translated by Google Federal law consolidated Accounting of certain legal forms of companies, banks and other financial institutions and insurance companies (“Modernization Directive”), OJ No. L 178 p. EEC on the annual accounts of companies of certain legal forms with regard to amounts expressed in euros ("threshold value directive"), OJ No. L 120 p. 22 of 15.5.2003. article 1 implementation note (Note: from Federal Law Gazette I No. 107/2017, on Sections 6a, 19, 19b, 45, 46 and 47a, Federal Law Gazette No. 281/1990) This federal law implements the following legal acts of the European Union: 1. Directive 2014/65/EU on markets in financial instruments and amending directives 2002/92/EC and 2011/61/EU, OJ No. L 173 of June 12, 2014 p. 349, last amended by the directive ( EU) 2016/1034, OJ No. L 175 of 23.06.2016 p. 8, in the version of the correction, OJ No. L 64 of 10.03.2017 p 2. Delegated Directive (EU) 2017/593 supplementing Directive 2014/65/EU with regard to the protection of clients' financial instruments and funds, product surveillance obligations and rules on the payment or granting or receipt of fees, commissions or other monetary or non-monetary benefits, OJ No. L 87 p. 500. Furthermore, this federal law serves the effective implementation of the following legal acts of the European Union: 1. Regulation (EU) No. 600/2014 on markets in financial instruments and amending Regulation (EU) No. 648/2012, OJ No. L 173 of June 12, 2014 p. 84, last amended by Regulation ( EU) 2016/1033, OJ No. L 175 of 23.06.2016 p. 1, 2. Delegated Regulation (EU) 2017/565 supplementing Directive 2014/65/EU with regard to the organizational requirements for investment firms and the conditions for carrying out their activities and with regard to the definition of certain terms for the purposes of said directive , OJ No. L 87 p. 1, and 3. Delegated Regulation (EU) 2017/567 supplementing Regulation (EU) No. 600/2014 with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions, OJ No. L 87 p. 90. article 1 implementation note (Note: from Federal Law Gazette I No. 81/2018, on Sections 5, 6, 7 - 9, 11a - 11h, 12, 12a, 14, 16a, 17, 19, 20, 21 - 21e, 22a, 23, 24a - 26, 30 - 31, 33, 33a, 33c, 33f - 33i, 34 -36a, 46a - 47b, 49 and 49b and Annexes 1 and 2, Federal Law Gazette No. 281/1990) This federal law implements Directive (EU) 2016/2341 on the activities and supervision of institutions for occupational retirement provision, OJ No. L 354 of December 23, 2016 p. 37. article 1 (Note: from Federal Law Gazette I No. 184/2013, on Sections 12, 12a, 19b, 23, 25, 27, 33 and 49, Federal Law Gazette No. 281/1990) This federal law serves to implement Directive 2013/36/EU on access to the activities of credit institutions and the supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49 /EG, OJ No. L 176 dated June 27th, 2013 p. 338, and to adapt supervisory law to Regulation (EU) No. 575/2013 on supervisory requirements for credit institutions and investment firms and to amend Regulation (EU) No. 648 /2012, OJ No. L 176 of June 27th, 2013 p /138/EG regarding the additional supervision of the financial companies of a financial conglomerate, OJ No. L 326 of 8.12.2011 p. 113. implementation note (Note: from Federal Law Gazette I No. 70/2014 on Sections 1, 23, 25, 26 and 46a, Federal Law Gazette No. 281/1990) With this federal law, Directive 2013/14/EU amending Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision, the www.ris.bka.gv.at Page 63 of 64 Machine Translated by Google Federal law consolidated Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) and Directive 2011/61/EU on alternative investment fund managers with regard to over-reliance on ratings, OJ. No. L 145 of 05/31/2013 p. 1, implemented. article 1 Implementation of European Union directives (Note: from Federal Law Gazette I No. 34/2015, on Sections 16, 17 and 19b, Federal Law Gazette No. 281/1990) This federal law serves to implement Directive 2009/138/EC on taking up and pursuing insurance and reinsurance activities (Solvency II) (recast), (OJ No. L 335 of 17.12.2009 p. 1), last amended by Directive 2014/51/EU OJ No. L 153 of 22.05.2014 p. 1. www.ris.bka.gv.at Page 64 of 64