INVESTMENTGESETZ 2011 PDF

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Amendments introduced by the High Frequency Trading Act are marked in bold and italics. This translation is furnished for information purposes only and may refer to an older version of the text. The original German text is binding in all respects. The Exchange Supervisory Authority may require the information and documents to be transmitted on data carriers that can be processed automatically.

If there is evidence to justify the assumption that exchange law rules or regulations are being infringed or other irregularities have occurred which could pose a threat to the orderly conduct of trading on an exchange or the settlement of exchange transactions, the Exchange Supervisory Authority may, to the extent necessary to perform its functions, demand information and documents as well as inveshmentgesetz thereof from anyone, and may subpoena and question individuals.

In such cases it may, without limitation:. It may issue orders to exchanges, stock exchange operators and trading participants as may be necessary and appropriate for preventing infringements of exchange law rules and regulations or rectifying irregularities which could pose a threat to the orderly conduct of trading on an exchange, the settlement of exchange transactions or the supervision thereof. To this end it may, without limitation:. The Exchange Supervisory Authority shall publish a notice on its unvestmentgesetz without undue delay if it takes any measures of the type described in sentence 1 no.

Subject to the requirements of sentence 1, conditions may be subsequently imposed, or existing conditions may be retrospectively amended.

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The amount of these fees shall be set in such a way as to effectively counteract excessive usage within the meaning of sentence 1 as well as the associated adverse impacts on system stability and market integrity.

Admission to the exchange may also be suspended for the duration of any default on payment of the fees prescribed under section 17 1 nos. The Board of Management may also suspend admission to the exchange for a period of no longer than six months if a trading participant fails to adhere to the order-to-transaction ratio as described in section 26a; if a trading participant repeatedly fails to adhere to the order-to-transaction ratio within the meaning of section 26a, the Board of Management may revoke the participant’s admission to the exchange.

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The right of a person authorised to engage in exchange trading in accordance with subsection 5 shall be suspended for as long as the undertaking for which that person engages in exchange trading is suspended from trading. The Disciplinary Committee may also reprimand issuers or impose a fine of up to two hundred and fifty thousand euros if they, or any person operating on their behalf, wilfully or negligently breach the duties associated with their admission to the exchange.

The Disciplinary Committee shall perform the functions and exercise the powers delegated to it under this Act exclusively in the public interest. Suitable precautionary measures within the meaning of sentence 1 shall include, in particular, short-term changes to the market model and temporary circuit breakers to reduce volatility, taking into consideration the static and dynamic price ranges or limit systems of trading participants tasked with price determination.

In order to prevent risks to the proper functioning of exchange trading operations, trading participants shall be required to ensure an appropriate ratio between order entries, modifications and cancellations on the one hand and actually executed orders on the other order-to-trade ratio. The order-to-trade ratio shall be determined for each financial instrument on the basis of the numerical volume of the respective orders and transactions over the period of one month.

An appropriate order-to-trade ratio shall be deemed to exist in particular if such ratio is economically reasonable based on the liquidity of the respective financial instrument, the specific market situation or the function of the trading enterprise.

The stock exchange rules and regulations must stipulate further provisions on appropriate order-to-trade ratios for specific types of financial instruments.

The exchange investmentgexetz be required to determine an appropriate minimum tick size for traded financial instruments in order to minimise adverse impacts on market integrity and market liquidity. Determination of the minimum tick size pursuant to sentence 1 shall pay particular attention to ensuring that the minimum tick size does not undermine the price discovery mechanism or the objective of an appropriate order-to-trade ratio within the meaning of section 26a.

The stock exchange rules and regulations may stipulate additional provisions. For an enterprise that is not domiciled in Germany and that is not an enterprise within the meaning of section 53b 1 sentences 1 and 2, sentence 1 shall apply with the proviso that a complete application for authorisation must be submitted by 14 February In particular, the Supervisory Authority may demand a description of the algorithmic trading strategies, details of trading parameters and trading limits to which the system is subject, the most important procedures for assessing risks and for complying invfstmentgesetz the provisions of section 33, and the particulars of its systems testing.

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Parameters of orders within the meaning of sentence 1 include, in particular, decisions on whether to initiate the order, on the timing, price or quantity of the order, or on how to manage the order after its submission with limited or no human intervention.

An investment services enterprise that conducts algorithmic trading must have in place effective systems and risk controls to ensure that. An investment services enterprise that conducts algorithmic trading must also have in place effective business continuity arrangements to deal with unforeseen failures of its trading systems and must ensure that its systems are fully tested and properly monitored. Furthermore, it must ensure the documentation of every modification of any computer algorithm used for trading purposes.

The reference to section 33 1 inevstmentgesetz the Securities Trading Act is now included in section 28 1 sentence 3 of the Investment Code.

Breadcrumb You are here: Section 3 Functions and powers of the Exchange Supervisory Authority b. Section 4 Authorisation c. Section 10 Obligation of confidentiality d. Section 12 Exchange Council e.

BaFin – Acts – Translation of the main provisions of the High Frequency Trading Act

Section 16 Stock exchange rules and regulations f. Section 17 Fees and charges g. Section 19 Admission to the exchange h.

Section 22 Disciplinary Committee inbestmentgesetz. Section 24 Exchange price j. Section 26a Order-to-trade ratio k. Section 26b Minimum tick size 2. Article 2 Amendments to the Banking Act Kreditwesengesetz a. Section 1 Definition of terms b.

Section 2 Exceptions c. Section 33 Refusal of Authorisation d. Section 2 Definitions b. Section 2a Exceptions c. Section 4 Functions and powers d. Section 31f Operation of a multilateral trading facility e. Section 32c Execution of client orders by systematic internalisers f.

Section 33 Organisational requirements 4. Article 4 Amendments to the Investment Act Investmentgesetz a.

Section 9a Organisational requirements 5. Section 3 False or misleading signals or artificial ivestmentgesetz levels 6. Section 1 Definition of terms 7. Article 7 Entry into force.

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