However, as a result of the previous practice of the supervisory authority (BSV) the stringent regulation of the investment provisions is consistent. Since pension schemes as the investors of investment foundations are regulated too and have to comply with the provisions of BVV 2, the stringent provisions are not necessary.
A general cross reference to the provisions of BVV 2 would have been sufficient. In contrast, the regulation of the essential control functions (internal control system, risk management and compliance), which should be in the focus of a modern supervision, is weak. Consequent to the transfer of the previous supervisory authority (BSV) practice into the new law, most investment foundations only need to amend several provisions of the internal regulations by the end of the transfer period on 31 December 2013.
German and French versions of the publication entitled "Chancen und Risiken rechtlicher Neuerungen 2011/12" may be ordered from Schulthess Verlag.
Publication in German.