The Austrian Financial Market Authority (FMA) publishes a list of investment funds and real estate funds eligible for the investment of money held in trust on its website, and these lists will be updated constantly. The General Civil Code (ABGB; Allgemeines Bürgerliches Gesetzbuch) considers investment forms with a particularly low default risk, such as savings deposits, credit balances held at banks, Austrian government bonds or debt securities that are guaranteed by the state, as well as properties in Austria. The competent guardianship court may also recognise other forms of investment as being eligible for the purpose of investing money that is held in trust. The Investment Funds Act 2011 (InvFG 2011; Investmentfondsgesetz 2011) and the Real Estate Investment Fund Act (ImmoInvFG; Immobilien-Investmentfondsgesetz) according contain special rules for funds that are suitable for investing trust money in, with these rules being based on the rules contained in the ABGB. Investments that are eligible for the investment of money held in trust are generally also used by investors who are risk-averse. Eligibility for the investment of money held in trust does not mean that the investment is completely free of risk, and that the possibility of market-related fluctuations are excluded.
In the case of funds that are eligible for the investment of money held in trust, the investment fund management companies or real estate investment fund management companies are required to include in the fund rules, which are to be approved by the FMA, in which investment instruments they exclusively invest for the purpose of investing money held in trust. Currently 18 investment funds and two real estate investment funds fulfil the legal criteria. An external auditor must audit whether these fund rules are observed as part of the annual statement of accounts and report any anomalies or breaches to the FMA.
The list of investment funds eligible for the investment of money held in trust as well as real estate funds eligible for the investment of money held in trust can be found on the FMA website.
Journalists may address further enquiries to:
Klaus Grubelnik (FMA Media Spokesperson)
+43 / (0)1 / 24959-6006 or +43 / (0)676 / 88249516