Have election and change of depositaries approved Unfortunately this specification of service has not yet been completely translated.

As a capital management company, you must generally have every choice and every change to a new depositary approved by the German Federal Financial Supervisory Authority (BaFin).

Depositaries serve to hold assets of investment funds in safe custody. As a capital management company, you are free to choose which depositaries you use for your services, provided that the depositary meets the legal requirements. However, you must generally have each choice and each change of a new depositary approved by the German Federal Financial Supervisory Authority (BaFin).
In addition, BaFin may impose a change of depositary on you if the depositary does not properly fulfil its legal and contractual obligations or its initial capital falls below the prescribed minimum level.


Attach to the notification a list of the investment assets to be managed together with details of the new depositary(ies).

In the case of the appointment of a depositary for a UCITS investment fund with which a group link exists, attach a report relating to the duties of the depositaries.

Unless the institution or branch in question is already acting as depositary for investment assets of the same type with the approval of BaFin, or at the request of BaFin, attach the following documents:

  • Curricula vitae of the management responsible for the depositary functions
  • management responsible for the depositary functions, unless these are already available to BaFin and are not older than 1 year,
  • Business plan,
  • Description of the organisational arrangements including the personnel structure and equipment,
  • depositary agreement, if applicable in the final negotiated version,
  • if applicable, confirmation of the branch office about the audit
  • Forms: no
  • Online procedure possible: no
  • Written form required: yes
  • Personal appearance required: no

Preconditions

You want to launch a new investment fund or change the depositary for an existing investment fund.

Related Links

  • § 69 Absätze 1 und 2 Kapitalanlagegesetzbuch (KAGB)
  • § 80 Absatz 4 Kapitalanlagegesetzbuch (KAGB)

Related Links

  • Informationen auf der Internetseite der Bundesanstalt für Finanzdienstleistungsaufsicht
  • Create an informal letter of complaint.
  • Enclose the required documents.
  • Send everything to BaFin.
  • You will receive the approval after examination.



Responsible for the content
Federal Ministry of Finance

Last update or date of publication
03.09.2021