BVG structural reform
Since 1st of January 2014 the new allocation of competences granted to independent asset managers under Article 48f BVV 2 of the Ordinance on Occupational Retirement, Survivors' and Disability Pension Plans (Verordnung über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge, BVV2) is in place. Independent asset managers who manage pension fund assets need an authorisation by the Supervisory Commission for occupational pensions (Oberaufsichtskommission Berufliche Vorsorge OAK BV). Due to administrative reasons the Supervisory Commission was not able to set the authorisation criteria as per entering into force of the new legal provisions. The authorities have therefore provided a provisional authorisation.
In February 2014 the directives regarding the authorisation of asset managers have come into effect. The authorisation has to be renewed after 3 years.
Independent asset managers in possession of a provisional authorisation for managing pension funds had to submit to the Supervisory Commission an official request by end of July 20104.