Analysis Guidelines for Shareholder Meetings

The BVI Analysis Guidelines for Shareholder Meetings 2019 (ALHV) give guidance to BVI's members for the independent analysis of proposed resolutions at shareholder meetings of listed companies as well as companies that are not listed on any stock exchange. These Guidelines will enter into effect on 1 January 2019. Whenever critical factors are met, the investment management company should consider rejecting the relevant board proposal when put to the vote.

ALHV 2019

Asset manager selection process

BVI Excel Sheets

Version 6.

All excel sheets include a new field with the current version (e.g. version 6 for publication in 2018). Amendments to the previous version are highlighted as follows:

  • 0= No amendments to the previous version
  • 1= Amendments to the previous version

All data-sheets .zip

The use of the excel sheets serves exclusively the communication between advisor/asset manager and German management companies on buy/sell recommendations and orders.

The BVI expects that trade confirmations and settlement instructions are exclusively sent by SWIFT Formats MT 51x and MT 54x (cf. BVI Securities Transaction Standards “External Business Communication of German Kapitalanlagegesellschaften/Trading and Settlement”).

The BVI expects that all excel sheets are used in this way for the communication between the German management company and the advisor/asset manager.

Draft for Excel-Sheets

BVI provides also draft for Excel Sheets as follows:

The draft versions can be used by the market participants. Due to the limited experience by the market participants in using such products the draft versions do not contain any implementation timeline.

Questions and remarks can be addressed to the following contact:

Felix Ertl
Fon +49 69 154090 262

Corporate Bond Standards

Durable media

EU-Fund Data Template (Solvency II)

EU-Fund Data Template

In 2015, EFAMA at European Level together with national Fund Associations (e. g.  the BVI in Germ
any, The Investment Association in the United Kingdom, Club Ampere and the AFG in France, Assogestioni in Italy, the Dufas in the Netherlands, VOIG in Austria, ALFI in Luxemburg) have developed an EU-template to facilitate the exchange of data between fund management and insurance companies. The template offers an EU wide standardised format for the delivery of the portfolio composition of the funds. Insurers require such information to meet supervisory requirements, such as the following:

  • The Solvency II Directive defines the Solvency Capital Requirements (SCR) for insurance companies to be applied across all EU Member States. For investment funds the SCR has to be calculated by the insurance companies on the basis of each of the underlying assets of the funds.
  • Solvency II establishes uniform reporting obligations for insurers to the supervisory authority on the portfolio composition of their fund investments (fund-look-through).
  • German Solvency II-Insurers are obliged to report additional information (which includes fund look through data) to the German supervisory authority BaFin, via so called Nachweisung 675 as of the reporting date of 30th September 2018 for the first time.  

The German Investment Funds Association BVI and the German Insurance Association GDV have agreed to publish the following information on EU-Fund Data Template version 4.0:

Delivery of fund portfolio data with the standardised EU-template

Fund Processing Passport

FPP-Flyer (pdf) 
Fund Processing Passport User Guide
Link to FPP on the EFAMA-Homepage

Guiding principles for the dialogue between investor and supervisory board

Rules of conduct

Asset managers are aware of their social responsibility. In addition to their legal obligations, they also observe the voluntary principles and codes set forth in these Rules of Conduct and further develop these rules via the BVI.

BVI Rules of conduct