Are redemptions from investment funds taxable
Risk of price changes when redeeming fund units
You may be familiar with a nuisance from credit card statements. With many trips abroad (here USA) the costs are different. It is strange that in a personal evaluation in Excel of twelve trips to the USA, the high amounts paid by credit card were almost always billed on days when the dollar exchange rate was not cheap to the euro.
In the opinion of credit card companies and banks, this is pure coincidence. Mr. Dipl.-Math. Comment on why one should also check the bookings when redeeming fund units at fund companies. Schramm and RA Fiala based on a judgment of the Frankfurt Regional Court of April 19, 2011 (Az. 13 S 21344/19) as follows:
The investment bank was finally convicted that it was not entitled to keep part of the money from the sale of fund shares for itself. What happened? On Friday, January 4, 2008, the customer placed an order for the next possible sale at 9:54 am. However, the fund company or its house bank was not able to carry out this order by Monday, January 7, 2008. The order was not completed until Tuesday, January 8, 2008, with additional revenue for the customer of EUR 3,459.40 after the price of the fund share had risen accordingly from Monday to Tuesday.
You might be lucky, thinks the investor. However, the Investmentbank AG said that by letter dated January 5, 2009 it would be able to reclaim precisely this additional revenue from the customer. The investment bank was of the opinion that, according to its terms and conditions, it could choose to settle at the lower rate for the next trading day, because according to its terms and conditions, it also had to execute sales orders at that time.
If the redemption order is placed by the fund company in good time on a Friday, the fund company must carry out the redemption on Monday, otherwise on the next working day. Until then, however, the price can continue to fall or rise - this risk is borne by the investor. With prices falling on Thursday and orders placed on Friday morning, he has to watch helplessly as the prices continue to collapse throughout Friday until the next Monday.
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