Scope of application

(1) This Act applies to investment funds and their investors.
(2) Investment funds are investment assets within the meaning of section 1(1) of the Capital Investment Code. Where an investment asset satisfies the conditions of section 1(1) of the Capital Investment Code, it is not detrimental to its qualification as an investment fund that the investment asset actively manages all or part of the assets it holds on an entrepreneurial basis. For the purposes of this Act, there is no binding effect from the supervisory determination under section 5(3) of the Capital Investment Code. The following are also deemed investment funds within the meaning of this Act: 1. collective investment undertakings in which the number of possible investors is limited to a single investor, where the other conditions of section 1(1) of the Capital Investment Code are satisfied, 2. corporations that are prohibited, under the law of the state in which they have their seat or place of management, from carrying on an operative entrepreneurial activity, and that are not subject to income taxation or are exempt from income taxation, and 3. investment assets within the meaning of section 2(3) of the Capital Investment Code managed by AIF management companies.
(3) The following are not investment funds within the meaning of this Act: 1. companies, institutions and organisations within the meaning of section 2(1) and (2) of the Capital Investment Code, 2. investment assets in the legal form of a partnership or a comparable foreign legal form, unless they are undertakings for collective investment in transferable securities within the meaning of section 1(2) of the Capital Investment Code or retirement provision asset funds within the meaning of section 53, 3. business investment companies within the meaning of section 1a(1) of the Act on Business Investment Companies, 4. capital participation companies that acquire holdings in the public interest with their own funds or with state assistance, and 5. REIT stock corporations within the meaning of section 1(1) of the REIT Act and other REIT corporations, associations of persons or funds of assets within the meaning of section 19(5) of the REIT Act. Collective investment funds and comparable foreign legal forms are not deemed partnerships within the meaning of the first sentence, no. 2. Investment assets in the legal form of a partnership are also not investment funds where they have opted for corporate taxation under section 1a of the Corporate Income Tax Act.
(4) Parts of an investment fund that are separated from one another for liability and asset purposes are deemed independent investment funds for the purposes of this Act.