Winding-up of the collective investment fund

(1) Where the right of the capital management company to manage a collective investment fund lapses, 1. where the collective investment fund is owned by the capital management company, the collective investment fund passes to the depositary, 2. where it is co-owned by the investors, the right of management and disposal over the collective investment fund passes to the depositary.
(2) The depositary must wind up the collective investment fund, safeguarding the interests of investors, and distribute it to the investors. Investment limits no longer need to be complied with in the course of the winding-up. Section 93(3) applies correspondingly to the remuneration and reimbursement of expenses of the depositary in the course of the winding-up.
(3) With the approval of the Federal Institute, the depositary may refrain from winding up and distributing, and may transfer the management of the collective investment fund to another capital management company in accordance with the existing investment conditions. The Federal Institute may attach ancillary provisions to the approval. Section 415 of the Civil Code does not apply. By way of derogation from the first sentence, the transfer of the management of a special collective investment fund to another AIF capital management company does not require the approval of the Federal Institute; the transfer must be notified to the Federal Institute. The Federal Institute must confirm to the capital management company the date of receipt of the notification.