Audit

The annual report of the collective investment fund must be audited by an auditor. The auditor is elected by the shareholders of the capital management company and engaged by its legal representatives, or, where the supervisory board or the advisory board is responsible, by that body; section 318(1), second, fourth, and fifth sentence, of the Commercial Code remains unaffected. Section 318(3) to (8) and sections 319, 319b, and 323 of the Commercial Code apply correspondingly. The auditor must summarise the result of the audit in a special note; the note must be reproduced in full in the annual report. In the audit, the auditor must also establish whether, in the management of the collective investment fund, 1. the provisions of this Act, 2. the requirements under a) Article 13(2) in conjunction with the Annex, Section A, to Regulation (EU) 2015/2365, b) Article 11 of Regulation (EU) 2019/2088, and c) Articles 5 to 7 of Regulation (EU) 2020/852, and 3. the provisions of the investment conditions, have been complied with. Without prejudice to the auditor's special duties under the fifth sentence, the Federal Institute may also lay down, in relation to the capital management company, provisions on the content of the examination to be taken into account by the auditor in the course of the audit of the annual report. It may in particular determine focal points for the audits. The auditor must submit the report on the audit of the retail collective investment fund to the Federal Institute without delay after completion of the audit; the report on the audit of the special collective investment fund must be submitted to the Federal Institute on request.