Sales prospectus, investment conditions, annual report

(1) The sales prospectus of a feeder fund must, in addition to the particulars under section 165, contain at least the following particulars: 1. an explanation that it is the feeder fund of a particular master fund and that, as such, it permanently invests at least 85 percent of its value in units of this master fund, 2. particulars of the risk profile, and particulars of whether the performance of the feeder fund and the master fund is identical or, if not, the extent of and reasons for any difference, together with a description of the investments made under section 174(1), 3. a brief description of the master fund, its structure, its investment objective, and its investment strategy, including its risk profile, and particulars of where and how the current sales prospectus of the master fund may be obtained, as well as particulars of the seat of the master fund, 4. a summary of the master-feeder agreement under section 175(1), second sentence, or of the corresponding internal rules of conduct for business activities under section 175(1), third sentence, 5. the means by which investors may obtain further information on the master fund and the master-feeder agreement, 6. a description of all remuneration and costs that the feeder fund must pay on account of its investment in units of the master fund, and of the total fees of the feeder fund and the master fund, and 7. a description of the tax implications of the investment in the master fund for the feeder fund.
(2) Where the feeder fund is a UCITS, the capital management company managing the feeder fund must also submit to the Federal Institute, without prejudice to the obligation to submit under section 171(3), amendments to the sales prospectus and either to the key information document under Regulation (EU) No 1286/2014 or to the key investor information of the master fund, without delay after first use. Where the feeder fund is an Other Investment Fund, amendments to the sales prospectus and to the key information document under Regulation (EU) No 1286/2014 of the master fund must also be notified to the Federal Institute under section 316(4).
(3) The investment conditions of the feeder fund must contain the designation of the master fund.
(4) The annual report of a feeder fund must, in addition to the information provided for in section 101(1), contain a statement of the combined fees of the feeder fund and the master fund. It must also state where the annual report of the master fund may be obtained. The half-yearly report of a feeder fund must also state where the half-yearly report of the master fund may be obtained.
(5) Capital management companies managing a feeder fund must also submit the annual and half-yearly report for the master fund to the Federal Institute, without delay after first use.
(6) The auditor of the feeder fund must take into account, in its audit report, the audit opinion and further information under Article 27(1), letter a, of Commission Directive 2010/44/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards provisions on fund mergers, master-feeder structures, and the notification procedure (OJ L 176, 10.7.2010, p. 28; L 179, 14.7.2010, p. 16), issued by the auditor of the master fund. Where the feeder fund and the master fund have different financial years, the auditor of the master fund must prepare a report on the audit of the information to be prepared by the master fund's management company under Article 12, letter b, of Directive 2010/44/EU, for the master fund, as at the end of the feeder fund's financial year. The auditor of the feeder fund must, in its audit report, name in particular any irregularities found in the documents transmitted by the auditor of the master fund, and their effects on the feeder fund. To perform its tasks under this subsection, the auditor of the master fund may also disclose personal data to the auditor of the feeder fund. The personal data must be pseudonymised before disclosure, unless this would conflict with the performance of tasks under this subsection. The auditor of the feeder fund may store and use personal data disclosed to it under the fourth sentence, insofar as this is necessary to perform its tasks under this subsection.