Investment limits, investment restrictions, suspension of units

(1) Irrespective of the investment limits under section 207(1), section 210(3), and section 221(3), the capital management company must invest at least 85 percent of the value of the feeder fund in units of a master fund. The feeder fund may invest in units of a master fund beyond the investment limits under section 207(1), section 210(3), and section 221(3) only once the approval under section 171 has been granted and the master-feeder agreement under section 175(1), and, where necessary, the depositary agreement under section 175(2) and the auditor agreement under section 175(3), have become effective. The capital management company may invest up to 15 percent of the value of the feeder fund in
1. bank balances under section 195, insofar as these are available daily, and
2. derivatives under section 197(1), insofar as these are used exclusively for hedging purposes. Section 112(2), first and second sentence, remains unaffected.
(2) The capital management company may not hold units in a feeder fund for the account of a master fund.
(3) For the purposes of compliance with section 197(2), the capital management company must calculate the market risk exposure of a feeder fund from the combination of its market risk exposure through the use of derivatives under subsection (1), third sentence, point 2, with
1. the actual market risk exposure of the master fund through the use of derivatives, in proportion to the feeder fund's investment in the master fund, or
2. the maximum possible market risk exposure of the master fund through the use of derivatives under its investment conditions or its articles of association, in proportion to the feeder fund's investment in the master fund.
(4) Where the repurchase or redemption of the units of a master fund is temporarily suspended, the capital management company managing the feeder fund is entitled, by way of derogation from section 98(2), first sentence, or section 116(2), sixth sentence, to suspend the repurchase or redemption of the units of the feeder fund during the same period.