Duties of the capital management company and the depositary

(1) The capital management company must effectively monitor the investments of the master fund for a feeder fund managed by it. To fulfil this obligation, it may rely on information and documents from the management company of the master fund, its depositary, or its auditor, unless there are grounds to doubt the accuracy of this information and these documents.
(2) The capital management company managing a master fund may charge neither a front-end load for the feeder fund's investment in the units of the master fund, nor a redemption discount for redemption. Where the capital management company managing a feeder fund, or a person acting in its name, receives a distribution fee, a distribution commission, or any other pecuniary advantage in connection with an investment in units of the master fund, these must be paid into the assets of the feeder fund.
(3) The capital management company must inform the Federal Institute without delay of every feeder fund that invests in units of the master fund managed by it. Where foreign feeder funds have also invested in units of the master fund, the Federal Institute must inform the competent authorities in the feeder fund's home State of such investments without delay.
(4) The capital management company must ensure, for a master fund managed by it, that all information required as a result of the implementation of Directive 2009/65/EC, under other legal provisions of the European Union, under the applicable domestic provisions, the investment conditions, or the articles of association, is made available in good time to the following entities:
1. the management company of the feeder fund,
2. the Federal Institute and the competent authorities of the feeder fund's home State,
3. the depositary of the feeder fund, and
4. the auditor of the feeder fund.
(5) A capital management company need not offer to the public units in a master fund in which at least two feeder funds have invested.
(6) The capital management company of a feeder fund must communicate to the depositary of the feeder fund all information about the master fund that is necessary for the depositary to fulfil its duties. The depositary of a domestic master fund must directly inform the Federal Institute, the management company of the feeder fund, and the depositary of the feeder fund of all irregularities it identifies in relation to the master fund that could have a negative effect on the feeder fund. To perform its tasks under this subsection, the depositary of the master fund may also disclose personal data to the Federal Institute, the management company of the feeder fund, and the depositary 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 Federal Institute, the management company of the feeder fund, and the depositary of the feeder fund may store and use personal data disclosed to them under the third sentence, insofar as this is necessary to perform their tasks under this subsection.