Merger information

(1) The capital management company must transmit to the investors of the transferring collective investment fund and the receiving collective investment fund or EU UCITS suitable and precise information on the planned merger, so that they can form a reliable judgement of the effects of the proposal on their investment and can exercise their rights under section 187 (merger information). In doing so, the requirements of Article 3 of Directive 2010/44/EU must in particular be observed.
(2) The merger information may be transmitted to the investors of the transferring collective investment fund and the receiving collective investment fund or EU UCITS only after the Federal Institute, or, for a merger of an EU UCITS into a UCITS collective investment fund, the competent authorities of the home State, have approved the planned merger. A period of at least 30 days must elapse between the transmission of the merger information and the expiry of the period for an application for redemption or, where applicable, exchange free of further cost under section 187(1).
(3) The merger information must contain the following particulars:
1. the background to the planned merger and the reasons for it,
2. the potential effects of the planned merger on investors, in accordance with Article 4(1) and (2) of Directive 2010/44/EU, in particular with regard to material differences in investment policy and strategy, costs, expected outcome, annual and half-yearly reports, any impairment of performance, and, where applicable, a clear warning to investors that changes may result to their tax treatment as a result of the merger,
3. the specific rights of investors in relation to the planned merger, in accordance with Article 4(3) and (4) of Directive 2010/44/EU, in particular the right to additional information, to receive a copy of the examiner's statement under section 185(2) on request, to redemption free of charge and, where applicable, exchange of units under section 187(1), and the period for exercising this right,
4. material procedural aspects and the planned transfer date on which the merger becomes effective, in accordance with Article 4(5) to (8) of Directive 2010/44/EU, and
5. a current version of the key information document under Regulation (EU) No 1286/2014 or the key investor information under sections 164 and 166 or under Article 78 of Directive 2009/65/EC of the receiving collective investment fund or EU UCITS, in accordance with Article 5 of Directive 2010/44/EU. Where the material points of the merger are summarised at the beginning of the merger information, reference must be made in it to the respective section of the document that contains the further information. The merger information must be transmitted to investors on a durable medium and made accessible on the website of the capital management company. The capital management company must publish notice of the transmission of the merger information to investors in the Federal Gazette; it must state where, and in what manner, further information on the merger may be obtained. Transmission of the merger information is deemed to have taken place three days after posting or dispatch. This does not apply where it is established that the durable medium did not reach the recipient, or reached the recipient at a later time.
(4) Where the intention to distribute EU UCITS investment units of the transferring or receiving EU UCITS within the territorial scope of this Act has been notified under section 310, the merger information must be submitted to the Federal Institute without delay in the German language. The EU UCITS management company or the capital management company obliged to transmit this information is responsible for the translation. The translation must accurately and completely reflect the content of the original.