Rights of investors

(1) The investors of the transferring collective investment fund and the receiving collective investment fund or EU UCITS have the right to demand the following from the capital management company:
1. the redemption of their units free of further cost, except for the costs withheld to cover the costs of dissolution, or
2. insofar as possible, the exchange of their units, free of further cost, for units of another collective investment fund or EU UCITS that is compatible with the previous investment principles and is managed by the same capital management company or by an undertaking connected to the capital management company within the meaning of section 290(1), first sentence, of the Commercial Code. This right of redemption or exchange exists from the time at which the investors of both the transferring collective investment fund and the receiving collective investment fund or EU UCITS are informed of the planned merger under section 186(2); it lapses five working days before the time of calculating the exchange ratio under section 189(1), point 3, or Article 47(1), first subparagraph, of Directive 2009/65/EC. Section 255(3) and (4) remains unaffected. Redemption declarations that an investor makes before the merger in respect of the units held by him or her continue to apply after the merger and then relate to the investor's units in the receiving investment fund of corresponding value.
(2) Without prejudice to the provisions of subsection (1), the Federal Institute may, for mergers, by way of derogation from section 98(1), require or permit the temporary suspension of the redemption of units, where such a suspension is justified on grounds of investor protection.
(3) The capital management company must make available, free of charge and on request, to the investors of the transferring collective investment fund and the receiving collective investment fund or EU UCITS, and to the Federal Institute, a copy of the examiner's statement under section 185(2).