Exemptions

(1) This Act does not apply to 1. holding companies that hold a participation in one or more other undertakings, a) whose business purpose is to pursue a business strategy, through their subsidiary undertakings, related undertakings, or participations, respectively, to promote the long-term value of the subsidiary undertakings, the related undertakings, or the participations, and b) that aa) either operate on their own account and whose shares are admitted to trading on an organised market within the meaning of section 2(11) of the Securities Trading Act in the European Union or in another contracting state of the Agreement on the European Economic Area, or bb) were not, according to their annual report or other official documents, established with the main purpose of generating a return for their investors through the disposal of their subsidiary undertakings or related undertakings; 2. institutions for occupational retirement provision falling within Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision (OJ L 235, 23.9.2003, p. 10), including, where applicable, a) the authorised entities named in Article 2(1) of Directive 2003/41/EC responsible for managing such institutions and acting on their behalf, or b) the asset managers appointed under Article 19(1) of Directive 2003/41/EC, provided they do not manage investment funds; 3. the European Central Bank, the European Investment Bank, the European Investment Fund, the European development finance institutions and bilateral development banks, the World Bank, the International Monetary Fund, and other supranational institutions and comparable international organisations, insofar as these institutions or organisations, respectively, a) manage investment funds, and b) these investment funds act in the public interest; 4. national central banks; 5. state bodies and territorial authorities, or other institutions managing funds to support social security and pension systems; 6. employee participation schemes or employee savings schemes; 7. securitisation special purpose entities.
(2) Financial services institutions and credit institutions holding an authorisation under the Banking Act do not require authorisation under this Act to provide investment services within the meaning of section 2(3) of the Securities Trading Act for AIFs.
(3) This Act does not apply to AIF capital management companies insofar as they manage one or more AIFs whose investors are 1. exclusively one of the following companies: a) the AIF capital management company itself, b) a parent company of the AIF capital management company, c) a subsidiary of the AIF capital management company, or d) another subsidiary of a parent company of the AIF capital management company, and 2. are not themselves AIFs.
(4) Only 1. sections 1 to 17 and 42, 2. section 20(10), correspondingly, 3. sections 44 to 45a, 4. (repealed), 5. with regard to the management of development promotion funds, Chapter 3, Division 4, section 28a, and, by way of derogation from point 4, section 20(9a), apply to an AIF capital management company, where it satisfies the conditions of the second sentence. The conditions are: 1. the AIF capital management company manages exclusively special AIFs, whether directly or indirectly through a company with which the AIF capital management company is connected through common management, a common control relationship, or a material direct or indirect participation, 2. the managed assets of the special AIFs managed a) do not, including assets acquired through the use of leverage, exceed in total a value of EUR 100 million, or b) do not exceed in total a value of EUR 500 million, provided no leverage is employed for the special AIFs and investors cannot exercise redemption rights in respect of the special AIFs within five years of the date of the initial investment, and 3. the AIF capital management company has not opted to be subject to this Act in its entirety. The calculation of the thresholds named in the second sentence, points 2, letters a and b, and the treatment of AIF capital management companies within the meaning of the first sentence whose managed assets occasionally exceed or fall below the relevant threshold within a calendar year, are governed by Articles 2 to 5 of Delegated Regulation (EU) No 231/2013. Where the AIF capital management company is simultaneously registered under subsection (6) or subsection (7), it may, by way of derogation from the second sentence, point 1, also manage the corresponding AIFs in addition to special AIFs.
(4a) (repealed)
(4b) (repealed)
(5) (repealed)
(6) Only Chapter 5 applies to an AIF capital management company, where it 1. is registered under Article 14 of Regulation (EU) No 345/2013, and 2. does not fall under Article 2(2) of Regulation (EU) No 345/2013. Where an AIF capital management company within the meaning of the first sentence is an external capital management company and simultaneously holds an authorisation as an external UCITS capital management company under sections 20 and 21, it may, by way of derogation from the first sentence, manage UCITS in addition to portfolios of qualifying venture capital funds; in this case, in addition to Chapter 5, the provisions of this Act applicable to the management of UCITS also apply to the AIF capital management company.
(7) Only Chapter 6 applies to an AIF capital management company, where it 1. is registered under Article 15 of Regulation (EU) No 346/2013, and 2. does not fall under Article 2(2) of Regulation (EU) No 346/2013. Where an AIF capital management company within the meaning of the first sentence is an external capital management company and simultaneously holds an authorisation as an external UCITS capital management company under sections 20 and 21, it may, by way of derogation from the first sentence, manage UCITS in addition to portfolios of European social entrepreneurship funds; in this case, in addition to Chapter 6, the provisions of this Act applicable to the management of UCITS also apply to the AIF capital management company.