Issuer-related investment limits

(1) The UCITS capital management company may acquire bonds of the same issuer, or money market instruments of the same issuer, for the account of a domestic UCITS only insofar as the total nominal amount does not exceed 10 percent of the total nominal amount of the bonds and money market instruments of the same issuer in circulation, in each case. This does not apply to securities or money market instruments under section 206(2). The limit determined in the first sentence need not be observed on acquisition where the total nominal amount of the bonds or money market instruments of the same issuer in circulation cannot be determined by the UCITS capital management company. Non-voting shares of the same issuer may be acquired for a domestic UCITS only insofar as their share of the capital attributable to the non-voting shares issued by the same issuer does not exceed 10 percent.
(2) The UCITS capital management company may acquire shares of the same issuer, for all domestic UCITS managed by it, only insofar as the voting rights accruing to the UCITS capital management company from shares of the same issuer do not exceed 10 percent of the total voting rights from shares of the same issuer. Where another Member State of the European Union or another State party to the Agreement on the European Economic Area has determined a lower limit for the acquisition of voting shares of the same issuer, this limit is determinative where a UCITS capital management company acquires such shares of an issuer with its seat in that State for the domestic UCITS managed by it.
(3) The UCITS capital management company may not acquire, for the account of a domestic UCITS, more than 25 percent of the units issued of another open-ended domestic, EU, or foreign investment fund invested, according to the principle of risk diversification, in assets within the meaning of sections 192 to 198.