Microfinance institutions

(1) By way of derogation from section 221(5), first sentence, the AIF capital management company may invest up to 95 percent of the value of the Other Investment Fund in unsecuritised loan receivables of regulated microfinance institutions and in unsecuritised loan receivables against regulated microfinance institutions; however, the acquisition of unsecuritised loan receivables against regulated microfinance institutions is permissible only where the acquisition serves the refinancing of the microfinance institution. Regulated microfinance institutions within the meaning of the first sentence are undertakings
1. authorised as a credit or financial institution by the authority responsible, in their State of seat, for the supervision of credit institutions, and supervised in accordance with internationally recognised principles,
2. whose principal activity is the financing of small and micro entrepreneurs for their entrepreneurial purposes, and
3. in which 60 percent of the respective financing extended to individual small and micro entrepreneurs does not exceed a total amount of EUR 30,000. By way of derogation from section 221(5), first sentence, the AIF capital management company may also invest up to 75 percent of the value of the Other Investment Fund in unsecuritised loan receivables of unregulated microfinance institutions and in unsecuritised loan receivables against unregulated microfinance institutions, whose business activity satisfies the criteria named in the second sentence, points 2 and 3, and
1. that have had, for at least three years, in addition to general professional suitability, sufficient experience for activity in the microfinance sector,
2. that can demonstrate a sustainable business model, and
3. whose proper business organisation and risk management are audited by an auditor established in the State of the microfinance institution and regularly monitored by the AIF capital management company. The AIF capital management company may grant loans, for the Other Investment Fund, to microfinance institutions satisfying the requirements of the second or third sentence. However, the AIF capital management company may acquire assets of the same microfinance institution only up to 10 percent, and of several microfinance institutions of the same State only up to 15 percent, of the value of the Other Investment Fund.
(2) Where an AIF capital management company avails itself of the investment options under subsection (1), it may also acquire, for the account of the Other Investment Fund, securities issued by microfinance institutions within the meaning of subsection (1), second sentence, without the acquisition restrictions under section 193(1), first sentence, points 2 and 4, applying. The AIF capital management company may invest in securities within the meaning of the first sentence only up to 15 percent of the value of the Other Investment Fund.
(3) In the cases under subsection (1), the persons responsible for investment decisions of the Other Investment Fund must have, in addition to general professional suitability for carrying out investment business, sufficient experience with regard to the investment options named in subsection (1).
(4) The value of the loans granted to regulated microfinance institutions may not exceed 60 percent of the value of the Other Investment Fund. The value of the loans granted to unregulated microfinance institutions may not exceed 40 percent of the value of the Other Investment Fund. Subsection (1), fourth sentence, applies correspondingly.