Redemption

(1) For funds of hedge funds, the investment conditions may, by way of derogation from section 98(1) or section 116(2), first sentence, provide that units or shares are redeemed only on particular redemption dates, but at least once every calendar quarter.
(2) For funds of hedge funds, returns of units or shares must be declared, up to 100 calendar days before the respective redemption date, at which the unit or share value is also determined, by way of an irrevocable redemption declaration to the AIF capital management company. Where units or shares are held domestically in a custody account, the declaration must be made through the custody account-holding entity.
(3) The units or shares to which the redemption declaration relates must be blocked by the custody account-holding entity until the actual return. For units or shares not held domestically in a custody account, the redemption declaration becomes effective, and the period begins to run, only once the depositary has transferred the units or shares to be returned to a blocked custody account.
(4) The redemption price must be paid without delay, but no later than 50 calendar days after the redemption date.