Approval of the investment conditions

(1) The investment conditions, and amendments to the investment conditions, require the approval of the Federal Institute. Approval may be requested only by such AIF capital management companies as are permitted to manage the relevant type of AIF.
(2) Approval must be granted within a period of four weeks of receipt of the application, where the investment conditions satisfy the statutory requirements and the application was made by an AIF capital management company within the meaning of subsection (1), second sentence. Section 163(2), second sentence, and fourth to tenth sentences, applies correspondingly.
(3) An amendment of the investment conditions that is not compatible with the previous investment principles of the closed-ended retail AIF, or that results in a change of the costs or of material investor rights, is possible only with the consent of a qualified majority of investors representing at least two-thirds of the subscribed capital. Where the closed-ended retail AIF is a closed-ended investment limited partnership in which investors participate in the closed-ended retail AIF indirectly through a trustee limited partner, the trustee limited partner may exercise its voting right only on prior instruction from the investor. The Federal Institute may approve the amendment of the investment conditions within the meaning of the first sentence only subject to the condition precedent of consent by investors under the first sentence. Section 163(2), fifth sentence, applies with the proviso that the approval is regarded as granted only subject to the condition precedent of consent by investors under the first sentence. For this purpose, the AIF capital management company must inform the affected investors, by means of a durable medium, of the planned amendments approved by the Federal Institute within the meaning of the first sentence and their background, and of when it will, as the case may be, publish the planned amendments and the date of their entry into force, and must allow them a period of three months for reaching a decision. Where a qualified majority of investors under the first sentence has consented to the planned amendment, the AIF capital management company informs the Federal Institute of the impending amendment of the investment conditions and the date of its entry into force. The AIF capital management company publishes the information under the sixth sentence in the Federal Gazette and, insofar as the units or shares of the closed-ended retail AIF concerned may be marketed within the scope of this Act, in the electronic information media designated in the sales prospectus. The amendment may enter into force at the earliest on the day after publication in the Federal Gazette.
(4) The AIF capital management company publishes other amendments that have been approved by the Federal Institute, or are regarded as approved, in the Federal Gazette and, insofar as the units or shares of the closed-ended retail AIF concerned may be marketed within the scope of this Act, in the electronic information media designated in the sales prospectus. The amendments may enter into force at the earliest on the day after publication in the Federal Gazette.
(5) Section 167(1) and (3) applies correspondingly to information by means of a durable medium.