Approval of the closed-ended feeder fund; special requirements for capital management companies

(1) The investment conditions of a closed-ended retail AIF may provide that it invests, as a closed-ended feeder fund, in a closed-ended master fund.
(2) The investment of a domestic closed-ended AIF as a closed-ended feeder fund in a closed-ended master fund requires the prior approval of the Federal Institute, and may be approved only where the closed-ended master fund is a closed-ended AIF.
(3) Special AIF may, in a closed-ended master-feeder structure, be either a closed-ended master fund or a closed-ended feeder fund only, where closed-ended retail AIF are the closed-ended master fund or closed-ended feeder fund of the same closed-ended master-feeder structure.
(4) The capital management company managing the closed-ended feeder fund must enclose with the application for approval under section 267 the following particulars and documents:
1. the investment conditions or the articles of association of the closed-ended feeder fund and the closed-ended master fund,
2. the sales prospectus and the key information document under Regulation (EU) No 1286/2014 of the closed-ended feeder fund and the closed-ended master fund under section 268,
3. the master-feeder agreement or the corresponding internal rules of conduct under section 272d(1), second sentence,
4. the depositary agreement within the meaning of section 272d(2), where different depositaries have been appointed for the closed-ended master fund and the closed-ended feeder fund,
5. the auditor agreement within the meaning of section 272d(3), where different auditors have been appointed for the closed-ended master fund and the closed-ended feeder fund, and
6. in the cases under section 272h, the information named there for investors.
(5) A change of investment to another closed-ended master fund requires the approval of the Federal Institute. The following particulars and documents must be enclosed with the application for approval:
1. the application for approval of the amendment of the investment conditions, naming the closed-ended master fund,
2. the amendments made to the sales prospectus and the key information document under Regulation (EU) No 1286/2014, and
3. the documents under subsection (4). Approval must be granted within a period of four weeks of receipt of the application, where all the documents named in the second sentence are complete and the closed-ended feeder fund, its depositary and its auditor, and the closed-ended master fund satisfy the requirements of this Subdivision. Section 163(2), second sentence, and fourth to tenth sentences, applies correspondingly. Section 267(3) remains unaffected.
(6) Section 172 applies correspondingly.