Sales prospectus, investment conditions, annual report

(1) The sales prospectus of a closed-ended feeder fund must, in addition to the particulars under section 269, contain the following particulars: 1. an explanation that it is the closed-ended feeder fund of a particular closed-ended master fund and that, as such, it permanently invests at least 85 percent of its value in units of this closed-ended master fund, 2. the risk profile and a statement of whether the performance of the closed-ended feeder fund and the closed-ended master fund is identical or, to what extent and for what reasons they differ, together with a description of the investments made under section 272c(1), 3. a brief description of the closed-ended master fund, its structure, its investment objective, and its investment strategy, including the risk profile, and particulars of where and how the current sales prospectus of the master fund is available, together with particulars of the seat of the master fund, 4. a summary of the closed-ended master-feeder agreement under section 272d(1), second sentence, or of the corresponding internal rules of conduct under section 272d(1), third sentence, 5. a notice of the ways in which investors may obtain further information about the closed-ended master fund and the closed-ended master-feeder agreement, 6. a description of all remuneration and costs that the closed-ended feeder fund must pay on account of the investment in units of the closed-ended master fund, and of the total fees of the closed-ended feeder fund and the closed-ended master fund, and 7. a description of the tax consequences of the investment in the closed-ended master fund for the closed-ended feeder fund.
(2) Amendments to the sales prospectus and to the key information document under Regulation (EU) No 1286/2014 of the closed-ended master fund must be notified to the Federal Institute under section 316(4).
(3) The investment conditions of the closed-ended feeder fund must contain the designation of the closed-ended master fund.
(4) The annual report of a closed-ended feeder fund must, in addition to the information provided for in section 148 or section 158, contain a statement on the combined fees of the closed-ended feeder fund and the closed-ended master fund. It must further state where the annual report of the closed-ended master fund is available.
(5) Capital management companies managing a closed-ended feeder fund must, for the closed-ended master fund as well, submit the annual report to the Federal Institute without delay after its first use.
(6) The auditor of the closed-ended feeder fund must take into account, in its audit report, the audit opinion and further information of the auditor of the closed-ended master fund, correspondingly applying Article 27(1)(a) of Directive 2010/44/EU. Where the closed-ended feeder fund and the closed-ended master fund have different financial years, the auditor of the master fund must prepare a report on the audit of the information to be prepared by the management company of the master fund, correspondingly applying Article 12(b) of Directive 2010/44/EU, for the closed-ended master fund as at the financial year-end of the closed-ended feeder fund. The auditor of the closed-ended feeder fund must, in its audit report, in particular name any irregularities it identifies in the documents transmitted by the auditor of the closed-ended master fund, and their effects on the closed-ended feeder fund. To perform the tasks under this subsection, the auditor of the closed-ended master fund may also disclose personal data to the auditor of the closed-ended feeder fund. The personal data must be pseudonymised before disclosure, unless this would be contrary to the performance of the tasks under this subsection. The auditor of the closed-ended feeder fund may store and use personal data disclosed to it under the fourth sentence, insofar as this is necessary to perform its tasks under this subsection.