Investment limits, investment restrictions

(1) The capital management company must, for a closed-ended feeder fund, notwithstanding section 262, invest at least 85 percent of the value of the closed-ended feeder fund in units of a closed-ended master fund. The closed-ended feeder fund may not invest in units of a closed-ended master fund, by way of derogation from section 262(1), first and third sentences, and (2), first sentence, until the approval under section 272a(1), second sentence, has been granted and the closed-ended master-feeder agreement under section 272d(1), second or third sentence, and, where required, the depositary agreement under section 272d(2) and the auditor agreement under section 272d(3), have become effective.
(2) The capital management company may not hold units in a closed-ended feeder fund for the account of a closed-ended master fund.