Winding-up of the closed-ended master fund

(1) The winding-up of a domestic closed-ended master fund may commence at the earliest three months after the date on which all investors of the master fund and, in the case of a domestic closed-ended feeder fund, the Federal Institute, have been informed of the binding decision to wind up.
(2) On the winding-up of a domestic closed-ended master fund, the domestic closed-ended feeder fund must also be wound up, unless the Federal Institute approves its continuation as a closed-ended feeder fund by investing in another master fund, or a conversion of the closed-ended feeder fund into a domestic investment fund that is not a closed-ended feeder fund. For the approval under the first sentence, the capital management company must submit the following particulars and documents to the Federal Institute no later than two months after becoming aware of the binding decision on the winding-up of the master fund:
1. for investment in another closed-ended master fund,
a) the application for approval of the continuation,
b) the application for approval of the amendment of the investment conditions, naming the master fund in whose units at least 85 percent of the value of the investment fund is to be invested,
c) the amended passages of the sales prospectus and of the key information document under Regulation (EU) No 1286/2014, and
d) the particulars and documents under section 272a(3);
2. for the conversion of the domestic closed-ended feeder fund into a domestic investment fund that is not a closed-ended feeder fund,
a) the application for approval of the amendment of the investment conditions,
b) the amendments made to the sales prospectus and to the key information document under Regulation (EU) No 1286/2014. Where the management company of the closed-ended master fund has informed the capital management company of the closed-ended feeder fund of its binding decision to wind up more than five months before the commencement of the winding-up of the master fund, the capital management company of the closed-ended feeder fund must, by way of derogation from the period under the second sentence, submit the application for approval and the particulars and documents under the second sentence to the Federal Institute no later than three months before the winding-up of the master fund.
(3) Section 267(3) applies correspondingly to the approval under subsection (2).
(4) The capital management company of the closed-ended feeder fund must inform the management company of the closed-ended master fund without delay of the approval granted and take all measures necessary to satisfy the requirements under section 272a.
(5) The capital management company of the closed-ended feeder fund must notify the Federal Institute of an intended winding-up of the closed-ended feeder fund no later than two months after becoming aware of the planned winding-up of the closed-ended master fund; the investors of the closed-ended feeder fund must be informed of this without delay by way of a notice in the Federal Gazette and by means of a durable medium. Subsection (2), third sentence, applies correspondingly.
(6) Where winding-up proceeds of the closed-ended master fund are to be paid out to the closed-ended feeder fund before the closed-ended feeder fund invests in a new closed-ended master fund under subsection (2), second sentence, point 1, or amends its investment principles under subsection (2), second sentence, point 2, the Federal Institute attaches to its approval an ancillary provision that the feeder fund must receive the winding-up proceeds either
1. as a cash payment, or
2. wholly, or in addition to a cash payment at least in part, in the form of a transfer of assets, where the capital management company of the feeder fund agrees to this and the master-feeder agreement or the internal rules of conduct and the binding decision on the winding-up of the master fund provide for this. Bank balances that the closed-ended feeder fund has received as winding-up proceeds before approval under subsection (2) may be invested, before reinvestment under subsection (2), second sentence, point 1 or point 2, only for efficient liquidity management. The capital management company may dispose of assets received under the first sentence, point 2, against cash payment at any time.