(1) Section 282(1) and sections 192 to 211 and 218 to 260d apply to open-ended domestic special AIF with fixed investment conditions, insofar as nothing else follows from subsections (2) to (4).
(2) The AIF capital management company may, for open-ended domestic special AIF with fixed investment conditions, derogate from sections 192 to 211, 218 to 224, and 230 to 260d, where 1. investors consent; 2. only the following assets are acquired for the relevant special AIF: a) securities, b) money market instruments, c) derivatives, d) bank balances, e) properties, f) participations in real estate companies, g) units or shares in investment funds, h) participations in PPP project companies and infrastructure project companies, where the market value of these participations can be determined, i) precious metals, unsecuritised loan receivables, and business participations, where the market value of these participations can be determined, j) crypto-assets for investment purposes, where their market value can be determined; 3. section 197(2), section 276(1), and section 260(3) remain unaffected, with the proviso that the encumbrance under section 260(3), first sentence, may not, in total, exceed 60 percent of the market value of the properties held in the collective investment fund; and 4. the investment limit under section 221(4) remains unaffected with regard to the assets named in section 198, first sentence, point 1, insofar as they are shares.
(3) The AIF capital management company may invest, for an open-ended domestic special AIF with fixed investment conditions, 1. in participations in undertakings that are not admitted to trading on an exchange or included in trading on an organised market and that are not companies within the meaning of subsection (2), point 2, letters f and h, and 2. in crypto-assets, only up to 20 percent of the value of the open-ended domestic special AIF with fixed investment conditions, in each case. Section 282(3) applies correspondingly.
(4) The AIF capital management company may raise short-term loans for the account of an open-ended domestic special AIF with fixed investment conditions only up to an amount of 30 percent of the value of the AIF, and may not, beyond this, employ leverage on a considerable scale. The criteria for determining when leverage is employed on a considerable scale are governed by Article 111 of Delegated Regulation (EU) No 231/2013. Section 254 remains unaffected; insofar as loans are raised against the properties held in the collective investment fund, it applies, however, with the proviso that loans may be raised for the joint account of investors up to an amount of 60 percent of the market value of the properties held in the collective investment fund.
(5) (repealed)