Liquidity and hedging investments

(1) The AIF capital management company may hold, for the account of a development promotion fund, an amount corresponding, in total, to 30 percent of the value of the fund only in
1. bank balances;
2. money market instruments;
3. units in special AIF under section 196(1), second sentence, that may, under the investment conditions, invest exclusively in assets under points 1, 2, and 4, letter a; and
4. securities that
a) are admitted to secure the lending operations named in Article 18.1 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank of 7 February 1992 (Federal Law Gazette 1992 II p. 1297), as amended by Protocol No. 1 amending the Protocols annexed to the Treaty on European Union, to the Treaty establishing the European Community and/or to the Treaty establishing the European Atomic Energy Community of 13 December 2007 (OJ C 306, 17.12.2007, p. 165, 172), by the European Central Bank or the Deutsche Bundesbank, or for which admission is applied for under the issue terms, insofar as the admission takes place within one year of their issue,
b) are either admitted to trading on an organised market within the meaning of section 2(11) of the Securities Trading Act or are fixed-interest securities, insofar as their value does not exceed an amount of 5 percent of the value of the development promotion fund.
(2) The AIF capital management company must ensure that none of the objectives named in section 1(19), point 10a, is significantly impaired by the investments under subsection (1), points 2 to 4. The investment limit of 30 percent under subsection (1) applies only once a period of four years has elapsed since the formation of the development promotion fund.
(3) The AIF capital management company may acquire derivatives for the account of a development promotion fund for hedging purposes.