General provisions

(1) Marketing is the direct or indirect offering or placement of units or shares of an investment fund. The following are not regarded as marketing: 1. investment funds being named only by name, 2. only the net asset values and the prices determined on an organised market, or the issue and redemption prices, of units or shares of an investment fund being stated or published, 3. sales documents of an investment fund with at least one sub-fund whose units or shares may be marketed within the scope of this Act to one, several, or all investor categories within the meaning of section 1(19), points 31 to 33, being used, where these sales documents also contain information about further sub-funds that may not be marketed within the scope of this Act, or may be marketed only to one or more other investor categories, provided that the sales documents, in each case, draw attention, typographically highlighted in a prominent place, to the fact that the units or shares of the further sub-funds may not be marketed within the scope of this Act or, where they may be marketed to individual investor categories, to which investor category within the meaning of section 1(19), points 31 to 33, they may not be marketed, 4. the taxation bases under section 5 of the Investment Tax Act being stated or made known, 5. particulars of an investment fund being made on the basis of statutorily required publications or information, in particular where a) minimum particulars under Regulation (EU) 2017/1129 and the requirements in Chapters II to IV of Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004 (OJ L 166, 21.6.2019, p. 26), or additional particulars under section 268 or section 307, are included in a prospectus for securities, b) minimum particulars under section 8g of the Sales Prospectus Act, or particulars under section 7 of the Capital Investments Act, are included in a prospectus for capital investments, or c) information under section 7(1), first sentence, of the Insurance Contract Act in conjunction with section 2(1), point 7, of the Ordinance on Information Duties under the Insurance Contract Act (VVG-InfoV) is made available for a unit-linked life insurance policy, 6. management companies merely fulfilling their statutory publication duties in the Federal Gazette, or exclusively fulfilling their regular information duties towards investors already invested in the relevant investment fund under this Act or under the law of the home State, 7. an EU master UCITS issuing units exclusively to one or more domestic UCITS feeder funds, and no marketing within the meaning of the first sentence taking place beyond this. Marketing to semi-professional and professional investors exists only where it takes place on the initiative of, or on behalf of, the management company, and is directed at semi-professional or professional investors with their residence or seat domestically or in another Member State of the European Union or State party to the Agreement on the European Economic Area. The Federal Institute may issue guidelines according to which it assesses, as a general rule, when marketing within the meaning of the first and third sentences exists.
(2) Where the provisions of this Chapter contain rules for investment funds, these also apply correspondingly to sub-funds, unless something else follows from the provisions of this Chapter.