Provisions applicable to the marketing and acquisition of AIF

(1) The marketing of units or shares in domestic retail AIF to retail investors, semi-professional investors, and professional investors within the scope of this Act is permissible only where the conditions of section 316 are satisfied. The marketing of units or shares in EU AIF and foreign AIF to retail investors within the scope of this Act is permissible only where the conditions of sections 317 to 320 are satisfied. Management companies managing AIF that do not satisfy the conditions for marketing to retail investors must take effective precautions to prevent units or shares in the AIF from being marketed to retail investors within the scope of this Act; this also applies where independent undertakings are engaged that provide investment services for the AIF.
(2) The marketing of units or shares in domestic special AIF, EU AIF, and foreign AIF to professional investors is permissible domestically only
1. up to the date named in the delegated act of the European Commission adopted on the basis of Article 66(3) in conjunction with Article 67(6) of Directive 2011/61/EU, in accordance with the conditions of section 321, 323, 329, 330, or 330a;
2. from the date referred to in point 1, in accordance with the conditions of sections 321 to 328 or section 330a. By way of derogation from the first sentence, an AIF management company that is permitted, up to the date named in point 1, to market domestic special feeder AIF, EU feeder AIF, EU AIF, or foreign AIF under section 329 or section 330, may continue to market these AIF to professional investors domestically after this date as well. The power of the Federal Institute to take necessary measures under section 11 or section 314 remains unaffected.
(3) The marketing of units or shares in domestic special AIF, EU AIF, and foreign AIF to semi-professional investors domestically is permissible only
1. up to the date named in the delegated act of the European Commission adopted on the basis of Article 66(3) in conjunction with Article 67(6) of Directive 2011/61/EU,
a) in accordance with the conditions named for marketing to semi-professional investors in sections 321, 323, 329, 330, or 330a, or
b) in accordance with the conditions of sections 317 to 320;
2. from the date referred to in point 1,
a) in accordance with the conditions named for marketing to semi-professional investors in sections 321 to 328 or section 330a, or
b) in accordance with the conditions of sections 317 to 320. Subsection (2), second and fifth sentences, applies correspondingly.
(4) Where units or shares in domestic retail AIF, in EU AIF entitled to market to retail investors, or in foreign AIF entitled to market to retail investors are marketed to retail investors or acquired by them within the scope of this Act, the provisions of Subdivision 2 of this Division apply, insofar as they relate to the marketing or acquisition of domestic retail AIF, EU AIF, or foreign AIF.
(5) Where units or shares in
1. domestic AIF,
2. EU AIF managed by an AIF capital management company or, from the date referred to in subsection (2), point 1, by a foreign AIF management company that has received a licence under section 58,
3. EU AIF entitled to market to professional investors that are managed by an EU AIF management company or, from the date referred to in subsection (2), point 1, by a foreign AIF management company whose reference Member State is not the Federal Republic of Germany, or
4. foreign AIF entitled to market to professional investors, are marketed to semi-professional or professional investors, or acquired by them, within the scope of this Act, the provisions of Subdivision 3 of this Division apply.
(6) Where an AIF capital management company intends to market units or shares in domestic AIF managed by it, in EU AIF, or, from the date referred to in subsection (2), point 1, in foreign AIF, to professional investors in another Member State of the European Union or in another State party to the Agreement on the European Economic Area, sections 331 and 331a apply, and, from the date referred to in subsection (2), point 1, section 332 applies. The AIF capital management company makes available, to persons interested in acquiring a unit or share in other Member States of the European Union and States party to the Agreement on the European Economic Area, for every domestic AIF or EU AIF managed by it and for every AIF marketed by it, before the conclusion of a contract,
1. the information named in section 307(1), including all material changes to this information, having regard to section 307(4), in the manner determined in the investment conditions, articles of association, or partnership agreement of the AIF, and
2. informs persons interested in acquiring a unit or share under section 307(2), first sentence. In addition, the AIF capital management company informs investors under section 308(1) to (4), including in conjunction with section 300(1) to (3), and of changes to the information under section 307(2), first sentence.
(7) Where a foreign AIF management company intends, from the date referred to in subsection (2), point 1, to market units or shares in domestic AIF managed by it, in EU AIF, or in foreign AIF, to professional investors in another Member State of the European Union or in another State party to the Agreement on the European Economic Area, sections 333 and 334 apply. Subsection (6), second sentence, applies correspondingly.
(8) The provisions of the Securities Prospectus Act and of Regulation (EU) 2017/1129 remain unaffected. The particulars under section 269 contained in a securities prospectus take the place of the sales prospectus in this Chapter, where
1. the AIF is exempt from the duty to prepare a sales prospectus under section 268(1), third sentence, or section 318(3), second sentence, on account of its duty to prepare a prospectus under Regulation (EU) 2017/1129 and the inclusion of all particulars required under section 269 in this prospectus, and
2. nothing else follows from the provisions of this Chapter.