Revocation of cross-border marketing domestically

(1) A UCITS management company may revoke the marketing of units or shares, where applicable relating to one or more unit classes, of an EU UCITS managed by it and marketed within the scope of this Act under section 310. An AIF management company may revoke the marketing of units or shares of an AIF managed by it and marketed within the scope of this Act under sections 320, 323, including in conjunction with Article 31 of Regulation (EU) 2015/760, or under sections 329 or 330. The following conditions must be satisfied for revocation under the first and second sentences:
1. a blanket offer has been made to repurchase or redeem, without cost or deduction, all units or shares, where applicable relating to one or more unit classes, for which marketing domestically is to be revoked, publicly available for a period of at least 30 working days and addressed individually — directly or through financial intermediaries — to all investors whose identity is known; this obligation does not apply in the case of closed-ended AIF or AIF regulated by Regulation (EU) 2015/760;
2. the intention to revoke marketing has been made known by means of a generally available medium, including electronic means, that is customary for the marketing of UCITS or AIF and suitable for a typical UCITS investor or AIF investor;
3. contractual arrangements with financial intermediaries or representatives have been amended or terminated with effect from the date of revocation, to prevent any new or further direct or indirect offering or placement of the relevant units or shares. In the case of EU UCITS or of EU AIF or foreign AIF marketed to retail investors, the information named in the third sentence, points 1 and 2, is provided in German and contains a clear description of the consequences for investors if they do not accept the offer to redeem or repurchase their units or shares.
(2) From the date of revocation, the UCITS management company or the AIF management company may no longer market the affected units or shares.
(3) For a period of 36 months from the date of revocation, the AIF management company may not carry out pre-marketing for the AIF units or shares affected by the marketing revocation, or for comparable investment strategies or investment concepts.
(4) Where the revocation of marketing relates to units or shares in AIF admitted to marketing domestically under sections 320, 329, or 330, the AIF management company notifies the Federal Institute of the revocation of marketing and demonstrates compliance with the respectively required conditions under subsection (1).
(5) In the cases under section 310, the Federal Institute examines whether the competent authority of the EU UCITS's home Member State has transmitted to the Federal Institute a notification from the UCITS management company of the intended revocation of marketing, containing particulars of the conditions named in subsection (1), third sentence. From the date of revocation, section 310(4) no longer applies. Where the competent authority of the EU UCITS's home Member State notifies the Federal Institute of the revocation of marketing with regard to individual sub-funds or unit classes, the UCITS management company must inform the Federal Institute of amended particulars and documents with regard to the sub-funds or unit classes still being marketed, correspondingly to section 310(4), first sentence. In doing so, section 293(1), second sentence, point 3, must be observed. The UCITS management company may use the amended documents within the scope of this Act only after this notification.
(6) In the cases under section 323, including in conjunction with Article 31 of Regulation (EU) 2015/760, the Federal Institute examines whether the competent authority of an EU AIF management company's home Member State has transmitted to the Federal Institute a notification from the EU AIF management company of the intended revocation of marketing, containing particulars of the conditions named in subsection (1), third sentence. From the date of revocation, section 323(3), including in conjunction with Article 31 of Regulation (EU) 2015/760, continues to apply correspondingly.