Sales documents and disclosure duties

(1) A professional investor interested in acquiring a unit or share in a UCITS must be provided, in good time before the conclusion of a contract, free of charge, with the key investor information or the key information document under Regulation (EU) No 1286/2014, in each case in the version in force. In addition, an interested person, and also an investor in a UCITS, must be provided, on request, free of charge, with the sales prospectus and the most recently published annual and half-yearly report.
(2) A retail investor interested in acquiring a unit or share in an AIF must be informed, before the conclusion of a contract, of the most recent net asset value of the investment fund or the most recent market price of the units or shares under sections 168 and 271(1). The retail investor must be provided, in good time before the conclusion of a contract, free of charge, with the sales prospectus and the most recently published annual and half-yearly report, in the version in force.
(3) The investment conditions and, where applicable, the articles of association or the partnership agreement, and the trust agreement with the trustee limited partner, must be enclosed with the sales prospectus of UCITS and AIF, unless the sales prospectus contains a notice of where these may be obtained free of charge within the scope of this Act.
(4) The documents named in subsections (1), (2), second sentence, and (3) (sales documents) must be made available to the person interested in acquiring a unit or share, and to the investor, on a durable medium or a website under Article 38 of Regulation (EU) No 583/2010, and, on request, at any time in paper form free of charge. The person interested in acquiring a unit or share must be informed of where, within the scope of this Act, and in what manner, they may obtain the sales documents free of charge.
(5) A person interested in acquiring a unit or share in a feeder fund or a closed-ended feeder fund, and an investor in a feeder fund or a closed-ended feeder fund, must also be provided, on request, free of charge, in paper form, with the sales prospectus and the annual and half-yearly report of the master fund or the closed-ended master fund. In addition, investors in the feeder fund and the master fund must be provided, on request, free of charge, with the master-feeder agreement concluded under section 175(1), section 272d, or section 317(3), point 5.
(6) A retail investor interested in acquiring a unit or share must be handed all sales documents before acquiring a unit or share in a fund of hedge funds, or in an EU AIF or foreign AIF whose investment policy is subject to requirements comparable to those for funds of hedge funds. The acquisition requires written form. The person interested in acquiring must be expressly notified of the risks of the AIF, before acquisition, in accordance with section 228(2). Where it is disputed whether the seller gave this notice, the burden of proof lies with the seller.
(7) Insofar as they relate to information duties towards the person interested in acquiring a unit or share, subsections (1), (2), (5), first sentence, and (6) do not apply to the acquisition of units or shares in the course of financial portfolio management within the meaning of section 1(1a), point 3, of the Banking Act, or of section 20(2), point 1, or (3), point 2. Where units or shares are acquired at regular intervals in the course of an investment savings plan, subsections (1), (2), (5), first sentence, and (6), insofar as they relate to information duties towards the person interested in acquiring a unit or share, apply only to the first acquisition.
(8) An acquirer of a unit or share in a UCITS or AIF must be handed a copy of the application to conclude the contract, or sent a purchase statement, each of which must contain a notice of the level of the front-end load and the redemption charge, and a notice of the purchaser's right of revocation under section 305.
(9) On request by the person interested in acquiring a unit or share, the capital management company, the EU management company, or the foreign AIF management company must additionally inform them of the investment limits of the risk management of the investment fund, the risk management methods, and the most recent developments in the risks and returns of the principal categories of assets of the investment fund.