Marketing communications

(1) For marketing communications for AIF towards retail investors, the provisions of the following subsections apply in addition to the provisions of Article 4(1), (4), and (5) of Regulation (EU) 2019/1156.
(2) The AIF management company must ensure that marketing communications containing specific information about a particular AIF managed by it never contradict the information contained in the sales prospectus of that AIF, nor the key information document under Regulation (EU) No 1286/2014 of that AIF, nor diminish the significance of that information. The AIF management company must ensure that the marketing communications always indicate that a prospectus exists and that the key information document under Regulation (EU) No 1286/2014 is available. The AIF management company must ensure that it can always be seen from these marketing communications where, how, and in what language investors or potential investors may obtain the prospectus and the key information document under Regulation (EU) No 1286/2014. The AIF management company must ensure that the marketing communications always state hyperlinks to the relevant documents, or the addresses of the websites containing the relevant documents.
(3) The AIF management company must always ensure, in the marketing communications named in subsection (2), that particulars are included of where, how, and in what language investors or potential investors may obtain a summary of investor rights, and that hyperlinks to the relevant summaries are stated, which may also refer to information on collective redress mechanisms available at national and Union level in the event of disputes. The AIF management company must further ensure that the marketing communications clearly state that the AIF management company may decide to revoke marketing.
(4) Marketing communications in text form for the acquisition of units or shares in a domestic UCITS or AIF whose investment conditions or articles of association permit investment of more than 35 percent of the value of the investment fund in bonds of one of the issuers named in section 206(2), first sentence, must name these issuers.
(5) Marketing communications for the acquisition of units or shares in a UCITS or AIF whose investment conditions or articles of association provide for the replication of a recognised securities index, or for investment mainly in derivatives under section 197, must draw attention to the investment strategy. Where a UCITS or AIF exhibits increased volatility on account of its composition or the techniques used for fund management, this must be pointed out in the marketing communications. The first and second sentences do not apply to marketing communications for foreign AIF or EU AIF.
(6) Marketing communications in text form for a feeder fund must contain a notice that it permanently invests at least 85 percent of its assets in units of a master fund.
(7) The Federal Institute may prohibit marketing communications or make other necessary orders to counter abuses in marketing communications for AIF towards retail investors and for UCITS. This applies in particular to 1. marketing communications containing particulars that could misleadingly create the impression of a particularly favourable offer, and 2. marketing communications referring to the powers of the Federal Institute under this Act or to the powers of the authorities responsible for supervision in other Member States of the European Union, States party to the Agreement on the European Economic Area, or third countries.