Right of revocation

(1) Where a purchaser of units or shares in an open-ended investment fund was induced, by oral negotiations outside the permanent business premises of the person selling the units or shares or arranging the sale, to make a declaration of intent directed at the purchase, they are bound by this declaration only where they do not revoke it in text form to the management company or a representative within the meaning of section 319 within a period of two weeks; this also applies where the person selling the units or shares or arranging the sale has no permanent business premises. The right of revocation for distance contracts (section 312c of the Civil Code) is governed by the Civil Code.
(2) Timely dispatch of the declaration of revocation is sufficient to meet the deadline. The revocation period begins to run only once the purchaser has been handed a copy of the application to conclude the contract, or sent a purchase statement, and the copy or the purchase statement contains a notice of the right of revocation satisfying the requirements of Article 246(3), second and third sentences, of the Introductory Act to the Civil Code. Where the commencement of the period under the second sentence is disputed, the burden of proof lies with the seller.
(3) The right of revocation does not exist where the seller proves that
1. the purchaser is not a consumer within the meaning of section 13 of the Civil Code, or
2. it approached the purchaser for the negotiations leading to the sale of the units or shares on the basis of a prior order under section 55(1) of the Trade Regulation Act.
(4) Where revocation has taken place and the purchaser has already made payments, the capital management company, the EU management company, or the foreign AIF management company is obliged to pay the purchaser, where applicable concurrently against re-transfer of the units or shares acquired, the costs paid and an amount corresponding to the value of the units or shares paid for on the day after receipt of the declaration of revocation.
(5) The right of revocation cannot be waived.
(6) This provision applies correspondingly to the sale of units or shares by the investor.
(7) The right of revocation in respect of units and shares in a closed-ended investment fund is governed by the Civil Code. The right of revocation in respect of units and shares in a European long-term investment fund within the meaning of Regulation (EU) 2015/760 is governed by Article 30 of that Regulation.
(8) Investors who made a declaration of intent directed at the acquisition of a unit or share in a closed-ended retail AIF before the publication of a supplement to the sales prospectus may revoke it within a period of two working days after publication of the supplement, provided that performance has not yet taken place. The revocation need not state reasons and must be declared in text form to the management company or person named as recipient of the revocation in the supplement; timely dispatch is sufficient to meet the deadline. Section 357b of the Civil Code applies correspondingly to the legal consequences of the revocation.