Notification duty of an AIF capital management company on the intended marketing of EU AIF or domestic special AIF to semi-professional and professional investors domestically

(1) Where an AIF capital management company intends to market units or shares in an EU AIF managed by it, or in a domestic special AIF managed by it, to semi-professional or professional investors within the scope of this Act, it must notify the Federal Institute of this. The notification letter must comply with Annex I to Implementing Regulation (EU) 2024/913. In the case of intended marketing to semi-professional investors, the key information document under Regulation (EU) No 1286/2014 must additionally be transmitted. Where the EU AIF or the domestic special AIF that the AIF capital management company intends to market to semi-professional or professional investors within the scope of this Act is a feeder AIF, a notification under the first sentence is permissible only where the master AIF is also an EU AIF or a domestic AIF managed by an EU AIF management company or an AIF capital management company. Otherwise, the notification procedure is governed, from the date referred to in section 295(2), point 1, by section 322, and before that date by section 329.
(2) The Federal Institute examines whether the particulars and documents transmitted under subsection (1) are complete. It requests any missing particulars and documents within a period of 20 working days, as a supplementary notification. On receipt of the supplementary notification, the period named in the second sentence begins to run afresh. The supplementary notification must be submitted to the Federal Institute within six months of the notification, or of the most recent supplementary notification, being made; otherwise, a communication under subsection (4) is excluded. The period under the third sentence is a preclusive period. A fresh notification is possible at any time.
(3) Within 20 working days of receipt of the complete notification documents under subsection (1), the Federal Institute informs the AIF capital management company of whether it may commence, with immediate effect, the marketing of the AIF named in the notification letter to semi-professional and professional investors within the scope of this Act. The Federal Institute may, within this period, prohibit the commencement of marketing where the AIF capital management company, or the management of the notified AIF by the AIF capital management company, infringes the provisions of this Act or the provisions of Directive 2011/61/EU. Where it communicates corresponding objections to the particulars and documents submitted to the AIF capital management company within the period of the first sentence, the period named in the first sentence is interrupted and begins to run afresh on submission of the amended particulars and documents. The AIF capital management company may commence the marketing of the notified AIF to semi-professional and professional investors within the scope of this Act from the date of the corresponding communication under the first sentence. Where it is an EU AIF, the Federal Institute also informs the authorities responsible for the EU AIF that the AIF capital management company may commence the marketing of units or shares of the EU AIF to professional investors within the scope of this Act.
(4) The AIF capital management company informs the Federal Institute of material changes to the particulars transmitted under subsection (1) or (2). Changes planned by the AIF capital management company must be notified at least one month before the change is implemented. Unplanned changes must be notified without delay after they occur. Where the planned change results in the AIF capital management company, or the management of the relevant AIF by the AIF capital management company, now infringing the provisions of this Act or the provisions of Directive 2011/61/EU, the Federal Institute informs the AIF capital management company without delay that it may not implement the change. Where a planned change is implemented notwithstanding the first to fourth sentences, or where a change triggered by an unforeseeable circumstance results in the AIF capital management company, or the management of the relevant AIF by the AIF capital management company, now infringing the provisions of this Act or of Directive 2011/61/EU, the Federal Institute takes all measures required under section 5, including the express prohibition of the marketing of the relevant AIF.