(1) The marketing, by an AIF capital management company, of units or shares in foreign AIF, and of units or shares in EU feeder AIF or domestic special feeder AIF whose respective master AIF is not an EU AIF or a domestic AIF managed by an EU AIF management company or an AIF capital management company, to semi-professional and professional investors within the scope of this Act, is permissible only where
1. appropriate cooperation arrangements exist between the Federal Institute and the supervisory authorities of the third country in which the foreign AIF has its seat, such that, having regard to section 9(8), at least an efficient exchange of information is ensured, enabling the Federal Institute to perform its tasks under Directive 2011/61/EU;
2. the third country in which the foreign AIF has its seat is not classified as a high-risk third country under Article 9(2) of Directive (EU) 2015/849;
3. the third country in which the foreign AIF has its seat has signed an agreement with the Federal Republic of Germany that fully complies with the standards of Article 26 of the OECD Model Tax Convention on Income and on Capital, and ensures effective exchange of information in tax matters, where applicable including multilateral tax agreements, and this third country is not listed in Annex I to the Council conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes;
4. the AIF capital management company, in managing a foreign AIF, satisfies, by way of derogation from section 55(1), point 1, all requirements laid down in Directive 2011/61/EU for that AIF.
(2) Where an AIF capital management company intends to market units or shares in an AIF within the meaning of subsection (1), first sentence, managed by it, to semi-professional or professional investors within the scope of this Act, it must notify the Federal Institute of this. Section 321(1), second sentence, applies correspondingly to the content of the notification letter, including the required documentation and particulars.
(3) Section 321(2) applies correspondingly.
(4) Section 321(3), first to fourth and sixth sentences, applies correspondingly. The Federal Institute informs the European Securities and Markets Authority that the AIF capital management company may commence the marketing of units or shares of the notified AIF to professional investors within the scope of this Act. Where it is an EU feeder AIF, the Federal Institute also informs the authorities responsible for the EU feeder AIF in its home Member State that the AIF capital management company may commence the marketing of units or shares of the EU feeder AIF to professional investors within the scope of this Act.
(5) The AIF capital management company informs the Federal Institute of material changes to the particulars transmitted under subsection (2). Section 321(4), second to fifth sentences, applies correspondingly. Changes are permissible where they do not result in the AIF capital management company, or the management of the notified AIF by the AIF capital management company, infringing the provisions of this Act or the provisions of Directive 2011/61/EU. In the case of permissible changes, the Federal Institute informs the European Securities and Markets Authority without delay, insofar as the changes relate to the cessation of marketing of particular AIF or of additionally marketed AIF.