Notification duty of an EU AIF management company or an AIF capital management company on the intended marketing, to semi-professional and professional investors domestically, of domestic special feeder AIF or EU feeder AIF managed by it 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, or of foreign AIF

(1) The marketing of units or shares in domestic special feeder AIF or EU feeder AIF managed by an EU AIF management company or an AIF capital management company, 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, or in foreign AIF, to semi-professional or professional investors within the scope of this Act, is permissible where
1. in the case of marketing to professional investors,
a) the AIF capital management company, and the management of the AIF by the AIF capital management company, satisfy the requirements of this Act, with the exception of sections 80 to 90, and the EU AIF management company, and the management of the AIF by it, satisfy the requirements of the provisions adopted by its home Member State to transpose Directive 2011/61/EU, with the exception of the conditions named in Article 21 of Directive 2011/61/EU, and
b) the AIF capital management company or the EU AIF management company has designated one or more bodies, other than itself, that perform the tasks under Article 21(7), (8), and (9) of Directive 2011/61/EU, and it has notified this body or these bodies to the Federal Institute or to the competent authority in its home Member State;
2. in the case of marketing to semi-professional investors, the AIF capital management company or the EU AIF management company, and the management of the AIF by it, comply with the requirements of this Act or with the provisions adopted by its home Member State to transpose Directive 2011/61/EU;
3. in the case of marketing to semi-professional investors or professional investors,
a) for a foreign AIF, appropriate cooperation arrangements exist, serving to monitor systemic risks and consistent with international standards and with Articles 113 to 115 of Delegated Regulation (EU) No 231/2013, between the Federal Institute or the competent authorities in the EU AIF management company's home Member State and the competent authorities of the third country in which the foreign AIF has its seat, such that an efficient exchange of information is ensured, enabling the Federal Institute or the competent authorities in the EU AIF management company's home Member State to perform their tasks laid down in Directive 2011/61/EU;
b) 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;
c) 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;
d) the precautions under section 321(1), second sentence, point 7, are suitable to prevent marketing to retail investors. Where the notified AIF is a feeder AIF, the requirements of subsection (1), first sentence, points 1 or 2, and 3, must additionally be satisfied correspondingly by the master AIF and its management company.
(2) Where an EU AIF management company or an AIF capital management company intends to market units or shares in 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. In addition, the following particulars and documents must be enclosed with the notification:
1. in the case of notification by an EU AIF management company, a certificate from the competent authority of its home Member State, in a language customary in the international financial world, that the EU AIF management company, and the management of the AIF by it, comply with Directive 2011/61/EU, that the AIF management company holds a licence to manage AIF with a particular investment strategy, and, where applicable, that appropriate arrangements within the meaning of subsection (1), first sentence, point 3, letter a, exist for cooperation between the competent authorities in the EU AIF management company's home Member State and the competent authorities of the third country in which the foreign AIF has its seat; where marketing to professional investors only is intended, the certificate need not extend to the full requirements named in Article 21 of Directive 2011/61/EU, but only to the conditions named in Article 21(7), (8), and (9);
2. a declaration by the EU AIF management company that it undertakes
a) to submit to the Federal Institute the annual report of the AIF, which must satisfy the requirements of Article 22 and, where applicable, Article 29 of Directive 2011/61/EU, no later than six months after the end of every financial year; the annual report must bear the certification of an auditor;
b) to inform the Federal Institute of all material changes to circumstances stated in the marketing notification, or underlying the certificate of the competent authority under point 1, and to substantiate the changed particulars;
c) to provide the Federal Institute, on request, with information on its business activities and to submit documents;
3. a declaration by the AIF capital management company that it undertakes correspondingly to point 2, letter b;
4. evidence of payment of the fee for the notification.
(3) Where the notified AIF is a feeder AIF,
1. the notification must additionally be accompanied, in relation to the master AIF and its management company, by particulars and documents corresponding to
a) subsection (2), third sentence, point 1, or, where the management company of the master AIF is a foreign AIF management company, particulars and documents corresponding to section 22(1), points 1 to 9 and 13, and all further material particulars of the depositary or of the bodies under subsection (1), first sentence, point 1, letter b, and
b) section 321(1), second sentence, and
2. the declaration under subsection (2), third sentence, point 2 or 3, must also extend to the master AIF and its management company.
(4) Foreign-language documents must be submitted in German translation or in English. Section 321(2) and (3), first to fourth sentences, applies correspondingly, with the proviso that "AIF capital management company" is replaced by "AIF capital management company or EU AIF management company", and that the period named in section 321(3), first sentence, is 30 working days, and, where the notified AIF is a feeder AIF,
1. two months, where its master AIF is not managed by a foreign AIF management company,
2. five months, where its master AIF is managed by a foreign AIF management company.