(1) The marketing of units or shares in AIF managed by an EU AIF management company satisfying the conditions under Article 3(2) of Directive 2011/61/EU to semi-professional or professional investors within the scope of this Act is permissible where
1. the EU AIF management company is registered in its home Member State under the provisions applicable in the home Member State transposing Article 3 of Directive 2011/61/EU, and
2. the EU AIF management company's home Member State likewise permits the marketing of AIF managed by an AIF capital management company satisfying the conditions under section 2(4) and registered under section 44(1), point 1, and does not attach higher conditions to the marketing of these AIF than this Act.
(2) Where an EU AIF management company satisfying the conditions under Article 3(2) of Directive 2011/61/EU intends to market units or shares in an 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 following particulars and documents must be enclosed with the notification:
1. 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 is registered in its home Member State under the provisions applicable in the home Member State transposing Article 3 of Directive 2011/61/EU,
2. a declaration by the EU AIF management company that it undertakes to inform the Federal Institute of all material changes concerning its registration and to substantiate the changed particulars,
3. to provide the Federal Institute, on request, with information on its business activities and to submit documents,
4. evidence of payment of the fee for the notification. Foreign-language documents must be submitted in German translation or in English.
(3) Marketing may commence once the conditions for permissibility under subsection (1) are satisfied and a complete notification under subsection (2) has been received by the Federal Institute. On application by the EU AIF management company, the Federal Institute must confirm that the conditions for permissibility under subsection (1) are satisfied and that a complete notification under subsection (2) has been received.
(4) Section 295(5) does not apply to the marketing and acquisition of AIF managed by an EU AIF management company satisfying the conditions under Article 3(2) of Directive 2011/61/EU and permitted to be marketed domestically under section 330a.
Subdivision 3
Notification Procedure for the Marketing of AIF to Professional Investors in Other Member States of the European Union and in Other States Party to the Agreement on the European Economic Area