Notification duty of an AIF capital management company on the marketing of EU AIF or domestic AIF to professional investors in other Member States of the European Union or in other States party to the Agreement on the European Economic Area

(1) Where an AIF capital management company intends to market units or shares in an EU AIF managed by it, or in a domestic AIF managed by it, to professional investors in other Member States of the European Union or in other States party to the Agreement on the European Economic Area, it must notify the Federal Institute of this in a language customary in international financial circles. The notification letter must contain the particulars and documents under Annex II to Implementing Regulation (EU) 2024/913, in its version in force. Where the AIF within the meaning of the first sentence 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. Where this is not the case, the notification procedure is governed, from the date referred to in section 295(2), point 1, by section 332.
(2) (repealed)
(3) Section 321(2) applies correspondingly, with the proviso that, after expiry of the period named in section 321(2), fourth sentence, a transmission of the notification under subsection (4) is excluded.
(4) Where there are no indications that the AIF capital management company, or the management of the notified AIF by the AIF capital management company, does not comply, or will in future not comply, with the provisions of this Act or of Directive 2011/61/EU, the Federal Institute transmits the complete notification documents, no later than 20 working days after receipt of the complete notification documents under subsection (1), to the competent authorities of the other Member States of the European Union or the other States party to the Agreement on the European Economic Area in which the notified AIF is to be marketed to professional investors. The Federal Institute encloses a certificate, drawn up in a language customary in international financial circles, under Annex IV to Implementing Regulation (EU) 2024/913, in its version in force. The precautions under section 321(1), second sentence, point 7, and section 331(1), third sentence, are not to be examined by the Federal Institute.
(5) The Federal Institute informs the AIF capital management company without delay of the dispatch of the notification documents. The AIF capital management company may commence the marketing of the notified AIF to professional investors in the relevant Member State of the European Union or State party to the Agreement on the European Economic Area from the date of this communication. Where the notified AIF is an EU AIF for which an authority other than that of the Member State of the European Union or State party to the Agreement on the European Economic Area in which the notified AIF is to be marketed to professional investors is competent, the Federal Institute also informs the authority 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 in the host State of the AIF capital management company.
(6) Where the notification documents cannot be transmitted under subsection (4), first sentence, to the competent authorities of the other Member States of the European Union or States party to the Agreement on the European Economic Area, the Federal Institute informs the AIF capital management company of this, stating the reasons, within the period of subsection (4), first sentence. This interrupts the period named in the first sentence, which begins to run afresh on submission of the amended particulars and documents.
(7) The AIF capital management company informs the Federal Institute in text form 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 provisions issued under this Act, the Federal Institute informs the AIF capital management company, within 15 working days of receipt of all information named in the first sentence, that it may not implement the change. In this case, the Federal Institute informs the competent authorities of the host State of the AIF capital management company accordingly without delay.
(8) Where an AIF capital management company implements a planned change notwithstanding subsection (7), fourth sentence, 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, the Federal Institute takes appropriate measures, including a prohibition of the marketing of the relevant AIF, and informs the competent authorities of the host State of the AIF capital management company accordingly without delay.
(9) In the case of permissible changes, the Federal Institute informs the competent authorities of the host State of the AIF capital management company of these changes within one month.