Transitional provisions for domestic and EU AIF management companies

(1) AIF capital management companies carrying out activities within the meaning of section 20 before 22 July 2013 must take all necessary measures to comply with the legal provisions of this Act. They must apply for the licence under sections 20 and 22, or, where they satisfy the conditions of section 2(4), for registration under section 44, before the end of 21 July 2014.
(2) EU AIF management companies managing domestic special AIF within the meaning of section 54 before 22 July 2013 must take all necessary measures to comply with the corresponding legal provisions of this Act. The particulars under section 54 must be transmitted to the Federal Institute immediately after the licence is granted in the home Member State, but no later than 31 December 2014.
(3) An AIF capital management company carrying out activities within the meaning of section 20 before 22 July 2013 may, up to 21 January 2015, manage new AIF under the provisions of this Act — with the exception of the requirement of a licence — and market them within the scope of this Act, even before the licence under sections 20 and 22 is granted, where it, together with the application for approval of the investment conditions under section 163 or section 267 in the case of retail AIF, and together with the marketing notification under section 321 in the case of special AIF,
1. in the period from 22 July 2013 to 21 July 2014, submits the application for a licence under sections 20 and 22, refers to an application for a licence under sections 20 and 22 already submitted and not yet decided, or gives the Federal Institute a binding declaration that it will submit an application for a licence under sections 20 and 22 within the period named in subsection (1), second sentence,
2. in the period from 22 July 2014 to 21 January 2015, refers to a submitted application for a licence under sections 20 and 22 that has not yet been decided. Section 163(2), fifth sentence, does not apply to the approval of the investment conditions. In the sales prospectus and the key investor information under section 164 or section 268, investors must be pointed to the missing licence of the AIF capital management company and to the consequences of a failure to submit an application or of a refusal of the licence, typographically highlighted in a prominent place. In the case of special AIF, this notice must be given within the information under section 307. An AIF within the meaning of the first sentence is deemed a new AIF if it is set up after 21 July 2013.
(4) An AIF is deemed set up within the meaning of this Division at the point in time at which at least one investor has subscribed for a unit or share of the AIF by the unconditional and open-ended conclusion of the obligational transaction directed at the issue of a unit or share.
(5) AIF capital management companies within the meaning of subsection (1) that neither satisfy the conditions of section 2(4) nor submit an application for a licence within the period provided for in subsection (1), second sentence, or whose licence has been refused under section 23, may, with the consent of investors holding more than 50 per cent of the units of the AIF, avert the winding-up of the domestic AIF within three months of the expiry of the period named in subsection (1), second sentence, or of the refusal of the licence, by transferring management to an AIF capital management company that holds a licence under sections 20 and 22 and declares itself willing to take over management. The Federal Institute may determine, in the public interest, that management of the AIF passes to an AIF capital management company that holds a licence under sections 20 and 22 and declares itself willing to take over management. Management of domestic special AIF may also be transferred to EU AIF management companies for which the required particulars under section 54 have been transmitted.
(6) For EU AIF management companies within the meaning of subsection (2) for which the particulars under section 54 were not transmitted within the period provided for in subsection (2), second sentence, subsection (5) applies correspondingly, with the proviso that the transfer may take place within three months of the expiry of the period named in subsection (2), second sentence. For EU AIF management companies managing domestic retail AIF before 22 July 2013, and for foreign AIF management companies managing domestic AIF before 22 July 2013, subsection (5) applies correspondingly, with the proviso that the transfer may take place within 15 months of 21 July 2013.
(7) Section 34(6), in the version in force until 30 December 2026, does not apply until 1 January 2017.
(8) The investment conditions, the key investor information, and the sales prospectus for retail AIF must be adapted to the version of this Act in force from 18 March 2016, no later than 18 March 2017. Section 163 applies with the proviso that the period named in section 163(2), first sentence, is three months. Section 163(3) and (4), second to fifth sentence, does not apply.