Special transitional provisions for hedge funds and open-ended special AIF

(1) For an AIF capital management company that, on the entry into force of this Act, 1. holds a licence as a capital investment company under section 7(1) of the Investment Act in the version in force until 21 July 2013, or a licence as an investment stock corporation under section 97(1) of the Investment Act in the version in force until 21 July 2013, and 2. manages collective investment funds or investment stock corporations with additional risks within the meaning of section 112 of the Investment Act in the version in force until 21 July 2013 that were set up before 22 July 2013 within the meaning of section 343(4), were permitted to be marketed to retail investors, and whose investment conditions were approved under sections 43 and 43a of the Investment Act in the version in force until 21 July 2013, section 345(1) and (2) apply correspondingly, with the proviso that, in section 345(1), eleventh sentence, the term "retail AIF" is replaced by the term "special AIF", and marketing to retail investors, or acquisition of the units or shares by retail investors, is no longer permissible from 22 July 2013, insofar as the second sentence does not provide otherwise. For as long as units or shares are held by retail investors, sections 112, 116, and 118 of the Investment Act in the version in force until 21 July 2013 apply correspondingly from the entry into force of the amendments to the investment conditions, by way of derogation from section 345(1), eleventh sentence, insofar as they concern collective investment funds or investment stock corporations with additional risks within the meaning of section 112 of the Investment Act in the version in force until 21 July 2013; marketing to, or acquisition by, retail investors is excluded. For as long as units or shares are held by retail investors, sections 162, 163, and 297 further apply, insofar as these provisions relate to investors, as do sections 300, 301, 305, and 306, with regard to those retail investors who still hold units or shares.
(2) Where units or shares of domestic open-ended special AIF within the meaning of section 345(3), first sentence, point 2, managed by an AIF capital management company within the meaning of section 345(3), first sentence, point 1, are held by retail investors who acquired these units or shares before 22 July 2013, these retail investors may continue to hold these units or shares acquired before 22 July 2013 after 22 July 2013 as well, until they redeem these units or shares, without the qualification of the investment fund as a domestic special AIF under section 1(6) changing.