Transitional provisions for open-ended AIF and for AIF management companies managing open-ended AIF that were not already regulated under the Investment Act

(1) An AIF capital management company that, on the entry into force of this Act, 1. does not hold 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 domestic open-ended retail AIF that were set up before 22 July 2013 within the meaning of section 343(4), must adapt the investment conditions, articles of association, or partnership agreements of these domestic open-ended retail AIF to the provisions of this Act; the amended investment conditions must enter into force no later than 21 July 2014. Only section 163(2), first to fourth and seventh to tenth sentences, and (4), apply to the approval of the investment conditions. The application for approval of the investment conditions may not be submitted to the Federal Institute later than the application for a licence under section 22. Where the application for approval of the amendments to the investment conditions is submitted before the application for a licence under section 22, the AIF capital management company must, on submission, give the Federal Institute a binding declaration that it will submit an application for a licence under sections 20 and 22 no later than 21 July 2014. From the entry into force of the investment conditions, but no later than from 22 July 2014, the provisions of this Act applicable to these domestic open-ended retail AIF apply. Sections 1 and 2, and the provisions of this Act concerning the applications, administrative procedures, and notices required for conversion to the new law, and the transitional provisions under this Act, remain unaffected until the point in time named in the fifth sentence.
(2) Insofar as subsection (1), fifth sentence, does not provide otherwise, this Act applies in full to the AIF capital management company from receipt of the application for a licence under section 22 by the Federal Institute, with the proviso that, as regards the management and marketing of retail AIF within the meaning of the first sentence, point 2, within the scope of this Act, and for as long as the application for a licence, which must be submitted by 21 July 2014, has not yet been decided, the requirement of a licence is replaced by the not yet decided complete application for a licence. Subsection (1), sixth sentence, applies correspondingly.
(3) An AIF capital management company within the meaning of subsection (1), first sentence, point 1, may continue to market, within the scope of this Act, domestic open-ended retail AIF managed by it within the meaning of subsection (1), first sentence, point 2, after 21 July 2013, without the notification required under section 316. Section 345(6), second to seventh sentence, applies correspondingly to the end of the marketing right under the first sentence and to the conditions for marketing after the entry into force of the amendments to the investment conditions, but no later than after 21 July 2014.
(4) Subsections (1) to (3) apply correspondingly to domestic open-ended special AIF, with the proviso that the investment conditions replace the application for approval of the investment conditions, the reference to section 321 replaces the reference to section 316, and special AIF replaces retail AIF.
(5) AIF management companies that 1. manage open-ended EU AIF or open-ended foreign AIF that are not foreign investment funds within the meaning of the Investment Act in the version in force until 21 July 2013 and were permitted to be marketed domestically before 22 July 2013, and 2. from 22 July 2013 carry out or have carried out activities that are to be regarded as marketing of an investment fund under this Act, transmit a notification under sections 320, 323, 329, 330, or 330a, where applicable through the competent bodies of the home Member State. Section 345(8), second, third, and fifth sentence, applies correspondingly, with the proviso that the words "under the marketing provisions of the Investment Act in the version in force until 21 July 2013" are replaced by the words "under the marketing provisions applicable to these investment funds before 22 July 2013".