Special transitional provisions for AIF management companies managing closed-ended AIF, and for closed-ended AIF

(1) Where AIF capital management companies manage closed-ended AIF before 22 July 2013 that make no additional investments after 21 July 2013, they may continue to manage such AIF without holding a licence or registration under this Act.
(2) Where EU AIF management companies or foreign AIF management companies do not require a licence or registration under the legal provisions of the other Member States of the European Union or the other States party to the Agreement on the European Economic Area enacted to transpose Directive 2011/61/EU, and manage domestically exclusively closed-ended domestic AIF that make no additional investments after 21 July 2013, they may continue to manage these without having to comply with the provisions of this Act.
(3) Where AIF capital management companies manage exclusively closed-ended AIF whose subscription period for investors expired before the entry into force of Directive 2011/61/EU and which were set up for a period ending no later than 21 July 2016, they may continue to manage such AIF without having to comply with the provisions of this Act — with the exception of sections 67, 148, or 158 and, where applicable, section 261(7) and sections 287 to 292 — and without requiring a licence or registration under this Act. The first sentence applies correspondingly to the management, by EU AIF management companies or foreign AIF management companies, of domestic closed-ended AIF whose subscription period expired before the entry into force of Directive 2011/61/EU and which were set up for a period ending no later than 21 July 2016.
(4) For AIF capital management companies that do not satisfy the conditions of section 2(4) and that manage closed-ended domestic AIF whose subscription period expired before 22 July 2013 and which make investments after 21 July 2013, only sections 1 to 43, 53 to 67, 80 to 90, 158, first sentence, in conjunction with section 135(6) and (8), section 158, second sentence, section 261(1), point 8, and (7), section 263(2), sections 271, 272, 274, 285(2) and (3), sections 286 to 292, 300, 303, 308, and 339 to 344, 352 to 354, apply correspondingly to the management of these closed-ended domestic AIF, from receipt of the application for a licence under section 22 by the Federal Institute; however, where the partnership agreement or another agreement governing the legal relationship between the investors and such a closed-ended domestic AIF already contains, before 18 March 2016, provisions within the legally permissible framework for granting monetary loans to undertakings in which the AIF is already a participant, for the account of the AIF, monetary loans may also be granted from 18 March 2016 in accordance with these provisions, and the further-reaching restrictions of section 285(3), also in conjunction with section 261(1), point 8, do not apply. Where provisions that are to be applied correspondingly under the first sentence make rules for closed-ended AIF, closed-ended AIF under the first sentence are also closed-ended AIF within the meaning of those provisions. By way of derogation from the second sentence, however, they are closed-ended AIF within the meaning of sections 30, 272, and 286(2) only where they satisfy the conditions of Article 1(3) of Delegated Regulation (EU) No 694/2014. Where closed-ended AIF within the meaning of the first sentence do not also satisfy the conditions of Article 1(3) of Delegated Regulation (EU) No 694/2014, section 217(1) and (2) applies correspondingly to the frequency of the valuation of assets and the calculation of the net asset value per unit or share. The first to fourth sentences apply correspondingly to the management, by EU AIF management companies, of domestic closed-ended special AIF whose subscription period expired before 22 July 2013 and which make investments after 21 July 2013.
(5) For AIF capital management companies that manage closed-ended domestic retail AIF and were registered on 16 August 2021 under section 44(1) and (4) in the version in force until 16 August 2021, because they satisfied the conditions of section 2(4a) or (5) in the version of this Act in force until 16 August 2021, the provisions of this Act in the version valid until 16 August 2021 apply to the retail AIF set up by them up to 16 August 2021. Section 45(1) in the version in force up to and including 16 August 2021 applies with the proviso that the annual report need not be submitted electronically to the operator of the Federal Gazette, but must instead be transmitted electronically to the body maintaining the company register for entry in the company register; section 45(3), first and fifth sentence, and (4) in the version in force up to and including 16 August 2021 does not apply. No new units may be issued for AIF existing on 17 August 2021.
(6) For AIF capital management companies managing closed-ended domestic AIF that were set up before 22 July 2013, whose subscription period did not expire before 22 July 2013, and which make investments after 21 July 2013, section 351(1) to (4) applies correspondingly to the management of these closed-ended AIF. For AIF management companies managing closed-ended EU AIF or closed-ended foreign AIF that were permitted to be marketed domestically before 22 July 2013 and whose subscription period did not expire before 22 July 2013, section 351(5) applies correspondingly. Closed-ended AIF within the meaning of the first sentence are also deemed closed-ended AIF in the remaining provisions of this Act that make rules for closed-ended AIF. By way of derogation from the third sentence, however, they are closed-ended AIF within the meaning of sections 30, 272, and 286(2) only where they satisfy the conditions of Article 1(3) of Delegated Regulation (EU) No 694/2014. Where closed-ended AIF within the meaning of the first sentence do not also satisfy the conditions of Article 1(3) of Delegated Regulation (EU) No 694/2014, section 161(1) does not apply and section 217(1) and (2) applies correspondingly to the frequency of the valuation of assets and the calculation of the net asset value per unit or share.
(7) Insofar as subsections (1) to (3) do not provide otherwise, section 343 applies to AIF capital management companies managing closed-ended AIF.
(8) (repealed)
(9) Domestic closed-ended AIF are also deemed closed-ended AIF in the remaining provisions of this Act where they 1. do not satisfy the conditions of Article 1(3) of Delegated Regulation (EU) No 694/2014, and 2. were set up between 22 July 2013 and 19 July 2014 under the provisions of this Act within the meaning of section 343(4). By way of derogation from the first sentence, they are deemed open-ended investment funds within the meaning of section 30; instead of sections 272 and 286(2), section 217(1) and (2) applies correspondingly to the frequency of the valuation of assets and the calculation of the net asset value per unit or share, and section 161(1) does not apply.
(10) The approval of investment conditions under section 268, or the notified marketing clearance under section 316(3) or section 321(3), granted before 19 July 2014 to a domestic AIF that 1. does not satisfy the conditions of Article 1(3) of Delegated Regulation (EU) No 694/2014, and 2. satisfies the conditions of section 1(5) of this Act in the version in force until 18 July 2014, lapses on 19 July 2014, where the domestic AIF was not set up before 19 July 2014 within the meaning of section 343(4). An application by an AIF capital management company for approval of the investment conditions of a domestic AIF within the meaning of the first sentence by the Federal Institute under this Act in the version in force until 18 July 2014, received by the Federal Institute before 19 July 2014 but not yet approved by the end of 18 July 2014, is deemed an application for approval of the investment conditions under this Act in the version in force from 19 July 2014, submitted on 19 July 2014. Insofar as required particulars or documents are missing, the Federal Institute must request them.
(11) Domestic AIF that 1. satisfy the conditions of section 1(5) of this Act in the version in force until 18 July 2014, 2. do not satisfy the conditions of Article 1(3) and (5) of Delegated Regulation (EU) No 694/2014, and 3. were set up before 19 July 2014 within the meaning of section 343(4), are also deemed closed-ended AIF in the remaining provisions of this Act, where their investment conditions, and where applicable the articles of association or the partnership agreement of the AIF, are adapted to the conditions under Article 1(5) of Delegated Regulation (EU) No 694/2014, and the adaptations enter into force no later than 19 January 2015. By way of derogation from the first sentence, they are deemed open-ended investment funds within the meaning of section 30; instead of sections 272 and 286(2), section 217(1) and (2) applies correspondingly to the frequency of the valuation of assets and the calculation of the net asset value per unit or share, and section 161(1) does not apply. The approval of investment conditions under section 268, or the notified marketing clearance under section 316(3) or section 321(3), granted before 19 July 2015, lapses on 19 January 2015, where the investment conditions amended under the first sentence, and where applicable the articles of association or the partnership agreement of the AIF, have not entered into force by 19 January 2015. Until 19 January 2015, investors must be pointed, typographically highlighted in a prominent place, in the sales prospectus and the key investor information, to the necessary adaptation of the redemption rights to the requirements of Article 1(5) of Delegated Regulation (EU) No 694/2014 and to the consequences of a failure to make the adaptation. In the case of special AIF, this notice must be given within the information under section 307.
(12) The provisions on the marketing of closed-ended AIF under this Act apply to the marketing to retail investors domestically of closed-ended EU AIF and foreign closed-ended AIF that 1. do not satisfy the conditions of Article 1(3) of Delegated Regulation (EU) No 694/2014, and 2. obtained a marketing authorisation under the provisions of this Act between 22 July 2013 and 19 July 2014.
(13) The provisions on the marketing of closed-ended AIF under this Act apply to the marketing to retail investors domestically of EU AIF and foreign AIF that 1. do not satisfy the conditions of Article 1(3) and (5) of Delegated Regulation (EU) No 694/2014, 2. satisfy the conditions of section 1(5) of this Act in the version in force until 18 July 2014, and 3. obtained a marketing authorisation under the provisions of this Act between 22 July 2013 and 19 July 2014, where the investment conditions, and where applicable the articles of association or the partnership agreement of the AIF, are adapted to the conditions under Article 1(5) of Delegated Regulation (EU) No 694/2014, and the adaptation, once it has entered into force, is notified to the Federal Institute no later than 19 January 2015; otherwise, the marketing authorisation for this AIF lapses on 19 January 2015. Subsection (11), fourth sentence, applies correspondingly.