Transitional provision on the Fund Risk Limitation Act

(1) The investment conditions and the sales prospectus for domestic UCITS or domestic open-ended retail AIF must be adapted, by 16 April 2026, to the version of this Act in force from 16 April 2026. The application for approval of the amended investment conditions may, besides editorial changes, contain only such amendments to the investment conditions as are necessary for adaptation to the requirements of the version of this Act in force from 16 April 2026. Section 163(3) and (4), second to fifth sentence, and section 298(2), point 3, do not apply. The investment conditions and the information under section 307(1) and (2) for domestic open-ended special AIF must be adapted, by 16 April 2026, to the version of this Act in force from 16 April 2026.
(2) Section 35(1), (2), (5), first sentence, and (9), in the version in force from 16 April 2026, and section 36(3a), apply for the first time from 16 April 2027. Until 15 April 2027, section 35(1), (2), (5), first sentence, and (9), in the version in force until 15 April 2026, continues to apply.
(3) Section 139, second sentence, in the version in force from 16 April 2026, applies for the first time from 16 April 2028, as regards the corresponding application of section 95.
(4) Management companies under section 163(1), second sentence, may, by declaration to investors, replace reservation clauses — by which they have reserved the right to unilaterally amend the contract, in contracts with investors — with another reservation clause approved by the Federal Institute, by 1 October 2027.