Audit of the annual financial statements of AIF capital management companies subject to registration; power to issue statutory instruments

(1) The annual financial statements and the management report of a capital management company within the meaning of section 45 must be audited by an auditor in accordance with the provisions of the Third Subdivision of the Second Division of Book Three of the Commercial Code. The audit must be carried out no later than before the end of the ninth month of the financial year following the balance sheet date.
(2) Section 28 of the Banking Act applies correspondingly to the appointment of an auditor, save that the duties regulated there towards the Deutsche Bundesbank do not apply.
(3) The auditor must also examine whether the capital management company has complied with the provisions of this Act and has fulfilled its obligations under the Anti-Money Laundering Act. The auditor must report the result of this examination separately in the audit report.
(4) In the case of capital management companies within the meaning of section 45, first sentence, point 1 or 2, the auditor must also establish whether the provisions of the partnership agreement or the articles of association have been complied with. In the case of capital management companies within the meaning of section 45, first sentence, point 2, the auditor must additionally examine the allocation of profits, losses, contributions, and withdrawals to the individual capital accounts, and confirm their propriety. This also applies where the investor's interest in the AIF is held by a trustee. The first to third sentences do not apply to capital management companies registered under Article 14 of Regulation (EU) No 345/2013 or under Article 15 of Regulation (EU) No 346/2013.
(4a) Without prejudice to the auditor's special duties under subsections (3) and (4), the Federal Institute may also lay down, in relation to the capital management company, provisions on the content of the examination to be taken into account by the auditor in the course of the audit of the annual financial statements. It may in particular determine focal points for the audits.
(5) The auditor must, without delay after completion of the audit, transmit to the Federal Institute the report on the audit of the capital management company under subsection (1).
(6) The Federal Ministry of Finance is empowered, in agreement with the Federal Ministry of Justice and Consumer Protection, to issue, by statutory instrument not requiring the consent of the Bundesrat, further provisions on the subject matter of the examination under subsections (3) and (4) and on further content, scope, and presentation of the audit report, and on the manner of its submission to the Federal Institute, insofar as this is necessary for the performance of the Federal Institute's tasks, in particular in order to obtain uniform documentation for assessing the activity of capital management companies that satisfy the requirements of section 2(4), second sentence. The Federal Ministry of Finance may transfer the power by statutory instrument to the Federal Institute.