Audit of the annual financial statements of externally managed loan-originating special AIF; power to issue statutory instruments

(1) The annual financial statements and the management report of a domestic special AIF within the meaning of section 46 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.
(2) In the course of the audit, the auditor must also establish whether the special AIF within the meaning of section 46 has complied both with the provisions of this Act and with those of a partnership agreement or articles of association underlying the AIF.
(3) In the case of a domestic special AIF in the legal form of a commercial partnership, the auditor must also 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.
(3a) Without prejudice to the auditor's special duties under subsections (2) and (3), the Federal Institute may also lay down, in relation to special AIF within the meaning of section 46, 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.
(4) The audit report must be submitted by the auditor to the Federal Institute on request.
(5) 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 (2) and (3) and on further content, scope, and presentation of the auditor's audit report, and on the manner of submission of the auditor's audit report 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 domestic loan-originating special AIF that are managed by AIF capital management companies satisfying the requirements of section 2(4), second sentence. The Federal Ministry of Finance may transfer the power by statutory instrument to the Federal Institute.