(1) The depositary must issue and redeem the units or shares of a domestic UCITS. Units or shares may be issued only against payment in full of the issue price. Contributions in kind are impermissible, subject to section 180(4) and section 190(1) and (2).
(2) The price for the issue of units or shares (issue price) must correspond to the net asset value of the unit or share in the domestic UCITS, plus a premium to be fixed in the investment conditions under section 165(2), point 8. The issue price must be paid to the depositary and must be credited by it, less the premium, without delay to a blocked account established for the domestic UCITS. Where swing pricing or dual pricing is applied, the modified net asset value, rather than the net asset value, must be taken as the basis for the issue price.
(3) The price for the redemption of units or shares (redemption price) must correspond to the net asset value of the unit or share in the domestic UCITS, less a discount to be fixed in the investment conditions under section 165(2), point 8. The redemption price, less the discount, must be paid from the blocked account to the investor. Where swing pricing or dual pricing is applied, the modified net asset value, rather than the net asset value, must be taken as the basis for the redemption price.
(4) The front-end load under subsection (2), first sentence, and the redemption discount under subsection (3), first sentence, may be paid out to the UCITS management company.