Assertion of investors' claims; power to issue statutory instruments

(1) The depositary is entitled and obliged, in its own name,
1. to assert investors' claims against the AIF capital management company for infringement of the provisions of this Act or of the investment conditions,
2. in the case of dispositions under section 84(2), third and fourth sentence, to assert investors' claims against the acquirer of an asset of the retail AIF in its own name, and
3. to raise an objection by way of an action under section 771 of the Code of Civil Procedure, where enforcement is levied against a domestic AIF in respect of a claim for which the domestic AIF is not liable; investors may not themselves raise an objection to the enforcement. The first sentence, point 1, does not preclude the assertion of claims against the AIF capital management company by investors themselves.
(2) The AIF capital management company is entitled and obliged, in its own name, to assert investors' claims against the depositary. The first sentence does not preclude the assertion of claims against the depositary by investors themselves.
(3) The AIF capital management company must provide suitable compensation procedures for the investors affected in cases of incorrect calculation of unit values, or of infringement of investment limits or acquisition requirements, in respect of a domestic AIF. The procedures must, in particular, include the preparation of a compensation plan, and must provide for the examination of the compensation plan and the compensation measures by an auditor. The Federal Ministry of Finance is empowered to issue, by statutory instrument not requiring the consent of the Bundesrat, further provisions on the compensation procedures and their implementation, in particular on
1. details of the procedure, including, insofar as necessary, the involvement of the investor's custodian account-holding entities and a minimum amount of the incorrect calculation of the unit value above which the compensation procedure must be carried out, and, where applicable, details of a simplified compensation procedure where a specified total amount of damage is not reached,
2. the compensation measures to be taken towards an affected investor or domestic AIF, and, where applicable, de minimis thresholds below which such compensation measures would cause disproportionate expense,
3. reporting obligations towards the Federal Institute and, where applicable, towards the competent authorities of the home state of an EU AIF management company managing a domestic AIF,
4. information obligations towards the affected investors,
5. the content and structure of the compensation plan to be prepared, and details of the compensation measures, and
6. the content and scope of the examination of the compensation plan and the compensation measures by an auditor. The Federal Ministry of Finance may transfer this power by statutory instrument to the Federal Institute.