Unit classes and sub-funds; power to issue statutory instruments

(1) The units in a collective investment fund may, having regard to the provisions laid down in the statutory instrument under subsection (4), be subdivided according to different structural features, in particular with regard to the use of income, the front-end load, the redemption discount, the currency of the unit value, the management fee, the minimum investment amount, or a combination of these features (unit classes). Units of a unit class have identical structural features. The costs of introducing new unit classes for existing collective investment funds must be charged against the unit prices of the new unit class. The value of the unit must be calculated separately for each unit class.
(2) Having regard to the provisions laid down in the statutory instrument under subsection (4), several collective investment funds that differ with regard to investment policy or another structural feature (sub-funds) may be combined (umbrella structure). The costs of establishing new sub-funds may be charged only against the unit prices of the new sub-funds. For retail sub-funds, the investment conditions, and any amendments to them, must be approved by the Federal Institute under sections 162 and 163. For special sub-funds, the investment conditions, and any material amendments to them, must be submitted to the Federal Institute under section 273.
(3) The respective sub-funds of an umbrella structure are separated, in terms of assets and liability, from the other sub-funds of the umbrella structure. As between investors, each sub-fund is treated as a separate fund with a specific purpose. The rights of investors and creditors in relation to a sub-fund, in particular its establishment, management, transfer, and dissolution, are limited to the assets of this sub-fund. Only the sub-fund concerned is liable for the liabilities attributable to the individual sub-fund. Subsection (1), fourth sentence, applies correspondingly.
(4) The Federal Ministry of Finance is empowered to issue, by statutory instrument not requiring the consent of the Bundesrat, further provisions on the accounting presentation, financial reporting, and determination of the value of each unit class or sub-fund. The Federal Ministry of Finance may transfer this power by statutory instrument to the Federal Institute.