Exemptions for individual kinds of asset investment

(1) Sections 5a to 26, with the exception of section 18(2) and (3) and section 19(1) nos. 3 and 4, of this Act do not apply to 1. shares in a cooperative within the meaning of section 1 of the Cooperative Societies Act, where no success-based remuneration is paid for distributing the shares, 1a. asset investments within the meaning of section 1(2) nos. 3, 4 and 7 whose issuer is a cooperative within the meaning of section 1 of the Cooperative Societies Act and that are offered exclusively to the members of the cooperative, where no success-based remuneration is paid for distributing the asset investments, 2. asset investments issued by insurance undertakings or pension funds within the meaning of sections 1 and 236 of the Insurance Supervision Act, 3. offers in which a) no more than 20 units of the same asset investment within the meaning of section 1(2) are offered, b) the sale price of the units of an asset investment within the meaning of section 1(2) offered within a period of twelve months does not exceed EUR 100,000 in total, or c) the price of each unit of an asset investment within the meaning of section 1(2) offered is at least EUR 200,000 per investor, 4. offers addressed only to persons who acquire or dispose of securities or asset investments professionally or commercially for their own account or for the account of another, 5. asset investments that are part of an offer for which a valid sales prospectus has already been published in Germany, 6. asset investments offered to a limited circle of persons, or only to employees by their employer or by an undertaking affiliated with that employer's undertaking, 7. asset investments issued a) by a Member State of the European Union, by another contracting state to the Agreement on the European Economic Area, by a full member state of the Organisation for Economic Co-operation and Development, provided that state has not rescheduled its foreign debt or faced comparable payment difficulties within the last five years, or by a state that has concluded special credit agreements with the International Monetary Fund in connection with its General Arrangements to Borrow, b) by a regional or local authority of the states named in letter a), c) by an international organisation under public law of which at least one Member State of the European Union or another contracting state to the Agreement on the European Economic Area is a member, d) by a credit institution within the meaning of section 1(1) of the Banking Act, by a financial services institution providing financial services within the meaning of section 1(1a), second sentence, nos. 1 to 4 of the Banking Act, by an investment firm providing investment services within the meaning of section 2(2) nos. 3 to 10, by the Kreditanstalt für Wiederaufbau, or by an undertaking operating under section 53b(1), first sentence or (7) of the Banking Act that regularly publishes its annual financial statements, provided the issuance, except in the case of the issuance of registered debt instruments, is made on a permanent or repeated basis; a repeated issuance exists where at least one issue has been made within the European Union, or within another contracting state to the Agreement on the European Economic Area, in the twelve calendar months preceding the public offer, or e) by a company or legal person with its seat in a Member State of the European Union or in another contracting state to the Agreement on the European Economic Area that carries on its activity under a state monopoly and that has been created by, or is regulated on the basis of, a special statute, or for whose asset investments a Member State of the European Union or one of its federal states, or another contracting state to the Agreement on the European Economic Area or one of its federal states, has assumed the unconditional and irrevocable guarantee for their interest payment and repayment, 8. asset investments offered in a transformation of an undertaking under the provisions of the Transformation Act, or offered as consideration within the framework of an offer under the Securities Acquisition and Takeover Act, and 9. asset investments first disposed of before 1 July 2005 and publicly offered after 1 July 2005 on a market that operates regularly, has regulated operating and access conditions, is directly or indirectly accessible to the public, and is under the responsibility of its operator.
(2) Offers under subsection (1) nos. 1a and 3 must indicate that no prospectus requirement applies. For offers under subsection (1) no. 1a, the management board of the cooperative must ensure that the essential information about the asset investment is made available to the cooperative's members before the contract is concluded.