Exemptions for crowdfunding

(1) Section 5a, sections 6 to 11a, section 12(1), section 14(1), first sentence and (3), first sentence, sections 15a, 17(1) and (2), section 18(1) nos. 2 to 6, section 19(1) no. 2, sections 20, 21, section 23(2) nos. 2 and 4, section 24(5) to (8) and section 25 do not apply to asset investments within the meaning of section 1(2) nos. 3 to 5 and 7, and to shares in a cooperative within the meaning of section 1 of the Cooperative Societies Act, where the sale price of all asset investments of the same issuer offered within a period of twelve months does not exceed EUR 6 million; asset investments not sold, or fully redeemed, are not counted towards this.
(2) Section 23(2) no. 1 applies, in the case of subsection (1), with the proviso that the annual financial statements need not be audited by a statutory auditor. Section 24(1) to (4) applies, in the case of subsection (1), with the proviso that no management report need be prepared under this Act.
(3) The exemption under subsections (1) and (2) applies only to asset investments that are brokered exclusively by way of investment advice or investment brokerage through an internet service platform that is obliged, by statute or by ordinance, to check whether the total amount of the asset investments of the same issuer that can be acquired by an investor exceeds the following amounts: 1. EUR 1,000, 2. EUR 10,000, provided the investor concerned, according to a self-declaration to be given by that investor, has freely available assets in the form of bank deposits and financial instruments of at least EUR 100,000, or 3. twice the amount of the average monthly net income of the investor concerned, according to a self-declaration to be given by that investor, but no more than EUR 25,000. The amounts named in the first sentence do not apply to an investor that is a corporation, or a GmbH & Co. KG whose limited partners are at the same time shareholders of the GmbH or are involved in the GmbH's decision-making, provided the GmbH & Co. KG is not an investment asset and not a management company under the Capital Investment Code.
(4) The exemption under subsections (1) and (2) may not be relied on for as long as an asset investment of the issuer is publicly offered under section 2(1) no. 3, or an asset investment of the issuer offered in that manner has not been fully redeemed.
(5) Asset investments are not admitted to public offer where a material interconnection of interests exists between the issuer concerned and the undertaking operating the internet service platform. A material interconnection of interests exists in particular where 1. a member of the issuer's management, or of its executive board, or a relative of such a person within the meaning of section 15 of the Fiscal Code, is also a member of the management or executive board of the undertaking operating the internet service platform, or 2. the issuer is affiliated with the undertaking operating the internet service platform under section 15 of the Stock Corporation Act.