Right of withdrawal

(1) The investor is no longer bound by its declaration of intent directed at concluding a contract for an asset investment within the meaning of sections 2a to 2c where it has withdrawn that declaration in text form within the time limit. Timely dispatch of the withdrawal is sufficient to preserve the time limit.
(2) Withdrawal is effected by a declaration to the offeror. The declaration must clearly show the investor's decision to withdraw from the contract. The withdrawal need not state reasons.
(3) The withdrawal period is 14 days. It begins on conclusion of the contract, where the contract for the asset investment contains a clear notice of the right of withdrawal, including the name and address of the person to whom the withdrawal is to be declared; otherwise the withdrawal period begins at the time the investor receives such a notice in text form. Where the beginning of the withdrawal period is disputed, the burden of proof lies with the issuer. The right of withdrawal lapses at the latest twelve months after conclusion of the contract.
(4) In the case of withdrawal, the performance received must be returned without delay. For the period between the payment and the repayment of the invested amount, the issuer must render the agreed consideration to the investor.
(5) No derogation from the provisions of this section to the disadvantage of the investor is permitted.
(6) The right of withdrawal in distance contracts (section 312c of the German Civil Code) is governed by the German Civil Code.