Asset investments not admitted

(1) Asset investments providing for an obligation to make additional contributions are not admitted to public offer or distribution in Germany.
(2) Asset investments in which the investment object is not concretely determined at the time the sales prospectus is drawn up, or, in the cases of section 2a, at the time the asset investment information sheet is drawn up, are not admitted to public offer in Germany.
(3) Only asset investments distributed by way of investment advice or investment brokerage through a securities services undertaking or a financial investment broker are admitted to public offer in Germany.
(4) Subsections (2) and (3) do not apply where the offer is addressed exclusively to 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.