Approval of the sales prospectus

(1) A sales prospectus may not be published before its approval. BaFin decides on approval, subject to subsection (4), fourth sentence, after completing a completeness review of the sales prospectus, including a review of the coherence and comprehensibility of its content. In reviewing coherence, BaFin examines in particular whether, for the current and the following financial year, the net assets, financial position and results of operations of the issuer, the business prospects, and their effects on the issuer's ability to meet its obligations to the investor, are presented in the sales prospectus without contradiction.
(2) BaFin communicates its decision to the offeror within 20 working days of receipt of the sales prospectus.
(3) Where BaFin has indications that the sales prospectus is incomplete or that supplementary information is needed, the period named in subsection (2) begins to run only from the time that information is received. BaFin should inform the offeror of the incompleteness of the sales prospectus that in its view exists, or of the need for supplementary information, within ten working days of receipt of the sales prospectus.
(4) Where BaFin has, on the basis of the description of the asset investment in the sales prospectus or other facts known to it, indications that investor-protection concerns exist having regard to section 15 of the Securities Trading Act, it suspends the prospectus review procedure until the procedure under section 15 of the Securities Trading Act has concluded. BaFin communicates the suspension and its date to the offeror. The period named in subsection (2) begins to run afresh from the time BaFin concludes the review under section 15 of the Securities Trading Act and has communicated this to the offeror. Where the procedure under section 15 of the Securities Trading Act ends with a prohibition, BaFin refuses approval. Where no decision under section 15 of the Securities Trading Act is issued within twelve months of receipt of the application for approval of the sales prospectus, the prospectus review procedure is deemed concluded.