Guidance Notice for Marketing According to § 320 KAGB

Version dated: December 2024
This translation is furnished for information purposes only.
The original German text is binding in all respects.
Frankfurt am Main, 10.12.2024
Guidance notice for notifications of the intention to market EU AIFs or foreign AIFs to retail investors in the Federal Republic of Germany in accordance with
section 320 of the German Investment Code (Kapitalanlagegesetzbuch – KAGB)
Version dated: December 2024
Table of contents
I. Preliminary statement 2

1. General information on the notification procedure 3
2. Notification letter 3
3. Submission of notification/documents/fee 3
4. Self-certification 6
5. Updating documents and amendment notices 7
6. De-notification of marketing of units or shares of AIFs 7
7. Special provisions in the case of umbrella schemes 8
   II. Content of the notification in accordance with section 320 10
   A. The formalities of notification 10
   B. Material requirements for fund rules, articles of association or partnership agreements, prospectuses and key information documents in accordange wirh Regulation (EU) No 1286/2014 20
   III. Other 49

I. Preliminary statement
This Guidance Notice presents the main features of the notification procedure in accordance with section 320 of the KAGB and explains the prerequisites for marketing units and shares of EU AIFs or foreign AIFs to retail investors in the Federal Republic of Germany. The marketing of units or shares of EU AIFs or foreign AIFs to retail investors in the Federal Republic of Germany is subject to the provisions of the KAGB. In accordance with
section 320 (1) sentence 1 of the KAGB1
, the Federal Financial Supervisory Authority
(Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) must be notified of any intention to market such units and shares. BaFin will check within 20 working days whether the required information and documentation are complete, section 320 (2) in conjunction with section 316 (2) sentences 1 and 2. If the notification is complete upon receipt, the alternative investment fund manager (hereinafter AIFM) will receive a corresponding confirmation by e-mail. If the notification is incomplete, BaFin will request within 20 working days that the missing information and documentation is submitted as a supplementary notification in accordance with section 320 (2) in conjunction with section 316 (2) sentence 2. The supplementary notification must be submitted to BaFin within six months of the notification being filed or of the last supplementary notification, failing which BaFin is precluded from providing confirmation that marketing may begin (section 320 (2) in conjunction with section 316 (2) sentence 4 of the KAGB). This ends the notification procedure and marketing may not be commenced. A new notification procedure can be started at any time (section 320 (2) in conjunction with section 316 (2) sentence 6). In the case of notifications by EU AIFMs, BaFin will inform the notifier within three months of receipt of the complete notification file in accordance with section 320 (2) no. 1 in conjunction with section 316 (3) sentence 1 whether marketing of the AIF referred to in the notification letter can be commenced in the Federal Republic of Germany. If the notification is made by a foreign AIFM, the period will be six months, section 320 (2) no. 2 in conjunction with
section 316 (3) sentence 1. If the foreign AIFM has already submitted notification of an AIF to
be marketed to retail investors in the Federal Republic of Germany in accordance with
section 320 (1) sentence 1 and the notifying foreign AIFM warrants in the notification letter
that there have been no changes in relation to the requirements of section 317 (1) sentence 1 nos. 1 and 3 since the last notification of the same type or update, then the above-mentioned period in accordance with section 320 (3) sentence 2 will be only three months. BaFin can prohibit the commencement of marketing within the three- or six-month period referred to in section 320 (2) in conjunction with section 316 (3) if the AIFM or the management of the notified AIF by the AIFM of the AIF infringes the provisions of the KAGB. If BaFin communicates objections to this effect within the three- or six-month period, the period is interrupted and recommences upon submission of the amended information and documentation, section 320 (2) in conjunction with section 316 (3) sentence 3. If the objections References in the following to sections only without the name of a specific act refer to the KAGB

are resolved and BaFin notifies the AIFM of this, marketing of the notified AIF can be commenced in the Federal Republic of Germany from the date of the corresponding notification, section 320 (2) in conjunction with section 316 (3) sentence 4. Information on data processing and an explanation of your rights regarding the assessment of directors, holders of major participating interests or representatives under the KAGB can be found on the BaFin website by using the following link:
https://www.bafin.de/ref/19591716
This Guidance Notice may be subject to amendments and additions – including but not limited to those made at short notice.

1. General information on the notification procedure
   This section of the Guidance Notice presents the information and documentation that are generally required for notifications of the intention to market units or shares of EU AIFs or foreign AIFs to retail investors in accordance with section 320. This does not prevent the AIFM from providing or BaFin from requesting further information and documentation.
2. Notification letter
   The notification must clearly state the full name of the sender and their function at the AIFM. The notification must be signed at the end in the name of the AIF management company by its authorised representatives stating the place and date of execution, with the names of the undersigned to be repeated in typescript. If the notification is not made by the AIFM, but by an appointed representative, a certificate of authorisation for the notifier must be submitted authorising the latter to notify BaFin of the intention to commence marketing and to furnish and receive all necessary declarations required in connection with this. It must be stated whether and, if applicable, to what extent the appointed representative, whose name and function must be indicated (at least one natural person), is empowered to issue affirmations on behalf of the AIFM. In particular, information is required on whether the appointed representative is authorised to perform self-certification. The certificate of authorisation must be signed by the manager(s) authorised to represent the company and must indicate the names and functions of the signatories.
3. Submission of notification/documents/fee
   With effect from 01 April 2023, the notification can be submitted exclusively electronically by encrypted e-mail or by downloading it via BaFin’s reporting and publishing platform (Melde￾und Veröffentlichungsplattform – MVP-Portal) (section 7b (1) and 2 of the KAGB). Individual items of information must be labelled in line with the numbering and associated headings contained in this Guidance Notice. If individual items are not relevant, they must nevertheless be included in the notification and marked as “not applicable”. The same applies

where this Guidance Notice states that individual items of information are not required in specific cases. In case of doubt, a brief justification for the relevant points must be included. The documents to be submitted must be labelled in the top-right corner with the number of the Guidance Notice. If the information given in relation to one point is the same as the information required for another point, a corresponding reference can be made. This also applies to the documents to be included. In the case of self-managed AIFs, the following information and documentation required with respect to the AIFM relate to the AIF itself with the necessary modifications. The obligations imposed by the Guidance Notice or the Code also apply to the AIF itself in the absence of an external AIFM. The most up-to-date versions of the documents must be submitted in each case. Foreign language documents must be submitted together with a German translation, section 320 (1) sentences 2 and 3. To the extent that foreign statutory provisions are referred to in the documents to be submitted, these must be submitted upon request. In the fund rules, the articles of association, or the partnership agreement that must be included together with the notification or that are contained in the prospectus, and in the prospectus in German, the information referred to under B. must be identified by making corresponding references to the following numbers and letters in the margin of the individual pages. Where a large number of key information documents in accordance with Regulation (EU) No 1286/2014 are submitted together, please provide a better overview by sorting them alphabetically by the names of the investment compartments/unit classes concerned. Note:
As from 01 January 2023, Regulation (EU) No 1286/2014 requires a key information document to be drawn up for funds whose units are marketed to retail investors or semi-professional investors. This replaces the previous requirement to prepare key investor information. Notifications in accordance with section 320 of the KAGB can be submitted via the MVP-Portal. This requires the notifier to have previously registered. Additional information is available under the following link: https://portal.mvp.bafin.de/MvpPortalWeb/app/login.html However, you can also still use encrypted e-mails to submit notifications to BaFin. Paper-based submission of notifications or other documents will no longer be permitted from
01.04.2023. As from 01 April 2023, notifications and other documents may no longer be
submitted as hard copies.
Notifications that are submitted electronically by e-mail must be sent in encrypted form to the secureWA5@bafin.de mailbox. Please note the following when submitting items electronically:

Notes for submitting notifications by e-mail/download:
a) E-mail notifications must be encrypted. BaFin’s e-mail encryption programme (SEPPmail) uses certificates to ensure that e-mails are encrypted and decrypted. All BaFin’s public keys can be accessed in a directory available on the following webpage:
https://secmail.bafin.de/web.app. Alternatively, you can request the responsible BaFin administrator’s certificate by sending an e-mail with the hashtag #getcertificate to their e-mail. b) E-mails including all attachments may not exceed 20 MB in size; attachments may be packed in a zip file. If necessary, the contents must be split up across multiple e-mails; this must be indicated in the subject line (see e)). It is recommended that you give advance warning by e-mail before submitting large volumes of data. Equally, the technical arrangements for downloading information or documents relating to notifications should be clarified. Additional information on electronic transfers and e-mail transmission can be submitted in advance to the mailbox given above or clarified with the administrator responsible. c) E-mails that exceed the data volume given above will not be delivered to BaFin even if the sender receives a confirmation of dispatch suggesting the contrary. BaFin will not be made aware of such e-mails and cannot process them. The sender shall be responsible for all associated consequences. d) The permissible file formats for attachments/downloads are .pdf, .doc and .docx. e) The subject line for the e-mail must include the following:

• the eight-digit BaFin ID (70XXXXXX);
• the name of the AIFM;
• a sequential number if the notification is transmitted using multiple e-mails (see b) above).
  A fee must be paid to submit a notification. In the case of an umbrella scheme, each investment compartment is subject to the notification requirement and fee obligation. If the documents to be included with the individual notifications are identical, they need only be submitted with one notification; in other respects, reference must be made to the notification with which the relevant document is included. If reference is made to documents that were submitted in an earlier notification procedure, the relevant investment fund must be identified by name. The ability to make such references depends on the documents being up to date. If the marketing of units of several AIFs or investment compartments is to be notified, a separate notification must be made for each AIF and a separate fee must be paid for each. The fee is EUR 1,641.00 per AIF/investment compartment. The legal basis for the charging of fees results from section 1 no. 18 in conjunction with section 2(1) of the Special Fee Ordinance of the Federal Ministry of Finance in respect of Financial Services Fees Regulation - FinDAGebV and No. 15.1.9.4, 1st indent of the list of fees in this regulation.

The fee must be transferred stating the following reference “BaFin, … (name of AIF to which the notification relates) AnzGeb.” to the following account:
Recipient: Bundeskasse
Deutsche Bundesbank, Saarbrücken branch
IBAN: DE 81 5900 0000 0059 0010 20
BIC code: MARK DEF 1590
In each case, the full name of the AIF must be provided as far as technically possible, e.g. to the extent that the number of characters provided for the payment reference on the transfer form allows this. When remitting payment, please ensure that the fee is paid in full and that no bank or other charges are deducted.
4. Self-certification
In the case of the most recent versions of the documents submitted to or approved by the home supervisor (prospectus and fund rules, articles of association, or partnership agreement) that must be included with the notification of intention to commence marketing, an affirmation by the manager(s) of the AIFM authorised to represent the company, or by an authorised third party, stating that the documents are the most up-to-date versions and have been submitted to or approved by the supervisory authority in the AIFM’s country of domicile, will be accepted.2 The name and function of the person signatory of this affirmation must be indicated. If the self-certification is not performed by the manager(s) of the AIFM authorised to represent the company, a list of authorised signatories must be provided which must contain the names, functions and specimen signatures of the authorised signatories. Additionally, information must be provided on the conditions subject to which a legally binding declaration of intent on behalf of the AIFM can be assumed (e.g. requirement that two people sign; unless information to the contrary is provided, the validity of the list of authorised signatories also extends to future notification procedures until it is revoked or replaced). The list of authorised signatories must be signed by the manager(s) of the AIFM authorised to represent the company, and the name and function of the signatory provided. It should be noted that this does not indicate an option. The content of the affirmation depends on whether the documents must be approved by the supervisory authority in the country of domicile or merely submitted to it; the affirmation should be affixed to the relevant document. If the affirmation is made in a language other than German, a German translation must be included.

5. Updating documents and amendment notices
   BaFin must be informed of amendments to the information provided in the notification and to the documents supplied. The amended documents must be included. BaFin must be notified of planned amendments at least 20 working days before they are implemented and of unplanned amendments immediately after they have occurred. The amendment notice shall be communicated in the same way as the notification. If the planned amendment infringes the provisions of the KAGB, BaFin will notify the AIFM that it may not implement the amendment. Your attention is drawn to section 320 (4) sentences 2 and 3 in conjunction with section 316 (4) sentence 4 and section 316 (5).
6. De-notification of marketing of units or shares of AIFs
   De-notification of the marketing of units or shares of an AIF that is marketed in accordance with section 320 shall be based on section 295a. The de-notification shall be communicated in the same form as the notification. The marketing of AIFs or investment compartments (in the case of an umbrella scheme) that have already been authorised for marketing can be de-notified with effect from a certain date (de-notification date) subject to the following conditions:
   The de-notification of marketing shall be communicated to BaFin in accordance with section 295a (4) and compliance with the conditions set out in section 295a (1) shall be demonstrated in this notification. Compliance with the conditions set out in section 295a (1) sentence 3 no. 1 shall be demonstrated by stating in the notification how (directly or via what financial intermediaries, where appropriate) and as from what date the blanket offer in German was publicly available for at least 30 working days and was addressed individually to those investors whose identity was known. A copy of the blanket offer shall be submitted together with the notification. “Publicly available” shall be deemed in particular to include publication of the blanket offer in a business or daily newspaper with a sufficiently large circulation or in the electronic information media specified in the prospectus plus, if appropriate, additionally on the financial intermediary’s website. The notification must clearly show that the information in accordance with section 295a (1) sentence 3 no. 1 and no. 2 contains an unambiguous description of the consequences for investors if they do not accept the blanket offer; this documentation obligation shall not apply in the case of closed-ended AIFs or of AIFs that are regulated under Regulation (EU) 2015/760. Compliance with the conditions set out in section 295a (1) sentence 3 no. 2 shall be demonstrated by stating in the notification the generally available medium (including electronic means) customarily used for marketing AIFs and suitable for typical AIF investors that was used to communicate the intention to de-notify marketing in German, and the date of such communication. “Generally available” shall be deemed in particular to include publication of the intention to de-notify marketing in a business or daily newspaper with a

sufficiently large circulation or in the electronic information media specified in the prospectus plus, if appropriate, additionally on the financial intermediary’s website. Compliance with the condition set out in section 295a (1) sentence 3 no. 3 can be demonstrated by the AIFM making a binding self-declaration in the notification letter that any new or additional direct or indirect offer or placement of the units or shares of the AIF or investment compartment concerned shall be terminated at the latest on the de-notification date. The AIFM may no longer market the units or shares concerned as of the de-notification date. The AIFM may not engage in premarketing of the AIF or investment compartment that is affected by the de-notification of marketing, or of comparable investment strategies or investment concepts, for a period of 36 months as from the de-notification date. Your attention is drawn to the prohibition on marketing in accordance with section 314 (1) no. 11 and section 314 (2) in conjunction with section 295a (2) and (4).
Section 295b (2) requires the obligations specified therein to update documents and to provide
information to the remaining investors do not end with the de-notification of marketing in the Federal Republic of Germany. In particular, section 320 (4) shall continue to apply to amendment notices as from the date of de-notification for as long as there are still investors in Germany. This being the case, BaFin must be informed by way of an amendment notice as soon as there are no longer any investors residing and/or domiciled in the Federal Republic of Germany who are invested in the AIF.
7. Special provisions in the case of umbrella schemes
Simultaneous existence of investment compartments authorised for marketing and not authorised for marketing Where in the case of umbrella schemes with at least one investment compartment whose units or shares are permitted to be marketed within the jurisdiction of the KAGB, sales documentation is used that also contains information about other investment compartments that are not permitted to be marketed within the jurisdiction of this Code, or that are only permitted to be marketed to another type of investor, the sales documentation must include a prominent statement in prominent print in each case that the units or shares of the additional investment compartments are not permitted to be marketed within the jurisdiction of the KAGB or, if they are permitted to be marketed to individual types of investor, the type of investor within the meaning of section 1 (19) nos. 31 to 33 to which they are not permitted to be marketed; such additional investment compartments must be identified by name. These statements must be included in the documents intended for investors in Germany.
7.1 De-notification of marketing of investment compartments
The de-notification of the marketing of investment compartments is also based on
section 295a (1) and (4) of the KAGB and the principles outlined above.

When de-notifying marketing of investment compartments under an umbrella scheme, it should be noted that this marketing waiver for an investment compartment generally gives rise to the need to submit an amendment notice. This is because section 320 (4) sentence 1 in conjunction with section 316 (4) sentences 1 to 3 require amended information and documents to be submitted to BaFin. This is the case in particular where the marketing of other investment compartments of the umbrella fund is still authorised in Germany. BaFin must be informed of the amendment notice for a planned amendment (in this case the end of marketing of an investment compartment with respect to the other investment compartments that are still being marketed) in accordance with the requirements above at least 20 working days before the planned change is implemented, and the updated documents must be attached. The blanket offer that is a precondition for the de-notification of an investment compartment must be published at least 30 working days before the end of marketing in accordance with the requirements above. The timing of the two amendments – the de-notification and the amendment of the documents for the investment compartments that have not been de￾notified – is thus closely linked. A fee is charged for the discontinuation of marketing of an investment compartment by way of de-notification. This fee amounts to EUR 284.00 per investment compartment. The fee is based on the schedule of fees mentioned above in connection with the notification letter. The fee must also be remitted to the account given above in connection with the notification letter. The following reference must be used:
“BaFin, …(name of investment compartment to which the de-notification relates), AendGeb.” A copy of the proof of payment of the de-notification fee must be supplied together with the de-notification notice, in addition to the documentary proofs that must be provided in all cases. BaFin can only process the discontinuation of marketing by way of de-notification and delete the investment compartment from its database once the necessary documents and proofs have been submitted in full. Your attention is drawn to section 295a (2), section 314 (1) no. 11 and section 314 (2).

II. Content of the notification in accordance with
section 320
A. The formalities of notification
I Information about the AIFM
(in the case of self-managed AIFs, the information referred to here must be given for the AIF with the necessary modifications)

1. Name or company name, legal form, registered office, address, contact person with
   telephone number, fax number and e-mail address
2. Name of the country under whose laws the AIFM was established
3. Name, registered office and address of the governmental authority responsible for
   supervising the AIFM
4. In the case of a foreign AIFM
   4.1 All material information showing that the foreign AIFM is subject to effective public
   supervision for the protection of investors in the country in which it has its registered office
   4.2 Other information
   a) names of the managers b) names of owners of major holdings in the AIFM c) facts indicating a close link between the AIFM and other natural or legal persons d) information on the remuneration policy and practice within the meaning of
   section 37
   The information must include at least:
   a list of the staff (groups) that fall within the scope of the company’s remuneration policy and practice; information on the function performed by the staff is sufficient for this,  information on whether a remuneration committee has been established, and if not, the reasons for this,  a description of the structure of variable and fixed remuneration (e.g. information on the parameters it is based on) e) information on delegation arrangements within the meaning of section 36 f) information on the engagement agreements for the depositary

If the notifying foreign AIFM has already made notification of an AIF to be marketed to retail investors in the Federal Republic of Germany, the information referred to in a) to e) need not be provided again if the AIFM affirms in the notification letter that there have been no changes in relation to the requirements in accordance with
section 317 (1) sentence 1 nos. 1 and 3 since the last notification.
5. Equity (share capital less outstanding contributions plus reserves) according to the most
recent annual financial statements
6. Date of incorporation and duration of the AIFM
7. Date of commencement of business activities
8. Financial year
9. Equity investments by the AIFM (giving the percentage) in the depositary
II Information about the AIFM
(in the case of self-managed AIFs, the documents referred to here must be submitted for the AIF with the necessary modifications)

1. Declaration of the assumption of obligations in accordance with section 320 (1) sentence 2
   no. 7
   “Affirmation in accordance with section 320 (1) sentence 2 no. 7 of the German Investment Code (KAGB) for … (name of the AIF or the umbrella scheme, giving the name(s) of the notified investment compartment(s)) … (name of the AIFM or name of the AIF in the case of a self-managed AIF) hereby undertakes to  submit to the Federal Financial Supervisory Authority (hereafter BaFin) the asset manager’s annual financial statements and the annual report to be published in accordance with section 299 (1) sentence 1 no. 3 of the KAGB no later than six months following the end of each financial year and additionally, in the case of open-ended AIFs, the semi-annual report to be published in accordance with section 299 (1) sentence 1 no. 4 of the KAGB no later than three months after the end of each financial half-year; an auditors’ report must have been issued for the annual financial statements and the annual report,  inform BaFin in accordance with section 320 (4) sentence 1 in conjunction with section 316 (4) sentences 1 and 2 of the KAGB of all material changes to facts and circumstances that were provided at the time of notification of the intention to commence marketing or that serve as the basis for the certification from the competent authority in accordance with section 320 (1) no. 1 (a) of the KAGB, and submit proof of such changes,

 provide information and submit documents on the business activities of the asset manager to BaFin on request,  at BaFin’s request, restrict the use of leverage to the level required by BaFin or cease its use, (and  in the case of a foreign AIFM) comply with its reporting obligations towards BaFin in accordance with section 35 of the KAGB.” In the case of AIFs that exercise control over unlisted companies, the affirmation must be expanded to the effect that the specific provisions of Article 29 of Directive 2011/61/EU regarding the annual report are observed, together with the notification and disclosure requirements vis-à-vis BaFin pursuant to Articles 27 and 28 of Directive 2011/61/EU.
2. The most recent adopted annual financial statements (balance sheet plus income
statement), including an (original) or the qualified electronic signature auditors’ report signed by hand and prepared by a German auditor or an equally qualified foreign auditorF
3. Proof of payment of the notificationfee in accordance with section 320.(1) sentence 2 no. 8
4. In the case of an EU AIFM:
A certificate from the competent authority in the home member state in a language customary in the sphere of international finance to the effect that the EU AIFM and its management of the notified AIF comply with Directive 2011/61/EU, and that the required authorisation for the management of the AIF with a defined investment policy has been granted
5. In the case of a foreign AIFMF
5.1. Proof of the funds required in order to operate the business within the meaning of
section 25
5.2. The business plan, which, along with the organisational structure of the foreign AIFM,
also contains information on how the foreign AIFM intends to comply with its obligations under the KAGB including the requirements of Directive 2011/61/EU
5.3. The names of the managers and information permitting an assessment of their good
repute and professional qualifications
The substantive requirements for demonstrating the good repute and professional qualifications required in this context shall generally be satisfied if the following documents are submitted for all managers:

a) certificates of good conduct or corresponding documentary proof of good repute issued by the supervisory authorities in the country of residence3 b) a statement by the person concerned as to whether criminal proceedings are pending against him or her, whether criminal proceedings were previously instituted against him or her on account of a crime or other offence, or whether he or she, or an enterprise managed by him or her, has been or is involved as a debtor in bankruptcy, in proceedings for making a declaration in lieu of an oath, or in comparable proceedings4 c) a full and faithful, personally signed and dated curriculum vitae which must contain all the person’s first names, their last name and name at birth, date of birth, place of birth, private address, nationality, as well as a detailed description of their professional training, the names of all companies for which this person works or has worked and information on the nature and length of their activities in each case, including any sideline activities. The curriculum vitae should focus on the positions held by the manager during their career. The month and the year should be provided for the start date and end date of each position held. With respect to the nature of the activities, the person’s powers of representation, their internal decision-making powers and the business areas assigned to them within the company must be indicated in particular. At the request of BaFin, references for any positions of employment held in the three years prior to submission of the notification must be attached, where available.
5.4. Names of the owners of major holdings in the AIFM and information permitting an
assessment of their good repute and the level of their participations a) certificates of good conduct or corresponding documentary proof of good repute issued by the supervisory authorities in the country of residence b) a statement by the person concerned as to whether criminal proceedings are pending against him or her, whether criminal proceedings were previously instituted against him or her on account of a crime or other offence, or whether he or she, or an enterprise managed by him or her, has been or is involved as a debtor in bankruptcy, in proceedings for making a declaration in lieu of an oath, or in comparable proceedings If the notifying foreign AIFM has already made notification of an AIF to be marketed to retail investors in the Federal Republic of Germany, the documents referred to in II.5.1 to II.5.4 need not be resubmitted if the AIFM affirms in the notification letter that there have been no changes in relation to the requirements in accordance with
section 317 (1) sentence 1 nos. 1 and 3 since the last notification.
5.5. All material documents showing that the foreign AIFM is subject to effective public
supervision for the protection of investors in the country in which it is domiciled and In this context, please note the requirements from the information sheet on the suitability of managers in accordance with the KAGB “ available for download: “Merkblatt zur Eignung von Geschäftsleitern nach dem KAGB” https://www.bafin.de/ref/19754704 See the form “Information on good repute” available for download at: https://www.bafin.de/ref/19754704

that the competent supervisory authority is willing to cooperate with BaFin, in particular a) an up-to-date original certificate from the competent supervisory authority showing that the AIFM has been authorised by this authority and is subject to public supervision there for the protection of investors b) an up-to-date original certificate from the competent supervisory authority documenting that it is willing to cooperate to a satisfactory extent with BaFin and that it will inform BaFin without undue delay of any revocation, retraction, or other discontinuation of the AIFM’s authorisation, or of other serious measures taken against the AIFM, and that it will make available further information requested by BaFin in order to perform its tasks The certificate under b) may be waived if a bilateral or multilateral agreement (MoU) exists between BaFin and the competent supervisory authority of the country in which the foreign AIFM has its registered office that ensures cooperation between the supervisory authorities, and particularly the exchange of information, including information falling within the scope of the relevant provisions of the KAGB.
6. Upon request only: the applicable laws, regulations and pronouncements of the country in
which the foreign AIFM has its registered office that are applicable to the AIFM and, where relevant, to the AIF.
III. Information about the AIFM whose units are to be marketed
(information already provided under I. does not need to be provided here; a corresponding reference is required, however)

1. Name and duration of the AIF, if this is different to the information in point I.1.; ISIN if
   available
    Name and duration of the investment compartment(s) in the case of an umbrella scheme

2. Information on whether the units or shares of the AIF may be marketed to retail investors
   in the country in which the AIF has its registered office; if marketing is not permitted, the reasons for this must be given in detail

3. Legal form of the AIF (e.g., form of agreement, self-managed AIF; form of articles of
   association or partnership agreement)

4. Description of the legal position of owners of units or shares of the AIF to which the
   notification relates (e.g.: “The investors are shareholders (partners) in the AIF” or “The investors hold an interest in the investment fund, which is segregated from the AIFM’s own assets”)

5. Date of establishment of the AIF

6. Date of establishment of the investment compartment(s), if applicable

7. Date of the initial issue of units

8. Financial year of the AIF

9. Information on the arrangements for marketing the notified AIF
   IV Documents relating to the information about the AIF (information already provided under point II. does not need to be provided here; a corresponding reference is required, however)

10. The fund rules approved by the supervisory authority in the country in which the AIF has
    its registered office, the articles of association, or partnership agreement of the AIF Separate submission of the fund rules, the articles of association, or the partnership agreement is not required if these are contained in the prospectus. A corresponding reference as to whether the fund rules, the articles of association, or the partnership agreement are contained in the prospectus is required here.

11. Business plan, which also contains the material information about the governing bodies of
    the AIF where appropriate

12. Annual report in accordance with section 299 (1) sentence 1 no. 3 for the last financial year,
    including an original auditors’ report signed by hand or the qualified electronic signature

13. The semi-annual report following on from the most recent annual report in accordance
    with section 299 (1) sentence 1 no. 4, if the reporting date of the annual report is more than eight months earlier (this point does not apply in the case of a closed-ended AIF)

14. The original version of the prospectus (which may be in a language other than German)
    valid at the time of the notification and submitted to or approved by the supervisory authority in the country in which the AIF has its registered office; a German translation must be included in the case of prospectuses in other languages

15. The key information document (or in case of umbrella structures for all notified sub-funds)
    in accordance with Regulation (EU) No 1286/2014 that is valid at the time of notification and intended for marketing in the Federal Republic of Germany

16. If applicable, all other information about the AIF available to investors

17. In the case of foreign AIFs
    a) an up-to-date original certificate from the competent supervisory authority documenting that the AIF has been authorised by this authority, that it is subject to public supervision there for the protection of investors and that the fund rules, the articles of association, or the partnership agreement of the AIF as well as the prospectus comply with the applicable provisions b) an up-to-date original certificate from the competent supervisory authority documenting that it is willing to cooperate to a satisfactory extent with BaFin and

that it will inform BaFin without undue delay of any revocation, retraction, or other discontinuation of the AIF’s authorisation, or of other serious measures taken against the AIF, and that it will make available further information requested by BaFin to perform its tasks The certificate under b) may be waived if a bilateral or multilateral agreement (MoU) exists between BaFin and the competent supervisory authority of the country in which the AIF has its registered office that ensures cooperation between the supervisory authorities, and particularly the exchange of information, including falling within the scope of the relevant provisions of the KAGB. V Information about the representative; mandatory in the case of notifications by foreign AIFMs Where an EU AIFM makes use of the option to appoint a representative, the following requirements shall apply with the necessary modifications.

1. Name or company name, legal form, registered office or residence, address, email address,
   telephone number and fax number
2. Profession/business or object of the company
3. Members of the management, including their names, place of residence and function (e.g.,
   chairperson, deputy chairperson)
4. Indication that the compliance function in accordance with Directive 2011/61/EU can be
   performed in line with section 57 (3) sentence 4 If the representative is a credit institution whose registered office is in the Federal Republic of Germany, the information on points V.2. to V.4. is not required. VI Documents relating to the information about the representative, mandatory in the case of notifications by foreign AIFMs If an EU AIFM makes use of the option to appoint a representative, the following requirements shall apply acoordingly.
5. Up-to-date original affirmation of the representative that it has assumed this function
   The affirmation should be worded as follows:
   “I/we hereby affirm that I/we have assumed the function of representative(s) within the meaning of section 319 (1) of the German Investment Code (KAGB) for … (name of the AIFM or AIF) and that I/we perform the compliance function in line with section 57 (3) sentence 4 of the KAGB.”

In the case of an AIF that has no legal personality, the name of the AIF must also be given (“… for … for the account of the AIF …”)section 57 (3) sentence 4 of the KAGB.” In the case of an AIF that has no legal personality, the name of the AIF must also be given (“… for … for the account of the AIF …”)
2. Publicly certified extract from the commercial register
3. A full, personally signed curriculum vitae which must contain all the person’s first names,
their last name and name at birth, date of birth, place of birth, private address, nationality, as well as a detailed description of their professional training, the names of all companies for which this person has worked and information on the nature of their activities in each case; with respect to the nature of the activities, the person’s powers of representation, their internal decision-making powers and the business areas assigned to them within the company must be indicated in particular; in the case of foreign nationals, a statement of whether the person is competent in written and spoken German is required.
4. A statement by the person concerned as to whether criminal proceedings are pending
against him or her, whether criminal proceedings were previously instituted against him or her on account of a crime or other offence, or whether he or she, or an enterprise managed by him or her, has been or is involved as a debtor in bankruptcy, in proceedings for making a declaration in lieu of an oath, or comparable proceedings
5. Certificate of good conduct for submission to an authority (document type “O”) from the
Federal Office of Justice (Bundesamt für Justiz) in accordance with section 30 (5) of the Federal Central Register Act (Bundeszentralregistergesetz – BZRG)
6. In the case of natural persons who were or are self-employed, and of persons who, as part
of their employment

• were or are authorised to represent a trader or small business owner,
• were or are engaged to manage a trade enterprise or small business,
• or were or are the manager of another business entity
  an original extract from the Central Trade and Industry Register (Gewerbezentralregister) in accordance with section 150 of the German Industrial Code (Gewerbeordnung – GewO) If the representative is a commercial enterprise or a corporation, the documents under points VI.3. to VI.6. must be submitted for all members of the management. If the representative is a credit institution whose registered office is in the Federal Republic of Germany, the documents under points VI.2. to VI.6. need not be submitted. VII Information about the distributor(s)

1. Name or company name, legal form, registered office and address of all distributors
   operating in the Federal Republic of Germany

2. Nature of the authorisation to market investment units
   VIII Information about the depositary
   (individual items of information do not need to be provided if they are covered by the certificate under II.4.)

3. Name or company name, legal form, registered office and address

4. Main activity of the depositary

5. Name of the country under whose laws the depositary was established

6. Name, registered office and address of the governmental authority responsible for
   supervising the depositary; in the case of a depositary from a third country, giving comprehensive details of the nature and scope of the supervision, particularly in relation to the fact that, in accordance with the applicable regulations governing the supervision, a check must be made as to whether the depositary’s managing bodies (management) have the required experience for the depositary function, whether the depositary has the organisation needed to perform its tasks and whether it is subject to minimum capital requirements

7. Equity (share capital less outstanding contributions plus reserves) according to the most
   recent annual financial statements

8. Date of incorporation of the depositary

9. Financial year

10. Date of assumption of the depositary function

11. Manner of the depositary’s appointment, e.g. appointment by the managing bodies
    (management) of the AIFM; election or confirmation by a meeting/general meeting of the investors

12. Duration of the appointment (e.g. unlimited, appointment for a specific period with the
    possibility of extension, possibilities for termination)

13. The senior executives of the depositary (managers, holders of a special statutory authority
    (Prokuristen), agents of the depositary with authority to represent it in all aspects of its business) who are simultaneously members of the governing bodies or employees of the AIFM; senior executives (managers, holders of a special statutory authority (Prokuristen), agents of the AIFM with authority to represent it in all aspects of its business) who are simultaneously members of the governing bodies or employees of the depositary IX Documents relating to the information about the depositary

14. Up-to-date original affirmation by the depositary that it has assumed this function and that
    it complies with the provisions of sections 80 to 90 of the KAGB, together with reference to

the statutory provisions in the country in which the depositary has its registered office giving rise to the rights and obligations of the depositary
2. Agreement between the AIFM and the depositary (depositary agreement)
3. The most recent annual report including the annual financial statements of the depositary
Documents in accordance with points IX.2. and IX.3. need not be submitted if the relevant information is contained in the certificate in accordance with II.4. X Information about the facilities in accordance with section 306a (Information that has already been provided may be omitted here; however, a corresponding reference to the respective information is required)  Information as to who performs the tasks set out in section 306a (1). The tasks can also be fullfilled by or together with a third party. Company name, legal form, registered office and address, e-mail address and telephone number of third parties engaged for each task performed. The AIFM shall ensure that the tasks set out in section 306a (1) can be performed both in German and electronically. Description of the payment route for payments made by the facility in accordance with section 306a (1) no. 1 to the depositary and vice versa. XI Documents relating to the information about the facilities in accordance with section 306a Up-to-date original affirmation(s) of the individual paying agents that they have assumed this function and that payments to the account referred to in section 83 (6) or to investors will be remitted directly and without undue delay. The affirmation should be worded as follows:
“We hereby affirm that we have assumed the function of a paying agent within the meaning of section 306a (1) no. 1 of the German Investment Code (KAGB) for ... (name of the AIF(s)). We will remit payments made by or intended for investors to the account referred to in section 83 (6) of the KAGB or to the investors directly and without undue delay.” XII Where appropriate, the agreements for master-feeder structures required in accordance with section 175 or section 272d

XIII Sales documents
Subscription application and/or bought note
The application to enter into a contract and/or the bought note must contain an indication of the front-end load and the redemption fee and advice on the purchaser’s right of revocation vis-à-vis the AIFM in accordance with section 305. B. Material requirements for fund rules, articles of association or partnership agreements, prospectuses and key information documents in accordange wirh Regulation (EU) No 1286/2014 I Open-ended AIFs

1. Content of the fund rules, the articles of association, or the partnership
   agreement
   1.1. Name of the AIF
   1.2. Name and registered office of the AIFM
   1.3. The principles according to which the assets to be acquired are selected, in
   particular a) the type of assets that may be acquired and to what extent b) the types of investment funds whose units or shares may be acquired for the AIF c) the maximum percentage of the AIF that may be held in units or shares of each type d) whether, to what extent and for what purpose derivative transactions are permitted e) what percentage may be held in bank deposits and money market instruments f) techniques and instruments that may be used to manage the AIF g) whether loans may be taken out for the account of the AIF

1.4. In the event that the selection of securities to be acquired for the AIF aims to track
a securities index within the meaning of section 209 (1), information on which securities index is to be tracked and a statement that the limits referred to in section 206 may be exceeded
1.5. Information on whether the AIF’s assets are owned by the AIFM or collectively
owned by the investors
1.6. Information on the conditions subject to which, the terms on which and the places
where investors can request the AIFM to redeem and, if applicable, exchange their units or shares. The conditions subject to which the redemption and, if applicable, the exchange of units or shares may be restricted and the maximum duration of such a restriction; conditions under which the redemption and, if applicable, the conversion of units or shares may be suspended
1.7. Information on the manner in which and the dates on which the annual report and
the semi-annual report on the performance and composition of the AIF are prepared and made available to the public
1.8. Information on whether the AIF’s income is to be distributed or reinvested, and
whether the income components of the issue price for issued units or shares may distributed (income equalisation procedure – Ertragsausgleichsverfahren); information on whether capital gains are intended to be distributed
1.9. In the case of an AIF formed for a limited duration, information on when and the
manner in which the AIF will be liquidated and the proceeds distributed to investors
1.10. Information on whether the AIF comprises different investment compartments, on
the conditions subject to which units or shares of different investment compartments are issued, on the principles for creating investment compartments and on what rights are allocated to them in accordance with section 96 (2) sentence 1, and the method for calculating the value of the units or shares of the investment compartments
1.11. Information on whether and subject to what conditions units or shares carrying
different rights are issued, and a description of the method in accordance with
section 96 (1) sentence 4 in conjunction with the German Regulation on the
Content, Scope and Presentation of Accounting for Funds, Investment Stock Corporations and Investment Limited Partnerships and on the Valuation of Assets held by Investment Funds (Kapitalanlage-Rechnungslegungs- und Bewertungsverordnung – KARBV) used for calculating the value of the units or shares of each class of units or shares
1.12. Information on whether and subject to what conditions the AIF may be absorbed
by another investment fund, and whether and subject to what conditions another investment fund may be absorbed

1.13. Information on the manner, amount and calculation method used for, the
remuneration and expenses to be paid from the AIF to the AIFM, the depositary and third parties
1.14. Information on the amount of the front-end load charged when issuing units or
shares and the redemption fee charged when redeeming such units or shares, as well as any other costs payable by investors including how they are calculated
1.15. In the event that the fund rules, the articles of association, or the partnership
agreement provide for a flat fee to cover the remuneration and costs, information on the remuneration and costs included in the flat fee and a reference as to whether, and if so which, costs are charged separately to the AIF
1.16. Information that the annual report and the semi-annual report must disclose the
amount of any front-end loads and redemption fees that are charged to the AIF in the reporting period for the acquisition and redemption of units and shares within the meaning of sections 196 and 230, and that they must also disclose the remuneration that was charged to the AIF by the AIFM itself, by another asset manager, or by a company with which the AIFM is affiliated by way of a substantial direct or indirect equity investment as a management fee for the units or shares held in the AIF
1.17. The conditions for transferring management to a different asset manager, and for
changing depositary
1.18. In the event that the fund rules provide for swing pricing, the type of swing pricing
used (full or partial swing pricing) and the conditions under which this method will be applied.
1.19. Rules ensuring that the provisions of sections 192 to 213 or sections 218 and 219
are complied with
1.20. If the fund rules, the articles of association or the partnership agreement permit
the acquisition of units or shares of other common funds and in equivalent EU AIFs or foreign AIFs for account of the AIF, section 225 (3) and (4) sentences 2 and 3,
section 228 (1) and section 229 (2) shall apply accordingly;
The following information should be included in particular a) The principles used to select target funds for investment b) Which investment strategies are pursued by these target funds and the extent to which they are permitted as part of their investment strategy to take out loans to generate leverage, use securities loans or derivatives c) The amount of funds that may be invested in bank deposits, money market instruments and units or shares of domestic AIFs, EU AIFs, or foreign AIFs

1.21. The assets held by the AIF may not be pledged or otherwise encumbered or title
thereto transferred or assigned by way of collateral except where loans are taken out for the AIF in accordance with the requirements set out in section 199, section 221 (6) and section 254, where a third party is granted option rights, or where securities repurchase agreements in accordance with section 203 or financial futures, currency futures, swaps or similar transactions are entered into pursuant to
section 197
1.22. Information that the investors may demand on a daily basis to be paid out the
share of the assets attributable to the units or shares
1.23. The valuation of the AIF must be performed in a manner corresponding to sections
168 to 170, 216 and 217
Advance charging of costs pursuant to section 304 must be restricted and the information pursuant to section 101 (2) no. 4 must be provided in the annual report and, if applicable, the semi-annual report
1.24. A detailed description of the depositary’s tasks and obligations that safeguard
investors in a manner comparable to the provisions of sections 80 to 90 (the substantive requirements for describing the comparable safeguards set out in these sections are generally met if all the requirements listed in sections 80 et seq. are included in the fund rules, the articles of association, or the partnership agreement).
2. Content of the fund rules, the articles of association, or the partnership
agreements for AIFs comparable to Other Investment Funds within the meaning of sections 220 et seq. In addition to or in derogation of the information listed under I.1., the following points must be included:
2.1 The types of precious metals, derivatives, loan receivables that and Crypto assets may
be acquired for the AIF
2.2 Information on the extent to which the permitted assets may be acquired
2.3 The minimum percentage of the AIF which must be invested in bank deposits, money
market instruments and other liquid assets
2.4 All requirements and conditions for the redemption and payout of units or shares
from the AIF concurrently with the surrender of the units or shares Investors may demand on a daily basis to be paid out the share of the assets attributable to the units or shares unless the AIF provides for rules corresponding to section 223 (1) or the AIF offers investment opportunities in accordance with section 222 (1) and provides for rules corresponding to section 223 (2)

2.5 Only the following assets may be acquired for the AIF
a) Assets pursuant to sections 193 to 198 that are not subject to the restrictions on acquisition in accordance with section 197 (1) b) Units or shares of investment funds established in the Federal Republic of Germany pursuant to sections 196, 218 and 220, and of corresponding EU investment funds or foreign AIFs c) Precious metals d) Unsecuritised loan receivables e) Crypto assets within the meaning of Section 1 (11) sentence 4 KWG for investment purposes, if their market value can be determined). If the fund rules, the articles of association or the partnership agreement permit the acquisition of units or shares of other common funds and in equivalent EU AIFs or foreign AIFs for account of the AIF, section 225 (3) and (4) sentences 2 and 3, section 228 (1) and section 229 (2) shall apply accordingly; The following information should be included in particular
i. The principles used to select target funds for investment
ii. Which investment strategies are pursued by these target funds and the extent
to which they are permitted as part of their investment strategy to take out loans to generate leverage, use securities loans or derivatives and engage in short selling
iii. The amount of funds that may be invested in bank deposits, money market
instruments and units or shares of domestic AIFs, EU AIFs, or foreign AIFs in accordance with section 225 (2) sentence 1; a maximum of 30 per cent of the value of the AIF may be invested in units or shares of Other Investment Funds established in the Federal Republic of Germany or of corresponding EU AIFs or foreign AIFs f) A maximum of 20 per cent of the value of the AIF may be invested in assets within the meaning of section 198 g) Precious metals, derivatives and unsecuritised loan receivables, including loan receivables that may be acquired as other investment instruments within the meaning of section 198, held for account of the AIF may not exceed a maximum of 30 per cent of the value of the AIF (derivatives within the meaning of section 197 (1) are not counted towards this limit) h) Short-term borrowing for the collective account of investors is permitted, provided that such borrowing does not exceed 20 per cent of the value of the AIF, that the loans are taken out at market conditions, and that it is provided for in the fund rules, the articles of association, or the partnership agreement

i) In derogation of section 200, securities may be transferred for a definite term; if the securities loan is required to be repaid within a definite term, such repayment must be due within 30 days of the transfer of the securities; the market value of securities to be transferred for a definite term may not exceed 15 per cent of the value of the AIF when added to the market value of securities already transferred for a definite term for the account of the AIF in the form of securities loans; in derogation of section 203, repurchase agreements may not be callable at any time j) Subject to the requirements of section 222, up to 95 per cent of the value of the AIF may be invested in unsecuritised loan receivables with regulated microfinancing institutions as lender or borrower, and up to 75 per cent of the value of the AIF may be invested in unsecuritised loan receivables with regulated microfinancing institutions as lender or borrower.
3. Content of the fund rules, the articles of association, or the partnership
agreement for AIFs comparable to funds of hedge funds within the meaning of sections 225 et seq. In addition or in derogation of the information listed under I.1., the following points must be included or specified:
3.1 In addition to the information referred to in point I.1.3. as being required, the
following must be provided a) Information on the principles used to select target funds for investment (target funds within the meaning of point 3. are hedge funds pursuant to section 283, or EU AIFs or foreign AIFs whose investment policy is comparable to the requirements of section 283 (1)) b) Information that the target funds are hedge funds, EU AIFs, or foreign AIFs whose investment policy is subject to requirements comparable to those in accordance with section 283 c) Information on which investment strategies are pursued by these target funds and the extent to which they are permitted as part of their investment strategy to take out loans to generate leverage, use securities loans or derivatives and engage in short selling d) Information on the amount of funds that may be invested in bank deposits, money market instruments and units or shares of domestic AIFs, EU AIFs, or foreign AIFs in accordance with section 225 (2) sentence 1 e) Information on whether a target fund’s assets may be held in safe custody at a depositary or by a prime broker
3.2 In addition to I.1.6., information on all requirements and conditions for the surrender
and payout of units from the funds of hedge funds concurrently with the surrender of the units or shares

3.3 A maximum of 49 per cent of the value of the AIF may be invested for the account of
the AIF in bank deposits, money market instruments and units or shares of investment funds within the meaning of section 196 that may only invest in bank deposits and money market instruments, as well as in units or shares of corresponding EU AIFs or foreign AIFs
3.4 Leverage (with the exception of loans taken out pursuant to section 199) and short
selling may not be engaged in
3.5 Currency futures may only be sold, and put options on foreign currencies or on currency
futures denominated in the same foreign currency may only be acquired, for the purpose of currency hedging for assets denominated in foreign currencies
3.6 Foreign AIFs whose investment policies are comparable to the requirements of section
283 (1) may only be acquired for the account of the AIF if their assets are held in custody by a depositary or a prime broker satisfying the requirements of section 85 (4) no. 2
3.7 The AIF may not invest more than 20 per cent of the value of the AIF in a single hedge
fund pursuant to section 283 or in an EU AIF or foreign AIF whose investment policy is comparable to the requirements of section 283 (1) (target fund); it may not invest in more than two target funds of the same issuer or fund manager or in target funds that, in turn, invest their funds in other target funds; it may not invest in foreign target funds from countries which do not cooperate in combating money laundering within the meaning of international agreements; the AIF may also acquire all of the units or shares issued by a target fund
3.8 The AIFM must ensure it has access to all information on the target funds in which it
wishes to invest that is necessary for its investment decision, and at a minimum:
a) the most recent annual and, if applicable, semi-annual report, b) the fund rules, articles of association, or partnership agreements and the prospectuses or equivalent documents, c) information relating to the organisational structure, management, investment policy and risk management, and to the depositary or comparable institutions and d) information regarding investment restrictions, liquidity, the degree of leverage used and short selling
3.9 The AIFM must continuously monitor the target funds in which it invests for compliance
with their investment strategies and for risk, and must ensure that it is regularly provided with reports on generally accepted risk indicators; each target fund must disclose and explain to the AIFM the method used to calculate the risk indicators; the target fund’s depositary must submit an affirmation of the value of the target fund in question;

3.10 The investors may demand on a daily basis to be paid out the share of the assets
attributable to the units or shares, unless the fund rules, the articles of association, or the partnership agreement provide for rules in line with section 227
4. Content of the fund rules, the articles of association, or the partnership
agreement for AIFs comparable to real estate funds within the meaning of sections 230 et seq. In addition or in derogation of the information listed under I.1., the following points must be included or specified:
4.1 In addition to I.1.6., information on all requirements and conditions for the surrender
and payout of units from the AIF concurrently with the surrender of the units
4.2 The inclusion of rules ensuring that the provisions of sections 230 to 246, 252 to 254,
and 258 to 260 are complied with
4.3 Point I.1.18. does not apply
4.4 The inclusion of rules corresponding to sections 255 and 257
4.5 The valuation of the AIF must be performed in a manner corresponding to sections
248 to 251
5. Content of the fund rules, the articles of association, or the partnership
agreement for AIFs comparable to infrastructure funds within the meaning of sections 260a et seq. In addition or in derogation of the information listed under I.1., the following points must be included or specified:
5.1 A description of the key characteristics of infrastructure project companies
5.2 The types of infrastructure project companies that may be acquired for the AIF and
the principles used to select them
5.3 A reference to the effect that equity investments may be made in infrastructure
project companies that are not admitted to trading on a stock exchange or included in another regulated market
5.4 All requirements and conditions for the termination and payout of units from the fund
concurrently with the surrender of the units
5.5 The valuation of the AIF must be performed in a manner corresponding to sections
248 to 251
5.6 A rule corresponding to section 260c and section 260a in conjunction with sections
255 and 257

6. Content of the prospectus
   Any forecasts contained in the prospectus must be clearly identified as such.
   6.1 Date
   6.2 Name or company name, legal form, registered office (and head office if different
   from the registered office) and amount of subscribed and paid-up capital (share capital less outstanding contributions plus reserves) a) of the AIF, b) of the AIFM (plus date of incorporation) c) of the distributor(s) in the Federal Republic of Germany and d) of the depositary
   6.3 Name or company name, registered office and address
   a) of the representative in the case of notifications by foreign AIFMs, b) of the facilities in accordance with section 306a
   6.4 Date of establishment of the AIF and information on its duration
   6.5 In a prominent place
   a) a description of the AIF’s investment objectives, including its financial objectives and a description of its investment policy and strategy, including any details and restrictions relating to this investment policy und investment strategy b) a description of the type of assets in which the investment fund may invest c) information on any techniques and instruments that may be used in the management of the AIF and on all associated risks, conflicts of interest and effects on the performance of the AIF d) a description of the key characteristics of the units or shares of investment funds that can be acquired for the AIF, including the main investment principles and investment limits and the target investment funds’ registered office
   6.6 A clear and easily comprehensible explanation of the investment fund’s risk profile
   6.7 A reference to the fact that parties interested in purchasing units or shares may request
   information on the investment limits used in risk management, the risk management methods and recent developments with respect to risks and yields in the AIF’s key asset classes, and information on the places, and in what form, parties interested in purchasing units or shares can obtain this information
   6.8 whether loans may be taken out for the account of the AIF

6.9 The circumstances in which the AIF may use leverage, the type and origins of the
leverage permitted and the associated risks, other restrictions on the use of leverage and the maximum amount of leverage that the asset manager it entitled to employ on behalf of the AIF
6.10 The administration of collateral, in particular the types and amount of the necessary
collateral, the reuse of collateral and assets, and the associated risks
6.11 If applicable, the performance to date of the AIF and, if applicable, the unit or share
classes together with a warning that historical performance is not an indicator of future performance
6.12 The profile of the typical investor for whom the AIF is designed
6.13 A description of the procedures by which the AIF may change its investment strategy
or investment policy or both
6.14 The requirements for liquidating and transferring the AIF, including details in
particular with regard to the rights of investors
6.15 A description of how and when the additional information in accordance with section
300 will be disclosed
6.16 A description of the rules for determining and appropriating the income
6.17 Brief details of the tax provisions of significance to investors, including information as
to whether the income distributed by the AIF is subject to any withholding tax
6.18 The date on which the AIF’s financial year ends; the frequency with which income is
distributed
6.19 Information on the places where the annual reports and semi-annual reports of the
AIF may be obtained and information on the place in the Federal Republic of Germany where the AIF’s investors or shareholders can obtain the prospectus, the key information document in accordance with Regulation (EU) No 1286/2014 and the fund rules, the articles of association, or the partnership agreement free of charge, and how they may be obtained
6.20 The name of the auditor engaged to audit the AIF including the annual report
6.21 Rules for the valuation of assets, in particular a description of the AIF’s valuation
procedure and of the pricing methodology for valuing assets, including the methods used in valuing hard-to-value assets in accordance with sections 168 to 170, 212, 216 and 217; for open-ended retail AIFs, the identity of the external valuer
6.22 If applicable, information on the stock exchanges or markets on which units or shares
are listed or traded; information that the unit value may differ from the stock exchange price

6.23 The procedures and the conditions for issuing and redeeming and, if applicable,
exchanging units or shares
6.24 A description of the AIF’s liquidity management, including the rights to surrender units
in both normal and exceptional circumstances, and the existing redemption agreements with investors, including the conditions subject to which the redemption and, if applicable, the exchange of units or shares may be suspended
6.25 The arrangements made for making payments to investors, redeeming units or shares
and disseminating reports or other information concerning the AIF
6.26 A description of the main legal implications of the contractual relationship entered
into for the purpose of investment, including information on jurisdiction, on the applicable law and on the existence or not of any legal instruments providing for the recognition and enforcement of judgements in the territory where the AIF has its registered office In the case of notifications by foreign AIFMs: a clear reference to the place of jurisdiction in Germany:
“The jurisdiction for actions against the AIF, the AIFM, or the distributor relating to the marketing of units or shares of the AIF to retail investors in the Federal Republic of Germany, is ... (details of the domicile or registered office of the representative). The statement of claim as well as any other documents can be delivered to the representative.”
6.27 The types and main characteristics of the units or shares, particularly the nature of the
rights or claims evidenced by or associated with the units or shares; information as to whether the units or shares are evidenced by global certificates or whether unit or individual certificates are issued; information as to whether units are in bearer or registered form and information concerning their denomination
6.28 If applicable, information on the investment fund and its individual investment
compartments and on the conditions subject to which units or shares of different investment compartments can be issued, including a description of the investment compartments’ investment objectives and investment policy, the date of establishment and, if applicable, the duration of the investment compartment(s), where relevant
6.29 A description of how the AIFM or the AIF ensures that investors are treated equitably,
information on whether and subject to what conditions units or shares carrying different rights are issued, and an explanation of which characteristics in accordance with section 96 (1) and (2) or section 108 (4) are allocated to the unit or share classes; a description of the method in accordance with section 96 (1) sentence 4 or section 108 (4) used for calculating the value of the units or shares of each class of units or shares, including information as to when an investor receives preferential treatment or acquires the right to receive preferential treatment, an explanation of this treatment, the types of investors who receive such preferential treatment and, where applicable, the legal or economic links between these investors and the AIF or the AIFM

6.30 The names of the members of the board of management or of the managing directors
and of the members of the supervisory board or, if applicable, of the advisory board, in each case stating their main activities outside the AIFM or the AIF, where these are significant for the AIFM or the AIF
6.31 Information on the other investment funds managed by the AIFM
6.32 The name of the depositary and a description of its duties and any conflicts of interest
that may arise. A description of all safe-keeping functions delegated by the depositary, a list of delegates and sub-delegates and information on any conflicts of interest that may arise from such delegation
6.33 A statement that investors will be provided with up-to-date information concerning
point no. 6.32 on request
6.34 The names of advisory firms, investment advisers, or other service providers who
provide services on a contractual basis; details of such contracts that are relevant to investors, including in particular an explanation of the service providers’ obligations and the investors’ rights; other significant activities of the advisory firms, investment advisers, or other service providers
6.35 A description of all management functions delegated by the asset manager and of all
safe-keeping functions delegated by the depositary, the name of the person or entity to whom the tasks were delegated and any conflicts of interest that may arise from such delegation
6.36 A description of how the AIFM complies with the requirements of section 25 (6)
6.37 The circumstances or relationships that could give rise to conflicts of interest
6.38 Where, in the case of umbrella schemes with at least one investment compartment
whose units or shares are permitted to be marketed within the jurisdiction of the KAGB, sales documentation is used that also contains information about additional investment compartments that are not permitted to be marketed within the jurisdiction of this Code, or that are only permitted to be marketed to another type of investor, the prospectus must include a prominent statement in prominent print in each case that the units or shares of the additional investment compartments are not permitted to be marketed within the jurisdiction of the KAGB or, if they are permitted to be marketed to individual types of investor, the type of investor within the meaning of section 1 (19) nos. 31 to 33 to which they are not permitted to be marketed; such additional investment compartments must be identified by name. These references must be included in the documents intended for investors in Germany
6.39 The information set out in Articles 6 to 9 of Regulation (EU) 2019/2088 and in Articles
5 to 7 of Regulation (EU) 2020/852
6.40 In the event that swing pricing has been provided for, information on the type used
(full or partial swing pricing), on how this works and on the calculation of the modified net asset value

6.41 Information related to the costs including the amount of any front-end load and
redemption fee in accordance with section 165 (3), together with an illustrative calculation of the front-end load and redemption fee a) Calculation of the issue and redemption prices of the units or shares indicating the method and frequency of the calculation of these prices and the costs in connection with the issue and redemption of units or shares b) Information on how, where and how often the issue und redemption prices of the units or shares are published c) Any other costs or fees, broken down into those payable by investors and those payable out of the investment fund d) Use of the front-end load on the issue of units or shares and the fee on the redemption of units or shares e) A statement that a total expense ratio must be calculated as a single figure on the basis of the figures for the previous financial year, stating which costs are included in this total expense ratio f) An explanation that trading costs are paid out of the investment fund and that the total expense ratio does not include any trading costs g) Information stating the remuneration and costs included in the flat fee and an indication of which costs, if any, are invoiced separately to the investment fund if a flat fee is agreed in the fund rules, the articles of association, or partnership agreement for remuneration and costs; points 6.41.e) and 6.41.f) shall remain unaffected h) A description of whether remuneration and expense reimbursements paid to the depositary and third parties out of the investment fund are retroceded to the asset manager, and whether, depending on the distribution channel, a significant portion of the remuneration paid out of the investment fund to the asset manager is used to compensate the distributors of units and shares of the investment fund based on the volume of units or shares distributed i) Information in accordance with section 162 (2) no. 14; the type and maximum amount of potential fees, costs, taxes, commissions and other expenses borne directly or indirectly by investors in the investment fund; an indication that in addition to remuneration for the management of the investment fund, the investment fund is also charged a management fee for the units or shares held in the investment fund j) With regard to the remuneration policy of the asset manager:
i. details of the current remuneration policy, including a description of how
remuneration and other allowances are calculated and the names of the persons responsible for allocating remuneration and other allowances, including the composition of the remuneration committee, where one exists,

or
ii. a summary of the remuneration policy and a statement that the details of the
current remuneration policy are published on a website, the website address and a statement that a hard copy of the webpage is available free of charge on request; this statement also indicates that the details that can be viewed on the website concerning the current remuneration policy include a description of how remuneration and other allowances are calculated and the names of the persons responsible for allocating remuneration and other allowances, as well as the composition of the remuneration committee, where one exists.
6.42 If the AIFM or the AIF is authorised to enter into derivatives transactions for the
account of the AIF, the prospectus must include a statement in a prominent place indicating whether such transactions may be entered into for the purpose of hedging or as part of the investment strategy, and the possible impact of the use of derivatives on the AIF’s risk profile
6.43 If the AIF has an increased volatility due to its composition or the fund management
techniques used, the prospectus must include a statement in a prominent place to this effect
6.44 If the AIF tracks a recognised securities index, a statement in a prominent place must
indicate that the principle of risk diversification only applies to a limited extent for such AIF; in addition, the prospectus must include information on the securities that comprise the securities index and their respective weightings; details of the composition of the securities index may be omitted if they are contained in the last published annual or semi-annual report for the end or middle of the respective financial year
6.45 If applicable, the identity of the prime broker, a description of any material
arrangements between the AIF and its prime brokers and the manner in which related conflicts of interest are resolved
6.46 If applicable, information about any transfer of liability to the prime broker
6.47 The requirements and conditions under which investors may require the share of the
assets attributable to the units or shares to be paid out as well as the entities responsible for this
6.48 An explicit reference – in prominent print – to the fact that the AIF and, if applicable,
the AIFM are not subject to governmental supervision by BaFin using the following wording:
“Neither the investment fund nor its asset manager are subject to governmental supervision by Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin).”
6.49 A reference to the fact that the AIFM issues the following publications for units or
shares of an AIF:

a) the prospectus and all amendments to the same on the AIFM’s website (stating the name of the website) b) the latest version of the key information document in accordance with Regulation (EU) No 1286/2014 on the AIFM’s website c) the fund rules, the articles of association, or the partnership agreement and all amendments to the same on the AIFM’s website d) the annual report for the end of each financial year in the Federal Gazette no later than six months after the end of the financial year; the semi-annual report for the middle of each financial year in the Federal Gazette no later than two months after the reporting date
6.50 Information on the business or daily newspaper with a sufficiently large circulation
published in the Federal Republic of Germany or on the electronic information medium in/by means of which the issue and redemption prices as well as the net asset value per unit or share are published, and information on the manner and frequency of their publication
6.51 Information that an annual report in accordance with section 299 (1) sentence 1 no. 3,
and, if the reporting date of the annual report is more than eight months earlier, a semi-annual report in accordance with section 299 (1) sentence 1 no. 4, must also be included with the prospectus
6.52 The inclusion of the AIF’s fund rules, its articles of association, or its partnership
agreement; these documents need not be included if the prospectus contains a reference to the place in the Federal Republic of Germany where these documents can be obtained free of charge
6.53 A reference that the German text of the prospectus, the fund rules, the articles of
association, or the partnership agreement as well as of any other documents and publications shall be binding
6.54 If the fund rules, articles of association or partnership agreement permit the
acquisition for the AIF of units or shares of other Other Investment Funds and in equivalent EU AIFs or foreign AIFs, section 225 (3) and (4) sentences 2 and 3, section 228 (1) and section 229 (2) shall apply accordingly; The following information must be included in particular:
a) The principles used in selecting the target funds b) The extent to which units in foreign target funds not subject to supervision may be acquired, together with a reference to the fact that such target funds are AIFs whose investment policies are comparable to those of other common funds, but which may potentially not be subject to a system of governmental supervision comparable to the KAGB c) The requirements to be met by the management of the target funds

d) Information on the extent to which the selected target funds may take out loans as part of their investment strategy, including a reference to the risks that may be associated with this e) Information on the fee structure of the target funds, together with a reference to the particularities of the fee levels and information on the methods used for calculating total costs to be borne by the investor
7. Content of the prospectus for AIFs comparable to Other Investment Funds in
accordance with sections 220 et seq.
In addition to the information listed under I.6., the following points must be included:
7.1 Information on whether and to what extent investment is permitted in assets within
the meaning of section 198, precious metals, derivatives, unsecuritised loan receivables and crypto assets
7.2 A description of the key characteristics of the unsecuritised loan receivables or crypto
assets that the AIF may acquire
7.3 Information on the extent to which borrowing is permitted together with an
explanation of the potential risks that may be associated with this
7.4 Information on the extent to which crypto assets may be held
7.5 In cases in which the AIF is permitted to invest in unsecuritised loan receivables with
regulated and unregulated microfinancing institutions as borrower or lender in accordance with section 222 (1) and (2); information on whether and to what extent use is made of the investment options referred to in those sections and an explanation of the risks associated with this, together with a description of the key characteristics of the microfinancing institutions and the principles used to select them
7.6 In cases in which section 223 (1) applies, an explicit reference – in prominent print –
indicating that, in derogation of section 98 (1) or section 116 (2) sentence 1, investors can request the redemption of units or shares and the payout of the unit or share value from the AIF or AIFM on certain dates only if, at the time the units or shares are surrendered, the aggregate value of the surrendered units or shares exceeds the amount laid down in the fund rules, the articles of association, or the partnership agreement (no reference is required if no restrictions on surrender within the meaning of section 223 have been established)
7.7 In cases in which section 223 (2) applies, an explicit reference – in prominent print –
indicating that, in derogation of section 98 (1) or section 116 (2) sentence 1, investors can request the redemption of units or shares and the payout of the unit or share value from the AIFM on certain dates only
7.8 Information on the requirements and conditions for the redemption and payout of
units or shares from the AIF concurrently with the surrender of the units or shares

8. Content of the prospectus for AIFs comparable to funds of hedge funds in
   accordance with sections 225 et seq.
   In addition to the information listed under I.6., the following points must be included:
   8.1 Information on the principles used in selecting the target funds (target funds within
   the meaning of point 7. are hedge funds pursuant to section 283, or EU AIFs or foreign AIFs whose investment policy is comparable to the requirements of section 283 (1))
   8.2 Information on the extent to which units in foreign target funds not subject to
   supervision may be acquired, together with a reference to the fact that such target funds are AIFs whose investment policies are comparable to those of hedge funds, but which may potentially not be subject to system of governmental supervision comparable to the KAGB
   8.3 Information on the requirements to be met by the management of the target funds
   8.4 Information on the extent to which the selected target funds may take out loans and
   engage in short selling as part of their investment strategy, including a reference to the risks that may be associated with this
   8.5 Information on the fee structure of the target funds, together with a reference to the
   particularities of the fee levels and information on the methods used for calculating total costs to be borne by the investor
   8.6 Information on the details of and conditions for the redemption and payout of units
   or shares; where applicable, including an explicit reference in prominent print that, in derogation of section 98 (1) or section 116 (2) sentence 1, investors may not request the AIFM to redeem units or shares and pay out the share of the fund assets attributable to the units or shares at least twice a month
   8.7 a warning in prominent print in a prominent place with the following wording: “The
   Federal Minister of Finance has issued the following warning: this investment fund invests in hedge funds that are not subject to statutory restrictions with respect to their leverage or risk.” The warning must be included in the information intended for German investors.
9. Content of the prospectus for AIFs comparable to real estate funds in
   accordance with sections 230 et seq.
   In addition to the information listed under I.6., the following points must be included:
   9.1 An explicit reference – in prominent print – indicating that, in derogation of section
   98 (1) sentence 1, investors can only request the redemption of units and the payout of the unit value from the AIFM on the redemption dates set out in the fund rules, the articles of association, or the partnership agreement

9.2 All requirements and conditions for the surrender and payout of units and shares from
the AIF concurrently with the surrender of the units
10. Content of the prospectus for AIFs comparable to infrastructure funds in
accordance with sections 260a et seq.
In addition to the information listed under I.6., the prospectus must include the following information:
10.1 A description of the key characteristics of infrastructure project companies
10.2 The types of infrastructure project companies that may be acquired for the AIF and
the principles used to select them
10.3 A reference to the effect that equity investments may be made in infrastructure
project companies that are not admitted to trading on a stock exchange or included in another regulated market
10.4 An explicit reference – in prominent print – indicating that, in derogation of section
98 (1), investors can only request the redemption of units and the payout of the unit value from the AIFM on the redemption dates set out in the fund rules
10.5 All requirements and conditions for the termination and payout of units from the fund
concurrently with the surrender of the units
11. Content of the prospectus in the case of a feeder AIF
In addition to the information listed under I.5., the following points must be included:
11.1 An explanation that the fund is a feeder fund of a particular master fund and as such
permanently invests 85 per cent or more of its assets in units of that master fund
11.2 Information on the risk profile and on whether the performance of the feeder fund
and master fund is identical, or to what extent and for what reasons they differ, and a description of investments made in accordance with section 174 (1)
11.3 A brief description of the master fund, its organisation, investment objective and
strategy, including the risk profile, and an indication of where and how the current prospectus of the master fund may be obtained, as well as information on the registered office of the master fund
11.4 A summary of the master-feeder agreement in accordance with section 175 (1)
sentence 2 or of the relevant internal conduct of business rules in accordance with
section 175 (1) sentence 3
11.5 Information on how investors may obtain further information on the master fund and
the master-feeder agreement

11.6 A description of all remuneration and costs payable by the feeder fund by virtue of its
investment in units of the master fund, as well as of the aggregate fees for the feeder fund and the master fund
11.7 A description of the tax implications of investments in the master fund for the feeder
fund
12. Key information document in accordance with Regulation (EU) No
1286/2014
As from 01 January 2023, Regulation (EU) No 1286/2014 requires a key information document to be drawn up for funds marketed to retail investors. This key information document provides investors with key information about the investment product that is prescribed by law and that is designed to assist with understanding the nature, risk, costs and potential gains and losses associated with this product, and to compare it with other products. This is not advertising material. Please see the provisions of Regulation (EU) No 1286/2014 for the substantive requirements that must be met by the key information document. II Closed-ended AIFs

1. Content of the fund rules, the articles of association, or the partnership agreement
   1.1 Name of the AIF
   1.2 Name and registered office of the AIFM
   1.3 The fund rules for a closed-ended feeder fund must include the name of the closed￾ended master fund
   1.4 Information on the manner in which and the dates on which the annual report on the
   performance and composition of the AIF is prepared and made available to the public
   1.5 Information on whether the AIF’s income is to be distributed or reinvested, and
   whether the income components of the issue price for issued units or shares may distributed (income equalisation procedure – Ertragsausgleichsverfahren); information on whether capital gains are intended to be distributed
   1.6 In the case of an AIF formed for a limited duration, information on when and the
   manner in which the AIF will be liquidated and the proceeds distributed to investors
   1.7 Information on whether and subject to what conditions units or shares carrying
   different rights are issued, and a description of the method in accordance with section

96 (1) sentence 4 in conjunction with section 96 (4) sentence 1 used for calculating the value of the units or shares of each class of units or shares
1.8 Information on whether and subject to what conditions the AIF may be absorbed by
another investment fund, and whether and subject to what conditions another investment fund may be absorbed
1.9 Information on the manner, amount and calculation method used for, the
remuneration and expenses to be paid from the AIF to the AIFM, the depositary and third parties
1.10 The front-end load charged when issuing units or shares and the redemption fee
charged when redeeming such units or shares, as well as any other costs payable by investors including how they are calculated
1.11 In the event that the fund rules, the articles of association, or the partnership
agreement provide for a flat fee to cover the remuneration and costs, information on the remuneration and costs included in the flat fee and a reference as to whether, and if so which, costs are charged separately to the AIF
1.12 Information that the annual report, and semi-annual report if any, must disclose the
amount of any front-end loads and redemption fees that are charged to the AIF in the reporting period for the acquisition and redemption of units and shares within the meaning of sections 196 and 230 of the KAGB, and that they must also disclose the remuneration that was charged to the AIF by the AIFM itself, by another management company, or by a company with which the AIFM is affiliated by way of a substantial direct or indirect equity investment as a management fee for the units or shares held in the AIF
1.13 If investors have been granted rights to surrender units or shares, information on the
conditions subject to which, the terms on which and the places where, investors can request the AIFM to redeem or, if applicable, exchange their units or shares; the conditions subject to which the redemption and the exchange of units or shares can be suspended
1.14 If the AIFM acquires assets for a closed-ended retail AIF that are located outside a
signatory state to the Agreement on the European Economic Area, information on the countries and the maximum percentage of the AIF that may be invested in each case
1.15 The principles according to which the assets to be acquired are selected, in particular
a) what types of assets may be acquired for the closed-ended retail AIF and to what extent b) the types of investment funds whose units or shares are acquired for the investment fund c) the percentage of the investment fund held in units or shares of each type d) whether, to what extent and to what end derivatives transactions are permitted and what percentage of bank deposits and money market instruments may be held

e) techniques and instruments that may be used in the management of the investment fund f) Whether loans may be taken out for the account of the investment fund
1.16 The AIF may only invest in:
a) Tangible assets, in particular
i. real estate, including woodlands, forests and agricultural land
ii. ships, ship superstructures, ship parts and replacement parts for ships
iii. aircraft, aircraft parts and aircraft replacement parts
iv. facilities for generating, transporting and storing electricity, gas, or heat from
renewable energy sources
v. railway rolling stock, rolling stock parts and rolling stock replacement parts
vi. vehicles used for electromobility
vii. containers
viii. infrastructure used for tangible assets (except for real estate (including
woodlands, forests and agricultural land) and for containers) b) Units or shares of PPP project companies and infrastructure project companies c) Units or shares of companies which, in accordance with their partnership agreement or the articles of association, may only acquire assets within the meaning of point II.1.16.(a) and assets required to manage such assets or equity investments in such companies d) Equity investments in undertakings that are not admitted to trading on a stock exchange or included in a regulated market e) Units or shares of closed-ended retail AIFs established in the Federal Republic of Germany pursuant to sections 261 to 272 or of European or foreign closed￾ended retail AIFs whose investment policies are subject to comparable requirements f) Units or shares of closed-ended special AIFs established in the Federal Republic of Germany pursuant to sections 285 to 292 in conjunction with sections 273 to 277, sections 337 and 338, or of closed-ended EU special AIFs or foreign closed￾ended special AIFs whose investment policies are subject to comparable requirements g) Securities in accordance with section 193 h) Money market instruments in accordance with section 194 i) Bank deposits in accordance with section 195

j) Loans in accordance with section 285 (3) sentences 1 and 3, which applies mutatis mutandis subject to the proviso that in derogation of section 285 (3) sentence 1, a maximum of 30 per cent of the aggregate paid-in capital and the committed but not yet called capital of the closed-ended retail AIF may be used for these loans, and in the case of section 285 (3) sentence 1 no. 3, the loans granted to the particular company do not exceed the acquisition value of the shareholding in that company
1.17 Derivatives transactions may be entered into solely for the purpose of hedging an
AIF’s assets against a decrease in value
1.18 The AIFM must ensure that any foreign currency risk associated with the assets is
limited such that the value of the assets subject to such a risk does not exceed 30 per cent of the aggregate paid-in capital and the committed but not yet called capital of this AIF, calculated on the basis of the amounts available for investments after the deduction of all direct and indirect fees, costs and expenditure borne by the investors
1.19 Investments in assets within the meaning of section 261 (1) no. 1 may only be made if
a) The asset has been previously valued in the case of
i. an asset value of up to and including EUR 50 million by an external valuer
who satisfies the requirements of section 216 (1) sentence 1 no. 1 and sentence 2, and of section 216 (2) to (5) or
ii. an asset value exceeding EUR 50 million by two external, mutually
independent valuers who satisfy the requirements of section 216 (1) sentence 1 no. 1 and sentence 2, and of section 216 (2) to (5) and who value the assets independently of one another b) The external valuer within the meaning of a) or the external valuers within the meaning of b) does not/do not also perform the annual valuation of the assets in accordance with section 272 and c) The consideration to be paid from the closed-ended domestic retail AIF does not exceed or only slightly exceeds the value calculated
Section 250 (2) and section 271 (2) apply mutatis mutandis
1.20 In other respects, it must contain rules which ensure that the provisions of sections
261 to 265 are complied with
1.21 The assets held by the AIF may not be pledged or otherwise encumbered or title
thereto transferred or assigned by way of collateral except where loans are taken out for the AIF in accordance with the requirements set out in section 199, section 221 (6) and section 254, where a third party is granted option rights or where securities repurchase agreements in accordance with section 203 or financial futures, currency futures, swaps or similar transactions are entered into pursuant to section 197

1.22 Investors must be able to demand at a minimum at the end of the term to be
paid out the share of the assets attributable to the units or shares
1.23 The valuation of the AIF must be performed in a manner corresponding to
sections 271 and 272
1.24 Information that advance charging of costs pursuant to section 304 is restricted
2. Content of prospectus
2.1 Date
2.2 Name or company name, legal form, registered office (and head office if different from
the registered office) and amount of subscribed and paid-up capital (share capital less outstanding contributions plus reserves) a) of the AIF b) of the AIFM (plus date of incorporation) c) of the distributor(s) operating in the Federal Republic of Germany and d) of the depositary
2.3 Name or company name, registered office and address, e-mail address and telephone
number a) of the representative in the case of notifications by foreign AIFMs b) of the facilities in accordance with section 306a
2.4 Date of establishment of the AIF and information on its duration
2.5 In a prominent place
a) a description of the AIF’s investment objectives, including its financial objectives and a description of its investment policy and strategy, including any details and restrictions relating to this investment policy und investment strategy b) a description of the type of assets in which the investment fund may invest c) information on any techniques and instruments that may be used in the management of the AIF and on all associated risks, conflicts of interest and effects on the performance of the AIF d) a description of the key characteristics of the units or shares of investment funds that can be acquired for the AIF, including the main investment principles and investment limits and the target investment funds’ registered office
2.6 A clear and easily comprehensible explanation of the AIF’s risk profile

2.7 A reference to the fact that parties interested in purchasing units or shares may request
information on the investment limits used in risk management, the risk management methods and recent developments with respect to risks and yields in the AIF’s key asset classes, and information on the places where, and in what form, parties interested in purchasing units or shares can obtain this information
2.8 whether loans may be taken out for the account of the AIF
2.9 The circumstances in which the AIF may use leverage, the types and origins of the
leverage permitted and the associated risks, other restrictions on the use of leverage and the maximum amount of leverage that the asset manager is entitled to employ on behalf of the AIF
2.10 The administration of collateral, in particular the types and amount of the necessary
collateral, the reuse of collateral and assets, and the associated risks
2.11 If applicable, the performance to date of the AIF and, if applicable, the unit or share
classes together with a warning that historical performance is not an indicator of future performance
2.12 The profile of the typical investor for whom the AIF is designed
2.13 A description of the procedures by which the AIF may change its investment strategy or
investment policy, or both
2.14 The requirements for liquidating and transferring the AIF, including details in particular
with regard to the rights of investors
2.15 A description of how and when the additional duties of information in accordance with
section 300 will be disclosed
2.16 A description of the rules for determining and appropriating the income
2.17 Brief details of the tax provisions of significance to investors, including information as to
whether the income distributed by the AIF is subject to any withholding tax
2.18 The date on which the AIF’s financial year ends; the frequency with which income is
distributed
2.19 Information on the places in the Federal Republic of Germany where the AIF’s investors
or shareholders can obtain the annual reports, and semi-annual reports if any, of the AIF and the prospectus, the key information document in accordance with Regulation (EU) No 1286/2014 and the fund rules, the articles of association, or the partnership agreement free of charge, and how they may be obtained
2.20 The name of the auditor engaged to audit the AIF including the annual report
2.21 Rules for the valuation of assets, in particular a description of the AIF’s valuation
procedure and of the pricing methodology for valuing assets, including the methods used in valuing hard-to-value assets in accordance with sections 271 and 272

2.22 If applicable, information on the stock exchanges or markets on which units or shares are
listed or traded; information that the unit value may differ from the stock exchange price
2.23 The procedures and the conditions for issuing and redeeming and, if applicable,
exchanging units or shares
2.24 A description of the AIF’s liquidity management, including the right to surrender units in
both normal and exceptional circumstances, and the existing redemption agreements with investors, including the conditions subject to which the redemption and, where applicable, the exchange of units or shares may be suspended
2.25 The arrangements made for making payments to investors, redeeming units or shares
and disseminating reports and other information concerning the AIF
2.26 A description of the main legal implications of the contractual relationship entered into
for the purpose of investment, including information on jurisdiction, on the applicable law and on the existence or not of any legal instruments providing for the recognition and enforcement of judgements in the territory where the AIF has its registered office In the case of foreign AIFMs: A clear reference to the place of jurisdiction in Germany:
“The jurisdiction for actions against the AIF, the AIFM, or the distributor relating to the marketing of units or shares of the AIF to retail investors in the Federal Republic of Germany, is ... (details of the domicile or registered office of the representative). The statement of claim as well as any other documents can be delivered to the representative.”
2.27 The types and main characteristics of the units or shares, particularly the nature of the
rights or claims evidenced by or associated with the units or shares; information as to whether the units or shares are evidenced by global certificates or whether unit or individual certificates are issued; information as to whether units are in bearer or registered form and information concerning their denomination
2.28 A description of how the AIFM or the AIF ensures that investors are treated equitably,
information on whether and subject to what conditions units or shares carrying different rights are issued, and an explanation of which characteristics in accordance with section 96 (1) and (2) or section 108 (4) are allocated to the unit or share classes; a description of the method in accordance with section 96 (1) sentence 4 or section 108 (4) used for calculating the value of the units or shares of each class of units or shares, including information as to when an investor receives preferential treatment or acquires the right to receive preferential treatment, an explanation of this treatment, the types of investors who receive such preferential treatment and, where applicable, the legal or economic links between these investors and the AIF or the AIFM
2.29 The names of the members of the board of management or of the managing directors
and of the members of the supervisory board or, if applicable, of the advisory board, in each case stating their main activities outside the AIFM or the AIF, where these are significant for the AIFM or the AIF
2.30 Information on the other investment funds managed by the AIFM

2.31 The name of the depositary and a description of its duties and any conflicts of interest
that may arise;
2.32 A description of all safe-keeping functions delegated by the depositary, a list of delegates
and sub-delegates and information on any conflicts of interest that may arise from such delegation;
2.33 A statement that investors will be provided with up-to-date information concerning
points 2.31 and 2.32 on request;
2.34 The names of advisory firms, investment advisers or other service providers who provide
services on a contractual basis; details of such contracts that are relevant to investors, including in particular an explanation of the service providers’ obligation and the investors’ rights; other significant activities of the advisory firms, investment advisers or other service providers
2.35 A description of all management functions delegated by the AIFM and of all safe-keeping
functions delegated by the depositary, the name of the person or entity to whom the tasks were delegated and a description of any conflicts of interest that may arise from such delegation
2.36 A description of how the AIFM complies with the requirements of section 25 (6)
2.37 The circumstances or relationships that could give rise to conflicts of interest
2.38 In the case of investment funds with at least one investment compartment whose units
or shares are permitted to be marketed within the jurisdiction of the KAGB to one, multiple or all of the investor groups within the meaning of section 1 (19) nos. 31 to 33, and with additional investment compartments in the same investment fund that are not permitted to be marketed within the jurisdiction of this Code, or that are only permitted to be marketed to another or multiple other types of investor, a prominent statement in prominent print that the units or shares of the additional investment compartments are not permitted to be marketed within the jurisdiction of the KAGB or, if they are permitted to be marketed to individual types of investor, the type of investor within the meaning of section 1 (19) nos. 31 to 33 to which they are not permitted to be marketed; such additional investment compartments must be identified by name
2.39 The information set out in Articles 6 to 9 of Regulation (EU) 2019/2088 and in Articles 5
to 7 of Regulation (EU) 2020/852
2.40 Information related to the costs including the amount of any front-end load and
redemption fee in accordance with section 165 (3) no. 1 and nos. 3 to 7 a) Calculation of the issue and redemption prices of the units or shares indicating the method and frequency of the calculation of these prices and the costs in connection with the issue and redemption of units or shares b) Information on how, where and how often the issue und redemption prices of the units or shares are published

c) Any other costs or fees, broken down into those payable by investors and those payable out of the investment fund d) Use of the front-end load on the issue of units or shares and the fee on the redemption of units or shares e) A statement that a total expense ratio must be calculated as a single figure on the basis of the figures for the previous financial year, stating which costs are included in this total expense ratio f) An explanation that trading costs are paid out of the investment fund and that the total expense ratio does not include any trading costs g) Information stating the remuneration and costs included in the flat fee and an indication of which costs, if any, are invoiced separately to the investment fund if a flat fee is agreed in the fund rules, the articles of association, or partnership agreement for remuneration and costs; 2.40.e) and f) shall remain unaffected h) A description of whether remuneration and expenses paid to the depositary and third parties out of the investment fund are retroceded to the asset manager, and whether, depending on the distribution channel, a significant portion of the remuneration paid out of the investment fund to the asset manager is used to compensate the distributors of units and shares of the investment fund based on the volume of units or shares distributed; i) Information in accordance with section 162 (2) no. 14; the type and maximum amount of potential fees, costs, taxes, commissions and other expenses borne directly or indirectly by investors in the investment fund; an indication that in addition to remuneration for the management of the investment fund, the investment fund is also charged a management fee for the units or shares held in the investment fund j) With regard to the remuneration policy of the asset manager:
i) details of the current remuneration policy, including a description of how remuneration and other allowances are calculated and the names of the persons responsible for allocating remuneration and other allowances, including the composition of the remuneration committee, where one exists, or ii) bb) a summary of the remuneration policy and a statement that the details of the current remuneration policy are published on a website, the website address and a statement that a hard copy of the webpage is available free of charge on request; this statement also indicates that the details that can be viewed on the website concerning the current remuneration policy include a description of how remuneration and other allowances are calculated and the names of the persons responsible for allocating remuneration and other allowances, as well as the composition of the remuneration committee, where one exists

2.41 The requirements and conditions under which investors may require the share of the
assets attributable to the units or shares to be paid out as well as the entities responsible for this
2.42 If relevant, information related to the trustee acting as a limited partner:
a) name and address; in the case of legal persons, company name and registered office b) duties and legal basis of the activity c) material rights and obligations d) sum total of the remuneration agreed for performing the duties
2.43 In cases where units or shares of PPP project companies or infrastructure project
companies may be acquired:
a) a description of the key characteristics of PPP project companies or infrastructure project companies b) the types of PPP project companies or infrastructure project companies that may be acquired for the AIF and the principles used to select them c) a reference to the effect that equity investments may be made in PPP project companies or infrastructure project companies that are not admitted to trading on a stock exchange or included in another regulated market
2.44 If concrete investments within the meaning of section 261 (1) no. 1 have already been
selected, the following information on the investments must additionally be included in the prospectus a) a description of the investment b) more than insignificant charges in rem relating to the investment c) legal o r actual restrictions on the use of the investment, in particular with respect to the investment objective d) information on whether official authorisations are required and the extent to which these have been obtained e) information on what contracts the AIFM has entered into in relation to the purchase or construction of the investment property or material parts thereof f) name of the person or company that prepared a valuation report for the investment, and the date and results of this expert evaluation g) the expected total costs of the investment, broken down in particular by purchasing and construction costs and other costs, and the planned financing, broken down to separately disclose equity and debt finance, in each case sub-

classified by interim financing and permanent financing; with regard to equity and debt finance the terms and conditions and the maturities must be provided, along with the extent to which and from whom binding commitments have already been received If the concrete investments have not yet been selected, this must be disclosed in the prospectus.
2.45 A reference to how the units or shares can be transferred
2.46 If applicable, a reference to any restrictions on the transferability of the units or shares
2.47 If applicable, a reference to the fact that the AIF’s investments have not yet been
diversified for risk (if the AIF’s investments have not yet been diversified for risk in accordance with section 262 (1) sentence 3 in the first 18 months following the date on which marketing began)
2.48 If applicable, a reference to the fact that the limits referred to in section 263 (1) and (4)
do not apply during the initial marketing period for the closed-ended AIF, but at the maximum for a period of 18 months starting on the date on which marketing begins (if this is provided for in the fund rules, the articles of association or the partnership agreement)
2.49 If the principle of risk diversification is not adhered to for investments, a reference in a
prominent place to the default risk arising from the lack of risk diversification
2.50 An explicit reference – in prominent print – indicating that the AIF and the AIFM are not
subject to governmental supervision by BaFin
2.51 A reference that the German text of the prospectus, the fund rules, the articles of
association, or the partnership agreement as well as of any other documents and publications shall be binding
2.52 In addition, the following points must be included in the case of feeder AIFs:
a) an explanation that the fund is a feeder fund of a particular master fund and as such permanently invests 85 per cent or more of its assets in units of that master fund b) information on the risk profile and on whether the performance of the feeder fund and master fund is identical, or to what extent and for what reasons they differ, and a description of investments made in accordance with section 272c (1) c) a brief description of the master fund, its organisation, investment objective and investment strategy, including the risk profile, and an indication of where and how the current prospectus of the master fund may be obtained, plus information on the registered office of the master fund

d) a summary of the master-feeder agreement in accordance with section 272d (1) sentence 2 or of the relevant internal conduct of business rules in accordance with
section 272d (1) sentence 3
e) information on how investors may obtain further information on the master fund and the master-feeder agreement f) a description of all remuneration and costs payable by the feeder fund by virtue of its investment in units of the master fund, as well as of the aggregate fees for the feeder fund and the master fund g) a description of the tax implications of the investment in the master fund for the feeder fund
3. Key information document in accordance with Regulation (EU) No
1286/2014
As from 01 January 2023, Regulation (EU) No 1286/2014 requires a key information document to be drawn up for funds marketed to retail investors. This key information document provides investors with key information about the investment product that is prescribed by law and that is designed to assist with understanding the nature, risk, costs and potential gains and losses associated with this product, and to compare it with other products. This is not advertising material. Please see the provisions of Regulation (EU) No 1286/2014 for the substantive requirements that must be met by the key information document
III. Other
Advertising
Section 302 of the KAGB applies, which refers to the directly applicable provisions of Article
4(1), (4) and (5) of Regulation (EU) 2019/11565 .
According to these provisions, AIFMs must ensure that all marketing communications addressed to investors are identifiable as such and describe the risks and rewards of purchasing units or shares of an AIF in an equally prominent manner. They must also ensure 5 Regulation (EU) 2019/1156 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 June 2019 on facilitating cross￾border distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014

that all information included in marketing communications is fair, clear and not misleading, with it also being necessary to take into account online aspects of such marketing communications. In order to provide clarification regarding the application of Article 4(1) of Regulation (EU) No 2019/1156, ESMA published the "Guidelines on marketing communications under the Regulation on cross-border distribution of funds" (ESMA34-45–1272), which apply in Germany6 . In this context, the following should be noted in particular:
Although Regulation (EU) 2019/1156 does not define the term "marketing communication", a broad interpretation should be assumed. Examples of documents that may be considered as marketing communications and those that would not be covered by the term are listed under "1 Scope" of the Guidelines. Marketing communications must be clearly identifiable as such (item 6). They must contain sufficient information to make it clear that the communication has a purely marketing purpose and is consequently not a sufficient basis for an investment decision. A marketing communication is identifiable as such if it includes a prominent disclosure of the term "marketing communication". ESMA also recommends in this context that marketing communications include an appropriate disclaimer (item 7 of the Guidelines) or, if the disclaimer does not fit the format and length of an online marketing communication, some other statement identifying the marketing purpose of the communication (item 8 of the Guidelines). Marketing communications that include information about risks and rewards associated with purchasing units of an AIF must give a fair and prominent indication of any relevant risks (item 12 of the Guidelines). This relates to both the presentation and format (font, font size, placement) of such information. Rewards should not be referred to without also referring to the risks. They should both be mentioned either at the same level or one immediately after the other (items 14 and 15 of the Guidelines).
Article 4(1) of Regulation (EU) 2019/1156 also requires that promotional material for an AIF
be fair, clear and not misleading. The ESMA Guidelines clarify these requirements (item 16 et seq. of the Guidelines). Marketing communications must be suitable for the target investors or potential investors, and the information presented in marketing communications must be consistent with the legal and regulatory documents of the relevant fund (item 20 of the Guidelines). Under section 302 (2) sentence 2 of the KAGB, AIFMs must ensure that all promotional material indicates that a prospectus exists and that the key information document as defined in Regulation (EU) No 1286/2014 is available. Under section 302 (2) sentences 3 and 4 of the KAGB, AIFMs must also ensure that this promotional material always specifies where, how and in which language investors or potential investors can obtain the prospectus and the key information document as defined in Regulation (EU) No 1286/2014, and that the promotional material always provides hyperlinks to or website addresses for those documents. Descriptions of the features of the investment are subject to requirements 6 BaFin announcement dated 27 September 2021; available at https://www.bafin.de/ref/19613868 .

relating to both format (such as font, font size, speed of speaking and volume of sound if audio or video is used) and content (item 22 et seq. of the Guidelines). Under section 302 (3) of the KAGB, AIFMs must also always ensure that promotional material includes information about where, how and in which language investors or potential investors can obtain a summary of investor rights, and provides a hyperlink to such summary. The summary also includes, as appropriate, information on access to collective redress mechanisms at EU and national level in the event of litigation. AIFMs must also ensure that promotional material clearly states that the AIFM may decide to cease marketing the AIF. Where marketing communications include information about the risks and rewards of a fund, it must be ensured that the information is consistent with the risk classification (item 36 of the Guidelines) and the information presented in documents such as the prospectus and other legal and regulatory documents (item 18 of the Guidelines). Information about costs should explain the overall impact of costs on the amount of the investment (item 41 of the Guidelines) and, where applicable, address the risks associated with costs in foreign currencies (item 42 of the Guidelines). ESMA also provides detailed guidelines for when marketing communications include information on the past performance and expected future performance of the fund (item 43 et seq. of the Guidelines) and information on sustainability-related aspects (item 59 et seq. of the Guidelines).