Regulations To The Law On The Management Of Alternative Investment Funds

Original Language Title: Forskrift til lov om forvaltning av alternative investeringsfond

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Regulations to the law on the management of alternative investment fund to date FOR-2014-06-26-877 Department Ministry of finance published in the 2014 booklet 9 entry into force 01.07.2014 last edited by-2015-09-01-1016 from 01.10.2015 change the FOR-2011-12-21-1467 applies to Norway Pursuant LAW-1956-12-07-1-§ 4, LAW-2011-11-25-44-section 2-13, LAW-2011-11-25-44-section 7-3, LAW-2011-11-25-44-section 7-7, LAW-2014-06-20-28-section 1-1, LAW-2014-06-20-28-section 1-3, LAW-2014-06-20-28-section 1-4, LAW-2014-06-20-28-section 1-5, LAW-2014-06-20-28-section 2-1, LAW-2014-06-20-28-section 2-2, LAW-2014-06-20-28-section 2-3, LAW-2014-06-20-28-section 2-4, LAW-2014-06-20-28-section 2-6, LAW-2014-06-20-28-section 2-7, LAW-2014-06-20-28-section 3-1, LAW-2014-06-20-28-section 3-2 , LAW-2014-06-20-28-section 3-3, LAW-2014-06-20-28-section 3-4, LAW-2014-06-20-28-section 3-5, LAW-2014-06-20-28-section 3-6, LAW-2014-06-20-28-section 3-7, LAW-2014-06-20-28-section 3-8, LAW-2014-06-20-28-section 3-9, LAW-2014-06-20-28-section 3-10, LAW-2014-06-20-28-section 4-1, LAW-2014-06-20-28-section 4-2, LAW-2014-06-20-28-section 4-3, LAW-2014-06-20-28-section 4-4, LAW-2014-06-20-28-section 4-6, LAW-2014-06-20-28-section 5-2, LAW-2014-06-20-28-section 5-3, LAW-2014-06-20-28-section 5-4, LAW-2014-06-20-28-section 6-6, LAW-2014-06-20-28-section 7-1, LAW-2014-06-20-28-section 7-2, LAW-2014-06-20-28-section 8-4, LAW-2014-06-20-28-section 10-4, LAW-2014-06-20-28-section 12-1 Announced at 30.06.2014. 15.30 brief title AIF Regulations Chapter overview: Chapter 1. Introductory provisions (§ § 1-1-1-4) Chapter 2. Application for permission etc. (§ § 2-1-2-2)
Chapter 3. The Steward's business (§ § 3-1-3-4) Chapter 4. Diem schemes (§ § 4-1-4-6) Chapter 5. Special rules where the funds under management achieves control in unlisted companies and the authorities (§ § 5-1-5-2) Chapter 6. Depot recipients (§ § 6-1-6-5) Chapter 7. Marketing of alternative investment funds that are not national funds to non-professional investors (§ § 7-1-7-3), Chapter 8. Implementation of regulations (§ § 8-1-8-3) Chapter 9. Entry into force and transitional provisions (§ § 9-1-9-2) Chapter 10. Changes in other legal authority established by the regulations: the Ministry of finance 26. June 2014 under the legal authority of the Act 25. November 2011 No. 44 about mutual funds (mutual funds Act) § 2-13, section 7-3 and section 7-7 and the law 20. June 2014 Nr. 28 on the management of alternative investment funds § 1-1, section 1-3, § 1-4, section 1-5, § 2-1, section 2-2, section 2-3, section 2-4, § 2-6, § 2-7, section 3-1, section 3-2, section 3-3, section 3-4, section 3-5-6, § 3, section 3-7, section 3-8, section 3-9, section 3-10, § 4-1, section 4-2, section 4-3, section 4-4, section 4-6, section 5-2, section 5-3, § 5-4, section 6-6, section 7-1, 7-2, section 8-4, § 10-4 and § 12-1.
Added legal authority: law 7. December 1956 No. 1 about the supervision of financial institutions, etc. (financial supervision) section 4.
Changes: modified by regulations 15 aug 2014 Nr. 1077, 1 sep 2015 Nr. 1016. Chapter 1. Preliminary provisions section 1-1. The scope of the regulation gives the complementary provisions to the law 20. June 2014 Nr. 28 on the management of alternative investment funds.

§ 1-2. The exception from the scope of the law on management of alternative investment funds for holding companies Law 20. June 2014 Nr. 28 on the management of alternative investment fund and related regulations does not apply to companies with interests in one or more other companies, where the purpose is to carry out a business strategy through subsidiaries, associated companies or capital interests and that either is a company that: a) does business on the basis of own assets and are listed on the regulated market in the EUROPEAN ECONOMIC AREA, or b) has the primary purpose other than to create returns through selling subsidiaries or associated companies.

§ 1-3. Clarification of exceptions from parts of the law on management of alternative investment fund managers with total asset value under certain threshold values the exception in the Act 20. June 2014 Nr. 28 on the management of alternative investment funds § 1-4 the first paragraph also applies where the management occurs indirectly through a company that the Manager is associated with through joint management, control, or a material direct or indirect interest.

section 1-4. Securities trading and securities law forskriftens application for managers who have permission to provide additional services For managers of alternative investment funds that have permission to provide these additional services by law on the management of alternative investment fund section 2-2 third and fourth paragraph, LITRA a and b, the securities trading Act section 9-11 to 9-18, section 9-21 and section 10-11 and the regulations provided in pursuance of these provisions so far as they are appropriate.

Chapter 2. Application for permission etc.

section 2-1. Criteria for permission to the management of alternative investment funds (1) finance the authority to deny the permit application if the ratio of the Fund Manager's close associates, rules or difficulty to enforce rules in a third country that applies to the Manager's close associates, preventing an effective and reasonable oversight of steward.

(2) Financial Audit can only grant permission to manage alternative investment fund after consultation with the competent authority in the competent EEA State if the applicant is: a) the daughter enterprise of another Fund Manager, the management company for the mutual fund, investment firm, credit institution or insurance company with the permission of another EEA Member State, b) daughter companies of a parent company for enterprises as mentioned in the letter a with the permit in another EEA State, or c) controlled by the same natural or legal persons as control an undertaking as mentioned in the letter a , with the permission of another EEA State.

section 2-2. Processing of application for a permit decision of a permit application to manage alternative investment funds shall be notified to the applicant as soon as possible, and no later than within three months after the complete application is received. The financial authority may extend the deadline by up to three months if it is necessary because of the specific circumstances of the case. The applicant shall be directed under about deadline extension.

Chapter 3. The Steward's business section 3-1. Nærmerere rules of utkontraktering (1) the Manager may not utkontraktere tasks in such an extent that the entity is no longer to be regarded as investment manager.

(2) Utkontrakteringen must not prevent the Manager from acting in accordance with investors ' interests, or the Fund from being managed in accordance with investors ' interests.

(3) the manager shall verify the contractor's execution of the running services. The Manager should be able to document: a) that the contractor has adequate expertise and resources to perform the tasks, and that those who actually perform the tasks have relevant qualifications and professional experience and Honorable record, b) that the contractor has been selected in a proper way, c) that the Manager at any time can effectively monitor the tasks are outsourced, give instructions to the contractor and bring utkontrakteringen to an end with immediate effect , if it is in the investors ' interest.

(4) Utkontraktering of portfolio management or risk management can happen only to contractors who have permission or is registered to provide such services and is subject to reasonable supervision, unless the financial authority agree to utkontrakteringen. If the contractor is established outside the EEA, it must also be established satisfactory cooperation on supervision between the supervisory authorities in the contractor's home State and Norway.

(5) portfolio management and risk management can not utkontrakteres to enterprises that perform tasks that could lead to conflicts of interest between the contractor and the Manager or the Fund's investors, unless the tasks can be carried out organizational independent and potential conflicts of interest are properly identified, managed and monitored, and the Fund's investors are advised.

(6) the provisions in the first to fifth paragraph also applies where the contractor utkontrakterer tasks further, cf. law 20. June 2014 Nr. 28 on the management of alternative investment funds § 3-5, third paragraph.

section 3-2. Implementation of valuation for the assets associated funds under management (1) valuation of assets belonging to the Fund under management shall be made by the Manager himself, or of a device as mentioned in the fourth paragraph. Safety assessment to be carried out in a correct and independent way.

(2) managers who even make valuation will ensure that the task is separated from other organizational Manager's business, including portfolio management. The Manager going through tax arrangements and other measures remedy the conflicts of interest and prevent undue influence of employees who perform safety review.

(3) Financial Audit can impose on managers who even make valuation to get value the assessment or guidelines for valuation controlled by a device that meets the criteria in the fourth paragraph, or of an auditor.

(4) if the Manager has given another device in the quest to make the valuation, the contractor must be independent of the Manager, the Fund and their close associates. The Manager should be able to document: a) the assignee is subject to compulsory registration by law, other legal regulation or guidelines for professional practice, b) that the contractor has adequate professional qualifications to carry out safety assessment in an effective manner and in line with the current rules, c) that the general terms and conditions for utkontraktering in law 20. June 2014 Nr. 28 on the management of alternative investment funds § 3-5 with the associated regulations are met.

(5) the Fund's custodian may not make the valuation, with less value assessment going on organizational regardless of the custodian function, potential conflicts of interest are properly identified, managed and monitored, and the Fund's investors are advised.

(6) the contractor can not utkontraktere value the assessment function on.


(7) the Manager is responsible for the correct valuation of the Fund's assets, the calculation of asset value per share and disclosure of asset value per share. Utkontrakteringen does not affect the Fund Manager's liability to the Fund and the investors. The contractor is liable for damages to the Manager for any loss that the Manager has suffered as a result of the contractor's negligence.

(8) the manager shall notify the Financial supervision of the utkontraktering of the valuation. Financial audit may require that it be appointed another contractor if the conditions of utkontraktering are not met.

section 3-3. Special rules for foreign fund managers doing business in Norway through the creation of branch managers established in another EEA Member State doing business as mentioned in law 20. June 2014 Nr. 28 on the management of alternative investment funds § 6-3 or section 8-2 through the establishment of the branch, the rules in section 3-2 and § 3-3 and the regulations laid down in pursuance of these provisions.

section 3-4. Enterprise reporting Managers of alternative investment funds with permission by law 20. June 2014 Nr. 28 on the management of alternative investment fund section 2-2, as well as managers of alternative investment funds that operate through branch in Norway by the same law section 8-2, to send in the half-year task to Financial Audit.

Chapter 4. Diem schemes § 4-1. Purpose of the imputation scheme should have a Steward diem arrangement that is in accordance with the Fund Manager's and the funds ' business strategy, overall goals, risk tolerance and long-term interests. Imputation system should not encourage risk-taking that is incompatible with the risk profile, the by-laws or other Foundation documents to the Fund under management. Imputation system to help ensure that conflicts of interest are avoided.

§ 4-2. The creation of the imputation scheme and requirements about diem range etc.
(1) the Fund Manager's control to fix and make sure that the entity at any time have and practice guidelines and frameworks for a tax arrangement. Imputation system should include special rules for: a) senior employees, b) employees and elected officials with work tasks of significant importance for risk exposure to the Manager or to the funds under management, c) employees and elected officials with control tasks, d) employees and elected officials with equivalent remuneration that senior employees and risk-takers, who have work tasks of significant importance for risk exposure to the Manager or to the funds under management.

(2) with the allowance refers to the same as "remuneration" as specified in the public limited companies Act § 6-16a, including score depending on the remuneration as mentioned in law 20. June 2014 Nr. 28 on the management of alternative investment funds § 1-2 letter d. The Manager must ensure that the variable remuneration not paid through holdings in associated companies (internal company), or in any way that constitutes a circumvention of the rules on remuneration.

(3) the Steward's Board to regularly go through the imputation system and monitor the practice and the effects of the scheme.

(4) the manager shall at least once a year to make an independent internal control of compliance with the regulations. The manager shall prepare a written report about each annual review.

(5) managers who out from its size, the size of funds under management or their areas have a significant impact on the financial district, to appoint a selection that on free basis can assess the entity's tax scheme (diem range). The Committee shall prepare all the things about imputation system to be processed by the Board. The Committee's Chairman and members should emanate from the Fund Manager's control and may not be included in the daily management of the Manager.

(6) the remuneration of the Executive Management with risk management and compliancefunksjoner to be subjected to the direct supervision of the imputation scheme.

section 4-3. Remuneration of senior employees (1) For leading employees who have score depending on the remuneration, the composition of the fixed and variable remuneration be balanced. The fixed part of the remuneration should be sufficiently high to that steward can fail to disburse the variable portion of the remuneration.

(2) variable can only Guaranteed compensation is applied in a particular case, and solely in connection with the new hiring, and limited to the first year.

(3) if the variable remuneration is used, this shall be based on a combination of assessment of the person and the results to the competent business unit, funds under management and Fund Manager as a whole. Measurement of results to current and future risk for the Manager and funds under management, as well as costs related to the need for capital and liquidity, taken into. The basis for variable remuneration related to the performance of the Fund Manager and funds under management, is going to be a period of at least two years.

(4) if the management of alternative investment fund account for at least half of the Fund Manager's portfolio, at least half of annual variable remuneration is given in the form of shares in the relevant alternative investment fund, or in other instruments that mirrors the alternative investment fund's value development.

(5) at least 40 percent of the variable remuneration to be paid evenly over a period of at least three years, or a shorter period if the current alternative investment fund have a shorter investment horizon. If the variable remuneration constitutes a particularly high amount, to at least 60 percent will be paid evenly over a period as mentioned in the first sentence.

(6) the variable remuneration shall only be earned or paid for as far as this is proper from the Steward's financial position, and should be reduced or withdrawn if the Fund Manager's or the Fund's financial position significantly worsens.

(7) Total variable remuneration shall not restrict the institution's ability to enhance the responsible capital.

(8) the stock upon termination of employment shall be adapted to the results that are achieved over time, and designed so that the missing results will not be rewarded.

(9) Leading employees should not have agreements or insurance policies to ensure against loss of prestasjonsbetinget allowance.

(10) the Steward's pension schemes should be in accordance with the business strategies, overall goals and the long-term interests of the Manager and funds under management. Upon termination of the work relationship should hold back determined manages discretionary pension contributions in the form of instruments as mentioned in the fourth paragraph in a period of five years.

§ 4-4. Remuneration to employees with work tasks of significant importance for risk exposure to the Manager or fund under management the provisions of § 4-3 applies to employees with work tasks of significant importance for risk exposure to the Manager or fund under management.

§ 4-5. Remuneration of employees of control tasks (1) remuneration to the employees with control tasks should be regardless of the result in the business area that they control.

(2) the provisions of § 4-3 applies to employees with control tasks.

section 4-6. Remuneration to employees and elected officials with equivalent remuneration that senior employees and risk-takers the provisions of § 4-3 applies to employees and elected officials with equivalent remuneration that senior employees and risk-takers, who have work tasks of significant importance for risk exposure to the Manager or fund under management.

Chapter 5. Special rules where the funds under management achieves control in unlisted companies and issuers section 5-1. The deal limits when funds under management achieves control in issuers and unlisted companies (1) the manager shall, in a period of 24 months after the achievement of control as mentioned in the law on the management of alternative investment funds § 4-4 the first paragraph do not contribute to, as well as take all reasonable precautions to prevent, distributions from the target company, capital allowances, redemption of shares and the acquisition of own shares.

(2) the claim in the first paragraph only applies if: a) the awards ceremony or acquired of shares means that target the company's net worth, according to the balance sheet for the last financial year will be lower than the character equity with the addition of the amount according to the current law or the by-laws is deposited to the Fund that is not bound and can be allocated. If not paid up equity is not capitalized, this shall be deducted from the sign company's capital.

b) awards the result exceeds for the last fiscal year, with the addition of subsequent score and the amount allocated to the Fund for this purpose, and with the deduction of losses and amounts in accordance with applicable law or the articles of Association are allocated to bound Fund.

(3) the requirements of the first paragraph does not apply if the nedsetting of the company's capital is intended to cover losses or set of amounts to the Fund that can not be bound issued, provided that the amount no higher than 10 percent of the company's capital. The claim in the first paragraph first sentence does not apply to the acquisition of shares in accordance with the national legislation implementing Directive 77/91/EEC, article 20 (1) letter b to h.


section 5-2. Obligation to inform employees of the target company and the investors in the Fund of information in the annual report by the achievement of control in unlisted companies if the information as mentioned in law 20. June 2014 Nr. 28 on the management of alternative investment funds § 4-1 the third paragraph is included in the Fund's annual report, should the Manager ask the target company Board to inform the employees within the time limits as mentioned in the same Act § 4-1 the first paragraph third period. If the information referred to in the Act 20. June 2014 Nr. 28 on the management of alternative investment funds § 4-1 the third paragraph is included in the annual report of the target company, the manager shall inform the Fund's investors within the time limits as mentioned in the same Act § 4-1 the first paragraph third period.

Chapter 6. Depot recipients section 6-1. Enterprises that can be appointed as custodian (1) Financial Audit can by simple decision consent to that other companies than mentioned in law 20. June 2014 Nr. 28 on the management of alternative investment funds § 5-2 the first paragraph be appointed as custodian for specific alternative investment fund, if: a the recipient) is subject to the depot reassuring government regulation or industry rules and can still have sufficient financial and professional guarantees for the performance of custodian function, b) the alternative investment fund does not have the redemption right for investors the first five years, c) Fund does not invest in assets that should be kept by custodian after the law on the management of alternative investment funds § 5-3, third paragraph, and does not have as objective to achieve control as mentioned in the same Act § 4-4 first paragraph.

(2) Financial Audit can by simple decision consent to that the Manager appoints a custodian established outside the EEA if: a) it is established satisfactory cooperation on supervision between supervisory authorities in the custodian's home State, the Steward's home State and other EEA States where fund shares will be marketed, b) depot receiver is subject to efficient and reassuring regulation and supervision, including capital requirements, c) the custodian's home State is not listed by the Financial Action Task Force on Money Laundering (FATF) as non-cooperative countries , d) and the authorities of the Fund Manager's home State to the EEA States where the alternative investment fund to be marketed has signed an agreement with the Government of the custodian's home State on the taxation of income and capital and effective exchange of information in tax matters, including multilateral tax treaties, and that in its entirety is in accordance with the standards set out in art. 26 in the OECD agreement, pattern e) depot according to the agreement, the recipient is liable to the alternative investment fund and investors for losses as stated in the law on the management of alternative investment funds § 5-4, f) depot recipient expressly has agreed to comply with the provisions relating to utkontraktering in section 6-3.

§ 6-2. The custodian's tasks (1) in addition to the tasks referred to in the Act 20. June 2014 Nr. 28 on the management of alternative investment funds § 5-3, to the depot a) receiver: make sure that the sale, issue, repurchase, redemption and cancellation of shares or stocks in the alternative investment fund is carried out in accordance with current legislation, the Fund's articles of Association and other Foundation documents, b) make sure that the value of the shares or the shares of the alternative investment fund is calculated in accordance with section 3-2, the law on the management of alternative investment funds § 3-10 , the Fund's articles of Association and other Foundation documents, make sure that the c) alternative investment fund receives settlement for transactions within the common settlement deadlines, d) make sure that the alternative investment fund's income is applied in accordance with the current legislation, the Fund's articles of Association and other Foundation documents.

section 6-3. The custodian's access to utkontraktere tasks (1) Depot the recipient can utkontraktere tasks as mentioned in law 20. June 2014 Nr. 28 on the management of alternative investment funds § 5-3 third paragraph if: a) the tasks do not utkontrakteres to avoid the requirements of the law on the management of alternative investment fund, b) utkontrakteringen is factually justified, c) depot recipient exercise due care by the selection and oppfølgningen of the contractor.

(2) to verify that the recipient Depot the contractor at any time: a) has sufficient resources and expertise to perform the outsourced tasks, b) are subject to regulation, including capital requirements, supervision for storage of financial instruments and remote, regularly audit to ensure that the contractor is in the possession of the financial instruments that are received for storage, c) keeps the alternative investment fund's assets separate from oppdragstakers fixed assets and assets depot on a recipient's such a way that these at any time to be able to be identified as the associated depot recipient's customers, not using the d) alternative investment fund's assets without the consent of the Fund or the Fund Manager, and not without that recipient is notified depot in advance, e) comply with the provisions of the law on the management of alternative investment funds § 5-3 first and fourth paragraph.

(3) if the laws of a third requires that certain financial instruments should be kept in the depot of a local enterprise, and no local enterprises meet the requirement in the second paragraph, LITRA b, utkontrakteringen can still happen to such local enterprises if the investors in the alternative investment fund is informed before the investment of the Fund and alternative investment fund or Manager imposes the receiver to the depository depot utkontraktere to such contractor.

(4) the contractor can utkontraktere retention tasks further provided that the criteria in the first to the third paragraph is met. The rules of the law on alternative investment funds § 5-4 and this Regulation section 6-4 get the corresponding application for the affected parties.

section 6-4. The custodian's access to deny responsibility by utkontraktering (1) Depot the recipient can deny responsibility for the loss of financial instruments held by contractors pursuant to section 6-3 the first and second paragraph if: a) the custodian's responsibility is transferred to the contractor by written agreement, and the agreement makes it possible for the alternative investment fund, the Manager or depot making claims the recipient towards the contractor in connection with the loss , b) disclaimer is expressly permitted and justified in the written agreement between the depot and the recipient the alternative investment fund or the Manager.

(2) the recipient can waive the Depot responsible for loss of financial instruments held by contractors pursuant to section 6-3 third paragraph, if: a) the by-laws or other Foundation documents for the alternative investment fund expressly allow such Disclaimer, b) investors of the alternative investment fund is informed of the disclaimer and the rationale for this before they make the investment, c) the alternative investment fund or the Manager has instructed the recipient to the depository depot utkontraktere under section 6-3 third paragraph , d) requirements as mentioned in the first paragraph, LITRA a and b are met.

section 6-5. Instructions from the management company (1) the recipient must comply with Depot not instructions from management company that is in violation of any law, regulation, the Fund's articles of association or other Foundation documents.

(2) if the depot believes that a recipient instructions from the management company is in violation of any law, regulation, the Fund's articles of association or other Foundation documents and relationship is not addressed within a reasonable time, to audit the recipient Financial depot notify about this.

Chapter 7. Marketing of alternative investment funds that are not national funds to non-professional investors section 7-1. Key information (1) managers and others who promote alternative investment funds that are not national funds, to provide non-professional investors key information before drawing of the shares. Key information to be given in writing. The investor is entitled to royalty-free copy of the information.

(2) key information to be given in a separate document.

section 7-2. Information in the key information (1) key information should include the following: a) the identification of the Fund, b) brief description of the purpose and investment strategy, including which assets and markets the Fund can put in as well as whether the Fund can adopt loans or use financial instruments, c) information about the investor's right to the redemption or sale of shares in the Fund, d) presentation of the historical returns or assumed rate of return, e) information about the total cost, and associated fees , f) risk and yield profile, including guidance and warnings about the risks related to the investment in the Fund, g) indication of where and how the prospectus, annual report and the half-year report is available, on the language in which the documents are designed and that these documents are available free of charge.

(2) key information should be kept up to date.

section 7-3. Adherence to appeals the stewards who promote alternative investment funds that are not national funds to non-professional investors, should be attached to an independent, external complaint mechanism.

Chapter 8. Implementation of the regulations section 8-1. The implementation of Commission Regulation (EC) No. 231/2013 Regulation (EU) No. 231/2013 with complementary provisions to the European Parliament and Council directive 2011/61/the EUROPEAN UNION when it comes to exceptions, general terms and conditions for the operation, the depot recipients, financial leverage, transparency in the market and the supervision, applies to that regulation.

section 8-2. The implementation of Commission Regulation (EC) No. 447/2013 Regulation (EU) No. 447/2013 on procedure for managers who do not need, but applying for, permission to manage alternative investment funds after the European Parliament and Council directive 2011/61/EC, applies to that regulation.


section 8-3. The implementation of Commission Regulation (EC) No. 694/2014 Regulation (EU) No. 694/2014 about categorization of stewards for open and closed, respectively, alternative investment funds according to the europarlaments and Council directive 2011/61/EC, applies to that regulation.

Chapter 9. Entry into force and transitional provisions § 9-1. Entry into force these regulations shall enter into force 1. July 2014.

section 9-2. Transitional provisions (1) Managers of alternative investment funds which at the entry into force of law 20. June 2014 Nr. 28 on the management of alternative investment funds doing business as regulated by the law, must meet the requirements of the Act and its associated regulations as of 1. January 2015, and send the application for a licence or registration information to the Financial supervision within the same date.

(2) the requirement for a permit in law 20. June 2014 Nr. 28 on the management of alternative investment fund section 2-2 does not apply to the entry into force of the law by the managers who manages alternative investment fund which does not give shareholders the redemption right, and that is not conducting further investment after this point in time.

(3) law 20. June 2014 Nr. 28 on the management of alternative investment funds, with the exception of section 4-1, section 4-4 and section 4-5, do not apply to managers of alternative investment funds where the subscription period has expired by the entry into force of the law, which does not give shareholders the redemption right, and where the Fund's lifetime expires no later than 22. July 2016. For these managers also does not apply this regulation, with the exception of section 5-1 and § 5-2.

(4) the provisions of the Act 20. June 2014 Nr. 28 on the management of alternative investment funds § 6-1, section 6-2, 6-3, § § § 8-1 and 8-2 does not apply to alternative investment funds that are marketed under a prospect that is approved and made public at the time of the entry into force of the law, during the validity period for that prospect.

(5) until the 22. July 2017 does not apply requirements of the country of establishment of the custodian of the Act 20. June 2014 Nr. 28 on the management of alternative investment funds § 5-2 fourth paragraph, second sentence for managers of alternative investment funds that by law's entry into force has appointed a credit institution established in another EEA State as custodian.

(6) Variable remuneration earned in 2014 or earlier that are paid out in 2014, are not covered by the provision in the Act 20. June 2014 Nr. 28 on the management of alternative investment funds § 3-6 and this regulation Chapter 4. Variable remuneration earned in 2014 or earlier that are not paid out in the course of 2014, must be adapted to the rules in the law section 3-6 and regulations Chapter 4.

(7) the changes in the mutual funds law and regulations 21. December 2011 No. 1467 to the mutual funds law that apply to the marketing of special funds to non-professional investors, is valid from 1. July 2014.

Chapter 10. Changes in other regulations From 1. July 2014 following changes in regulation 21. December 2011 No. 1467 to the mutual funds Act:-

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