Summary of investor rights

General information

In addition to the legally required sales documents such as the sales prospectus and the key information document, investors in a closed-ended public AIF have access to advertising documents (e.g. product information, fact sheet, etc.). These advertising documents are used exclusively for sales and marketing purposes.

The acquisition of units in the investment fund covered by the advertising material is only possible on the basis of the statutory sales documents. These contain information on the respective fund product, in particular information on risks, structure, any sales restrictions and relevant tax issues. The information does not replace legal and/or tax advice tailored to the individual circumstances of the investor, taking into account his financial, tax and legal situation.

If the respective investment fund promotes environmental or social characteristics or makes a sustainable investment, the information pursuant to Art. 10 of Regulation (EU) 2019/2088 (Disclosure Regulation) is also available for the decision on the acquisition of a unit.

Out-of-court dispute resolution

To enforce their rights, consumers can take legal action before the ordinary courts or, if such a court is available, initiate an alternative dispute resolution procedure. An out-of-court complaint and redress procedure is not provided for in the contract.

For the settlement of disputes arising from the application of the provisions of the German Civil Code concerning distance contracts for financial services, consumers have the option (without prejudice to the right to appeal to the courts) of appealing to the arbitration board set up at the Deutsche Bundesbank in accordance with Section 14 (1) of the German Injunctions Act (UKlaG).

The address is:
Deutsche Bundesbank: Arbitration Board
P.O. Box 10 06 02
60006 Frankfurt am Main
Telephone: +49 (0) 69 9566-332 32
E-mail: schlichtung@bundesbank.de
Internet: www.bundesbank.de/de/service/schlichtungsstelle

The complaint must be submitted to the arbitration board in writing, briefly describing the facts of the case and enclosing copies of the documents required to understand the complaint. The investor must also ensure that the subject matter of the complaint is not already pending before a court, has not been pending in the past or will not be made pending by the complainant during the conciliation proceedings, that the dispute has not been settled out of court, that an application for legal aid has not been rejected because the intended legal action offers no prospect of success, that the matter is not already the subject of a conciliation proposal or conciliation proceedings by a conciliation body pursuant to Section 14 para. 1 of the Injunctions Act (Unterlassungsklagegesetz) or another conciliation body that conducts dispute resolution, and the claim was not already time-barred when the complaint was filed and the respondent invokes the statute of limitations.

The complaint can also be submitted by e-mail or fax; any required documents must then be submitted by post. The investor may be represented in the proceedings.

In the event of disputes in connection with the provisions of the KAGB, consumers also have access to an out-of-court arbitration procedure set up by the Ombudsstelle für Sachwerte und Investmentvermögen e.V. (Ombudsman for Real Assets and Investment Funds).

The address is:
Ombudsstelle für Sachwerte und Investmentvermögen e.V.
P.O. Box 610269
10924 Berlin
Telephone: +49 (0) 30 257 616 90
Fax: +49 (0) 30 257 616 91
E-mail: info@ombudsstelle.com
Internet: www.ombudsstelle.com

The respective complaint must be submitted to the arbitration board in writing, briefly describing the facts of the case and enclosing copies of the documents required to understand the complaint. The investor must ensure that no proceedings have been conducted or are pending before a consumer arbitration board in the matter in dispute, that the dispute has not been decided by a court in a substantive judgment or is pending before a court, that the dispute has not been resolved by settlement or in any other way and that an application for legal aid has not been rejected because the intended legal action did not offer sufficient prospect of success or appeared to be frivolous.

The complaint can also be submitted by e-mail or fax; any necessary documents must then be submitted by post. It is also possible to be represented in the proceedings.

BaFin's arbitration board can become involved in disputes in connection with the German Investment Code as well as banking transactions and financial services within the meaning of Section 1 (1) sentence 2 of the German Banking Act ("KWG") and Section 1 (1a) sentence 2 KWG, unless a recognized private arbitration board is responsible.

The address is:
Conciliation body at the Federal Financial Supervisory Authority
Financial Services Supervision (BaFin)
Division VBS 12
Marie Curie-Straße 24-2860439 Frankfurt am Main
Telephone: +49 (0) 228 4108-0
Fax: +49 (0) 228 4108-62299
E-mail: schlichtungsstelle@bafin.de
Internet: www.bafin.de

The respective complaint must be submitted to the arbitration board in writing, briefly describing the facts of the case and enclosing copies of the documents required to understand the complaint. The investor must ensure that no proceedings have been conducted or are pending before a consumer arbitration board in relation to the same dispute, that no administrative proceedings pursuant to Sections 48 to 50 of the German Payment Accounts Act are pending in relation to disputes concerning the entitlement to conclude a basic account contract, and that no incontestable decision has been made on the claim in such proceedings, the dispute has not been decided by a court by a judgment on the merits or the dispute is not pending before a court, the dispute has not been resolved by settlement or in any other way and an application for legal aid has not been rejected because the intended legal action did not offer sufficient prospect of success or appeared to be frivolous.
Details on the arbitration proceedings and their access requirements can be found in the Rules of Procedure of the Arbitration Board (Arbitration Board of the Deutsche Bundesbank), the Rules of Procedure of the Ombudsstelle für Sachwerte und Investmentvermögen e.V. and the Financial Arbitration Board Ordinance ("FinSV"). Information sheets on the conciliation procedures and the respective current rules of procedure are available at the above addresses of the respective conciliation body.