Commentaries: Art. 39a

Article 39 paragraphs 2–6 does not apply to a change in the fund management company of a Limited Qualified Investor Fund (L-QIF) in the legal form of a contractual investment fund.
In order to be effective, the transfer agreement must be done in writing or in another form demonstrable by text, and must be approved in advance by the custodian bank.
The previous fund management company shall give notice of the proposed transfer in the publication media and indicate when the change will take place.
Publication in accordance with paragraph 3 may be waived if all investors are informed of the transfer and the date of completion of the change in writing or in another form that demonstrable by text.
The change of fund management company may be completed at the earliest:
1. in the case of a contractual investment fund with the option of redemption at any time: 30 days after notice in accordance with paragraph 3 or the information in accordance with paragraph 4 is given;
2. in the case of a contractual investment fund without the option of redemption at any time: on the day after the day on which the units may be redeemed in accordance with the contractual or regulatory redemption periods and deadlines if the fund contract were to be terminated on the 30th day after notice in accordance with paragraph 3 or the information in accordance with paragraph 4 is given.
If the contractual or regulatory notice period lasts longer than 30 days, execution may take place earlier than required by paragraph 5 if all investors agree in writing or in another form demonstrable by text, but no earlier than 30 days after notice in accordance with paragraph 3 or the information in accordance with paragraph 4 is given.