Commentaries: Art. 126q

Unless specified otherwise, the percentage restrictions given in Article 126p relate to the fund assets at market values; they must be maintained at all times.
In the case of L-QIFs which include subfunds, the investment restrictions and techniques for each individual subfund apply.
An L-QIFs in the legal form of a contractual fund or SICAV must comply with the investment restrictions within two years of its launch. If this deadline cannot be met, the fund management company may extend it once, provided this is permitted by the fund contract of the investment regulations. If the fund management company exercises this right, it must inform the custodian bank and the audit company immediately and either publish the decision in the media of publication or notify the investors in writing.
If the limits are exceeded as a result of market changes, the investments must be restored to the permitted level within a reasonable period, taking due account of the investors' interests.
If the investment regulations are actively violated, in particular through purchases or sales, the investments must be immediately restored to the permitted level. If investors are not compensated for any loss incurred as a result of such an active investment violation, the investment violation must be reported to the audit company immediately and published in the media of publication as soon as possible or communicated to the investors in writing. The report and publication must include a specific description of the investment violation and of the loss incurred by the investors. All active investment violations must be reported in the annual report.