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+Article 7 1. |
Article 7 1.Without prejudice to other conditions of general application laid down by national law, the competent authorities shall not grant authorisation to a management company unless the following conditions are met:
(a)
the management company has an initial capital of at least EUR 125 000 , taking into account the following:
(i)
when the value of the portfolios of the management company exceeds EUR 250 000 000 , the management company must be required to provide an additional amount of own funds which is equal to 0,02 % of the amount by which the value of the portfolios of the management company exceeds EUR 250 000 000 but the required total of the initial capital and the additional amount must not, however, exceed EUR 10 000 000 ;
(ii)
for the purposes of this paragraph, the following portfolios must be deemed to be the portfolios of the management company:
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common funds managed by the management company including portfolios for which it has delegated the management function but excluding portfolios that it is managing under delegation,
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investment companies for which the management company is the designated management company,
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other collective investment undertakings managed by the management company including portfolios for which it has delegated the management function but excluding portfolios that it is managing under delegation;
(iii)
irrespective of the amount of those requirements, the own funds of the management company must at no time be less than the amount prescribed in Article 13 of Regulation (EU) 2019/2033 of the European Parliament and of the Council ( 7 );
(b)
the persons who effectively conduct the business of the management company are of sufficiently good repute and are sufficiently experienced also in relation to the type of UCITS managed by the management company, the names of those persons and of every person succeeding them in office are communicated forthwith to the competent authorities and the conduct of the business of a management company is decided by at least two natural persons meeting such conditions who either are employed full-time by that management company or are executive members or members of the management body of the management company committed full-time to conducting the business of that management company, and who are domiciled in the Union;
(c)
the application for authorisation is accompanied by a programme of activity setting out, at least, the organisational structure of the management company, and specifying the human and technical resources that will be used to conduct the business of the management company and information about the persons effectively conducting the business of that management company, including:
(i)
a description of the role, title and level of seniority of those persons;
(ii)
a description of the reporting lines and responsibilities of those persons within and outside the management company;
(iii)
an overview of the amount of time that each of those persons allocates to each responsibility;
(iv)
information on how the management company intends to comply with its obligations under this Directive, and with its obligations under Article 3(1), Article 6(1), point (a), and Article 13(1) of Regulation (EU) 2019/2088 of the European Parliament and of the Council ( 8 ), and a detailed description of the appropriate human and technical resources to be used by the management company to that effect.
(d)
the head office and the registered office of the management company are located in the same Member State;
(e)
information is provided by the management company on arrangements made for the delegation and sub-delegation to third parties of functions in accordance with Article 13, comprising at least the following:
(i)
the legal name and relevant identifier of the management company;
(ii)
for each delegate:
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its legal name and relevant identifier,
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its jurisdiction of establishment, and
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where relevant, its supervisory authority;
(iii)
a detailed description of the human and technical resources employed by the management company for:
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performing day-to-day portfolio management or risk management tasks within the management company, and
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monitoring the delegated activity;
(iv)
in respect of each of the UCITS it manages or intends to manage:
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a brief description of the delegated portfolio management function, including whether such delegation amounts to a partial or full delegation, and
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a brief description of the delegated risk management function, including whether such delegation amounts to a partial or full delegation;
(v)
a description of the periodic due diligence measures to be carried out by the management company to monitor the delegated activity. For the purposes of point (a) of the first subparagraph, Member States may authorise management companies not to provide up to 50 % of the additional amount of own funds referred to in point (i) of point (a) if they benefit from a guarantee of the same amount given by a credit institution or an insurance undertaking which has its registered office in a Member State, or in a third country where it is subject to prudential rules considered by the competent authorities as equivalent to those laid down in Community law. 1. Panoramica
1.1 Riferimenti1.2 Requisiti identificati1.3 Standard correlati2. Requisiti identificati
3. Standard correlati
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