Application for authorisation and grant of authorisation for the externally managed UCITS investment stock corporation

(1) An externally managed UCITS investment stock corporation requires authorisation from the Federal Institute to conduct its business. Authorisation may be granted to the externally managed UCITS investment stock corporation only where
1. it has named an external UCITS capital management company,
2. the managers of the UCITS investment stock corporation are reliable and have the professional suitability required for managing the UCITS investment stock corporation, including with regard to the nature of the UCITS investment stock corporation's object of undertaking, and
3. the articles of association of the UCITS investment stock corporation satisfy the requirements of this Act. The applicant must be informed within two months of submission of a complete application whether authorisation is granted. The refusal of the application must state reasons.
(2) The Federal Institute may, in addition to under the provisions of the Administrative Procedure Act, annul the authorisation, or, where sufficient in the individual case, suspend it, in particular where
1. the UCITS investment stock corporation obtained the authorisation on the basis of false statements or by other unlawful means,
2. the requirements under subsection (1) are no longer satisfied,
3. a fine may be imposed on the UCITS investment company on account of a regulatory offence under section 340(1), point 1, or (2), point 1, letter a, or point 3, or on account of a repeated regulatory offence under section 340(2), point 24, letter c, or point 32, or
4. the UCITS investment stock corporation persistently infringes the provisions of this Act. Sections 15, 16, and 39(4) apply correspondingly.
(3) In the cases under subsection (2), the Federal Institute may, instead of annulling the authorisation, require the removal of the responsible managers, and may prohibit them, or another responsible natural person active in the UCITS investment stock corporation, from exercising their activity.