Capital management companies

(1) Capital management companies are undertakings with their statutory seat and head office domestically, whose business operations are directed at managing domestic investment funds, EU investment funds, or foreign AIFs. The management of an investment fund exists where at least portfolio management or risk management is provided for one or more investment funds.
(2) The capital management company is either 1. an external capital management company that is appointed by the investment fund, or in the name of the investment fund, and that, on the basis of this appointment, is responsible for managing the investment fund (external capital management company), or 2. the investment fund itself, where the legal form of the investment fund permits internal management and the management board or the managing directors of the investment fund decide not to appoint an external capital management company (internal capital management company). In this case, the investment fund is authorised as a capital management company.
(3) Only one capital management company may be responsible for any given investment fund, and it is responsible for compliance with the requirements of this Act.