Application for authorisation for a UCITS capital management company, and grant of authorisation

(1) The application for authorisation for a UCITS capital management company must contain:
1. suitable evidence of the funds required for the conduct of business under section 25 and, in the case of section 5(2), first sentence, under section 5(2), second or third sentence, of this Act in conjunction with section 17(1), point 2 or 3, of the Securities Institutions Act,
2. particulars of the managers, including
a) a description of the function, title, and position of the persons concerned,
b) a description of the reporting lines and responsibilities of the persons concerned within and outside the UCITS capital management company,
c) an overview of the time each of these persons devotes to each task,
3. particulars for assessing the reliability of the managers,
4. particulars for assessing the professional suitability of the managers,
5. the names of the holders of significant participations in the UCITS capital management company, and particulars for assessing their reliability and the amount of their respective participation,
6. particulars of the facts indicating a close link between the UCITS capital management company and other natural or legal persons,
7. particulars of the official name and the relevant legal entity identifier of the UCITS capital management company, 7a. a viable business plan showing the nature of the planned business, the organisational structure, the planned internal control procedures, and particulars of the human and technical resources to be used for conducting the business of the UCITS capital management company, including particulars of how the UCITS capital management company intends to satisfy its obligations under this Act and its obligations under Article 3(1), Article 6(1), letter a, and Article 13(1) of Regulation (EU) 2019/2088, and a detailed description of the suitable human and technical resources that the UCITS capital management company will use for this purpose,
8. the articles of association or the partnership agreement, which must satisfy the requirements of this Act, and
9. particulars of outsourcing and sub-outsourcing arrangements under section 36, with at least the following information:
a) for each outsourcing undertaking aa) the official name and the relevant legal entity identifier, bb) the country in which it is established, and cc) where applicable, the supervisory authority,
b) a detailed description of the human and technical resources used by the UCITS capital management company for aa) performing the day-to-day tasks of portfolio management or risk management within the UCITS capital management company, bb) monitoring the delegated activity,
c) in respect of each UCITS managed, or intended to be managed, by the UCITS capital management company, aa) a brief description of the delegated portfolio management function, including whether such delegation is a partial or a complete delegation, bb) a brief description of the delegated risk management function, including whether such delegation is a partial or a complete delegation,
d) a description of the due diligence measures that the UCITS capital management company must carry out at regular intervals to monitor the delegated activity.
(2) The Federal Institute must decide on the grant of the authorisation within six months of the submission of the complete application. An application is deemed complete within the meaning of the first sentence where the UCITS capital management company has provided at least the particulars named in subsection (1), points 1 to 5, 7, and 7a, and has submitted the documents.
(2a) The UCITS capital management company may commence the management of UCITS as soon as the authorisation has been granted, but at the earliest one month after it has subsequently provided any missing particulars named in subsection (1), points 6, 8, and 9, and submitted the documents.
(3) Where the UCITS capital management company is also granted authorisation to provide financial portfolio management under section 20(2), point 1, it must be informed, upon the grant of the authorisation, of the compensation scheme to which it is assigned.
(4) The Federal Institute must publish the grant of the authorisation in the Federal Gazette.
(5) Where a UCITS capital management company additionally applies for authorisation to manage AIFs under section 22, it need not resubmit the particulars and documents that it has already submitted with the application for authorisation under subsection (1), provided that these particulars and documents are still current.