Application for authorisation for an AIF capital management company, and grant of authorisation

(1) The application for authorisation for an AIF 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, in particular particulars relating to the functions named in Annex I of Directive 2011/61/EU, 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 AIF capital management company,
c) an overview of the time each of these persons devotes to each task,
d) a description of the human and technical resources supporting the activities of the persons concerned,
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 AIF 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 AIF capital management company and other natural or legal persons,
7. particulars of the official name and the relevant legal entity identifier of the AIF capital management company, 7a. a business plan that, in addition to the organisational structure of the AIF capital management company, also contains particulars of how the AIF 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 of Regulation (EU) 2019/2088, and a detailed description of the appropriate human and technical resources that the AIF capital management company will use for this purpose,
8. particulars of the remuneration policy and remuneration practices of the AIF capital management company under section 37,
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, cc) where applicable, the supervisory authority,
b) a detailed description of the human and technical resources used by the AIF capital management company for aa) performing the day-to-day tasks of portfolio management or risk management within the AIF capital management company, bb) monitoring the delegated activity,
c) in respect of each AIF managed, or intended to be managed, by the AIF capital management company, aa) a brief description of the delegated portfolio management tasks, 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 AIF capital management company must carry out at regular intervals to monitor the delegated activity,
10. particulars of the investment strategies, including
a) the types of target fund, where the AIF is a fund of funds,
b) the principles that the AIF capital management company applies in connection with the use of leverage, and
c) the risk profiles and other characteristics of the AIFs that the AIF capital management company manages, or intends to manage, including particulars of the member states of the European Union, contracting states of the Agreement on the European Economic Area, or third countries in which the seat of such AIFs is, or is expected to be, located,
11. where the AIF is a feeder fund or a feeder AIF, particulars of the seat of the master fund or the master AIF,
12. the investment conditions, articles of association, or partnership agreements of all AIFs that the AIF capital management company intends to manage, and the articles of association or the partnership agreement of the AIF capital management company itself, where it intends, as an external capital management company, to manage retail AIFs,
13. particulars of the arrangements for engaging the depositary under section 80 for each AIF that the AIF capital management company intends to manage, and
14. all further information named in sections 165, 269, and 307(1) for each AIF that the AIF capital management company manages or intends to manage.
(2) The Federal Institute must decide on the grant of the authorisation within three months of the submission of the complete application. The Federal Institute may extend this period by up to three months, where it considers this necessary on account of the particular circumstances of the individual case. It must inform the applicant of the extension of the period under the second sentence.
(3) For the purposes of subsection (2), an application is deemed complete where the AIF capital management company has submitted at least the particulars and evidence named in subsection (1), points 1 to 5, 7, 8, 10, and 11.
(4) The AIF capital management company may commence the management of AIFs using the investment strategies described in the application for authorisation under subsection (1), point 10, as soon as the authorisation has been granted, but at the earliest one month after it has subsequently submitted any missing particulars named in subsection (1), points 6, 9, 12, 13, and 14.
(5) Section 21(3) and (4) applies correspondingly.