Refusal of authorisation of a capital management company

A capital management company must be refused authorisation where
1. the initial capital under section 25, or, 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, and the additional own funds under section 25, are not available;
2. the capital management company does not have at least two managers; 2a. facts exist showing that the two managers
a) are not employed on a full-time basis by this capital management company, or are not senior members or members of the management body of this capital management company who conduct the business of the capital management company on a full-time basis, or
b) are not domiciled in the European Union;
3. facts exist showing that the managers of the capital management company are not reliable, or do not have the professional suitability required for management within the meaning of section 25c(1) of the Banking Act;
4. facts justify the assumption that the holder of a significant participation is not reliable, or for other reasons does not satisfy the requirements to be made in the interest of the sound and prudent management of the capital management company;
5. close links exist between the capital management company and other natural or legal persons that would hinder the Federal Institute in the proper performance of its supervisory functions;
6. close links exist between the capital management company and other natural or legal persons subject to the laws, regulations, or administrative provisions of a third country, the application of which would hinder the Federal Institute in the proper performance of its supervisory functions;
7. the head office or the statutory seat of the capital management company is not located domestically;
8. the capital management company is not willing, or not able, to put in place the organisational arrangements necessary for the proper conduct of the business for which it is applying for authorisation, and is not able to comply with the requirements laid down in this Act;
9. the capital management company provides exclusively administrative activities, the marketing of its own investment units, or activities connected with the assets of the AIF, without also providing portfolio management and risk management;
10. the capital management company provides portfolio management without also providing risk management; the same applies in the reverse case;
11. requirements for the grant of authorisation under this Act, other than those listed in points 1 to 10, are not satisfied.