Exemption of a non-EU AIF management company from provisions of Directive 2011/61/EU

(1) Where the Federal Institute is of the opinion that the non-EU AIF management company may, under section 57(2), second sentence, be exempted from compliance with particular provisions of Directive 2011/61/EU, it informs the European Securities and Markets Authority of this without delay. In support of this assessment, it draws on the particulars submitted by the non-EU AIF management company under section 58(9), point 1, letters b and c.
(2) Within one month of receipt of the communication under subsection (1), the European Securities and Markets Authority issues a recommendation, addressed to the Federal Institute, on the application of the exemption from compliance with Directive 2011/61/EU on grounds of incompatibility under section 57(2), second sentence. While the European Securities and Markets Authority carries out its review under Article 37(9), second subparagraph, of Directive 2011/61/EU, the period under section 22(2), first or second sentence, is suspended.
(3) Where the Federal Institute proposes, contrary to the recommendation of the European Securities and Markets Authority under subsection (2), to grant the authorisation, it informs the European Securities and Markets Authority of this, stating its reasons.
(4) Where the Federal Institute proposes, contrary to the recommendation of the European Securities and Markets Authority under subsection (2), to grant the authorisation, and the non-EU AIF management company intends to distribute units of AIF managed by it in Member States of the European Union or contracting states of the Agreement on the European Economic Area other than the Federal Republic of Germany, the Federal Institute also informs the competent authorities of the Member States of the European Union or contracting states of the Agreement on the European Economic Area concerned of this, stating its reasons.