Comparative analysis of the authorisation of, and supervision over, non-EU AIF management companies

(1) Where the European Securities and Markets Authority, under Article 38(4) of Directive 2011/61/EU, issues guidelines and recommendations in order to create uniform, efficient, and effective practices for the supervision of non-EU AIF management companies, the Federal Institute makes every effort necessary to comply with these guidelines and recommendations.
(2) The Federal Institute confirms, within two months of the issuance of a guideline or recommendation, whether it complies or intends to comply with that guideline or recommendation. Where it does not comply or does not intend to comply with the guideline or recommendation, it notifies the European Securities and Markets Authority of this, stating the reasons.