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3.

The competent authorities of the UCITS home Member State may refuse the application of the management company only if: the management company does not comply with the rules falling under their responsibility pursuant to Article 19; the management company is not authorised by the competent authorities of its home Member State to manage the type of UCITS for which authorisation is requested; or the management company has not provided the documentation referred to in paragraph 1. Before refusing an application, the competent authorities of the UCITS home Member State shall consult the competent authorities of the management company’s home Member State.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-10 · Text as adopted (Official Journal); later amendments are not incorporated in this text.