1.

Without prejudice to other conditions of general application laid down by national law, the competent authorities shall not grant authorisation to a management company unless the following conditions are met: the management company has an initial capital of at least EUR 125000, taking into account the following: when the value of the portfolios of the management company exceeds EUR 250000000, the management company must be required to provide an additional amount of own funds which is equal to 0,02 % of the amount by which the value of the portfolios of the management company exceeds EUR 250000000 but the required total of the initial capital and the additional amount must not, however, exceed EUR 10000000; for the purposes of this paragraph, the following portfolios must be deemed to be the portfolios of the management company: common funds managed by the management company including portfolios for which it has delegated the management function but excluding portfolios that it is managing under delegation, investment companies for which the management company is the designated management company, other collective investment undertakings managed by the management company including portfolios for which it has delegated the management function but excluding portfolios that it is managing under delegation; irrespective of the amount of those requirements, the own funds of the management company must at no time be less than the amount prescribed in Article 21 of Directive 2006/49/EC; the persons who effectively conduct the business of a management company are of sufficiently good repute and are sufficiently experienced also in relation to the type of UCITS managed by the management company, the names of those persons and of every person succeeding them in office being communicated forthwith to the competent authorities and the conduct of the business of a management company being decided by at least two persons meeting such conditions; the application for authorisation is accompanied by a programme of activity setting out, at least, the organisational structure of the management company; and the head office and the registered office of the management company are located in the same Member State. For the purposes of point (a) of the first subparagraph, Member States may authorise management companies not to provide up to 50 % of the additional amount of own funds referred to in point (i) of point (a) if they benefit from a guarantee of the same amount given by a credit institution or an insurance undertaking which has its registered office in a Member State, or in a third country where it is subject to prudential rules considered by the competent authorities as equivalent to those laid down in Community law.

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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.