AI Summary of Article 7 Application for authorisation
Member States are mandated to ensure that Alternative Investment Fund Managers (AIFMs) apply for authorisation from their home competent authorities. This application must include comprehensive details about the AIFM’s management and organisational structure, including personnel, resources, remuneration policies, and delegation arrangements.
Furthermore, AIFMs must submit information regarding the investment strategies, fund structures, and depositary arrangements for each Alternative Investment Fund (AIF) they intend to manage. Notably, existing UCITS management companies transitioning to AIFM status are exempt from resubmitting previously provided documents that remain current.
Article 7 Application for authorisation
1. Member States shall require that AIFMs apply for authorisation from the competent authorities of their home Member State.
2. Member States shall require that an AIFM applying for an authorisation provides the following information relating to the AIFM to the competent authorities of its home Member State:
(a) information about the persons effectively conducting the business of the AIFM, in particular with regard to the functions referred to in Annex I, including:
(i) a description of the role, title and level of seniority of those persons;
(ii) a description of the reporting lines and responsibilities of those persons within and outside the AIFM;
(iii) an overview of the amount of time that each of those persons allocates to each responsibility;
(iv) a description of the human and technical resources that support the activities of those persons;
information on the persons effectively conducting the business of the AIFM;