AI Summary of Article 6
Access to management companies requires prior authorisation from the relevant authorities in the company’s home Member State, with such authorisation being valid across all Member States. The European Securities and Markets Authority (ESMA) must be notified of all granted authorisations, maintaining an updated list on its website.
Management companies are primarily limited to managing UCITS as per the Directive, with the option to engage in additional non-core services, such as investment advice and safekeeping. However, they cannot solely offer these ancillary services or administer benchmarks tied to the UCITS they manage.
Article 6
1. Access to the business of management companies shall be subject to prior authorisation to be granted by the competent authorities of the management company's home Member State. Authorisation granted under this Directive to a management company shall be valid for all Member States.
ESMA shall be notified of every authorisation granted and shall publish and keep up-to-date a list of authorised management companies on its website.
2. No management company shall engage in activities other than the management of UCITS authorised under this Directive, with the exception of the additional management of other collective investment undertakings which are not covered by this Directive and for which the management company is subject to prudential supervision but the units of which cannot be marketed in other Member States under this Directive.
The activity of management of UCITS shall include, for the purpose of this Directive, the functions referred to in Annex II.
3. By way of derogation from paragraph 2, Member States may authorise management companies to provide, in addition to the management of UCITS, the following services: