Article 6
Conditions for granting authorisation as an ELTIF
1.
An EU AIF shall be authorised as an ELTIF only where its competent authority:
(a)
is satisfied that the EU AIF is able to meet all the requirements of this Regulation;
(b)
has approved the application of an EU AIFM authorised in accordance with Directive 2011/61/EU to manage the ELTIF, the fund rules or instruments of incorporation, and the choice of the depositary.
2.
In the event that an EU AIF makes an application pursuant to Article 5(5) of this Regulation, the competent authority shall authorise the EU AIF only where it is satisfied that the EU AIF complies with both the requirements of this Regulation and of Directive 2011/61/EU regarding the authorisation of an EU AIFM.
3.
The competent authority of the ELTIF may refuse to approve the application of an EU AIFM to manage an ELTIF only where the EU AIFM:
(a)
does not comply with this Regulation;
(b)
does not comply with Directive 2011/61/EU;
(c)
is not authorised by its competent authority to manage AIFs that follow investment strategies of the type covered by this Regulation; or
(d)
has not provided the documentation referred to in Article 5(2), or any clarification or information requested thereunder.
Before refusing to approve an application, the competent authority of the ELTIF shall consult the competent authority of the EU AIFM.
4.
The competent authority of the ELTIF shall not grant authorisation as an ELTIF to the EU AIF that has made an application for authorisation if it is legally prevented from marketing its units or shares in its home Member State.
5.
The competent authority of the ELTIF shall communicate to the EU AIF the reason for its refusal to grant authorisation as an ELTIF.
6.
An application which has been rejected under this Chapter shall not be resubmitted to the competent authorities of other Member States.
7.
Authorisation as an ELTIF shall not be subject to a requirement that the ELTIF be managed by an EU AIFM authorised in the home Member State of the ELTIF or that the EU AIFM pursue or delegate any activities in the home Member State of the ELTIF.