If a UCITS proposes to market its units in a Member State other than that in which it is situated, it must first inform the competent authorities of that other Member State accordingly. It must simultaneously send the latter authorities:
an attestation by the competent authorities to the effect that it fulfils the conditions imposed by this Directive,
its fund rules or its instruments of incorporation,
its full and simplified prospectuses,
where appropriate, its latest annual report and any subsequent half-yearly report, and
details of the arrangements made of the marketing of its units in that other Member State.
An investment company or a management company may begin to market its units in that other Member State two months after such communication, unless the authorities of the Member States concerned establish, in a reasoned decision taken before the expiry of that period of two months, that the arrangements made for the marketing of units do not comply with the provisions referred to in Article 44(1) and Article 45.