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Recital 47

Recital 47

(47)To ensure the uniform application of the substance requirements for UCITS management companies, it should be clarified that at the time of the application for authorisation, a management company should provide the competent authorities with information about the human and technical resources that it employs to carry out its functions and, where applicable, to supervise its delegates. At least two natural persons who, on a full-time basis, either are employed by the management company or are executive members or members of the management body of the management company, and who are domiciled, in the sense of having their habitual residence, in the Union, should be appointed to conduct the business of the management company. Regardless of that statutory minimum, more resources might be necessary depending on the size and complexity of the management company and the UCITS it manages.

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