Recital 1

(1)The exchange of information between competent authorities is part of the administrative procedures in relation to the notifications of management companies and UCITS wishing to conduct marketing or management activities, to provide services or to establish a branch in host Member States. To close those administrative procedures in a smooth, fast, unbureaucratic, and reliable way, it is necessary to specify and harmonise the exchange of information between competent authorities by the development of harmonised forms, templates, cooperation procedures and the implementation of communication by electronic means.