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non)-38(-)-20(EU)-23( AIF)-32( managers)-25( \(AIFMs\))-33( to)-48( market)-3( to)]TJ EMC /P <>BDC 0 -1.235 TD [(professional)-21( investors,)-15( in)-45( their)-55( territory)-23( only,)-6( units)-6( or)-52( shares)-58( of)-48( AIFs)-3( they)-51( manage.\224)]TJ EMC /P <>BDC 0 -2.176 TD [(However,)-12( the)-22( Directive)-52( lays)-45( down)-22( certain)-58( conditions)-27( for)-9( such)-6( marketing)-22( for)-9( the)-22( protection)-21( of)]TJ EMC /P <>BDC 0 -1.235 TD [(European)-17( investors.)-15( Thus,)-28( managers)-25( from third)-55( countries)-2( must)-9( comply)-9( with)-45( two)-32( sets)-48( of)-48( conditions:)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( obligations)-43( provided)-47( for)-9( in)-46( the)-22( Directive,)-9( and)-38( the)-22( obligations)-43( specific)-19( to)-48( each)-8( member)-39( country)]TJ EMC /P <>BDC 0 -1.235 TD [(having)-54( authorized)-37( such)-6( marketing.)]TJ EMC /P <>BDC /TT1 1 Tf 0 -2.176 TD [(1.1.)-38( Requirements)-38( under)-45( the)-29( 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the)-22( AMF,)-23( the)-22( terms)-29( and)-38( conditions)-27( of)-48( which)-32( are)-26( set)-19( out)-22( in)-45( article)-39( 421)-38(-)-20(13)-6(-)-20(1)-32( of)-48( the)-22( R\350glement)]TJ EMC /P <>BDC 0 -1.235 TD [(g\351n\351ral)-18( \(General)-51( Regulation\))-5( of)-48( the)-22( AMF)-7( \(the)-42( \223)]TJ EMC /P <>BDC /TT2 1 Tf 0 Tw 21 0 Td (AMFGR)Tj EMC /P <>BDC /TT0 1 Tf 3.706 0 Td (\224\).)Tj EMC /P <>BDC 0.016 Tw -24.706 -2.176 Td [(Thus,)-28( under)-31( that)-38( article,)-55( managers)-24( must)-9( submit)-55( an)-6( application)-43( to)-48( the)-22( AMF)-7( for)-9( prior)-59( authorization,)]TJ EMC /P <>BDC T* [(whose)-51( conditions)-27( are)-26( provided)-47( for)-9( in)-46( an)-6( instruction)-31( from the)-22( AMF.)-23( Under)-42( this)-32( same)-26( article,)-55( the)-22( AMF)]TJ EMC /P <>BDC 0 -1.235 TD [(has)-35( published)-14( an)-6( instruction)-31( entitled)-11( [translation])-7( \223)]TJ EMC /P <>BDC /TT1 1 Tf 22.176 0 Td [(Procedure)-34( for)-9( 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(AMF.)Tj EMC /P <>BDC 0.016 Tw 0 -2.176 TD [(Secondly,)-21( article)-39( 421)-38(-)-20(13)-6( of)-48( the)-22( AMFGR)-36( provides)-44( that)-38( this)-32( authorization)-40( is)-43( subject)-8( to)-48( compliance)-2( with)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( following)-51( three)-15( additional)-14( conditions,)-43( which)-32( apply)-22( depending)-36( on)-6( whether)-31( the)-22( AIF)-32( is)-43( French)-6( or)-52( not:)]TJ EMC /LI <>BDC 0 Tw 8.6897 0 0 8.6897 73.2414 307.2415 Tm (1)Tj 0.008 Tc -0.008 Tw 0.571 0 Td (. )Tj EMC /LBody <>BDC 0 Tc 0.008 Tw 0.857 0 Td [(a)-15( system)-47( for)-47( the)-38( exchange)-21( of)-23( information)-54( and)-46( mutual)-70( assistance)-62( in)-8( the)-39( field)-23( of)-23( asset)-39( management)-21( on)-31( behalf)-62( of)-23( third)]TJ EMC /LBody <>BDC 0 -1.214 TD [(parties)-70( has)-31( been)-62( set)-23( up)-31( between)-6( the)-39( AMF)-32( and)-46( the)-39( supervisory)-31( authority)-22( of)-23( the)-39( manager,)-62( on)-31( the)-39( 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