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