1. Any management company wishing to carry on business within the territory of another Member State for the first time under the freedom to provide services shall communicate the following information to the competent authorities of its home Member State:
(a) the Member State within the territory of which the management company intends to operate;
(b) a programme of operations stating the activities and services referred to in Article 5(2) and (3) envisaged.
2. The competent authorities of the home Member State shall, within one month of receiving the information referred to in paragraph 1, forward it to the competent authorities of the host Member State.
They shall also communicate details of any applicable compensation scheme intended to protect investors.
3. The management company may then start business in the host Member State notwithstanding the provisions of Article 46.
When appropriate, the competent authorities of the host Member State shall, on receipt of the information