23It follows from the foregoing that, in order to determine whether advisory services provided by a third party to an IMC concerning investment in transferable securities fall within the concept of ‘management of special investment funds’ for the purposes of the exemption laid down in Article 13B(d)(6) of the Sixth Directive, it is necessary, as the Advocate General has observed in points 27 and 31 of his Opinion, to examine whether the advisory service provided by a third party concerning investment in transferable securities is intrinsically connected to the activity characteristic of an IMC, so that it has the effect of performing the specific and essential functions of management of a special investment fund.
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