S.L. 386.14 Art. 5Powers of the competent authority.

(1) No event described in regulation 3 or 4 shall take place except in accordance with the terms and conditions of the prior written approval of the competent authority which shall only be granted in the case of a body corporate which is or which is to be licensed which is or which is to be:

(a) licensed in accordance with article 4 of the Investment Services Act as a collective investment scheme; or

(b) included in the List of Notified AIFs or the List of Notified PIFs, as the case may be, as defined in, and in accordance with, the Investment Services Act

(Notified CISs) Regulations.

(2) The competent authority may in terms of article 6 of the Investment Services Act issue Investment Services Rules applicable to incorporated cell companies and incorporated cells.