(1) Subject to paragraph (2) and Regulations 8 and 10, a UCITS to which these Regulations apply shall not carry on activities as such in the State unless it has been authorised under these Regulations by the Bank.
(2) A UCITS which is established in another Member State and which has received authorisation from the competent authority in that State pursuant to the Directive may market its units in the State provided it complies with the requirements of Part 12.