(1) The Bank shall not authorise a UCITS which appoints a management company if the management company is not authorised for the management of UCITS in the management company's home Member State.
(2) The Bank shall not authorise a UCITS if any of the directors of the depositary are not of sufficiently good repute or are not sufficiently experienced.
(3) For the purposes of paragraph (2), a depositary shall forthwith communicate to the Bank the names of the directors of the depositary and of every person succeeding them in office.
(4) The Bank shall not authorise a UCITS if it is legally prevented from marketing its units in the State, including through a provision in the trust deed, deed of constitution or articles.