(a) Save as otherwise provided for in this Regulation, a management company shall not engage in activities other than the management of UCITS authorised according to these Regulations or the Directive and other collective investment undertakings which are not covered by these Regulations and for which the management company is subject to prudential supervision but which cannot be marketed in other Member States under the Directive.
(b) The activity of the management of unit trusts, common contractual funds and investment companies includes, but is not limited to, the activities specified in Schedule 1.
(a) Subject to subparagraph (b), a management company may be authorised to provide, as well as the management of collective investment undertakings, the following additional services:
(i) the management of portfolios of investments, including those owned by pension funds, in accordance with mandates given by investors on a discretionary, client-by-client basis, where such portfol
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