(1) Without prejudice to any other legislative provision, a management company shall not be authorised by the Bank unless -
(a) it is a body corporate with its registered office and head office in the State,
(b) it has an initial capital of at least €125,000, and
(c) the persons who effectively conduct the business of the management company are of sufficiently good repute and are sufficiently experienced in relation to the type of UCITS to be managed by the management company.
(a) Where close links exist between a management company and other natural or legal persons, the Bank shall grant authorisation only if those links do not prevent the effective exercise of its supervisory functions.
(b) The Bank shall refuse authorisation if the laws, regulations or administrative provisions of a third country governing one or more natural or legal persons with whom a management company has close links, or difficulties involved in their enforcement, prevent the effective exercise of the Ban
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