(1) A management company, authorised by the competent authority of another Member State in accordance with the Directive, may carry on within the State the activity for which it has been authorised, either by the establishment of a branch or under the freedom to provide services.
(2) Where a management company so authorised proposes, without establishing a branch, only to market the units of the UCITS it manages as provided for in Schedule 1 in the State, without proposing to pursue any other activities or services, such marketing shall be subject only to the requirements of Part 12.
(3) The establishment of a branch or the provision of the services shall not be subject to any authorisation requirement, to any requirement to provide endowment capital or to any other measure having equivalent effect.
(4) Subject to the conditions set out in these Regulations, a UCITS shall be free to designate, or to be managed by a management company authorised in a Member State other than the State, p
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