(a) The Bank shall not authorise an investment company if the directors are not of sufficiently good repute and sufficiently experienced in relation to the type of business carried out by the investment company.
(b) The investment company shall communicate to the Bank the names of its directors and of every person succeeding them in office.
(2) An investment company may start business as soon as authorisation has been granted.
(3) An investment company shall only manage assets of its portfolio and shall not, under any circumstances, receive any mandate to manage assets on behalf of a third party.
(a) The Bank shall not authorise an investment company which has not appointed a management company unless -
(i) the investment company has an initial capital of at least €300,000,
(ii) the investment company has submitted a programme of activity to the Bank setting out at least its organisational structure in the application for authorisation, and
(iii) the conduct of the investment
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