(1) The Bank may, at its discretion, exempt authorised investment companies which market at least 80% of their shares through one or more stock exchanges designated in their articles of association from the requirement to have trustees within the meaning of these Regulations provided that their shares are admitted to official listing on the stock exchanges of those Member States within the territories of which the shares are marketed and provided that any transactions which such a company may effect outside stock exchanges are effected at stock exchange prices only. A companys articles shall specify the stock exchange in the country of marketing, the prices on which shall determine the prices at which that company will effect any transactions outside stock exchanges in that country.
(2) In exercising this discretion, the Bank shall be satisfied that unit-holders in the investment companies referred to in paragraph (1) have equivalent protection to that of unit-holders of UCITS whi