(1) Provided the Bank is satisfied that unit-holders have protection equivalent to that of unit-holders in UCITS complying with the limits laid down in Regulation 70 it may authorise a UCITS to invest, in accordance with the principle of risk-spreading, up to 100% of its assets in different transferable securities and money market instruments issued or guaranteed by any Member State, its local authorities, a third country or public international bodies of which one or more Member States are members.
(2) Such a UCITS shall be required to -
(a) hold securities from at least 6 different issues, but securities from any one issue may not account for more than 30% of its total assets,
(b) specify in its trust deed, deed of constitution or in its articles the names of the States, local authorities or public international bodies issuing or guaranteeing securities in which it intends to invest more than 35% of its assets, and
(c) include a prominent statement in its prospectus and any marketing
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