(1) A UCITS may acquire the units of either or both -
(b) other collective investment undertakings referred to in Regulation 68(1) (e),
provided that not more than 20% of its assets are invested in units of a single UCITS or other collective investment undertaking. Where the UCITS or other collective investment undertaking being invested in is established as an umbrella fund, each sub-fund of the umbrella fund may, subject to such conditions as may be imposed by the Bank, be regarded as if it were a separate UCITS or separate collective investment undertaking, for the purposes of applying this limit.
(2) Investments made by a UCITS in units of collective investment undertakings other than UCITS may not exceed, in aggregate, 30% of the assets of the UCITS.
(3) Where a UCITS has acquired units of UCITS or other collective investment undertakings or both, the assets of those underlying UCITS or other collective investment undertakings or both do not have to be combined fo
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