(1) Subject to paragraphs (2) and (3), neither -
(a) an investment company, nor
(b) a management company or a depositary acting on behalf of a unit trust or a management company acting on behalf of a common contractual fund,
may borrow money.
(2) A UCITS may acquire foreign currency by means of a "back-to-back" loan.
(a) not more than 10% of its assets, in the case of an investment company, or not more than 10% of the value of the fund, in the case of a unit trust or a common contractual fund, provided that such borrowing is on a temporary basis, and
(b) not more than 10% of its assets, in the case of an investment company, provided that the borrowing is to make possible the acquisition of real property required for the purpose of its business; in this case, the borrowing and the borrowing referred to in subparagraph (a) shall not in total exceed 15% of the borrower's assets.
(4) For the purpose of this Regulation, "assets" and "value of the fund", in relation
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