(1) Investment firms, as defined in Regulation 3(1) of the MIFID II Regulations, authorised to carry out only the services provided for in Schedule 1, Part 1 (4) and (5) of those Regulations, may obtain authorisation under these Regulations to manage UCITS as management companies. In that case, such investment firms shall give up the authorisation obtained under the MIFID II Regulations.
(2) A UCITS shall comply with Regulation 98, and the other provisions of these Regulations relating to key investor information referred to in that Regulation, before 1 July 2012.
(3) A UCITS authorised before 1 July 2011 shall, until it is in compliance with Regulation 98, and the other provisions of these Regulations relating to key investor information referred to in that Regulation, as required under paragraph (2), comply with the requirements specified in Schedule 15.