(1) An AIFM shall not manage an AIF unless it is authorised in accordance with these Regulations and complies with any conditions that the Bank attaches to such authorisation.
(2) No external AIFM shall engage in activities other than those referred to in Schedule 1, but subject to its being authorised as a UCITS management company under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, it may also manage UCITS.
(3) No internally managed AIF shall engage in activities other than the internal management of that AIF in accordance with Schedule 1.
(4) Without prejudice to paragraph (2), an external AIFM may provide the following services:
(a) management of portfolios of investments, including those owned by pension funds and institutions for occupational retirement provision in accordance with Article 19(1) of Directive 2003/41/EC, in accordance with mandates given by investors on a discretionary, client-by-client basis;
(b) non
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