(1) An AIFM shall notify the Bank before implementation of any proposed changes that would materially affect the basis on which the authorisation had been granted to it, or on which the Bank has attached any conditions to the authorisation; for the purpose of this paragraph changes that are material include material changes to the information provided in accordance with Regulation 8.
(2) Where the Bank receives a notification under paragraph (1), the Bank may either -
(a) decide to alter the conditions attached to the authorisation so as to take account of the changes proposed; or
(b) decide that the changes proposed should not be proceeded with,
and, in either case, shall make its decision, and inform the AIFM of it, within 1 month after the receipt of the notification; where the decision is that under subparagraph (a), the Bank shall alter the conditions accordingly.
(3) The Bank may extend, by up to one additional month, the period referred to in paragraph (2) where it considers it
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