(1) A non-EU AIFM intending to manage an Irish AIF or to market an AIF managed by it in the European Union (or to do both) in accordance with Regulation 40 or 41 shall, where the State is the Member State of reference, not do so without the prior authorisation of the Bank in accordance with this Regulation.
(2) A non-EU AIFM intending to obtain the authorisation referred to in paragraph (1) shall comply with these Regulations, with the exception of Chapter 7. If and to the extent that compliance with a provision of these Regulations is incompatible with compliance with the law to which the non-EU AIFM or the non-EU AIF marketed in the European Union is (or both are) subject, there shall be no obligation on the AIFM to comply with that provision of these Regulations if it can demonstrate that:
(a) it is impossible to combine such compliance with compliance with a mandatory provision in the law to which the non-EU AIFM or the non-EU AIF marketed in the European Union is (or both are) s
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