(1) In this Regulation "Act of 2005" means the Investment Funds, Companies and Miscellaneous Provisions Act 2005 (No. 12 of 2005).
(2) Section 8(1) of the Act of 2005 is amended by substituting the following for paragraphs (a) to (d):
"(a) either -
(i) the management company is authorised by the Bank under Part 2 of the European Union (Alternative Investment Fund Managers) Regulations 2013 or by the competent authority in its home Member State in accordance with Chapter II of Directive 2011/61/EC of the European Parliament and of the Council of 8 June 2011 or in its Member State of reference in accordance with that Chapter II, or
(ii) the Bank is satisfied that the competence of the management company in respect of matters of the kind with which it would be concerned in relation to a common contractual fund and its probity are such as to render it suitable to act as management company under the common contractual fund,
(b) save where it is authorised as mentioned in paragraph (a) (i),
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