(1) The Bank shall require that a management company which provides the services specified in Regulation 16 (3) shall comply with the conditions or requirements, as imposed by the Bank from time to time, in respect of the level of capital to be maintained by a management company. In imposing these conditions or requirements the Bank shall have regard to Council Directive 93/6/EEC of 15 March 1993 [O.J. L 141/1 of 11/6/1993] and Council Directive 93/22/EEC of 10 May 1993.
(2) The Bank shall, from time to time, draw up and issue prudential rules and a code of conduct as provided for in Schedule 8, which a management company which provides the services specified in Regulation 16 (3) shall observe at all times.