(1) No business shall be carried on by an ICAV that is not an authorised ICAV.
(2) The business carried on by an authorised ICAV shall be confined to activities permitted to be carried on by -
(a) in the case of an ICAV authorised under section 19, this Act and, where applicable, the AIFM Regulations, or
(b) in the case of an ICAV authorised under the UCITS Regulations, those Regulations.
(3) If an ICAV fails to comply with subsection (1) or (2), the ICAV and any officer of it who is in default commits a category 1 offence.