(a) Where a UCITS is authorised by the Bank as an umbrella UCITS, the responsible person shall on behalf of the UCITS obtain the prior approval of the Bank for the establishment of each sub-fund of that umbrella UCITS.
(b) An application to the Bank for approval for the purposes of subparagraph (a) shall include:
(i) details of proposed sub-funds; and
(ii) the proposed amendment or the proposed supplement (as the case may be) to the prospectus which will set out the investment objectives and policy of each of the proposed new sub-funds.
(c) The responsible person of a UCITS shall, unless disclosed in the annual report, ensure that the prospectus of the UCITS discloses:
(i) a statement to the effect that relevant direct and indirect operational costs and fees, arising from efficient portfolio management techniques, may be deducted from the revenue delivered to the UCITS. These costs and fees should not include revenue;
(ii) the identity of the entity to which the relevant direc