1. Without prejudice to other conditions of general application laid down by national law, the competent authorities shall not grant authorisation to a management company unless the following conditions are met:

(a) the management company has an initial capital of at least EUR 125 000, taking into account the following:

(i) when the value of the portfolios of the management company exceeds EUR 250 000 000, the management company must be required to provide an additional amount of own funds which is equal to 0,02 % of the amount by which the value of the portfolios of the management company exceeds EUR 250 000 000 but the required total of the initial capital and the additional amount must not, however, exceed EUR 10 000 000;

(ii) for the purposes of this paragraph, the following portfolios must be deemed to be the portfolios of the management company:

- common funds managed by the management company including portfolios for which it has delegated the management function but excluding portfolios that it is managing under delegation,

- investment companies for which the management company is the designated management company,