1. The following shall not borrow:
(a) an investment company;
2. By way of derogation from paragraph 1, a Member State may authorise a UCITS to borrow provided that such borrowing is:
(a) on a temporary basis and represents:
- in the case of an investment company, no more than 10 % of its assets, or
- in the case of a common fund,no more than 10 % of the value of the fund; or
(b) to enable the acquisition of immovable property essential for the direct pursuit of its business and represents, in the case of an investment company, no more than 10 % of its assets.
3. In order to ensure consistent harmonisation of this Article, ESMA may develop draft regulatory technical standards to specify the requirements of thi…