Member States shall ensure that their laws, regulations or administrative provisions transposing this Directive provide for penalties, in particular when:

(a) the activities of UCITS are pursued without obtaining authorisation, thus infringing Article 5;

(b) the business of a management company is carried out without obtaining prior authorisation, thus infringing Article 6;

(c) the business of an investment company is carried out without obtaining prior authorisation, thus infringing Article 27;

(d) a qualifying holding in a management company is acquired, directly or indirectly, or such a qualifying holding in a management company is further increased so that the proportion of the voting rights or of the capital held would reach or exceed 20 %, 30 % or 50 % or so that the management company would become its subsidiary ('the proposed acquisition'), without notifying in writing the competent authorities of the management company in which the acquirer is seeking to acquire or increase a qualifying holding, thus infringing Article 11(1);