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:
(a) the management company has an initial capital of at least EUR125 000:
- When the value of the portfolios of the management company, exceeds EUR 250 000 000, the management company shall be required to provide an additional amount of own funds. This additional amount of own funds shall be equal to 0,02 % of the amount by which the value of the portfolios of the management company exceeds EUR 250 000 000. The required total of the initial capital and the additional amount shall not, however, exceed EUR 10 000 000.
- For the purpose of this paragraph, the following portfolios shall be deemed to be the portfolios of the management company:
(i) unit trusts/common funds managed by the management company including portfolios for which it has delegated the management function but excluding portfolios that it