A responsible person shall not establish a subsidiary unless the following conditions have been satisfied:
(a) the prior approval of the Bank to establish a subsidiary has been received;
(b) the subsidiary must be wholly owned and controlled by the UCITS and, in particular, the directors of either the UCITS investment company or the UCITS management company or both must form a majority of the board of directors of the subsidiary;
(c) the subsidiary must not be an investment fund or issuing body;
(d) the subsidiary must not appoint any third parties or enter into any contractual arrangements appointing third parties unless the UCITS is a party to such appointments or contractual arrangements;
(e) the prospectus of the UCITS must contain the following:
(i) a statement referring to the ability to establish wholly owned subsidiaries in accordance with this Regulation;
(ii) that the names of any subsidiaries will be contained in the annual report.
(f) the annual report of the UCITS must inc
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