(1) Subject to paragraph (2), a responsible person shall not invest any more than 10 per cent of the assets of a UCITS in securities of the type to which Regulation 68(1)(d) of the UCITS Regulations applies.
(2) Paragraph (1) does not apply to investment by a responsible person in US securities known as "Rule 144A securities" provided that -
(a) the relevant securities have been issued with an undertaking to register the securities with the SEC within one year of issue, and
(b) the securities can be realised by the UCITS within seven days at the price, or approximately at the price, at which they are valued by the UCITS.