(1) A responsible person shall in writing notify the Bank of material amendments to the initial filing of the risk management process of a UCITS, in advance of the amendment being made.
(2) The Bank may object to the making of any proposed amendment that is notified to it under paragraph (1).
(a) No proposed amendment to which the Bank has objected under paragraph (2) shall be made to the risk management process of a UCITS.
(b) Where the Bank has objected under paragraph (2) to the making of a proposed amendment to the risk management process of a UCITS, neither -
(i) the relevant management company, nor
(ii) the relevant UCITS,
shall engage in any activity that is associated with or which would derive from the proposed amendment to which the objection has been made.