(1) Subject to paragraphs (2) and (3), a responsible person may create a share class, or more than one share class, within the relevant UCITS, or within a sub-fund of an umbrella UCITS, only if the following conditions are satisfied:
(a) the constitutional document of the UCITS provides for the creation of share classes and, in the case of an umbrella UCITS, the provision in the constitutional document to establish the way in which sub-funds, and share classes within sub-funds, are created, is clear and unambiguous;
(b) each UCITS and, in the case of umbrella UCITS, each sub-fund thereof consists of a single common pool of assets;
(c) the capital gains or losses and income arising from the common pool of assets must be distributed or must accrue equally to each unitholder relative to their participation in the UCITS or sub-fund thereof, or must both be distributed and accrue in that manner;
(d) unit-holders in a share class must be treated equally and fairly, or where there is more tha
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