(1) A management company shall upon the resignation or removal of a director of the management company from the office of director, or other termination of such a director’s service as such, notify the Bank of that resignation, removal or other termination of service and, to the fullest extent known to the management company, the reason for it.
(2) For the purpose of paragraph (1), a management company shall notify the Bank immediately in writing of the resignation, removal or other termination of the service of a director of that management company.
(3) No person may, simultaneously, be a director of a management company and of the depositary of any investment fund that the relevant management company manages.
(4) Subject to paragraph (6), a management company shall have a minimum of 2 directors resident in the State.
(5) A management company shall conduct a preponderance of its management in the EEA or such other country as the Bank may, taking into account criteria regarding effec
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