(1) Without prejudice to its obligation to comply with the UCITS Regulations, a management company shall consult with the Bank prior to -
(a) engaging in any significant new activity,
(b) establishing any branch, office or subsidiary, or
(c) introducing material changes to the management company’s operating model.
(2) A management company shall notify the Bank in writing immediately that the management company becomes aware of any of the following:
(a) any breach of the UCITS Regulations or of the Bank’s requirements that are applicable to the relevant UCITS or to the management company (including these Regulations);
(b) any breach of other Irish legislation which breach may be of prudential concern to the Bank or which may be likely to impact on the reputation or good standing of the relevant UCITS or of the management company;
(c) the bringing of any legal proceedings by or against the relevant UCITS or the management company;
(d) the initiation of any criminal prosecution agains
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