(1) Provided the Bank is satisfied that unit-holders have protection equivalent to that of unit-holders in UCITS complying with the limits laid down in Regulation 49 it may authorize a UCITS to invest, in accordance with the principle of risk-spreading, up to 100 per cent of its assets in different transferable securities issued or guaranteed by any Member State, its local authorities, non-member State or public international bodies of which one or more Member States are members.
(2) Such a UCITS shall be required to:
(a) hold securities from at least six different issues, but securities from any one issue may not account for more than 30 per cent of its total assets;
(b) specify in its trust deed or in its articles the names of the States, local authorities or public international bodies issuing or guaranteeing securities in which it intends to invest more than 35 per cent of its assets;
(c) include a prominent statement in its prospectus and any promotional literature drawing at