2. Non-application of this Act to certain undertakings.

The provisions of this Act shall not apply to an undertaking for collective investment in transferable securities (within the meaning of the UCITS Regulations) that is authorised under those Regulations or by a competent authority in another member state of the European Communities in accordance with Council Directive 85/611/EEC of 20th December, 1985 [O.J. No. L375, 31.12.85, p.3.] (as amended by Council Directive 88/220/EEC of 22nd March, 1988 [O.J. No. L100, 19.4.88, p.31.]).