By way of derogation from Article 51, first paragraph and Article 58(1), the beneficial owners of collective investment undertakings shall be the natural persons who fulfil one or more of the following conditions:
(a) they hold directly or indirectly 25 % or more of the units held in the collective investment undertaking;
(b) they have the ability to define or inf luence the investment policy of the collective investment undertaking;
(c) they control the activities of the collective investment undertaking through other means.