(1) A UCITS which is subject to these Regulations shall not convert itself into a collective investment undertaking which would not be subject to the Directive and any purported conversion shall be null and void.
(2) A UCITS which is subject to these Regulations and which proposes to convert itself into a collective investment undertaking which would be subject to the Directive shall comply with such conditions as the Bank may consider prudent to specify in relation to the conversion, for the purposes and in the interest of the orderly and proper regulation of UCITS in accordance with these Regulations.