(1) Subject to Regulation 11 and to paragraph (2) of this Regulation, a UCITS to which these Regulations apply shall not carry on activities as such in the State unless it has been authorised under these Regulations by the Bank.
(2) A UCITS which is situated in another Member State and which has received authorisation from the competent authorities in that State pursuant to the Directive may market its units in the State provided it is in compliance with the provisions laid down in Part X of these Regulations.