(1) Save as otherwise provided for in this Regulation, a management company may not engage in activities other than the management of UCITS authorised according to these Regulations and other collective investment undertakings which are not covered by these Regulations and for which the management company is subject to prudential supervision but which cannot be marketed in another Member State under the Directive.
(2) The activity of management of unit trusts, investment companies and common contractual funds includes, but is not limited to, the activities set out in Schedule 5.
(3) A management company may provide, as well as the management of collective investment undertakings, the following additional services:
(a) the management of portfolios of investments, including those owned by pension funds, in accordance with mandates given by investors on a discretionary, client-by-client basis, where such portfolios include one or more of the investment instruments listed in Section B