No collective investment undertaking shall be established, marketed or managed in the Union as an MMF unless it has been authorised in accordance with this Regulation.
Ní dhéanfar aon ghnóthas comhinfheistíochta a bhunú, a mhargú ná a bhainistiú san Aontas mar CMA ach amháin má údaraítear é i gcomhréir leis an Rialachán seo.