27. (1) The Bank may, by notice in writing, impose such conditions for—

(a) the granting of an authorisation of an ICAV,

(b) the granting of an approval of a depositary, or

(c) the granting of an approval of a management company,

under this Chapter as the Bank considers appropriate and prudent for the purposes of the orderly and proper regulation of the business of Irish collective asset-management vehicles, depositaries or management companies.

(2) Conditions imposed under subsection (1) may be imposed generally, in relation to particular classes of ICAV, depositaries or management companies or in relation to a particular ICAV, depositary or management company or by reference to any other matter that the Bank considers appropriate and prudent for the purposes of the orderly and proper regulation of the ICAV, depositary or management company.

(3) Without prejudice to the generality of subsections (1)and (2) the conditions imposed may include conditions relating to (in particular)—

(a) the investment policies of an ICAV,

(b) the issuing and content of documentation and other information disseminated by an ICAV,

(c) the criteria for appointment of a depositary,

(d) the vesting of the assets or specified assets of an ICAV in a person nominated by the Bank with such of the powers or duties of a depositary with regard to the ICAV as are specified by the Bank,

(e) the vesting of the assets or specified assets of an ICAV in a depositary,

(f) borrowing policies of an ICAV, or

(g) the timing and contents of reports issued by an ICAV,

and such other supervisory and reporting conditions relating to the business of an ICAV as the Bank considers appropriate and prudent to impose on the ICAV, depositary or management company.

(4) The power to impose conditions referred to in subsection (1) includes a power to impose such further conditions from time to time as the Bank considers appropriate and prudent for the purposes of the orderly and proper regulation of the business of Irish collective asset-management vehicles, depositaries and management companies.

(5) The Bank may, from time to time, by notice in writing given to an ICAV, depositary or management company, vary or revoke a condition imposed in accordance with subsection (1) or (4) or previously varied in accordance with this subsection.