Michael Ahern (Cork East, Fianna Fail)

Under section 18 we have regulations 63, 77-85 and 98-105 already in operation under the UCITS regulations. They will now apply under the non-UCITS regulations. That is what section 18(3) does. Subsection 4 provides for the relevant provision of the UCITS regulations as applied by section 18 of this part to be jointly construed with this Bill. The set regulations already in place for UCITS will apply also in the case of non-UCITS regulations.