De kompetente myndigheder indroemmer kun denne undtagelse, saafremt de finder, at deltagerne i investeringsinstituttet opnaar den samme beskyttelse som deltagerne i et investeringsinstitut, der overholder graenserne i artikel 22.
The competent authorities shall grant such a derogation only if they consider that unit-holders in the UCITS have protection equivalent to that of unit-holders in UCITS complying with the limits laid down in Article 22.