Chapter 1 Retail Investor AIF Requirements

Part I: General rules
Section 1: Retail Investor AIF restrictions
i. General restrictions
ii. Investment restrictions
iii. Borrowing powers
iv. Financial derivative instruments
v. Efficient portfolio management
vi. Constitutional documents
vii. Valuation
viii. Distinction between open-ended Retail Investor AIF and those which are open-ended with limited liquidity arrangements
ix. Share classes
x. Umbrella Retail Investor AIFs
xi. Investment through subsidiary companies
xii. Dealings by management company, general partner, depositary, AIFM, investment manager or by delegates or group companies of these
xiii. Directed brokerage services and similar arrangements
Appendix 1 Calculation of Global Exposure using the VaR methodology
Section 2: Supervisory requirements
i. General conditions
ii. Offer period
iii. Directors of Retail Investor AIF investment companies
iv. Suspensions
v. Replacement of depositary
vi. Replacement of AIFM, management company, general partner or third party
vii. Monthly and quarterly returns
viii. Amalgamation of Retail Investor AIFs with other investment funds
Section 3: Prospectus requirements
i. General requirements
ii. General information concerning the Retail Investor AIF
iii. Investment policy
iv. Investment in other investment funds
v. Efficient portfolio management
vi. Valuation
vii. Remuneration and costs arising from underlying investments
viii. Dealing
ix. Information concerning a management company or general partner
x. Information concerning investment managers and other service providers
xi. Authorisation status
xii. Risk disclosures
xiii. Conflicts of interest
xiv. Directed brokerage services and similar arrangements
xv. Umbrella Retail Investor AIFs
xvi. Structured Retail Investor AIFs
xvii. Warehousing
xviii. Distributions out of and charging of fees and expenses to capital
xix. Hedged and unhedged Retail Investor AIF and share classes
xx. Investment through subsidiaries
Section 4: General operational requirements
i. Dealing
ii. Hedged share classes
iii. Regulated markets
iv. Directed brokerage services or similar arrangements
Section 5: Annual and half-yearly reports
i. Publication of annual and half-yearly reports
ii. Information to be contained in the annual report
iii. Information to be contained in the half-yearly report
Part II: Specific Fund-type Requirements
Section 1: Venture or development capital or private equity Retail Investor AIFs
Section 2: Money market Retail Investor AIFs
i. Short-Term Money Market Funds
ii. Money Market Funds
iii. Short-Term Money Market Funds - valuation on the basis of amortised cost
iv. European Central Bank reporting requirements
Section 3: Real Estate Retail Investor AIFs
Section 4: Funds of unregulated funds Retail Investor AIFs
Section 5: Retail Investor AIFs which invest more than 30% of net assets in another investment fund
Section 6: Closed ended Retail Investor AIFs or open-ended Retail Investor AIFs with limited liquidity
i. Closed-ended period
ii. Liquidity
iii. Changes to existing closed-ended Retail Investor AIFs
Section 7: Guaranteed Retail Investor AIFs
Section 8: Distributions out of and charging fees and expenses to capital
Part III: Marketing of AIF to retail investors