1. A Retail Investor AIF may derogate from the investment restrictions contained in this section for six months following the date of their launch provided they observe the principle of risk spreading.

2. The limits on investments contained in this chapter and those set down in the Retail Investor AIF's prospectus shall apply at the time of purchase of the investments and continue to apply thereafter. If these limits are subsequently exceeded for reasons beyond the control of the Retail Investor AIF or as a result of the exercise of subscription rights, the Retail Investor AIF must record such matters and adopt as a priority objective the remedying of that situation, taking due account of the interests of its unitholders.

3. Related companies/institutions are regarded as a single issuer for the purposes of paragraphs 5, 6 and 8 of this section.

Securities

4. A Retail Investor AIF shall not invest more than 20% of its net assets in securities which are not traded in or dealt on a regulated market which operates regularly and is recognised and open to the public.