General
1. Subject to paragraphs 3 and 4 below, a Retail Investor AIF shall only create one or more share classes within the Retail Investor AIF, or within a sub-fund of an umbrella Retail Investor AIF, where the following requirements are satisfied:
(a) the constitutional document of the Retail Investor AIF must provide for the creation of share classes. In the case of an umbrella Retail Investor AIF the provision in the constitutional document to establish the way in which sub-funds, and share classes within sub-funds, are created must be clear and unambiguous;
(b) each Retail Investor AIF or sub-fund thereof must consist of a single common pool of assets;
(c) assets may not be allocated to individual share classes;
(d) the capital gains/losses and income arising from that pool of assets must be distributed and/or must accrue equally to each unitholder relative to their participation in the Retail Investor AIF or sub-fund thereof;
(e) unitholders in a share class must be treated equ
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