1. An umbrella Retail Investor AIF which has been authorised by the Central Bank must obtain the Central Bank's prior approval for each sub-fund.

2. Where the Retail Investor AIF is constituted as an umbrella Retail Investor AIF, it shall ensure that its sub-funds comply with the requirements to which it is subject.

3. Where the Retail Investor AIF is an umbrella Retail Investor AIF it shall, as appropriate, provide that its trust deed, deed of constitution, articles of association or instrument of incorporation provide that separate records will be maintained for each sub-fund with the assets and liabilities being allocated to each sub-fund.

4. The Retail Investor AIF shall ensure that, where relevant, its constitutional document provides that the assets of each sub-fund shall belong exclusively to the relevant sub-fund and shall not be used to discharge directly or indirectly the liabilities of or claims against any other sub-fund and shall not be available for any such purpose.

5. Investment companies authorised before 30 June 2005, which have as an investment objective the employment of leverage, may not establish additional sub-funds unless the umbrella Retail Investor AIF has taken measures necessary to apply segregated liability between subfunds.