1. A Retail Investor AIF shall not establish a subsidiary unless the Retail Investor AIF complies with the following conditions:
(a) the establishment of a subsidiary must receive the prior approval of the Central Bank;
(b) the subsidiary must be wholly owned and controlled by the Retail Investor AIF. The directors of the Retail Investor AIF must form a majority of the board of directors of the subsidiary;
(c) the subsidiary must not be an investment fund or issuing body;
(d) the subsidiary must not appoint any third parties or enter into any contractual arrangements unless the Retail Investor AIF is a party to such appointments or contractual arrangements;
(e) the constitutional document of the Retail Investor AIF must provide for the ability of the Retail Investor AIF to establish subsidiaries;
(f) the constitutional document of the subsidiary must include provisions which restrict the subsidiary from acting other than under the control of the Retail Investor AIF and which restrict a
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