Version date: 14 March 2018 - onwards
  Version 9 of 9    

xi. Investment through subsidiary companies

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