1. The Retail Investor AIF shall ensure that where a person, acting on its behalf, successfully negotiates the recapture of a portion of the commissions charged by brokers or dealers in connection with the purchase and/or sale of securities, the rebated commission shall be paid to the Retail Investor AIF.

2. The Retail Investor AIF shall not reimburse out of its assets the operator of the directed brokerage services or similar arrangement for reasonable properly vouched costs, fees and expenses directly incurred by the operator in relation to the services or arrangement unless the prospectus disclosure required by paragraph 1 of section 3.xiv (Directed brokerage programmes and similar arrangements) of this Part has been made. The Retail Investor AIF must be separately invoiced for these fees and expenses by the operator of the directed brokerage services.