1. The Retail Investor AIF shall ensure that the offer period does not commence prior to the authorisation of the Retail Investor AIF or approval in the case of a sub-fund and must be for a period no longer than six months.

2. In the case of Retail Investor AIFs which are established as private equity or real estate Retail Investor AIFs this period may extend up to one year provided that the terms of the offer ensure that early unitholders are not prejudiced by the arrangements. Where the Retail Investor AIFs have multiple closings, this period must commence no later than the date of first closing.

3. The Retail Investor AIF may extend the initial offer period without prior notification to the Central Bank provided that no subscriptions have been received at the date of the proposed extension. The Retail Investor AIF shall notify the Central Bank of any such extensions on an annual basis.

4. The Retail Investor AIF may only extend the initial offer period, where subscriptions have been received, if it has received the prior written approval of the Central Bank for such an extension.