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

xv. Umbrella Retail Investor AIFs

1. An umbrella Retail Investor AIF, which is an investment company, shall, in its prospectus, include the words "An umbrella fund with segregated liability between sub-funds". Investment companies constituted as umbrella Retail Investor AIFs which were authorised and commenced trading before 30 June 2005 and which do not have segregated liability between sub-funds must clearly disclose the potential risks to unitholders arising from the absence of the segregation of liability between sub-funds.

2. Where the Retail Investor AIF, which is an umbrella Retail Investor AIF, issues a supplement to its prospectus, it shall state, in the supplement, that it is constituted as an umbrella Retail Investor AIF and name the other existing sub-funds or provide that these will be available upon request.

3. Where the Retail Investor AIF is an umbrella Retail Investor AIF, it shall, in its prospectus, disclose the extent to which one sub-fund can invest in another and the conditions which apply to such