Where the Retail Investor AIF invests more than 20% in unregulated investment funds, including investments in hedge funds and other alternative investment funds, its shall comply with the following requirements which are in addition to the general rules applicable to all Retail Investor AIFs.
Underlying investment funds
(a) shall be subject to independent audit in accordance with generally accepted international auditing standards; and
(b) shall have arrangements in place such that all assets are held by a party/parties independent of the management company of the investment funds.
The Retail Investor AIF s…