Section 5: Retail Investor AIFs which invest more than 30% of net assets in another investment fund
1. The Retail Investor AIF may invest more than 30% of net assets in an open-ended investment fund and may disregard paragraph 10 of section 1.ii (Investment restrictions) of Part I provided that the underlying fund is a Category 1 investment fund or a Category 2 investment fund.
2. In the case of a Category 1 investment fund, the Retail Investor AIF shall provide the Central Bank with the prospectus of the underlying investment fund in advance of investing more than 30% of net assets in that investment fund.
(a) In the case of a Category 2 investment fund, the Retail Investor AIF shall not invest more than 30% of net assets in an open-ended investment fund without having obtained a confirmation in writing from the Central Bank that it has no objection. Further, the Retail Investor AIF shall provide the Central Bank with the prospectus of the underlying investment fund.