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

i. Closed-ended period

1. Where the Retail Investor AIF is closed-ended it must have a finite closed-ended period which must be one of the following:

(a) 5 years or less; or

(b) 10 years or less provided this is reasonably required by the investment objective of the Retail Investor AIF; or

(c) greater than 10 years in the case of a Retail Investor AIF which has made realistic provision for liquidity in its units and which has provided specific opportunities for the redemption of units after 10 years, by all those unitholders who may wish to do so, and on a periodic basis thereafter.

The Retail Investor AIF shall specify, in its constitutional document, that on a future date, specified in either the constitutional document or the prospectus, the Retail Investor AIF will undertake one of the following actions:

(a) wind-up and apply to the Central Bank for a revocation of the authorisation of the Retail Investor AIF;

(b) redeem all outstanding units and apply to the Central Bank for a revocation of the Retail I