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

iv. Distinction between open-ended Qualifying Investor AIFs and those which are openended with limited liquidity arrangements

1. Where the Qualifying Investor AIF is an open-ended Qualifying Investor AIF it shall:

(a) provide redemption facilities on at least a quarterly basis;

(b) redeem when requested at least 10% of net assets on a monthly basis or 25% of net asset on a quarterly basis; and

(c) not impose a redemption fee in excess of 5% of net asset value per unit.

2. Qualifying Investor AIFs which:

(a) offer redemption and/or settlement facilities on a less than quarterly basis; or

(b) provide for a period of greater than 90 days between the dealing deadline and the payment of redemption proceeds will not be subject to any regulatory parameters in terms of dealing frequency, minimum redemption quotas or timeframe for settlement, provided they classify themselves as open-ended Qualifying Investor AIFs with limited liquidity.

3. Where the open-ended Qualifying Investor AIF provides for dealing on a quarterly basis, the time between submission of a redemption request and payment of settlement proceeds must