1. An umbrella Qualifying Investor AIF which has been authorised by the Central Bank must obtain the Central Bank's prior approval for each sub-fund.

2. Where the Qualifying Investor AIF is constituted as an umbrella Qualifying Investor AIF, it shall ensure that its sub-funds comply with the requirements to which it is subject.

3. Where the Qualifying Investor AIF is an umbrella Qualifying Investor AIF it shall, as appropriate, provide that its trust deed, deed of constitution, articles of association or instrument of incorporation, provide that separate records will be maintained for each sub-fund with the assets and liabilities being allocated to each sub-fund.

4. Where the Qualifying Investor AIF constitutes an umbrella Qualifying Investor AIF, it shall ensure that its sub-funds comply with the requirements to which it is subject.

5. The Qualifying Investor AIF shall ensure that, where relevant, its constitutional document provides that the assets of each sub-fund shall belong exclusively to the relevant sub-fund and shall not be used to discharge directly or indirectly the liabilities of or claims against any other sub-fund and shall not be available for any such purpose.