1. A Qualifying Investor AIF may not establish a subsidiary unless the Qualifying Investor AIF complies with the following conditions:

(a) the establishment of a subsidiary must receive the prior approval of the Central Bank;

(b) the subsidiary must be wholly owned and controlled by the Qualifying Investor AIF; the directors of the Qualifying Investor AIF must form a majority of the board of directors of the subsidiary;

(c) the subsidiary must not be an investment fund or issuing body;

(d) the subsidiary must not appoint any third parties or enter into any contractual arrangements unless the Qualifying Investor AIF is a party to such appointments or contractual arrangements;

(e) the constitutional document of the Qualifying Investor AIF must provide for the ability of the Qualifying Investor AIF to establish subsidiaries;

(f) the constitutional document of the subsidiary must include provisions which restrict the subsidiary from acting other than under the control of the Qualifying Investor AIF and which restrict any person or entity other than the Qualifying Investor AIF from holding shares in the subsidiary; and