1. The Qualifying Investor AIF shall ensure that the offer period does not commence prior to the authorisation of the Qualifying Investor AIF or approval in the case of a sub-fund and must be for a period no longer than six months.

2. In the case of Qualifying Investor AIFs which are established as venture capital, development capital, private equity, real estate or loan originating Qualifying Investor AIFs, the initial offer period may extend up to two years and six months provided that the terms of the offer ensure that early unitholders are not prejudiced by the arrangements. Where these Qualifying Investor AIFs have multiple closings, this period must commence no later than the date of first closing.

3. The Qualifying Investor AIF may extend the initial offer period, without prior notification to the Central Bank, provided that no subscriptions have been received at the date of the proposed extension. The Qualifying Investor AIF shall notify the Central Bank of any such extensions on an annual basis.

4. The Qualifying Investor AIF may only extend the initial offer period, where subscriptions have been received, if it has received the prior written approval of the Central Bank for such an extension.