1. Where the Qualifying Investor AIF is closed-ended it must have a finite closed-ended period, the duration of which must be provided for in the prospectus as a material part of the investment policy.
Accordingly, the constitutional document must provide that on a future date, specified in either the constitutional document or the prospectus, the Qualifying 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 Qualifying Investor AIF;
(b) redeem all outstanding units and apply to the Central Bank for a revocation of the Qualifying Investor AIF authorisation;
(c) convert into an open-ended Qualifying Investor AIF, the relevant details of which must be disclosed in the prospectus; or
(d) obtain unitholder approval to extend the closed-ended period for a further finite period.
2. Where the Qualifying Investor AIF is closed ended it may, with the prior approval of the Central Bank, provide for the i
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