General
1. An ELTIF shall only create one or more share classes within the ELTIF, or within a subfund of an umbrella ELTIF, where the following requirements are satisfied:
(a) the constitutional document of the ELTIF must provide for the creation of share classes.
In the case of an umbrella ELTIF the provision in the constitutional document to establish the way in which sub-funds, and share classes within sub-funds, are created must be clear and unambiguous;
(b) each ELTIF or sub-fund thereof must consist of a single pool of assets;
(c) unitholders in a share class must be treated equally; and
(d) where more than one share class exists, all the unitholders in the different share classes must be treated fairly.
Share classes may be established which may be differentiated on the basis of subscription/redemption procedures, distribution policies or charging structure, asset exposure or other criteria clearly disclosed in the prospectus and permitted by the constitutional document.
2. Subj
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