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

2. A Retail Investor AIF umbrella shall only establish a Retail Investor ELTIF sub-fund. A Qualifying Investor AIF umbrella shall only establish a Professional Investor ELTIF subfund or Qualified Investor ELTIF sub-fund.

3. An umbrella ELTIF may only establish ELTIF sub-funds.

4. An umbrella ELTIF shall only be compromised of either (i) Retail Investor ELTIF subfunds or (ii) Qualified Investor ELTIF sub-funds and/or Professional Investor ELTIF subfunds.

5. An umbrella ELTIF which is an investment company shall, in its prospectus, include the words: "An umbrella fund with segregated liability between sub-funds".

6. Where the umbrella AIF or umbrella ELTIF, issues a supplement to its prospectus, it shall state, in the supplement that it is constituted as an umbrella AIF or umbrella ELTIF and name the other existing sub-funds or provide that these will be available upon request.