(1) An investment management contract shall require the investment management provider to provide a UCITS or an alternative investment fund for the purposes of this Part within each of the risk levels that have effect in accordance with subsection (3).

(2) A UCITS or an alternative investment fund provided in accordance with subsection (1) is referred to in this Act as an "AE provider scheme".

(3) The risk levels for the purposes of this Part are -

(a) the higher risk level, consisting of AE provider schemes with a risk rating of 5, 6 or 7,

(b) the medium risk level, consisting of AE provider schemes with a risk rating of 3 or 4,

(c) the lower risk level, consisting of AE provider schemes with a risk rating of 1 or 2,

or such other risk levels as may be prescribed under subsection (4).