• FUNDS 3.3 FUNDS 3.3 Domestic Fund criteria

    • FUNDS 3.3.1

      (1) A Domestic Fund shall be constituted as a Public Fund if:
      (a) some or all of its Units are offered to investors by way of a public offer; or
      (b) its Unitholders include Retail Clients.

    • FUNDS 3.3.2

      (1) A Domestic Fund may be constituted either as an Exempt Fund or as a Qualified Investor Fund but only if that Fund satisfies all of the conditions in Rule 3.3.3 or Rule 3.3.4 below, as applicable.

    • FUNDS 3.3.3

      (1) A Domestic Fund is an Exempt Fund, if:
      (a) its Units are offered to persons only by way of a private placement;
      (b) all its Unitholders are persons who meet the criteria to be classified as Professional Clients; and
      (c) the initial subscription to be paid by a person to become a Unitholder is at least US$50,000,
      and it does not satisfy the conditions in Rule 3.3.4 below to be a Qualified Investor Fund.

    • FUNDS 3.3.4

      (1) A Domestic Fund is a Qualified Investor Fund, if:
      (a) its Units are offered to persons only by way of a private placement;
      (b) all its Unitholders are persons who meet the criteria to be classified as Professional Clients; and
      (c) the initial subscription to be paid by a person to become a Unitholder is at least US$500,000.

    • FUNDS 3.3.5

      (1) A Domestic Fund does not cease to be an Exempt Fund or a Qualified Investor Fund under Rule 3.3.3 or Rule 3.3.4 above merely because one or more Units in that Fund is registered in the name of a person who does not meet the criteria to be a Unitholder of that particular type of Fund as a result of:
      (a) inheritance from a registered Unitholder of the Fund; or
      (b) any legal action brought for or against a registered Unitholder.