Special AIFs
Money Market Funds
Money market retail funds must indicate whether they are short-term funds or money market funds. It must contain certain warnings drawing attention to the difference between the nature of a deposit and the nature of an investment in a money market fund with reference to the risk that the principal invested in the money market fund is capable of fluctuation.
It must provide appropriate information to unit holders on the risk and reward profile of the fund to enable the identification of risks relating to the investment strategy.
Where the fund is a Money Market Fund, it may only invest in a Short-Term Money Market Fund or Money Market Fund. It must have a fluctuating net asset value.
Short Tern & Other Money Markets
A Short-Term Money Market Fund must have the primary objective of managing the principal of the fund and aim to provide a return in line with money market returns. It must limit investments to high quality money market instruments as determined by the fund and deposits with credit institutions. There were criteria in respect of high quality.
A Short-Term Money Market Fund must limit investments to securities or investments with a legal redemption date of less than 397 days. There must be provision for daily net asset value and daily price calculations on subscription and redemption of units.  A Short-Term Money Market Fund must ensure that WAL does not exceed 120 days.
There are further specific provisions regarding exposure to equities and commodities, including through financial derivatives. Financial derivative instruments may only be used where they are in line with the money market investment strategy of the fund.
There are requirements for other classes of Money Market Funds. The primary investment objective must be that of providing a return in line with money market rates. It shall limit its investment to high quality money market instruments as determined by the fund and deposits with credit institutions. There are criteria regarding the determination of high quality.
There are similar provisions to those above. There are provisions in respect of exposure directly or indirectly to equities and commodities, including financial derivative instruments. Derivatives may only be used which give exposure to foreign exchange for hedging purposes.
Real Estate Retail Investor Funds
A Retail Investor Fund shall only acquire real estate where the interest has been valued in advance. It must be contained in a report that must confirm that if the real estate was acquired, it could be disposed of at that valuation within a reasonable period. The asset must be acquired within six months of the date of the report and within 5% of the valuation price.
A Retail AIF may only trade in real estate and related assets on a market which is provided for in its constitutional document. Up to 20% of net assets may consist of real estate which are not so traded, provided the assets are acquired in the same conditions as above.
A real estate investor fund may not invest more than 30% of its net assets in a single real estate interest. It may invest more than 25% of its assets in vacant interests or which are in the process of development or requiring development.  It shall not invest more than 25% of its net assets in assets subject to a mortgage. This does not affect the ability of the fund to secure its borrowing generally on the real estate interest of the scheme. The outstanding amount of the mortgage must not represent more than 50% of the value of the fund.  The fund may not grant any person an option to acquire any property included in it.
The prospectus shall contain a description of the risks involved in this type of fund, including the risks associated with investing in leasehold interests with a duration of less than 70 years. The prospectus must contain a prominent note of the risk with reference to real estate, which may cause difficulties in meeting redemption. It must provide details of any minimum size to be achieved during the initial period in order for the fund to be feasible and information on procedure in the event that the maximum is not reached.
Investing in Other Funds
There are specific requirements in respect of funds of unregulated funds Retail Investor Funds. Where a fund invests more than 20% in unregulated investment funds, including investments in hedge funds and other alternative investments, it must comply with specific requirements.
There is a requirement that not less than 20% of the net assets may be invested in any one unregulated fund. The underlying investments must be subject to independent audit and in accordance with Generally Accepted Accounting Principles. There must be arrangements in place that assets are held by an independent entity, which is independent of the management company.
The management must demonstrate appropriate experience in relation to alternative investment funds. The Central Bank must be satisfied that there are appropriate controls and systems in place to monitor constantly the activities of the underlying investment fund.
When more than 40% of net assets are invested in funds managed by the same management company or associates, the quarterly report must be made to the Central Bank as to the extent to which the underlying investments are diversified between trading strategies.
The fund shall not invest in units in an investment fund which itself invests more than 30% of net assets in other investment funds. There are limited exceptions.
Where the fund is open-ended, it shall provide at least one dealing day per month. The maximum number of interval between submission of a redemption request and payment shall not exceed 95 days.
The fund may retain up to 10% of redemption proceeds until such time as the redemption proceeds and the underlying investment fund is received.
Certain risk warnings must appear in bold on the prospectus and application form. In particular, they must warn of the unregulated status of underlying investments. They must point out that it is not suitable for all unit holders and recommend specific financial advice be taken.
There are specific provisions to be set out in the prospectus in relation to certain matters, including investment policies, leverage, impact of fees, cumulative effect of performance fees, potential valuation and liquidity problems.
The prospectus must describe diversification policies. If they invest in funds with a lock-up period, they must not reflect the redemption arrangements provided for in the prospectus. The intention to so invest must be disclosed.
Periodic reports must be made of the lists of the names of the underlying funds, their management companies and domicile.
There are specific requirements with respect to retail investment funds, which invest more than 30% of their net assets in other investment funds, and with respect to guaranteed Retail Investor Funds, AIFs.
Closed End Funds
There are provisions in relation to closed-end funds.  They must provide for redemption. Where there is a finite closed-end period, it may be up to 10 years, if reasonably required by the objective or more than 10 years, where it can make realistic provision for liquidity and redemption on an ongoing basis by unitholders who wish to redeem.
A retail investor fund which is closed-end must provide for a specific wind up, redemption of all units or alternatively conversion into an open-ended fund or with approval extension of the relevant period in its constitutional documents.
Where there are liquidity provisions in a closed-ended fund, they must realistically contribute to the ability of the unitholder to realise his investment before the period ends.
There are provisions in relation to changes in the duration of the closed-end fund. Approval of 75% majority of investors is required. There are provisions where there is a change in the duration of the fund, with an opportunity for investors to redeem or otherwise exit. There must be 50% vote for a change.
Changes to Investment Policy
Where there is a proposed change of investment objectives or material change of investment policies with no opportunities for unit holders to redeem or otherwise exit the fund, there must be a 75% vote. Where there is a realistic opportunity for unitholders to redeem with a proposed change in objective, a 50% majority suffices.
Where non-material changes to investment policy are made, they must be notified to the unit holder. Where proposals are made to amend the maximum redemption charge as disclosed in the constitutional documents or the maximum annual fee, following provisions must be adopted. Where there is a proposed increase in the fee or charges with no opportunity for redemption holders to redeem, a 75% majority is required, otherwise 50%.