The Central Bank has amended the following sections of the QIAIF Application Forms:
- Section 2.12.3 c) (Prospectus)
- Section 3.4.4 c) (Memorandum and Articles of Association)
- Section 3.10.4 c) (Deed of Constitution)
- Section 3.10.4 c) (Trust Deed)
- Section 9.6.4 c) (Investment Limited Partnership)
These sections deal with the treatment of unsatisfied redemption requests on a dealing day. Heretofore, a QIAIF was required to provide that any request for redemption on a dealing day that was above 10%/25% would be reduced rateably and the redemption requests would be treated in priority to subsequent applications as if they were received on each subsequent dealing day until all the units which the original request related were redeemed. The QIAIF Application Forms have been amended and now provide for the QIAIF to set out the procedure to be adopted in relation to unsatisfied redemption requests (i.e. no longer a requirement for priority treatment). The procedure adopted must be applied consistently throughout the life of the QIAIF.