FUNDS 3.2.1

(1) A Domestic Fund shall be one of the following types of Fund:
(a) a Public Fund;
(b) an Exempt Fund; or
(c) a Qualified Investor Fund.
(2) The types of Fund set out above are listed in terms of the level of regulation (from most intensively regulated to least intensively regulated).
(3) The Regulator may treat any type of Domestic Fund as a specialist class of a Domestic Fund pursuant to Rule 4 hereof.