Regulations Governing Offshore Funds Article 34

Purchases of an offshore fund made by the master agent from the offshore fund institution on behalf of investors or by a sub-distributor from the master agent on behalf of investors shall be made in the name of the relevant investor; provided, if the investor consents to purchase in the name of the master agent or the sub-distributor, this restriction shall not apply.Where a master agent purchase an offshore fund in its own name on behalf of an investor from the offshore fund institution or a sub-distributor purchases an offshore fund in its own name on behalf of an investor from the master agent, the receipt/payment of funds shall be handled in accordance with paragraph 1, subparagraph 3, and paragraph 2, of the preceding Article, except in the case of mandated investment in offshore funds under non-discretionary trust of money agreements or foreign securities brokerage agreements.