Regulation 11 Investments to be offered only to qualified investors

A transformer vehicle must not offer to any person who is not a qualified investor an investment issued by the transformer vehicle.

A transformer vehicle must take such steps as are reasonable in the circumstances to prevent an investment issued by the transformer vehicle to a qualified investor from being offered subsequently to a person who is not a qualified investor.

A contravention of paragraph (1) or (2) is actionable, at the suit of a person who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.