Where an existing private or professional fund has not issued an offering document, should the fund provide to each investor a copy of the investment warning in accordance with Regulation 9(3)?

An existing private or professional fund that has not issued an offering document is required to provide investors and potential investors with an investment warning in all cases where an offer or invitation to purchase or subscribe for shares is made. In relation to existing investors an investment warning is required only where the fund continues to offer them its shares for purchase or subscription. The investment warning should be provided to each investor as a separate document.