Registration of Alternative Investment Funds required; entities must obtain certification and follow category, application, and investor protection rules. Registration as an Alternative Investment Fund is mandatory and existing funds have limited transitional relief if they apply for registration within the prescribed period; otherwise they must cease AIF activity. AIFs must register in Category I, II or III according to investment focus and leverage permissions, with applications made in the prescribed form and fee. Certificates remain valid until winding up. The Board may grant exemptions, require enhanced reporting for certain funds, and direct or appoint persons to manage records, documents and investments to protect investors.