Placement memorandum filing requirement ensures merchant banker submission and Board comments must be incorporated before scheme launch. Alternative Investment Funds must file a placement memorandum through a merchant banker at least thirty days before launch with prescribed scheme fees, except that the fee is waived for an AIF's first scheme; the Board may send comments to the merchant banker which must be incorporated before launch, and the filing/comment requirements do not apply to large value funds for accredited investors. The AIF must declare the first close as specified by the Board, and failure to do so requires refiling and payment of the scheme fee.