Sponsor de-classification allowed subject to holding limits, independent investment manager and broad unit-holder approval and exit option. The Regulations add an inducted sponsor definition and broaden sponsor-related definitions to include certain institutional investors. They permit de-classification of a sponsor after listed status for a statutory period, subject to conditions including a cap on sponsor-and-associate unit holding, independence of the investment manager from the sponsor, and unit-holder approval. The amendments cap maximum subscription by any non-sponsor investor in initial offers, restrict acquisitions that would exceed a prescribed share of outstanding units without super-majority approval, and require exit options where such approval is not obtained; sponsor changes or control transfers also require super-majority approval or mandated exit remedies.