Section 236A(5)

An undertaking is not a UCITS if it is any of the following— a collective investment undertaking of the closed-ended type; a collective investment undertaking which raises capital without promoting the sale of its units to the public within the relevant area or any part of it; an open-ended investment company, or other collective investment undertaking, the units of which may, under its fund rules or instruments of incorporation, be sold only to the public in countries or territories outside the relevant area.

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Source: legislation.gov.uk · retrieved 2026-09-04