Section 6(2)

For the purposes of paragraph (1)(a)— “collective investment undertaking other than the closed-end type” means unit trusts and investment companies with both of the following characteristics— they raise capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors, and their units are, at the holder’s request, repurchased or redeemed, directly or indirectly, out of their assets; “units of a collective investment undertaking” means securities issued by a collective investment undertaking as representing the rights of the participants in such an undertaking over its assets.

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