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(as defined in section 237(1) of the Act (Other definitions)) a collective investment scheme under which the property in question is held on trust for the participants.
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an authorised fund whose instrument constituting the scheme contains the statement in COLL 3.2.6 R 1(2) (Table: contents of the instrument constituting the scheme) or, if it complies with the CIS, the statement required by CIS 2.2.6R(2)(a)(i) (Matters that must be included in the trust deed) or paragraph 4 (1) (b) of Schedule 2 to the OEIC Regulations, that it is a UCITS scheme; unless:(a) the scheme raises capital without promoting the sale of its units to the public within the EEA or any part of it; or(b) the scheme's units under its trust deed or its instrument constituting the scheme, may be sold only to the public in non-EEA States.
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a firm which:(a) is the operator of a UCITS scheme including where in addition the firm is also the operator of a collective investment scheme which is not a UCITS scheme; and(b) has a Part IV permission to manage investments where the investments managed include one or more of the instruments listed in Section B of the Annex to the ISD.
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an activity which is not a regulated activity.