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(1) (in relation to a collective investment scheme) the investment, specified in article 81 of the Regulated Activities Order (Units in a collective investment scheme) and defined in section 237(2) of the Act (Other definitions)), which is the right or interest (however described) of the participants in a collective investment scheme; this includes:(a) (in relation to an AUT) a unit representing the rights or interests of the unitholders in the AUT;(aa) (in relation to an ACS) a unit representing the rights or interests of the unitholders in the ACS; and(2) (in relation to an alternative investment fund) the right or interest (however described) of an investor in an alternative investment fund.
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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, except that it does not include an authorised contractual scheme.
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England and Wales, Scotland and Northern Ireland (but not the Channel Islands or the Isle of Man).
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(a) (in relation to an ICVC, ACS or an AUT as appropriate, and subject to COLL 4.4.4 R (Special meaning of unitholder in COLL 4.4)):(i) (in relation a unit which is represented by a bearer certificate) the person who holds that certificate; or(ii) (in relation to a unit that is not represented by a bearer certificate) the person whose name is entered on the register in relation to that unit; or(b) (in relation to a unit in collective investment scheme not within (a)):
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(in PR) (as defined in Article 2.1(p) of the prospectus directive) 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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arrangements for a newly formed AUT or ACSunder which:(a) the whole or part of the property of a body corporate (or a collective investment scheme) becomes the first scheme property of the AUT or ACS; and(b) the holders of:become the first participants in the AUTor ACS.