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means:
(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 FSMA (other definitions); 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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This term is defined externally, please refer to:
Interpretation Act 1978 Schedule 1