Section 205
(11
of Securities Markets Order, 2013
In this Part, a collective investment scheme shall be formed as-
(a)
a unit trust scheme;
(b)
an investment company with fixed or variable capital; or 1384
{cj a partnership.
(2)
Without prejudice to subsection \1}, the Authority may, specify arrangements other than those set out in subsection \ll by which collective investment scheme may be formed.
(3)
A collective investment scheme may be formed as -
(a} an open-ended scheme which is obliged to redeem participants holdings upon their request at a price r~lated to the net asset value of the property of the scheme at no less a frequency than twice a month at regular intervals;
{b)
a closed-ended scheme which is not obliged to redeem participants holdings at their request; or
{cj an interval undertaking which is obliged to redeem participants holdings at a price related to the net asset value of the property of the scheme on a regular periodic basis which is no less than twice a year.
(4)
Where a collective investment scheme is formed as a partnership, the operator of the collective investment scheme must be the general partner and hold or be eligible to hold a capital markets services licence under this Order.
Arrangements not constituting collective investment scheme.