sub-fund
- (a) (in relation to an authorised fund that is an umbrella 5151) a separate part of the scheme property of that scheme that is pooled separately;
- (aa) (in relation to an EEA UCITS scheme) any part of that scheme that constitutes an investment compartment for the purposes of the UCITS Directive;103
- (b) (in relation to a115 fund 115 that is not an authorised fund or an EEA UCITS scheme)103 any part of that scheme that is equivalent to 551(a)51.