UCITS scheme

1. (a) an authorised fund authorised by the FCA in accordance with the UCITS Directive:
   1. (i) with the sole object of collective investment in transferable securities or in other liquid financial instruments permitted by COLL 5.2 (General investment powers and limits for UCITS schemes) of capital raised from the public and which operates on the principle of risk-spreading; and
   1. (ii) with units which are, at the request of Unitholders, repurchased or redeemed, directly or indirectly, out of the scheme's assets; and for this purpose action taken by or on behalf of a scheme to ensure that the stock exchange value of its units does not significantly vary from their net asset value is to be regarded as equivalent to that repurchase or redemption; or
1. (b) an umbrella, each of whose sub-funds would be a UCITS scheme if it had a separate authorisation order;

unless:

1. (c) [deleted]
1. (d) the scheme's units under its instrument constituting the fund56, may be sold only to the public in non-EEA States; or
1. (e) the scheme (other than a master UCITS which has at least two feeder UCITS as Unitholders) raises capital without promoting the sale of its units to the public within the EEA or any part of it.

[Note: article 1 of the UCITS Directive]