Content Options

Content Options

View Options

Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

unit

      1. 48(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:
        1. (a) (in relation to an AUT) a unit representing the rights or interests of the Unitholders in the AUT;
        1. (aa) (in relation to an ACS) a unit representing the rights or interests of the Unitholders in the ACS; and47
        1. (b) (in relation to an ICVC) a share in the ICVC.; and
      1. 48(2) (in relation to an alternative investment fund) the right or interest (however described) of an investor in an alternative investment fund.