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permitted scheme interests

      1. 59(a) 122[deleted]122
      1. (b) in respect of a firm's business with linked policyholders122 any of the following:
        1. (i) an authorised fund;
        1. (ii) a recognised scheme;
        1. (iii) a 63scheme falling within the UCITS Directive;63
        1. (iv) a non-UCITS retail scheme;
        1. (v) a qualified investor scheme or its EEA equivalent or any unregulated collective investment scheme that invests only in permitted links and publishes its prices regularly, provided that either:194
          1. (A) no more than 20% of the gross assets of the linked fund are so invested; or194
          1. (B) provided that the firm treats it as a conditional permitted link and meets the conditions in COBS 21.3.16R and the requirements in COBS 21.3.20R and COBS 21.2.4R(3), it complies with the aggregated limit in COBS 21.3.19R.194