initial offer

(in COLL) an offer for sale of units 83 in an authorised fund 83 or in a sub-fund (otherwise than in accordance with arrangements of the type described in COLL 5.5.9 R (3) (b) (iii) (Guarantees and indemnities) , where all or part of the consideration paid for the account of the authorised fund 83 for the units 83 is to be used to acquire the initial scheme property 83 of the authorised fund 83 or the initial scheme property 83 attributable to the sub-fund.83