redemption(1) (except in58 EG 14 58 (Collective investment schemes)) (in relation to units in an authorised fund) the purchase of them from their holder by the authorised fund manager acting as a principal.118(in EG 14 (Collective investment schemes)) redemption as in (1) but including their cancellation by:the trustee of an AUT;the depositary of an ACS; oran ICVC.