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(2) (in EG 14 (Collective investment schemes)) redemption as in (1) but including their cancellation by:
- (a) the trustee of an AUT;
- (b) the depositary of an ACS; or
- (c) an ICVC.