Prudential Regulation Authority Rulebook

13.1

Subject to 13.2, this Chapter applies to holdings of units, or other beneficial interests in:

1. (1) a scheme falling within the UCITS Directive;
2. (2) an authorised unit trust scheme or a recognised scheme (not falling within (1)); or
3. (3) any other collective investment scheme where:
1. (a) the scheme does not employ derivatives unless they are approved derivatives or approved quasi-derivatives; and
2. (b) the property of the scheme does not include assets other than those for the valuation of which provision is made in this Part.

13.2

This Chapter does not apply to units or other beneficial interests in a collective investment scheme which has the effect of a derivative.

13.3

The value of units or other beneficial interests in a collective investment scheme to which this Chapter applies must be:

1. (1) where the issuer can be required to purchase the units or other beneficial interests from the holder upon the holder giving notice of one month or less, the price at which the issuer would have purchased the units or other beneficial interests on the relevant date or the most recent date before the relevant date on which it could have been required to make such a purchase; or
2. (2) where the issuer cannot be required to purchase the units or other beneficial interests as set out in (1), a value determined in accordance with 12.