Glossary

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Term Definition Legal instruments

unit

01/01/2016

means:

(1) (in relation to a collective investment scheme) the investment, specified in article 81 of the Regulated Activities Order (Units in a collective investment scheme) and defined in section 237(2) of FSMA (other definitions); and

(2) (in relation to an alternative investment fund) the right or interest (however described) of an investor in an alternative investment fund.