FUNDS 2.1.9

Past version: effective from 21/10/2015 - 20/10/2015
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An arrangement does not constitute a Fund:

(a) if the rights or interests of each of the participants in the arrangement are time share rights; or
(b) if:
(i) the predominant purpose of the arrangement is to enable the participants to share in the use or enjoyment of property or to make its use or enjoyment available gratuitously to others; and
(ii) the property to which the arrangement relates does not consist of or include the currency of any country or territory or Investments, as defined in Part 3 of Schedule 1 of the FSMR or, which would be such Investments if not for any applicable exclusion.