MIR 3.9.3 Units in collective investment undertakings

(a) When assessing whether units in an open-ended collective investment undertaking are capable of being traded in a fair, orderly and efficient manner in accordance with (see Rule 3.9.1), the regulated market shall take the following aspects into account:
(i) the distribution of those units to the public;
(ii) whether there are appropriate market-making arrangements, or whether the management company of the scheme provides appropriate alternative arrangements for investors to redeem the units; and
(iii) whether the value of the units is made sufficiently transparent to investors by means of the periodic publication of the net asset value.
(b) When assessing whether units in a closed-end collective investment undertaking are capable of being traded in a fair, orderly and efficient manner, in accordance with (see Rule 3.9.1), the regulated market shall take the following aspects into account:
(i) the distribution of those units to the public; and
(ii) whether the value of the units is made sufficiently transparent to investors, either by publication of information on the fund's investment strategy or by the periodic publication of net asset value.