2. The following securities are specified for the purposes of paragraph (d) of the definition in Regulation 3(1) of "transferable securities":
(a) units in closed-ended funds constituted as investment companies or as unit trusts which fulfil the following criteria:
(i) they fulfil the criteria set out in Part 1 which are applicable to them;
(ii) they are subject to corporate governance mechanisms applied to companies; and
(iii) where asset management activity is carried out by another entity on behalf of the closed-ended fund, that entity is subject to national regulation for the purpose of investor protection;
(b) units in closed-ended funds constituted under the law of contract which fulfil the following criteria:
(i) they fulfil the criteria set out in Part 1 which are applicable to them;
(ii) they are subject to corporate governance mechanisms equivalent to those applied to companies as referred to in subparagraph (a) (ii); and
(iii) they are managed by an entity w
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