(1) The characteristics in relation to an investment scheme are -

(a) no more than 60 per cent. in value of the investment property, calculated in accordance with paragraph (3), consists of relevant investments;

(b) the investment property should be selected and managed having regard to the need to achieve a balance between -

(i) the opportunity for the investor to benefit from growth in the value of investments generally; and

(ii) control of the risk of loss of value in the investment; and

(c) the manager has regard to -

(i) the need for diversification of the investment property, in so far as appropriate to the circumstances of the investment scheme; and

(ii) the suitability for the purposes of the scheme of any investment option proposed.

(2) The conditions with which the investment scheme must comply are -