(1) The participants in a contractual scheme must be entitled to have their units redeemed in accordance with the scheme at a price -
(a) related to the net value of the property to which the units relate; and
(b) determined in accordance with the scheme.
(2) The scheme must not allow units in the scheme to be issued to anyone other than -
(b) a large investor; or
(c) a person who already holds units in the scheme.
(3) The scheme must require the operator, if it becomes aware that units have become vested in a person to whom as a result of subsection (2) the units could not have been issued, to redeem the units as soon as practicable.
(4) In subsection (2) -
"professional investor" means a person who falls within one of the categories (a) to (d) of paragraph 3 of Schedule 1 to the markets in financial instruments regulation [Schedule 1 to Regulation (EU) No. 600/2014 is inserted by S.I. 2018/.]; and
"large investor" means a person who, in exchange
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