1. The investments of a unit trust or of an investment company must consist solely of:
(a) transferable securities and money market instruments admitted to or dealt in on a regulated market within the meaning of Article 1(13) of the ISD, and/or;
(b) transferable securities and money market instruments dealt in on another regulated market in a Member State which operates regularly and is recognized and open to the public and/or;
(c) transferable securities and money market instruments admitted to official listing on a stock exchange in a non-member State or dealt in on another regulated market in a non-member State which operates regularly and is recognized and open to the public provided that the choice of stock exchange or market has been approved by the competent authorities or is provided for in law or the fund rules or the investment company's instruments of incorporation and/or;
(d) recently issued transferable securities, provided that:
- the terms of issue include an undert