(1) For the purposes of this Act, and subject to subsection (4), "UCITS" means an undertaking established in the United Kingdom or an EEA State -
(a) with the sole object of collective investment, operating on the principle of risk- spreading, in transferable securities or other liquid financial assets mentioned in subsection (3), of capital raised from the public; and
(b) with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of the undertaking’s assets.
(2) A UCITS may consist of several sub-funds (see section 237(4)).
(3) The transferable securities or other liquid financial assets referred to in subsection (1)(a) are -
(a) in the case of an undertaking established in the United Kingdom, those permitted by section 2 of chapter 5 of the Collective Investment Schemes sourcebook [Sourcebooks made by the Financial Conduct Authority and copies of the rules referred to can be obtained from the Financial Conduct Authority, 12 Endeavour Squa
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