Categories of Undertakings for Collective Investment in Transferable Securities excluded by virtue of their investment and borrowing policies.
(a) Undertakings the investment policy of which provides for the placement of 25 per cent (twenty-five per cent) or more of their net assets in high risk capital (venture capital funds).
(b) Undertakings the investment policy of which provides the investment of 20 per cent (twenty per cent) or more of the net assets (other than liquidities) in assets other than securities as described in Regulations 45 of these Regulations.
(c) Undertakings the investment policy of which provides for borrowing on a permanent basis and for investment at least 25 per cent (twenty-five per cent) of the net assets (leveraged funds).
(d) Undertakings the investment policy of which provides for investment in other collective investment undertakings of the open ended type of at least 25 per cent (twenty-five per cent) of the net assets (fund of funds).
(e) Underta