Q. Can units in an open-ended investment fund which meet the transferable securities criteria be treated as transferable securities?
A. No. Units in open-ended investment funds must be subject to the criteria set down in Regulation 4(3), the rules set down in Regulation 68(1)(e) and the limits set down in Regulation 73 of the UCITS Regulations. It is irrelevant whether the units of the open-ended investment fund also meet the transferable securities criteria.