# Council Directive of 24 June 1988 for the implementation of Article 67 of the Treaty (88/361/EEC), Division: Collective investment undertakings

Extent: E+W+S+N.I.

Untertakings:
the object of which is the collective investment in transferable securities or other assets of the capital they raise and which operate on the principle of risk-spreading, and
the units of which are, at the request of holders, under the legal, contractual or statutory conditions governing them, repurchased or redeemed, directly or indirectly, out of those undertakings' assets. Action taken by a collective investment undertaking to ensure that the stock exchange value of its units does not significantly vary from their net asset value shall be regarded as equivalent to such repurchase or redemption.
Such undertakings may be constituted according to law either under the law of contract (as common funds managed by management companies) or trust law (as unit trusts) or under statute (as investment companies).
For the purposes of the Directive, ‘common funds’ shall also include unit trusts.

---
Source: https://www.legislation.gov.uk/eudr/1988/361/annex/I/division/14/division/10 (the official version)
Page: https://openlegislation.uk/eu-directive-1988-361/annex-I/division-14/division-10
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.