Article 4. F1

such other collective investment undertakings are authorised under laws which provide that they are subject to supervision considered by the FCA to be equivalent to that provided for by the law of the United Kingdom, and that cooperation between authorities is sufficiently ensured;

the level of protection for unit-holders in the other collective investment undertakings is equivalent to that provided for unit-holders in a UCITS, and in particular that the rules on asset segregation, borrowing, lending, and uncovered sales of transferable securities and money market instruments are equivalent to the requirements of the law of the United Kingdom relating to UCITS;

the business of the other collective investment undertakings is reported in half-yearly and annual reports to enable an assessment to be made of the assets and liabilities, income and operations over the reporting period; and

no more than 10% of the assets of the UCITS or of the other collective investment undertakings, whose acquisition is contemplated, can, according to their fund rules or instruments of incorporation, be invested in aggregate in units of other UCITS or other collective investment undertakings.