# The Friendly Societies (Insurance Business) (Amendment) Regulations 1996, Paragraph 5


Units or other beneficial interests in—
(a) a scheme falling within Council Directive 85/611/EEC of 20th December 1985 on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investments in transferable securities;
(b) a collective investment fund which satisfies the following conditions—
(i) the property of the fund comprises property of any of the descriptions in paragraphs 1 to 10 of this Schedule;
(ii) the units are readily realisable at a price which represents the net value per unit of the assets and liabilities of the fund; and
(iii) the price at which the units may be bought and sold is published regularly.

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Source: https://www.legislation.gov.uk/uksi/1996/3008/schedule/2/paragraph/5 (the official version)
Page: https://openlegislation.uk/friendly-societies-insurance-business-amendment-regulations-1996/schedule-2/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.