Paragraph 5
Units or other beneficial interests in—
(a)
a scheme falling within Council Directive 85/611/EEC of 20 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; and
(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.