Article 349
General criteria for CIUs
CIUs shall be eligible for the approach set out in Article 350, where all the following conditions are met:
| (a) | the CIU's prospectus or equivalent document shall include all of the following: 
 
 
 
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| (b) | the business of the CIU shall be 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; | 
| (c) | the shares or units of the CIU are redeemable in cash, out of the undertaking's assets, on a daily basis at the request of the unit holder; | 
| (d) | investments in the CIU shall be segregated from the assets of the CIU manager; | 
| (e) | there shall be adequate risk assessment of the CIU, by the investing institution; | 
| (f) | CIUs shall be managed by persons supervised in accordance with Directive 2009/65/EC or equivalent legislation. |