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:
|
(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. |