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  1. 48(1) (in relation to a collective investment scheme) the investment, specified in article 81 of the Regulated Activities Order (Units in a collective investment scheme) and defined in section 237(2) of the Act (Other definitions)), which is the right or interest (however described) of the participants in a collective investment scheme; this includes:
    1. (a) (in relation to an AUT) a unit representing the rights or interests of the Unitholders in the AUT;
    2. (aa) (in relation to an ACS) a unit representing the rights or interests of the Unitholders in the ACS; and47
    3. (b) (in relation to an ICVC) a share in the ICVC.; and
  3. 48(2) (in relation to an alternative investment fund) the right or interest (however described) of an investor in an alternative investment fund.