collective investment undertaking other than the closed-end type
- (a) the object of which is the collective investment of capital provided by the public, and which operate on the principle of risk-spreading;
- (b) the units of which are, at the holder's request, repurchased or redeemed, directly or indirectly, out of the assets of these undertakings.31
(in PR) (as defined in Article 2.1(o) of the prospectus directive) unit trusts and investment companies: