permitted land and property

59in relation to permitted links, any interest in land (and any buildings situated on it) provided that:

1. (a) it is considered by the firm to be located in a territory with a properly functioning market, indicated by the following criteria:
   1. (i) a lack of artificial barriers, including barriers to foreign ownership and repatriation of capital;
   2. (ii) fair and accurate valuation;
   3. (iii) suitably qualified and independent surveyors;
   4. (iv) accurate financial information;
   5. (v) enforceable contractual and other property rights;
   6. (vi) clarity of taxation;
   7. (vii) availability of reliable economic and property market data;
   8. (viii) ethical transaction standards; and
2. (b) it is:
   1. (i) owned directly by the firm; or
   2. (ii) held in a structure, or a series of structures, that do not pose a materially greater risk to linked policyholders than a direct holding; and
3. (c) it is not geared in excess of 10% of the gross asset value of the linked fund excluding any amounts represented by holdings in property detailed in permitted scheme interests (b) (i) to (iv). But this percentage restriction does not apply if the relevant policyholder or trustee or operator acting on behalf of an individual beneficiary requests, directly or indirectly, the firm to hold those investments based on the risk profile and objectives, stipulated by and specific for that individual under an investment management agreement with that individual.