inherently illiquid asset

170an asset which is:

1. (1) an immovable;
2. (2) an investment in an infrastructure project;
3. (3) a transferable security (within paragraph (2) of that definition) that is neither:
   1. (a) a government and public security denominated in the currency of the country of its issuer;
   2. (b) a security which is listed or traded on an eligible market; nor
   3. (c) a newly issued security which can reasonably be expected to fall within (b) when it begins to be traded;
4. (4) any other investment which is not listed or traded on an eligible market and satisfies one or more of the following conditions:
   1. (a) sale and purchase transactions are typically negotiated on a one-off basis;
   2. (b) valuation for the purposes of agreeing a sale price is typically complex and may require the seller and/or buyer to obtain specialist advice;
   3. (c) it may take significant time for one party in a proposed transaction to identify another party prior to sale and purchase negotiations commencing;
   4. (d) once negotiations have commenced, transactions typically take significant time to complete;
5. (5) a unit in another FIIA;
6. (6) a unit in a qualified investor scheme where that qualified investor scheme:
   1. (a) would itself meet condition (1) of the definition of a FIIA if it were a non-UCITS retail scheme;
   2. (b) permits redemptions of units on timescales which do not reflect the time typically needed to sell, liquidate or close out the assets in which the qualified investor scheme invests, those assets being ones which fall within paragraphs (1) to (5) above or (6A) and 182(7) below; and
   3. (c) is not in the process of winding up or termination;

182(6A) a unit in a long-term asset fund where that long-term asset fund:

1. (a) would itself meet condition (1) of the definition of a FIIA if it were a non-UCITS retail scheme; and
2. (b) is not in the process of winding up or termination;
3. (7) a unit in an open-ended unregulated collective investment scheme where that unregulated collective investment scheme:
   1. (a) aims to invest at least 50% of the value of the property of the unregulated collective investment scheme in assets falling within paragraphs (1) to (6A) 182 above;
   2. (b) permits redemptions of units on timescales which do not reflect the time typically needed to sell, liquidate or close out those assets; and
   3. (c) is not in the process of winding up or termination.