initial offer

(in COLL and CIS) an offer for sale of units in an authorised fund or in a sub-fund (otherwise than in accordance with arrangements of the type described in COLL 5.5.9 R (3) (b) (iii) (Guarantees and indemnities) or, as the case may be, CIS 5.15.8R(3)(b)(iii) or (c) (Guarantees and indemnities)), where all or part of the consideration paid for the account of the authorised fund for the units is to be used to acquire the initial scheme property of the authorised fund or the initial scheme property attributable to the sub-fund.