• Commercial activities unrelated to Regulated Activities

    • FUNDS 2.1.4

      An arrangement does not constitute a Fund if each of the participants in the arrangement:

      (a) carries on a business which does not involve the carrying on of any of the Regulated Activities specified under Schedule 1 of FSMR or an activity which would be such an activity were it not for any applicable exclusion; and
      (b) enters into the arrangement for commercial purposes related to that business where that participant carries on that business by virtue of being a participant in the arrangement.