Guidance

For the purposes of Rule 11.1.2(1)(f), a Fund should be regarded as being open-ended in circumstances where a reasonable investor would, if he were to invest in the Fund: (a) expect that he would, within a reasonable period of time, be able to realise such investment; and (b) be satisfied that his investment would be realised on a basis calculated wholly or mainly by reference to the value of the property of the Fund.