MIR 3.9.3 Units in collective investment funds
When assessing whether Units are capable of being traded in a fair, orderly and efficient manner for the purposes of Rule 3.9.1, a Recognised Investment Exchange shall take the following aspects into account:
(a) For an open‐ended Collective Investment Fund:
(i) the distribution of those Units to the public;
(ii) whether there are appropriate market‐making arrangements, or whether the Fund Manager provides appropriate alternative arrangements for investors to redeem the Units; and
(iii) whether the value of the units is made sufficiently transparent to investors by means of the periodic publication of the net asset value.
(b) For a closed‐ended Investment Fund:
(i) the distribution of those Units to the public; and
(ii) whether the value of the Units is made sufficiently transparent to investors, either by publication of information on the Fund's investment strategy or by the periodic publication of a net asset value.