COLL 1.2.10 What are Open-Ended and Closed-Ended Schemes?

(1) An open-ended scheme is a collective investment scheme (or scheme) that permits its units to be redeemed, whether continuously or periodically.

Note Unit is defined in r 1.2.4. Redemption is defined in the glossary.
(2) A closed-ended scheme is a collective investment scheme (or scheme) that does not permit its units to be redeemed.
(3) Subject to subrule (4), a scheme registered under these rules must be an open-ended scheme.
(4) A QFC retail scheme that is a property fund may be closed-ended or open-ended. A REIT must be a closed-ended scheme.
Amended by QFCRA RM/2016-1 (as from 19th September 2016)