PRIV 1.2.7 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) A scheme registered under these rules may be an open-ended scheme or closed-ended scheme.
Derived from QFCRA RM/2010-06 (as from 1st January 2011)