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Dec 18 2018 onwards

18A. Definitions of Open-ended and Closed-ended Fund

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(1) In this Law, an Open-ended Fund and a Closed-ended Fund have the meanings given in (2) and (3).

(2) An Open-ended Fund means a Fund where investors have a right (generally, on request, or at a specified frequency) to have their Units redeemed or repurchased at a value calculated based on the net asset value of the Fund Property.

(3) A Closed-ended Fund means a Fund where investors have no right of redemption or repurchase of their Units.