236 Investment funds and investment entities

236  Investment funds and investment entities

(1)     An “investment fund” is an entity that meets all of the following conditions—

(a)     it is designed to pool assets (which may be financial and non-financial) from a number of investors, at least some of which are not connected;

(b)     it invests in accordance with a defined investment policy;

(c)     it operates with a view to allowing its investors to reduce transaction, research, and analytical costs, or to spread risk collectively;

(d)     it is primarily designed to generate investment income or gains, or protection against a particular or general event or outcome;

(e)     investors have rights to the assets of the fund, or to income earned on those assets, based

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