PART 3REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
CHAPTER 12CONSTANT NAV FUNDS
Interpretation
Meaning of “constant NAV fund”118
1
In these Regulations a “constant NAV fund” means an offshore fund that meets conditions A and B.
2
Condition A is that the net asset value of the fund (expressed in the currency in which units are issued) will not fluctuate by more than an insignificant amount throughout the fund's existence.
3
Condition B is that condition A is met as a result of—
a
the nature of the fund's assets, and
b
the frequency with which the fund distributes its income.