In the Principles and the Explanatory Memorandum the following terms are used with the following meanings:

Administrator	a person, which may or may not be the operator, who carries out all or part of the general administration of a CIS.
Advertising	any activity or notice (electronically communicated or otherwise) which publicly calls or draws attention to a collective investment scheme.
CIS	an open end collective investment scheme that issues redeemable units and invests primarily in transferable securities or money market instruments. For the purposes of these Principles, it excludes schemes investing in property/real estate, mortgages or venture capital.
Custodian	includes a trustee or depositary but not a sub custodian.
Delegate	means a third party engaged by the operator of a collective investment scheme to carry out certain tasks for the operator of the CIS, but does not include the custodian of the CIS.
Investment Manager	a person, which may or may not be the operator, who provides investment advice for the CIS.
Law	means the law of a member country and includes any rules, codes or regulations adopted under that law or imposed under the power of the regulatory authority.
Money market instruments	transferable securities that are usually traded on a money market, which the regulatory authority agrees are liquid assets and the value of which may be precisely determined at any time according to a permanent valuation methodology.
Operator	means the legal entity that has overall responsibility for management and performance of the functions of the CIS, which may include investment advice and operational services.
Prospectus	a formal written offer document offering units or shares in a collective investment scheme.
Purchase	when applying to units or shares, is the purchase of new units or shares, or existing units or shares, by an investor from the CIS or the operator.
Redemption	when applying to units or shares, is the sale of units either directly or indirectly by an investor to the CIS or the operator.
Regulated market	a market that is supervised by a public body in charge of defining its organisation and functioning rules, its operating and access conditions as well as contract specification and issuing conditions.
Regulatory authority	may mean either a single statutory or government authority or a combination of authorities that derive power from a single statutory or government authority.
Scheme rules	rules that govern the operation a collective investment scheme as laid down in the constituting documents of the CIS and, in the case of an investment company, includes matters referred to in the investment company's instruments of incorporation, by-laws and any standing resolutions
Transferable securities	any stocks, shares or other instruments which provide direct or indirect access to the equity capital of an issuer, or which provide a general debt right on its assets.
UCITS	are undertakings for collective investment in transferable securities as recognised in the EC Directive 85/611.
Umbrella funds	CIS that offer access to separate portfolios or sub funds covering different types of investment and represented by different classes of units with different issue and redemption prices.
Unit	refers to the proportionate holding that an investor has in a collective investment scheme and any reference to a unit shall include a share in an investment company.