GEN 2.25.1
(1) In GEN Rule 2.2.2, Acting as the Trustee of a Fund means holding the assets of a Fund on trust for the Unitholders where the Fund is in the form of an Investment Trust .
(2) To the extent that any activity under (1) constitutes Providing Fund Administration or Providing Custody , such a Financial Service is taken to be incorporated within Acting as the Trustee of a Fund .