permitted units

units or beneficial interests in any real or notional fund that invests only in permitted links or conditional permitted links, or both, and is managed either:

1. (a) wholly by the insurer; or
1. (b) wholly or partly by:
   1. (i) an agent on behalf of the insurer; or
   1. (ii) a reinsurer in relation to a reinsurance contract with the insurer;
   for whom the insurer retains all responsibility towards its linked policyholders.