feeder NURS

a non-UCITS retail scheme which:

1. (a) does not operate as:
   1. (i) a FAIF; or
   1. (ii) [deleted]
   1. (iii) a scheme dedicated to units in a single property authorised investment fund; and
1. (b) is dedicated to units in either:
   1. (i) a single qualifying master scheme; or
   1. (ii) a single sub-fund of a qualifying master scheme that is an umbrella; and
   1. which, in the case of either (i) or (ii), is:
      1. (A) a UCITS; or
      1. (B) a non-UCITS retail scheme; or
      1. (C) a recognised scheme.