redemption

(1) (in relation to units in an authorised fund that is not a direct dealing scheme) the purchase of units from their holder by the authorised fund manager acting as a principal.
(2) (in relation to units in an authorised fund that is a direct dealing scheme) the cancellation of units by:
1. (a) the ICVC; or
2. (b) in relation to an AUT or ACS, the depositary or, where permitted by the instrument constituting the fund, the authorised fund manager.