A mutual fund for the purposes of the definition of an offshore fund (¶783-100) is an arrangement with respect to property of any type where (TIOPA 2010, s. 356):

(1)the purpose or effect of the arrangements is to enable participants to participate in, or receive profits or income arising from, the acquisition, holding, management or disposal of the property;

(2)the participants do not have day-to-day control of the management of the property; and

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