For the purposes of the Listing Rules (LR) (and the proposed UKLR), an entity with limited liability (including a company, limited partnership, or limited liability partnership) whose primary object is investing and managing its assets (including pooled funds contributed by holders of its listed securities):

A CEIF is an investment entity within the LR (and the proposed UKLR) and may, for example, be a REIT with an investment policy with the objective of spreading investment risk.

In the LR, CEIFs may have a premium listing under LR 15.

In the UKLR, CEIFs can list equity shares under UKLR 11 and may also list further classes of equity shares within that listing category, as well as listing non-equity shares and non-voting equity shares under UKLR 16. The UKLR are expected to come into force early H2 2024 and will replace the LR.

A closed-ended investment fund has a fixed number of units that can be issued subject to company law or the investment fund's own constitution. Units are normally traded in a secondary market or are sold when the investment fund is wound up.

When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of closed-ended investment fund.