Activities of trust, estate and agency accounts

This class includes legal entities, not acting as collective investment schemes, organised to pool securities, estates and other financial assets, without managing, on behalf of shareholders or beneficiaries. The portfolios are customised to achieve specific investment characteristics (for example, diversification, risk, rate of return, price volatility). These entities earn interest, dividends and other property income but have little or no employment and no revenue from the sale of services. This class includes: - trusts, estates and agency accounts, administered on behalf of multiple beneficiaries under the terms of a trust agreement, will or agency agreement

This class also includes: - activities of shareholding companies, not owning controlling levels of equity - venture capital companies where the only financing is by shares and no fee is received

This class excludes: - raising funds by issuing shares or units and acting as collective investment schemes, see 64.31