According to the Australian Securities and Investments Commission (ASIC), a Managed

According to the Australian Securities and Investments Commission (ASIC) , a managed investment scheme (MIS) , commonly known as a managed fund, exists where:

A) people are brought together to contribute money to obtain an interest in the scheme.
B) money is pooled together with other investors or used in a common enterprise.
C) a responsible entity operates the scheme and hence investors do not have day-to-day control over the operation of the scheme.
D) all of the above.