The CCF is an unincorporated body established by a management company under which the participants by contractual arrangements participate and share in the property of the fund as co-owners (specifically tenants in common). It is modelled on the Luxembourg Fonds commun de placement or "FCP" structure. Although the CCF could only be established as a UCITS when it was originally introduced in 2003, a non UCITS CCF can now be established pursuant to the "Investment Funds, Companies and Miscellaneous Provisions Act 2005", which was enacted in June 2005.