37 Furthermore, funds which, without being collective investment undertakings within the meaning of the UCITS Directive, display characteristics identical to theirs and thus carry out the same transactions or, at least, display features that are sufficiently comparable for them to be in competition with such undertakings must also be regarded as special investment funds (see, to that effect, judgments in Abbey National, C‐169/04, EU:C:2006:289, paragraphs 53 to 56; JP Morgan Fleming Claverhouse Investment Trust and The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, paragraphs 48 to 51; Wheels Common Investment Fund Trustees and Others, C‐424/11, EU:C:2013:144, paragraph 24; and ATP PensionService, C‐464/12, EU:C:2014:139, paragraph 47).
37 Vidare ska även sådana fonder anses utgöra särskilda investeringsfonder som, utan att utgöra företag för kollektiva investeringar i den mening som avses i direktiv 85/611, har likadana egenskaper som de sistnämnda och således utför samma transaktioner, eller åtminstone har så likartade drag att de kan anses konkurrera med dessa (se, för ett liknande resonemang, dom Abbey National, C‐169/04, EU:C:2006:289, punkterna 53–56, dom JP Morgan Fleming Claverhouse Investment Trust och The Association of Investment Trust Companies, C‐363/05, EU:C:2007:391, punkterna 48–51, dom Wheels Common Investment Fund Trustees m.fl., C‐424/11, EU:C:2013:144, punkt 24, och dom ATP PensionService, C‐464/12, EU:C:2014:139, punkt 47).EurLex-2 EurLex-2