COLL 9
Recognised schemes
COLL 9.1
Application and general information
- 01/12/2004
Application
COLL 9.1.1
See Notes
This chapter applies to operators of recognised schemes and to operators of schemes making a notification in respect of them under Chapter V of Part XVII of the Act (Recognised overseas schemes).
- 01/04/2004
Purpose
COLL 9.1.2
See Notes
This chapter enables potential operators of recognised schemes to know what information and documents the
FSA
wish to receive to enable it to consider whether to recognise the scheme under the Act for marketing in the United Kingdom.
- 01/04/2004
General information
COLL 9.1.3
See Notes
Further information about notifications for recognition is contained in COLLG.
- 01/04/2004
COLL 9.2
Section 264 recognised schemes
- 01/12/2004
COLL 9.2.1
See Notes
(1) [deleted]
(2) [deleted]
(3) [deleted]
(4) [deleted]
- 01/07/2011
Marketing of units of an EEA UCITS scheme
COLL 9.2.2
See Notes
(1)
The units of an EEA UCITS scheme in respect of which a notification has been transmitted to the FSA by the competent authority of the UCITS Home State in accordance with article 93 of the UCITS Directive may be marketed in the United Kingdom. This is the effect of section 264 (Schemes constituted in other EEA States) read in conjunction with section 238(4)(c) (Restrictions on promotion) of the Act.
(2) Where a management company wishes to market the units of an EEA UCITS scheme it manages, without establishing a branch or providing any other services in the United Kingdom, a management company passport is not required for such marketing activities.
(3) In this Chapter references to an EEA UCITS scheme include its sub-funds.
[Note: article 16(1) second paragraph, article 91(1) and 91(4) of the UCITS Directive]
[Note: article 16(1) second paragraph, article 91(1) and 91(4) of the UCITS Directive]
- 01/07/2011
COLL 9.3
Section 270 and 272 recognised schemes
- 01/12/2004
Information and documents to be supplied for a section 270 notification or section 272 application Information and documents to be supplied for a section 272 application
COLL 9.3.1
See Notes
(1) If the operator of a scheme gives notice to the
FSA
under section 270 of the Act (Schemes authorised in designated countries or territories) or makes an application under section 272 of the Act (Individually recognised overseas schemes), the notice or application must include the information in paragraph (4).
(2) The documents must be in English or accompanied by a translation in English.
(4) The operator of the scheme must provide the following information and documents with the notification or application:
(a) the name of the scheme;
(b) the legal form of the scheme;
(c) the name and address of the operator;
(d) the address of the place in the United Kingdom for service on the operator of notices or other documents;
(e) whether the operator intends to market the scheme in the United Kingdom in a manner which will involve it carrying on a regulated activity in the United Kingdom;
(f) the name and address of any person to whom the property subject to the scheme is entrusted for safekeeping;
(g) the address of the place in the United Kingdom where scheme facilities (see COLL 9.4) will be maintained;
(h) details of the arrangements for the marketing of units in the United Kingdom, namely:
(i) the proposed commencement date;
(ii) whether the units will be sold by or through any employed sales force, authorised persons, or unsolicited calls;
(i) a copy of the
instrument constituting the scheme;
(k) a copy of the latest annual report and any subsequent half-yearly report;
(m) for notifications under section 270 only, a copy of the authorisation document issued by the authority in the designated territory confirming that the scheme is of a class covered by the designation order.
- 01/04/2004
Additional information required in the prospectus for an application under section 272
COLL 9.3.2
See Notes
An operator of a scheme recognised under section 272 of the Act must ensure the prospectus:
(1) contains a statement that "Complaints about the operation of the scheme may be made to the
FSA
."; and
(2) states whether or not investors in the scheme would be covered by the compensation scheme, and if so, it must state how they are covered and who they would need to contact for further information.
- 01/04/2004
Preparation and maintenance of prospectus
COLL 9.3.3
See Notes
(1) An operator of a scheme which is a recognised scheme by virtue of section 270 or 272 of the Act must comply, subject to paragraph (2) below, with the requirements set out in COLL 4.2 (Pre-sale notifications).
(2) Where a scheme recognised under section 270 of the Act is managed and authorised in Guernsey, Jersey, or the Isle of Man, the prospectus need not comply with the requirements of COLL 4.2.5 R (Table: contents of prospectus), providing it contains corresponding matter required under the law in its home territory.
- 01/04/2004
COLL 9.4
Facilities in the United Kingdom
- 01/12/2004
General
COLL 9.4.1
See Notes
(1) The operator of a recognised scheme under section 264, section 270 or section 272 of the Act must maintain facilities in the United Kingdom in order to satisfy the requirements of COLL 9.4.2 R to COLL 9.4.6 R.
(2) In this section, a facility is a place of business that complies with COLL 9.4.6 R (Place of facilities).
- 01/04/2004
Documents
COLL 9.4.2
See Notes
(1) The operator of a recognised scheme must maintain facilities in the United Kingdom for any person, for inspection (free of charge) and for the obtaining (free of charge, in the case of the documents at (c) and (d), and otherwise at no more than a reasonable charge) of copies in English of:
(a) the
instrument constituting the scheme;
(b) any instrument amending the
instrument constituting the scheme;
(c) the latest prospectus (which must include the address where the facilities are maintained and details of those facilities);
(e) the latest annual and half-yearly reports.
(1A) For a section 264 recognised scheme, the requirement in (1) for documents to be in English applies only to the EEA key investor information document referred to in (1)(d).
(2) In relation to notices and documents sent by operators and depositaries to and from the United Kingdom, COLL 4.4.12 R (Notice to unitholders) and COLL 4.4.13 R (Other notices) apply.
- 22/03/2012
Price and redemption
COLL 9.4.3
See Notes
(1) The operator must maintain facilities in the United Kingdom for any person where:
(2) An operator is treated as complying with paragraph (1) if it ensures participants may sell their units on an investment exchange at a price not significantly different from net asset value; and if so, must inform participants of the investment exchange.
- 01/04/2004
Bearer certificates and characteristics of units in the scheme
COLL 9.4.4
See Notes
(1) The operator must maintain facilities in the United Kingdom at which the unitholder of a bearer certificate may obtain free of charge:
(a) payment of dividends; and
(2) The operator must state:
(b) whether persons other than unitholders can vote at meetings of unitholders and, if so, who those persons are.
- 01/04/2004
Complaints
COLL 9.4.5
See Notes
The operator must maintain facilities in the United Kingdom, at which any person who has a complaint to make about the operation of the scheme can submit his complaint for transmission to the operator.
- 01/04/2004
Place of facilities
COLL 9.4.6
See Notes
(1) The address of the facilities maintained by the operator in accordance with this section and the details of the facilities so maintained must be stated in the prospectus of the scheme.
(2) The address of the facilities referred to in (1) must be the address of the operator's principal place of business in the United Kingdom, or, if there is no such address, the alternative address in paragraph (3).
(3) The alternative address is such convenient address as the operator determines, except that, in the case of a scheme recognised under section 272 of the Act where the operator is not an authorised person, the alternative address is to be the principal place of business in the United Kingdom of the authorised person who is the representative of the operator.
- 01/04/2004