Recognised schemes

Part

COLL Collective Investment Schemes

Chapter

Recognised schemes

Printed on: 06/11/2024

Rulebook at: 06/02/2009

COLL 9

Recognised schemes

COLL 9.1

Application and general information

01/12/2004

Application

COLL 9.1.1

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

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.

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General information

COLL 9.1.3

Further information about notifications for recognition is contained in COLLG.

01/04/2004

COLL 9.2

Section 264 recognised schemes

01/12/2004

Information and documents to be supplied with a section 264 notification

COLL 9.2.1

(1) If the operator of a collective investment scheme constituted in a EEA State gives notice to the FSA under section 264 of the Act, it should include the information described in paragraphs (2) to (4) below (see the Financial Services and Markets Act 2000 (Collective Investment Schemes Constituted in Other EEA States) Regulations 2001 (SI 2001/2383), as amended).

(2) The documents must be in English, or accompanied by a translation in English.

(3) The documents should be certified by the operator to be true copies of the original.

(4) The FSA will need the following information and documentation in connection with the notification:

(a) the name of the scheme;

(b) the legal form of the scheme;

(d) the address of the place in the United Kingdom for the service on the operator of notices or other documents;

(e) the name and address of any supervisory authority or authorities to which the operator is subject in the EEA State in which it is established;

(f) 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;

(g) the name and address of the depositary;

(h) the address in the United Kingdom where the scheme facilities (see COLL 9.4) will be maintained;

(i) 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;

(j) the attestation or certificate from the authorities of the EEA State in which the scheme is authorised which demonstrates that the scheme complies with the UCITS Directive;

(k) a copy of the instrument constituting the scheme;

(l) a copy of the prospectus and the simplified prospectus of the scheme; and

(m) a copy of the latest annual report and any subsequent half-yearly report.

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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

(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.

(3) The documents must be certified by the operator to be true copies of the originals.

(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;

(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;

(j) a copy of the prospectus or any similar document giving details of the scheme;

(k) a copy of the latest annual report and any subsequent half-yearly report;

(l) a copy of any other document affecting the rights of participants in the scheme; and

(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.

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Additional information required in the prospectus for an application under section 272

COLL 9.3.2

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.

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Preparation and maintenance of prospectus

COLL 9.3.3

(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.

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COLL 9.4

Facilities in the United Kingdom

01/12/2004

General

COLL 9.4.1

(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).

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Documents

COLL 9.4.2

(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);

(d) for a section 264 recognised scheme, the simplified prospectus; and

(e) the latest annual and half-yearly reports.

(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.

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Price and redemption

COLL 9.4.3

(1) The operator must maintain facilities in the United Kingdom for any person where:

(a) information in English can be obtained about prices of units in the scheme; and

(b) a participant may redeem or arrange for redemption of units in the scheme and obtain payment.

(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.

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Bearer certificates and characteristics of units in the scheme

COLL 9.4.4

(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

(b) details or copies of any notices which have been given or sent to participants in the scheme.

(2) The operator must state:

(a) the nature of the right represented by the units in the scheme; and

(b) whether persons other than unitholders can vote at meetings of unitholders and, if so, who those persons are.

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Complaints

COLL 9.4.5

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.

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Place of facilities

COLL 9.4.6

(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.

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