Transitional Provisions and Schedules

Part

COLL Collective Investment Schemes

Chapter

Transitional Provisions and Schedules

Printed on: 06/11/2024

Rulebook at: 06/04/2010

Transitional Provisions and Schedules

COLL TP 1

Transitional Provisions

COLL TP 1.1

(1)

(2)
Material to which the transitional provision applies

(3)

(4)
Transitional provision

(5)
Transitional provision: dates in force

(6)
Handbook provision: coming into force

Extra time provisions

Existing schemes electing to comply with COLL

[deleted]

Expired

[deleted]

Each and every rule in COLL

The rules in COLL do not apply to any relevant party in relation to an authorised fund where the winding up of the fund has commenced before 12 February 2007, provided that each relevant party shall continue to comply with the provisions of CIS as if they still applied to them.

From 12 February 2007

12 February 2007

[deleted]

Expired

[deleted]

Expired

[deleted]

Expired

[deleted]

Expired

[deleted]

.[deleted]

[deleted]

Expired

[deleted]

Expired

[deleted]

Expired

[deleted]

Expired

[deleted]

[deleted

Expired

[deleted]

Definition of relevant party

[deleted]

Expired

[deleted]

Expired

[deleted]

Expired

[deleted]

Amendments to COLL made by the Collective Investment Schemes Sourcebook (UCITS Eligible Assets Directive and Other Amendments) Instrument 2008

(1) The authorised fund manager of an authorised fund may elect for early compliance with the instrument, in which case COLL applies as if it had been amended by the instrument.

Expired

[deleted]

(2) An election is irrevocable and does not take effect until the authorised fund manager notifies the depositary and the FSA in writing of the date it takes effect.

Expired

(3) The authorised fund manager must make a record of the election and retain it for a period of six years from the date it takes effect.

From 6 March 2008 until 6 years from the date the relevant election took effect

Amendments to COLL 5.6.3 R made by the Collective Investment Schemes Sourcebook (Amendment No 5) Instrument 2009

The new timing provisions in relation to the prudent spread of risk will not take effect until 6 January 2011 in relation to those non-UCITS retail schemes authorised as an AUT or an ICVC prior to 6 January 2010.

6 January 2010 to 5 January 2011

6 January 2010

COLL 4.5 and COLL 8.3.5 R to COLL 8.3.5E R

In relation to the preparation of any report pursuant to COLL 4.5 or COLL 8.3.5 R to COLL 8.3.5E R for the last annual accounting period or half-yearly accounting period ending before 6 March 2010, the authorised fund manager, depositary and auditor may together elect to comply with those rules as they were in force on 5 March 2010. The authorised fund manager must make a record of any such election and retain it for a period of six years from the date on which that record is made.

From 6 March 2010 to 5 July 2010

6 March 2010

06/03/2010

COLL Sch 1

Record keeping requirements

01/12/2004

COLL Sch 1.1

1 Record keeping requirements

Handbook reference

Subject of record

Contents of record

When record must be made

Retention period

COLL Transitional Provision 3

Election or revocation to comply with CIS

Details

At election or revocation

6 years

COLL Transitional Provision 14

Election for early compliance with the instrument

Details

At election

6 years

COLL 4.4.11 R (5)

Minutes of meetings (AFM)

Full details

As implicit from the rules in COLL

COLL 6.2.5 R (1)

Issues and cancellations of units (AFM)

Full details

As implicit from the rules in COLL

COLL 6.4.6 R (4)

Instruments of Transfer (person responsible for the register)

Full details

From registration

6 years

COLL 6.6.6 R (1)

General record- keeping obligations (AFM)

Such as to demonstrate compliance with the rules in COLL

As implicit from the rules in COLL

6 years

COLL 6.6.6 R (2)

Units held, acquired or disposed of (AFM)

Daily record of units held, acquired or disposed of by the AFM

As implicit in rules in COLL

6 years

COLL 6.6.6 R (3)

Dilution record- keeping obligations (AFM)

How the AFM calculates and estimates dilution and its policy and method for determining the amount of any dilution levy or dilution adjustment

As implicit from the rules in COLL

6 years

COLL 6.6.12 R (3)

General record-keeping obligations (depositary)

Such as to demonstrate compliance with the rules in COLL

As implicit from the rules in COLL

6 years

COLL 8.3.8 R (2)

Minutes of meetings (AFM)

Full details

As implicit from the rules in COLL

6 years

COLL 8.5.2 R (3)(e)

General record keeping obligations (AFM)

Full details

As implicit from the rules in COLL

COLL 8.5.2 R (3)(f)

Units held, acquired or disposed of (AFM)

Daily record of units held, acquired or disposed of by the AFM

As implicit from the rules in COLL

6 years

COLL 8.5.4 R (2)(h)

General record keeping obligation (depositary)

Full details

As implicit from the rules in COLL

COLL 8.5.10 R (4)

Issues and cancellations of units (AFM)

Full details

As implicit from the rules in COLL

COLL TP 1.1.16

Election to comply with COLL 4.5 or COLL 8.3.5 R to COLL 8.3.5D R as those rules were in force on 5 March 2010

Details

At election

6 years

06/03/2010

COLL Sch 2

Notification requirements

01/12/2004

COLL Sch 2.1

This schedule sets out the notification requirements detailed in COLL in respect only of notifications to be provided to the FSA. These notification requirements, it should be noted, are in addition to the notifications which must be made to the FSA under section 251 of the Act (Alteration of schemes and changes of manager or trustee) and under regulation 21 of the OEIC Regulations (The Authority's approval for certain changes in respect of a company).

01/12/2004

COLL Sch 2.2

1 Notification requirements

Handbook reference

Matter to be notified

Contents of notification

Trigger event

Time allowed

COLL Transitional provision 3

Election or revocation to comply with CIS

Details and the date from which it is to take effect

At election or revocation

Immediate

COLL Transitional Provision 14

Election for early compliance with the instrument

Details and the date from which it is to take effect

At election

Immediate

COLL 3.2.8 R (2)

Marketing of UCITS scheme in another EEA State

Details, including EEA state concerned

Intention to market

Immediate

COLL 4.2.3 R (1)(b)

Prospectus and any revisions thereto

Copy provided

Marketing scheme

Before marketing begins

COLL 4.5.14 R (2)(d)

Annual and half yearly reports

Copy of report

End of annual or half-yearly accounting period

Immediately on publication

COLL 5.2.24 R (2) & COLL 5.2.24 R (3)

Risk management process and any material alteration to it

Methods of estimating risk, types of derivative, their underlying risk and any quantitative limits

Intention to use derivatives in the management of a scheme or any subsequent proposed material alteration to the risk management process

Before policy is implemented

COLL 6.5.3 R (5)

Change of ACD, directors or controller of ACD or a corporate director

Details

Occurrence

Immediate

COLL 6.6.7 R

Capital of ICVC

Details if capital: (a) falls below minimum or(b) exceeds maximum

Occurrence

Immediate

COLL 6.9.11 R

Change to ICVC or to one of its officers

Details

Occurrence

14 days

COLL 7.2.1 R (2) & COLL 7.2.1R (5)

Suspension or resumption of dealing

Details including reason for suspension

Occurrence

Immediate

COLL 7.3.5 R (5)

Winding up a solvent ICVC or terminating a solvent ICVC sub-fund (Directors)

Solvency statement

Winding up a solvent ICVC or ICVC sub-fund

Within 21 days of notice given under regulation 21 of OEIC Regulations

COLL 7.3.7 R (9)

Winding up a solvent ICVC or sub-fund of an ICVC (Depositary)

Completion of winding up or termination of a sub-fund

Winding up a solvent ICVC or ICVC sub-fund

As soon as reasonably practical after winding up completed

COLL 7.3.8 R (6)

Winding up a solvent ICVC (ACD)

Final accounts

Completion of winding up

Two months

COLL 7.3.8 R (6)

Winding up a solvent ICVC sub-fund (ACD)

Termination account and auditor's report

Termination of sub-fund

Two months

COLL 7.4.4R (6)

Winding up of an AUT or an AUT sub-fund (Trustee)

Completion of winding up

Winding up of an AUT

Immediate

COLL 7.4.5 R (5)

Winding up an AUT or AUT sub-fund

Annual reports of the manager and trustee

End of final accounting period

Two months

COLL 8.3.2 R

Prospectus and revisions

Full documents

Before marketing commences

Immediate

COLL 8.3.5 R (6)

Annual and half yearly reports

Copy of report

End of annual or half-yearly accounting period

Immediately on publication

COLL 8.6.3 R (3) & COLL 8.6.3 R (5)

Suspension or resumption of dealing (AFM)

Details including reason for suspension

Occurrence

Immediate

COLL 9.3.1 D

Notification of a scheme constituted in a designated territory

Prescribed details

Intention to market scheme in UK

As implicit from rules in COLL

COLL 9.3.1 D

Application under section 272 of the Act

Details

Intention to market scheme in the UK

Up to 6 months before commencing marketing

06/08/2009

COLL Sch 3

Fees and other required payments

01/12/2004

COLL Sch 3.1

The provisions relating to fees for collective investment schemes are set out in FEES 1, 2, 3 and 4

01/01/2006

COLL Sch 3.2

The provisions relating to fees for collective investment schemes are set out in FEES 1, 2, 3 and 4

01/01/2006

COLL Sch 4

Powers exercised

01/12/2004

COLL Sch 4.1

The following powers and related provisions in or under the Act have been exercised by the FSA to make the rules in COLL:

Section 138 (General rule-making power)

Section 139 (Miscellaneous ancillary powers)

Section 140 (Restriction on managers of certain collective investment schemes)

Section 145 (Financial promotion rules)

Section 156 (General supplementary powers)

Section 238(5) (Restrictions on promotion)

Section 242 (Applications for authorisation of unit trust schemes)

Section 247 (Trust scheme rules)

Section 248 (Scheme particulars rules)

Section 278 (Rules as to scheme particulars)

Section 340 (Appointment)

Paragraph 17 (Fees) of Schedule 1 (The Financial Services Authority)

Regulation 6 (FSA rules) of the OEIC regulations

06/10/2009

COLL Sch 4.2

The following powers in the Act have been exercised by the FSA to give the guidance in COLL:

Section 157(1) (Guidance)

01/12/2004

COLL Sch 4.3

The following powers in the Act have been exercised by the FSA in COLL to specify and direct:

Section 270(6)(b) (Schemes authorised in designated countries or territories)

Section 274 (Applications for recognition of individual schemes)

01/12/2004

COLL Sch 5

Rights of action for damages

01/12/2004

COLL Sch 5.1

The table below sets out the rules in COLL contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention.

If a Yes appears in the column headed For private person, the rule may be actionable by a private person under section 150 unless a Yes appears in the column headed Removed. A Yes in the column headed Removed indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given.

In accordance with The Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001/2256), a private person is:

(1)

any individual, except when acting in the course of carrying on a regulated activity; and

(2)

any person who is not an individual, except when acting in the course of carrying on business of any kind;

but does not include a government, a local authority or an international organisation.

The column headed For other person indicates whether the rule is actionable by a person other than a private person, in accordance with those Regulations. If so, an indication of the type of person by whom the rule is actionable is given.

01/12/2004

COLL Sch 5.2

1. Actions for damages: the New Collective Investment Schemes Sourcebook

Chapter/Appendix

Section/Annex

Paragraph

Right of action section 150

For private person?

Removed

For other person?

All rules in COLL

Yes

01/12/2004

COLL Sch 6

Rules that can be waived

01/12/2004

COLL Sch 6.1

1. The rules in COLL can be waived by the FSA under sections 148 or 250 of the Act (Modification or waiver of rules) or regulation 7 of the OEIC Regulations (Modification or waiver of FSA rules), except COLL 3.2.8R (UCITS obligations) and COLL 6.9.9 (Restrictions of business for UCITS management companies).

01/12/2004

COLL Sch 6.2

2. Although the FSA has the formal power of waiver under the Act in relation to these rules, much of COLL implements the requirements of the UCITS Directive by ensuring that relevant authorised funds comply with such requirements. Accordingly, while formal power may exist to waive such UCITS Directive derived rules, the FSA's ability to do so is severely constrained.

01/12/2004