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  1. Point in time
    2007-01-07

CIS 17.3 Notification to the FSA under section 270 and applications under section 272

Information and documents to be supplied with notifications under sections 270 (designated territories) and applications under section 272 (individually recognised overseas schemes) of the Act

CIS 17.3.1D
  1. (1)

    If the operator of a scheme gives notice to the FSA under section 270 or makes an application under section 272 of the Act, the notice or application must contain (or be accompanied by) the information in CIS 17.3.1 D(2) to (4).

  2. (2)

    The documents must be in English or accompanied by a translation in English.

  3. (3)

    The documents must be certified by the operator to be true copies of the original.

  4. (4)

    The following list is the information and documentation which is referred to in CIS 17.3.1 D(1) and which must be provided with a notification under section 270 or application under section 272 of the Act.

    1. (a)

      name of scheme;

    2. (b)

      legal form of scheme;

    3. (c)

      name and address of the operator;

    4. (d)

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

    5. (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;

    6. (f)

      name and address of any person to whom the property subject to the scheme is entrusted for safekeeping;

    7. (g)

      the address of the place in the United Kingdom where scheme facilities (see CIS 17.4) will be maintained;

    8. (h)

      details of the arrangements for the marketing of units in the United Kingdom, namely:

      1. (i)

        the proposed commencement date;

      2. (ii)

        whether the units or shares will be sold by or through: any employed sales force (including any appointed representative); persons authorised under the Act; or unsolicited calls;

    9. (i)

      a copy of the instrument constituting the scheme;

    10. (j)

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

    11. (k)

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

    12. (l)

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

    13. (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.

Subsequent notification in respect of schemes recognised under sections 270 and 272 of the Act

CIS 17.3.2G

Wherever a change occurs in the information supplied or in a document supplied under CIS 17.3.1 D, the FSA wishes to be notified of these changes.

Additional information required in the prospectus for notifications under section 272

CIS 17.3.3R
  1. (1)

    The prospectus must contain the following statement:"Complaints about the operation of the scheme may be made to the FSA."

  2. (2)

    The prospectus must state whether or not investors in the scheme would be covered by the Compensation Scheme. If investors in the scheme are covered by the Compensation Scheme the prospectus must state how they are covered and who they would need to contact for further information.

Preparation and maintenance of prospectus

CIS 17.3.4R
  1. (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 CIS 3 in respect of the preparation, publication and inspection of a prospectus.

  2. (2)

    Where a scheme recognised under section 270 of the Act is managed and authorised in the Bailiwick of Guernsey or the Bailiwick of Jersey or the Isle of Man, the prospectus need not comply with the requirements of CIS 3, providing it contains corresponding matter required under the law in their territory.

  3. (3)

    An operator of a collective investment scheme which is recognised under section 270 or 272 of the Act must comply with the requirements in CIS 3.3 (False or misleading prospectus) and CIS 3.4 (Revision of and changes to prospectus).

Refusal of approval: schemes recognised under section 270 of the Act

CIS 17.3.5G

The FSA's power to refuse recognition and the procedures for this are set out in section 271 of the Act and described in CIS 16.1.

Refusal of approval: schemes recognised under section 272 of the Act

CIS 17.3.6G

The FSA's power to refuse recognition and the procedures for this are set out in section 276 of the Act and described in CIS 16.1.