CIS 18.1 Introduction
Application
3This chapter applies to:
- (1)
every person seeking an authorisation order for, or recognition of, a collective investment scheme;
- (2)
every manager of an authorised unit trust;
- (3)
- (4)
every person who, under the constitution or founding arrangements of a recognised scheme, is responsible for the management of the property held for or within the scheme;12
Purpose
The purpose of this chapter is to set out the requirements for the payment of fees relating to collective investment schemes.1
Background
Most of the detail of the fees payable in relation to a collective investment scheme is set out in CIS 18 Annex 1 R. The provisions of the Annex may vary from one financial year to another. Accordingly a fresh CIS 18 Annex 1 R will come into force, following consultation, for each financial year.12
The fees for collective investment schemes reflect the estimated costs to the FSA of assessing applications and notifications, considering proposals to change regulated collective investment schemes, maintaining up to date records about them, and related policy work. 12
The level of fees payable in respect of an application or a notification will vary depending upon the provision of the Act under which it is made. This fee is adjusted when the scheme concerned is an umbrella scheme.12