This sourcebook, except for COLL 9 (Recognised schemes), applies to:
3An EEA UCITS management company that is providing collective portfolio management services for a UCITS scheme from a branch in the United Kingdom, or under the freedom to provide cross border services, is advised that where it operates a UCITS scheme as its designated management company, it meets the Glossary definition of an "ACD" of an ICVC or a "manager" of an AUT which in either case is a UCITS scheme. Such firms should be aware that provisions in this sourcebook that apply to an ACD or a manager of a UCITS scheme accordingly apply to them, unless otherwise indicated: see COLL 12.3 (EEA UCITS management companies) for further details.
The general purpose of this sourcebook is to contribute to the FSA meeting its regulatory objective of the protection of consumers. It provides a regime of product regulation for authorised funds, which sets appropriate standards of protection for investors by specifying a number of features of those products and how they are to be operated.
In addition, this sourcebook implements part of the requirements of the UCITS Directive to meet EU law 2 obligations relevant to authorised funds and management companies,3 with other requirements implemented in other parts of the Handbook.2
3COLL 12 provides for the application of COLL in relation to the management company passport under the UCITS Directive. It explains how the passporting regime applies to both UK UCITS management companies and EEA UCITS management companies when providing collective portfolio management services on a cross-border basis. It also explains how the product passport (for UCITS) operates and how UCITS schemes may be marketed in other EEA States.