COLL 12.3 EEA UCITS management companies

This section applies to an EEA UCITS management company that provides collective portfolio management services in the United Kingdom by acting as the manager of an AUT or the ACD of an ICVC which is a UCITS scheme, either by establishing a branch or under the freedom to provide cross border services.

1. (1)

   An EEA UCITS management company which applies to manage a UCITS scheme under paragraph 15A(1) of Schedule 3 to the Act must provide the FSA with the following documents:

   1. (a)

      the written agreement that has been entered into with the depositary of the scheme, as referred to in COLL 6.6.4 R (6) (General duties of the depositary);

   2. (b)

      information on any delegation arrangements it has made regarding the functions of investment management and administration, as referred to in Annex II of the UCITS Directive; and

   3. (c)

      the form required under SUP 13A Annex 3R (EEA UCITS management companies: application for approval to manage a UCITS established in the United Kingdom).

2. (2)

   If the EEA UCITS management company already manages other UCITS schemes of the same type in the United Kingdom and under the same arrangements, reference to the documents already provided to the FSA is sufficient compliance with (1)(a) and (b).

3. (3)

   If any subsequent material modification is made to any of the documents referred to in (1)(a) and (b), the EEA UCITS management company must promptly notify the FSA of those changes.

An EEA UCITS management company that manages a UCITS scheme must comply with the rules of the Handbook which relate to the constitution and functioning of the UCITS scheme (the fund application rules), as follows:

1. (1)

   the setting up and authorisation of the UCITS scheme (COLL 1 (Introduction), COLL 2 (Authorised fund applications), COLL 3 (Constitution), COLL 6.5 (Appointment and replacement of the authorised fund manager and the depositary), COLL 6.6 (Powers and duties of the scheme, the authorised fund manager and the depositary) (unless disapplied), COLL 6.7 (Payments), COLL 6.9.1 R (Application) to COLL 6.9.8 G (Undesirable or misleading names: umbrellas - guidance) and COLL 6.9.11 R (Notification to the FSAin its role as registrar of ICVCs));

2. (2)

   the issue and redemption of units (COLL 6.1 (Introduction and application), COLL 6.2 (Dealing) (with the exception of COLL 6.2.19 R (Limited redemption) and COLL 6.2.20 G (Limited redemption: guidance)) and COLL 7.2 (Suspension and restart of dealings));

3. (3)

   investment policies and limits, including the calculation of total exposure and leverage, and restrictions on borrowing, lending and uncovered sales (COLL 5.1 (Introduction) to COLL 5.5 (Cash, borrowing, lending and other provisions), COLL 5.8 (Investment powers and borrowing limits for feeder UCITS), COLL 6.12 (Risk management policy and risk measurement) and COLL 11 (Master-feeder arrangements under the UCITS Directive));

4. (4)

   the value of the scheme property and the accounting of the UCITS scheme (COLL 6.1 (Introduction and application) and COLL 6.3 (Valuation and pricing) (unless disapplied));

5. (5)

   the calculation of the issue or redemption price, and errors in the net asset value and related investor compensation (COLL 6.1 (Introduction and application) and COLL 6.3 (Valuation and pricing));

6. (6)

   the distribution or reinvestment of the income property (COLL 6.8 (Income: accounting, allocation and distribution));

7. (7)

   the disclosure and reporting requirements of the UCITS scheme, including the prospectus, key investor information document and periodic reports (COLL 4.1 (Introduction), COLL 4.2 (Pre-sale notifications), COLL 4.5 (Reports and accounts) and COLL 4.7 (Key investor information and marketing communications));

8. (8)

   the arrangements made for marketingCOBS 4 (Communicating with clients, including financial promotions), COBS 14 (Providing product information to clients) and COLL 4.7 (Key investor information and marketing communications));

9. (9)

   the relationship with unitholders (COLL 4.1 (Introduction), COLL 4.3 (Approvals and notifications) and COLL 4.4 (Meetings of Unitholders and service of notices));

10. (10)

    the merging, restructuring, winding up and liquidation of the UCITS scheme (COLL 7.1 (Introduction) and COLL 7.3 (Winding up a solvent ICVC and terminating a sub-fund of an ICVC) to COLL 7.7 (UCITS mergers) (including COLL 7.6.2 R (3) to COLL 7.6.2 R (6));

11. (11)

    where applicable, the content of the register (COLL 6.4 (Title and registers));

12. (12)

    the exercise of Unitholders' voting rights and other Unitholders' rights in relation to (1) to (11) (including COLL 4.1 (Introduction), COLL 4.3 (Approvals and notifications), COLL 4.4 (Meetings of Unitholders), Dispute resolution: Complaints sourcebook) (DISP - see DISP 1 Annex 2 G for a summary of the relevant requirements that apply) and the Compensation sourcebook (COMP)); and

13. (13)

    the application and periodic fees of the UCITS scheme (FEES)).

1. (1)

   An EEA UCITS management company that manages a UCITS scheme must establish appropriate procedures and arrangements to make information available at the request of the public or the FSA.

2. (2)

   The EEA UCITS management company must ensure that the procedures and arrangements it establishes in accordance with (1), enable the FSA to obtain any information it requests directly from the management company.