Reset to Today

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

Alternative versions

  1. Point in time
    2020-03-27

COLL 14.3 Advisory committee

COLL 14.3.1GRP

1A charity authorised investment fund may have an advisory committee which is independent from the authorised fund manager and the depositary if the advisory committee has a consultative function only.

COLL 14.3.2RRP

If the charity authorised investment fund has an advisory committee the authorised fund manager must ensure that:

  1. (1)

    the instrument constituting the fund sets out the role and responsibilities of the advisory committee; and

  2. (2)

    the prospectus contains at least the following information about the advisory committee:

    1. (a)

      a description of its role and responsibilities;

    2. (b)

      its membership;

    3. (c)

      how its members are nominated and how their membership is terminated; and

    4. (d)

      how meetings are called and operated, including the quorum.

COLL 14.3.3RRP

If the charity authorised investment fund has an advisory committee, the authorised fund manager must ensure that on the request of the committee, the scheme’s annual long report includes a statement prepared and approved by the committee.

COLL 14.3.4GRP

The statement may address matters such as:

  1. (1)

    how the advisory committee is discharging its role and responsibilities as set out in the instrument constituting the fund;

  2. (2)

    any observations the committee may have on how the authorised fund manager has carried out its functions during the annual accounting period; and

  3. (3)

    any other matters the committee considers of interest to the unitholders of the charity authorised investment fund.

COLL 14.3.5RRP
  1. (1)

    The authorised fund manager or depositary must convene a general meeting of unitholders if it receives a notice from the advisory committee of a charity authorised investment fund which:

    1. (a)

      states the objects of the meeting;

    2. (b)

      is dated; and

    3. (c)

      is signed by or on behalf of the advisory committee.

  2. (2)

    The authorised fund manager or the depositary must ensure the general meeting of the authorised fund takes place no later than eight weeks after receipt of the notice in (1).

COLL 14.3.6RRP

The authorised fund manager and depositary of a charity authorised investment fund must keep records of any dealings with an advisory committee for at least five calendar years.