COLL 15 Annex 1 ACS Long-term asset funds: Eligible investors

1This Annex belongs to COLL 15.1.3R and COLL 15.1.4G.

For the purposes of the rule on eligible3 investors in a long-term asset fund which is an ACS (see COLL 15.1.3R(2)), the authorised contractual scheme manager must take reasonable care to ensure that ownership of units in the scheme is only recorded in the register for a person:

(1)

who is a:

(a)

professional ACS investor; or

(b)

large ACS investor; or

(c)

person who already holds units in the scheme; and

(2)

to whom units in a long-term asset fund may be promoted without contravening the rules in COBS 4.12A (Promotion of restricted mass market investments)3.