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COLL 4.8 Notifications for UCITS master-feeder arrangements

Application

COLL 4.8.1RRP

1This section applies to an ICVC, an authorised fund manager of an AUT, ACS2 or ICVC and any other director of an ICVC where, in each case, the AUT, ACS2 or ICVC is a UCITS scheme.

Purpose

COLL 4.8.2GRP

The purpose of this section is to explain the type, form and timing of the notifications that are required before an existing UCITS scheme can begin to operate as a feeder UCITS for the first time, or an existing feeder UCITS can change to a different master UCITS. The process for making those changes is set out in COLL 11.2 (Approval of a feeder UCITS).

Information to be provided to Unitholders

COLL 4.8.3RRP
  1. (1)

    An authorised fund manager of a UCITS scheme that has been approved by the FCA to operate as a feeder UCITS, including as a feeder UCITS of a different master UCITS, must provide the following information to its unitholders at least 30 calendar days before the date when the feeder UCITS is to start to invest in units of the master UCITS or, if it has already invested in them, the date when its investment will exceed the limit applicable under COLL 5.2.11R (9) (Spread: general):

    1. (a)

      a statement that the FCA has approved the investment of the feeder UCITS in units of that master UCITS;

    2. (b)

      the key investor information of the feeder UCITS and the master UCITS;

    3. (c)

      the date when the feeder UCITS is to start to invest in units of the master UCITS or, if it has already invested in them, the date when its investment will exceed the limit applicable under COLL 5.2.11R (9);

    4. (d)

      a statement that the unitholders have the right, for 30 calendar days from the moment this information is provided, to request the repurchase or redemption of their units without any charges other than those retained by the UCITS scheme to cover disinvestment costs.

  2. (2)

    Where a UCITS marketing notification was3 made in relation to a feeder UCITS before IP completion day43, the authorised fund manager of the feeder UCITS must ensure that an accurate translation of the information in (1) is provided to unitholders in:

    1. (a)

      the official language, or one of the official languages, of the EEA state where the UCITS marketing notification was made3; or

    2. (b)

      a language approved by the overseas regulator in the EEA state where the UCITS marketing notification was made3.

[Note: article 64 first and second paragraphs of the UCITS Directive]

Method of providing information

COLL 4.8.4RRP

The authorised fund manager of the feeder UCITS must provide to unitholders the information required under COLL 4.8.3 R in a durable medium.

[Note: article 29 of the UCITS implementing Directive No 2]