COLL TP 1 Transitional Provisions

Extra time provisions

Existing schemes electing to comply with COLL

1

Each and every rule in COLL15

R15

Expired15

1A3

Each and every rule in COLL8

R

The rules in COLL do not apply to any relevant party in relation to an authorised fund where the winding up of the fund has commenced before 12 February 2007, provided that each relevant party shall continue to comply with the provisions of CIS as if they still applied to them.

From 12 February 2007

12 February 2007

2

Each and every rule in COLL15

G15

Expired15

3

Each and every rule in COLL15

R15

Expired15

4

Each and every rule in COLL15

G

Expired15

5

6COLL 6.9.9 R (4) to (6) (Restrictions of business for UCITS management companies)15

R15

Expired15

.

6

COLL 6.9.9 R (4) to (6) (Restrictions of business for UCITS management companies)15

G15

Expired15

7

COLL 6.6.15 (2), (4) and (5) (Committees and delegation)15

R15

Expired15

8

COLL 6.2 (dealing); COLL 6.3 (Valuation and pricing); (Valuation) and 16 (Table: contents of the prospectus)15

R15

Expired15

9

COLL 6.2 (dealing); COLL 6.3 (Valuation and pricing); COLL 5.2.5 R (Valuation) and COLL 4.2.5 R 16 (Table: contents of the prospectus)15

G15

Expired15

10

FEES 3.2.1 R

R15

Expired15

Definition of relevant party

11

COLL15

R15

Expired15

122

COLL 10.2.1 R15

R15

Expired15

134

COLL 4.2.5 R15

R15

Expired15

714

Amendments to COLL made by the Collective Investment Schemes Sourcebook (UCITS Eligible Assets Directive and Other Amendments) Instrument 2008

R

(1) [expired]17

17

17

(2) [expired]17

17

(3) [expired]17

17

915

Amendments to COLL 5.6.3 R made by the Collective Investment Schemes Sourcebook (Amendment No 5) Instrument 2009

R

Expired15

1016

COLL 4.5 and COLL 8.3.5 R to COLL 8.3.5E R

R

Expired15

1117

COLL 4.5.5R (1)(a)(iv) and COLL 4.5.9R (9A)12

R12

Expired15

12[Note: article 118(2) of the UCITS Directive]

1118

Each and every rule in COLL that relates to key investor information12

R12

Expired15

1119

COLL 4.4.12 R

COLL 4.4.13 R

COLL 7.7.19 R12

R12

Expired15

1120

COLL 4.4.12 R

COLL 4.4.13 R

COLL 7.7.19 R12

G12

Expired15

1121

COLL 4.2.5R (3)(qa)

R

Expired15

1122

COLL 4.6.8R(8)(d)

R

Expired15

1123

COLL 5.9.3 R and COLL 5.9.5 R

R

Expired15

1124

COLL 8.3.4R (6)

R

Expired15

1325

COLL 3 to COLL 8

R

Expired15

1326

COLL 3 to COLL 8

D

Expired15

1327

COLL 3 to COLL 8

G

Expired15

1428

COLL 4.2.5 R(3)(ca)

R

Expired15

1629

Amendments to each and every rule in COLL made by the Collective Investment Schemes (Accounting Amendments) (No 2) Instrument 2015

R

[expired]17

17

17

1630

Amendments to each and every rule in COLL made by the Collective Investment Schemes (Accounting Amendments) (No 2) Instrument 2015

R

(1) [expired]17

17

17

(2) [expired]17

17

17

(3) The authorised fund manager must make a record of that election and retain it for a period of six years from the date it takes effect.

1 March 2015 until 6 years from the date the relevant election takes place

1 March 2015

1831

COLL 4.2.5R(8)(f), (g) and (h), and

COLL 4.2.5R(28)

R

[expired]20

1832

COLL 4.2.5R(8)(f) and (g)(i) and (ii)

R

(1) The authorised fund manager of a non-UCITS retail scheme need not, for any prospectus issued before 18 March 2016, comply with COLL 4.2.5R(8)(f), (g)(i) and (ii).

(2) The prospectus must, however, contain a description of the depositary’s principal business activity.

From 18 March 2016 until 31 March 2017

18 March 2016

1833

COLL 4.5.7R(7)

R

[expired]20

1834

COLL 4.7.2R(4)(a) and (6A)

R

(1) Paragraph (2) applies to any key investor information document drawn up by an authorised fund manager before 18 March 2016.

(2) The authorised fund manager need not amend the key investor information document until it is revised as a result of a subsequent revision of the key investor information falling after 18 March 2016, and only if the information required by COLL 4.7.2R(4)(a) and (6A) is available to the authorised fund manager at the time of that revision.

From 18 March 2016 until 18 March 2017

18 March 2016

1835

The changes set out in Annex F of the UCITS V Directive Instrument 2016 to COLL 6.6.4R(6) and (7), COLL 6 Annex 1R and COLL 12.3.4R(1)

R

The changes to the COLL provisions in column (2) do not apply to an EEA UCITS management company in respect of a UCITS scheme managed by it and the provisions continue to apply as they were in force at 17 March 2016.

18 March 2016 until the earlier of:

(1) the date of application of the UCITS level 2 regulation; and

(2) the date the EEA UCITS management company enters into a depositary agreement in respect of the scheme that is compliant with the terms of the UCITS level 2 regulation

18 March 2016

1836

COLL 6.6A.8R

R

A management company may continue to retain a depositary that does not meet the requirements in COLL 6.6A.8R if the depositary was appointed before 18 March 2016.

From 18 March 2016 until 18 March 2018

18 March 2016

1837

COLL 6.6B.8R and COLL 6.6B.11R

A depositary that does not meet the requirements in COLL 6.6B.8R and COLL 6.6B.11R may continue to act as depositary of a UCITS scheme if it was appointed before 18 March 2016.

From 18 March 2016 until 18 March 2018

18 March 2016

1938

COLL 4.2.5AG

G

An authorised fund manager of a UCITS scheme or a non-UCITS retail scheme does not need to comply with the provisions of the Securities Financing Transactions Regulation referred to in COLL 4.2.5AG for:

From 23 September 2016 until 12 July 2017

23 September 2016

19(1) a sub-fund that was constituted before 12 January 2016 if the scheme is an umbrella; and

19(2) a scheme that was constituted before 12 January 2016, if the scheme is not an umbrella.

19[Note: article 33(2)(c) of the Securities Financing Transactions Regulation]

1939

COLL 8.3.4AG

G

19An authorised fund manager of a qualified investor scheme does not need to comply with the provisions of the Securities Financing Transactions Regulation referred to in COLL 8.3.4AG for:

From 23 September 2016 until 12 July 2017

23 September 2016

19(1) a sub-fund that was constituted before 12 January 2016 if the scheme is an umbrella; and

19(2) a scheme that was constituted before 12 January 2016, if the scheme is not an umbrella.

19[Note: article 33(2)(c) of the Securities Financing Transactions Regulation]

2040

COLL 3.2.6R(8) and COLL 5.2.12R(3)(d)

R

An authorised fund manager is not required to update existing statements in the instrument constituting the fund concerning use of the derogation at COLL 5.2.12R(3) due to the amendments to the following provisions by the Collective Investment Schemes Sourcebook (Amendment No 9) Instrument 2016 until it is updated for other purposes:

(a) COLL 3.2.6R(8) and

(b) COLL 5.2.12R (3)(d).

From 1 October 2016 to 30 September 2019

From 1 October 2016

2041

COLL 3.2.6R(15)

R

An authorised fund manager is not required to update the instrument constituting the fund due to the amendment to COLL 3.2.6R(15) until it is updated for other purposes.

From 1 October 2016 to 30 September 2019

From 1 October 2016

2042

COLL 4.2.5R(3)(i) and

COLL 5.2.12R(3)(d).

R

An authorised fund manager is not required to update existing statements in the prospectus concerning use of the derogation under COLL 5.2.12R(3) due to the amendments to the following provisions by the Collective Investment Schemes Sourcebook (Amendment No 9) Instrument 2016 until it is updated for other purposes:

(a) COLL 4.2.5R(3)(i) (subject to COLL TP1.1 (43)) and

(b) COLL 5.2.12R(3)(d).

From 1 October 2016 to 30 September 2017

From 1 October 2016

2043

COLL 4.2.5R(3)(i), COLL 5.6.7R(1), COLL 5.6.8R, and COLL 5.7.5R

R

An authorised fund manager of a non-UCITS retail scheme is not required to comply with the amendments to the rules in column (2) in relation to government and public securities made by the Collective Investment Schemes Sourcebook (Amendment No 9) Instrument 2016.

From 1 October 2016 to 30 September 2017

From 1 October 2016

2044

COLL 4.2.2R, COLL 4.2.5R, and COLL 4.2.6G.

R

An authorised fund manager is not required to update the prospectus due to the amendments to the following provisions by the Collective Investment Schemes Sourcebook (Amendment No 9) Instrument 2016 until it is updated for other purposes:

(a) COLL 4.2.2R(2)(aa)

(b) COLL 4.2.5R(2)(aa);

(c) COLL 4.2.5R(2B)(b);

(d) COLL 4.2.5R(5)(b);

(e) COLL 4.2.5R(16)(b)(v);

(f) COLL 4.2.5R(18)(b)(i);

(g) COLL 4.2.5R(19);

(h) COLL 4.2.5R(20); and

(i) COLL 4.2.6G(7)(a).

From 1 October 2016 to 30 September 2017

From 1 October 2016

2045

COLL 8.3.2R and COLL 8.3.4R

R

An authorised fund manager is not required to update the prospectus due to the amendments to the following provisions by the Collective Investment Schemes Sourcebook (Amendment No 9) Instrument 2016 until it is updated for other purposes:

(a) COLL 8.3.2R(1A);

(b) COLL 8.3.4R(2)(1A);

(c) COLL 8.3.4R(14)(3); and

(d) COLL 8.3.4R(17)(6).

From 1 October 2016 to 30 September 2017

From 1 October 2016

2146

The rules and guidance in COLL that relate to a NURS-KII document.

R

An authorised fund manager of a non-UCITS retail scheme and an ICVC that is a non-UCITS retail scheme may comply with the provisions in column (2) using a key investor information document (as modified by a general direction from the FCA) created before 1 January 2018 if it:

(1) had dispensation from the FCA through a modification by consent to market units of the non-UCITS retail scheme using that document until 1 January 2018; and

(2) decides to draw up a NURS-KII document, instead of a key information document, in accordance with COLL 4.7 after 1 January 2018.

From 1 January 2018 until 19 February 2018

1 January 2018

2247

COLL 4.3.4R(2); COLL 4.3.6R(2); COLL 8.3.6R(1) and (2)

R

A new type of payment out of scheme property, which is introduced by a firm to facilitate the operation of a research payment account under COBS 2.3B.3R(2), does not constitute a fundamental change under COLL 4.3.4R(2) or COLL 8.3.6R(1) requiring prior approval by meeting. Such a change will however constitute a significant change under COLL 4.3.6R(2) and COLL 8.3.6R(2) requiring pre-event notification.

From 3 January 2018 until 3 January 2020

3 January 2018

2348

COLL 4.5.7R(8) and (9) and COLL 8.3.5AR(5) and (6)

R

An authorised fund manager is not required to include the information prescribed by COLL 4.5.7R(8) and (9) or COLL 8.3.5AR(5) and (6) in its annual long report or in a composite report in respect of any annual accounting period ending before 30 September 2019.

From 30 September 2019

30 September 2019

Amendments to COLL made by the Money Market Funds Regulation Instrument 201824

2448

Each and every rule in COLL amended or deleted by the Money Market Funds Regulation Instrument 2018

R

A scheme which satisfies the conditions in either COLL 5.9.3R or COLL 5.9.5R immediately before 21 July 2018, and in respect of which an application for authorisation as a regulated money market fund needs to be submitted by 21 January 2019 in accordance with article 44 of the Money Market Funds Regulation, shall continue to comply with the provisions of the COLL sourcebook that apply to it, or in relation to it, as at 20 July 2018 until such time as it is a regulated money market fund.

From 21 July 2018 to 21 March 2019

21 July 2018

25Amendments made by the Collective Investment Schemes Sourcebook (Miscellaneous Amendments) Instrument 2019

2549

COLL 4.2.5R(3)(c-b), (c-a) and (o), and COLL 4.2.6G(1A)

R

The rules and guidance specified in column (2) apply:

From 7 May 2019 to 7 August 2019

7 May 2019

(1)

from 7 May 2019 in respect of any authorised fund which is authorised on or after that date; and

(2)

from 7 August 2019 in respect of any authorised fund which is authorised before 7 May 2019.

26Amendments made by the Collective Investment Schemes Sourcebook (Miscellaneous Amendments) Instrument 2020

2650

26COLL 9.3.5D

26D

26COLL 9.3.5D applies from the first date on which the scheme’s annual report and accounts is (or is due to be) published on or after 1 July 2020.

26From 1 July 2020

26 1 July 2020

27Amendments made by the Exiting the European Union: Handbook (Amendments) Instrument 2020

2751

COLL 5.2.23R(1)

R

[For the purpose of the rule specified in column (2),] an approved counterparty includes:

(a) a person who, as a result of its authorisation in an EEA State, can enter into the transaction as principal off-exchange;

(b) a CCP that is authorised in that capacity for the purpose of EU EMIR as it had effect immediately before IP completion day; and

(c) a CCP that is recognised in that capacity in accordance with the process set out in article 25 of EU EMIR as it had effect immediately before IP completion day.

[IP completion day to 31 December [2023]]

[Date of coming into force of the instrument]

28Amendments made by the Collective Investment Schemes Sourcebook (Bearer Certificates) Instrument 2021

2852

TP 1.1(53)R to (54)G

R

In TP 1.1(53)R and 1.1(54)R, “outstanding bearer share” and “the surrender year” have the meanings given in the Bearer Certificates (Collective Investment Schemes) Regulations 2020 (SI 2020/1346).

From 30 April 2021 to the end of 1 January 2022

30 April 2021

2853

COLL 3.2.6R; COLL 4.4.4R; and COLL 4.4.12R

R

(1) This rule applies to an ICVC which has one or more outstanding bearer shares in issue during the surrender year.

(2) If immediately before 2 January 2021 the instrument constituting the fund contained a statement pursuant to COLL 3.2.6R setting out how the holders of bearer certificates are to identify themselves, the arrangements specified in that statement continue to apply to the extent necessary during the surrender year subject to:

(a) the OEIC Regulations; and

(b) any changes to those arrangements made in accordance with the Bearer Certificates (Collective Investment Schemes) Regulations 2020 (SI 2020/1346), the OEIC Regulations, the rules, the instrument constituting the fund and the prospectus.

(3) Any procedures identified in the prospectus in relation to the operation of bearer certificates pursuant to COLL 4.2.5R(5) continue to apply to outstanding bearer shares during the surrender year subject to:

(a) the OEIC Regulations; and

(b) any changes to that operation made in accordance with the Bearer Certificates (Collective Investment Schemes) Regulations 2020, the OEIC Regulations, the rules, the instrument constituting the fund and the prospectus.

(4) Subject to the provisions of the Bearer Certificates (Collective Investment Schemes) Regulations 2020 and the OEIC Regulations, the amendments made to COLL 4.4.4R(3) and COLL 4.4.12R(1) are to be disregarded in relation to outstanding bearer shares in issue during the surrender year.

From 30 April 2021 to the end of 1 January 2022

30 April 2021

2854

TP 1.1(53)R

G

The Bearer Certificates (Collective Investment Schemes) Regulations 2020 set out certain requirements relating to the conversion and cancellation of outstanding bearer shares during the surrender year.

From 30 April 2021

30 April 2021

2855

TP 1.1(56)R

G

(1) Schemes which issue bearer certificates create significant risks in relation to money laundering and financial crime. These risks are relevant both to the protection of participants in such schemes and to the constitution and management arrangements for a scheme.

(2) Paragraph (3) applies where a scheme which is recognised under section 272 of the Act either issues or has issued bearer certificates to participants in the United Kingdom that have not been cancelled on or before 1 January 2022.

(3) The FCA is of the view that a scheme within (2) is unlikely to satisfy the requirements for recognition set out in section 272 of the Act or, alternatively, that it is unlikely to be desirable in the interests of the participants in the scheme for the scheme to continue to be recognised.

(4) Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing required the Member States of the European Union to take measures to prevent the misuse of bearer shares. As such, the FCA expects most schemes and sub-funds which are temporarily recognised under Part 6 of the Collective Investment Schemes (Amendment etc) (EU Exit) Regulations 2019 and the operators of such schemes or sub-funds to be subject to relevant national measures implementing the Directive.

From 30 April 2021

30 April 2021

2856

TP 1.1(55)G and COLL 9.4.4R which was deleted by the Collective Investment Schemes Sourcebook (Bearer Certificates) Instrument 2021.

R

(1) Paragraphs (2) to (4) apply to:

(a) the operator of a scheme or sub-fund temporarily recognised under Part 6 of the Collective Investment Schemes (Amendment etc) (EU Exit) Regulations 2019; and

(b) the operator of a scheme recognised under section 272 of the Act.

(2) An operator within (1) must maintain facilities in the United Kingdom at which the unitholder of a bearer certificate may obtain free of charge:

(a) payment of dividends; and

(b) details or copies of any notices which have been given or sent to participants in the scheme or sub-fund.

(3) The operator must state:

(a) the nature of the right represented by the units in the scheme or sub-fund; and

(b) whether persons other than unitholders can vote at meetings of unitholders and, if so, who those persons are.

(4) The facilities maintained by the operator of the scheme or sub-fund must also allow a participant:

(a) to surrender any bearer certificates held by the unitholder in exchange for registered units in the scheme or sub-fund; and

(b) where relevant, to provide the details necessary for an entry to be made in the appropriate register of participants for the scheme or sub-fund.

From 30 April 2021

30 April 2021