This table belongs to COLL 8.3.2 R.
1 |
Document status |
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A statement that this document is the prospectus of the authorised fund valid as at a particular date which shall be the date of the document. |
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2 |
Description of the authorised fund |
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Information detailing: |
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(1) |
the name of the authorised fund; |
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(2) |
that the authorised fund is either an ICVC or an AUT; |
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(3) |
that the scheme is a qualified investor scheme; |
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(4) |
where relevant, that the unitholders in an ICVC are not liable for the debts of the authorised fund; |
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(5) |
where relevant, the address of the ICVC's head office and the address in the United Kingdom for service on the ICVC of documents required or authorised to be served on it; |
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(6) |
the effective date of the authorisation order made by the FSA and, if the duration of the authorised fund is not unlimited, when it will or may terminate; |
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(7) |
the base currency for the authorised fund; |
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(8) |
where relevant, the maximum and minimum sizes of the ICVC's capital; and |
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(9) |
the circumstances in which the authorised fund may be wound up under the rules in COLL and a summary of the procedure for, and the rights of unitholders under, such a winding up. |
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3 |
Investment objectives and policy |
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(1) |
Sufficient information to enable a unitholder to ascertain: |
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(a) |
the investment objectives of the authorised fund; |
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(b) |
the authorised fund's investment policy for achieving those investment objectives, including: |
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(i) |
the general nature of the portfolio and any intended specialisation; |
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(ii) |
the policy for the spreading of risk in the scheme property; and |
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(iii) |
the policy in relation to the exercise of borrowing powers; |
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(c) |
a description of any restrictions in the assets in which investment may be made; and |
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(d) |
the extent (if any) to which that investment policy does not envisage remaining fully invested at all times. |
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(2) |
For investment in immovables : |
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(a) |
the countries or territories of immovables in which the authorised fund may invest; |
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(b) |
the policy of the authorised fund manager in relation to insurance of immovables forming part of the scheme property; and |
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(c) |
the policy of the authorised fund manager in relation to the granting of options over immovables in the scheme property and the purchase of options on immovables. |
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(3) |
If intended, whether the scheme property may consist of units in collective investment schemes ("second schemes") which are managed by or operated by the authorised fund manager or by one of its associates and a statement as: |
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(a) |
to the basis of the maximum amount of the charges in respect of transactions in a second scheme; and |
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(b) |
the extent to which any such charges will be reimbursed to the scheme. |
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(4) |
If intended, whether the scheme may enter into stock lending transactions and, if so, what procedures will operate and what collateral will be required. |
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4 |
Distributions and accounting dates |
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Relevant details of accounting and distribution dates and a description of the procedures: |
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(1) |
for determining and applying income (including how any distributable income is paid); and |
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(2) |
relating to unclaimed distributions. |
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5 |
The characteristics of units in the authorised fund |
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Information as to: |
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(1) |
the names of the classes of units in issue or available for issue and the rights attached to them in so far as they vary from the rights attached to other classes; |
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(2) |
how unitholders may exercise their voting rights and what these are; and |
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(3) |
the circumstances where a mandatory redemption, cancellation or conversion of units from one class to another may be required. |
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6 |
The authorised fund manager |
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The following particulars of the authorised fund manager: |
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(1) |
its name and the nature of its corporate form; |
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(2) |
the country or territory of its incorporation; |
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(3) |
the date of its incorporation and if the duration of its corporate status is limited, when that status will or may cease; |
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(4) |
if it is a subsidiary, the name of its ultimate holding company and the country or territory in which that holding company is incorporated; |
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(5) |
the address of its registered office, its head office, and, if different, the address of its principal place of business in the United Kingdom; |
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(6) |
the amount of its issued share capital and how much of it is paid up; |
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(7) |
for an ICVC, a summary of the material provisions of the contract between the ICVC and the authorised fund manager which may be relevant to unitholders including provisions (if any) relating to termination, compensation on termination and indemnity; and |
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(8) |
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7 |
Directors of an ICVC, other than the ACD |
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Other than for the ACD: |
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(1) |
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(2) |
the manner, amount and calculation of the remuneration of the directors. |
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8 |
The depositary |
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The following particulars of the depositary: |
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(1) |
its name and the nature of its corporate form; |
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(2) |
the country or territory of its incorporation; |
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(3) |
the address of its registered office and the address of its head office if that is different from the address of its registered office; and |
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(4) |
if neither its registered office nor its head office is in the United Kingdom, the address of its principal place of business in the United Kingdom. |
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9 |
The investment adviser |
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If an investment adviser is retained in connection with the business of the authorised fund, its name and whether or not it is authorised by the FSA. |
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10 |
The auditor |
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The name of the auditor of the authorised fund. |
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11 |
The register of Unitholders |
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Details of the address in the United Kingdom where the register of unitholders is kept and can be inspected by unitholders. |
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12 |
Payments out of the scheme property |
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The payments that may be made out of the scheme property to any person whether by way of remuneration for services, or reimbursement of expense and for each category of remuneration or expense, the following should be specified: |
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(1) |
the current rates or amounts of such remuneration; |
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(2) |
how the remuneration will be calculated and accrue and when it will be paid; |
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(3) |
if notice has been given to unitholders of the authorised fund manager's intention to: |
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(a) |
introduce a new category of remuneration for its services; or |
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(b) |
increase the basis of any current charge; or |
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(c) |
change the basis of the treatment of a payment from the capital property set out in COLL 8.5.13 R (2) (Payments); |
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particulars of that introduction or increase and when it will take place; |
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(4) |
the types of any other charges and expenses that may be taken out of the scheme property; and |
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(5) |
if, in accordance with COLL 8.5.13 R (2), all or part of the remuneration or expense are to be treated as a capital charge: |
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(a) |
that fact; and |
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(b) |
the basis of the charge which may be so treated |
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13 |
Dealing |
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Details of: |
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(1) |
the dealing days and times in the dealing day on which the authorised fund manager will receive requests for the sale and redemption of units; |
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(2) |
the procedures for effecting: |
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(a) |
the issue and cancellation of units; |
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(b) |
the sale and redemption of units; and |
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(c) |
the settlement of transactions; |
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(3) |
the steps required to be taken by a unitholder in redeeming units before he can receive the proceeds including any relevant notice periods and the circumstances and periods where a deferral of payment as provided in COLL 8.5.11 R (3) (Sale and redemption) may be applied; |
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(4) |
the circumstances in which the redemption of units may be suspended; |
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(5) |
the days and times in the day on which recalculation of the price will commence; |
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(6) |
details of the minimum number or value of each type of unit in the authorised fund which: |
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(a) |
any one person may hold; and |
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(b) |
may be the subject of any one transaction of sale or redemption; |
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(7) |
the circumstances in which the authorised fund manager may arrange for, and the procedure for, a redemption of units in specie; |
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(8) |
the circumstances in which the further issue of units in any particular class may be limited and the procedures relating to this |
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(9) |
the circumstances in which direct issue or cancellation of units by the ICVC or the trustee (as appropriate) may occur and the relevant procedures for such issues and cancellations |
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14 |
Valuation of scheme property |
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Details as to: |
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(1) |
how frequently and at what times of the day the scheme property will be regularly valued to determine the price at which units in the scheme may be purchased from or redeemed by the authorised fund manager and a description of any circumstance where the scheme property may be specially valued; |
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(2) |
in relation to each purpose for which the scheme property must be valued, the basis on which it will be valued; and |
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(3) |
how the price of units of each class will be determined, including whether a forward price or historic price basis is to be applied. |
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15 |
Sale and redemption charges |
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If the authorised fund manager makes any charges on sale or redemption of units, details of the charging structure and how notice will be provided to unitholders of any increase. |
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16 |
General information |
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Details as to: |
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(1) |
when annual and half- yearly reports will be published; and |
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(2) |
the address at which copies of the instrument constituting the scheme, any amending instrument and the most recent annual reports may be inspected and from which copies may be obtained. |
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17 |
Information on the umbrella |
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In the case of a scheme which is an umbrella, the following information: |
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(1) |
that a unitholder may exchange units in one sub-fund for units in another sub-fund and that such an exchange is treated as a redemption and sale; |
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(2) |
what charges may be made on exchanging units in one sub-fund for units in other sub-funds; |
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(3) |
the policy for allocating between sub-funds any assets of, or costs, charges and expenses payable out of, the scheme property which are not attributable to any particular sub-fund; |
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(4) |
in respect of each sub-fund, the currency in which the scheme property allocated to it will be valued and the price of units calculated and payments made, if this currency is not the base currency of the umbrella; and |
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(5) |
for an ICVC, that the sub-funds are not "ring fenced" and in the event of an umbrella being unable to meet liabilities attributable to any particular sub-fund out of the assets attributable to that sub-fund, the remaining liabilities may have to be met out of the assets attributable to other sub-funds. |
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18 |
Application of the prospectus contents to an umbrella |
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For a scheme which is an umbrella, information required must be stated: |
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(1) |
in relation to each sub-fund where the information for any sub-fund differs from that for any other; and |
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(2) |
for the umbrella as a whole, but only where the information is relevant to the umbrella as a whole. |
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19 |
Additional information |
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Any other material information which is within the knowledge of the directors of an ICVC or the manager of an AUT, or which the directors or manager would have obtained by the making of reasonable enquiries which investors and their professional advisers would reasonably require, and reasonably expect to find in the prospectus, for the purpose of making an informed judgement about the merits of investing in the authorised fund and the extent and characteristics of the risks accepted by so participating. |
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