Related provisions for COLL 2.1.1

PERG 9.10.10G01/07/2005

A person carrying on the regulated activity of establishing, operating or winding up a collective investment scheme that is constituted by an open-ended investment company will need permission for those activities. In line with section 237(2) of the Act (Other definitions), the operator of a collective investment scheme that is an open-ended investment company is the company itself. But where the open-ended investment company is incorporated outside the United Kingdom, it will

SUP App 3.9.6G14/01/2005

1Activities set out in Article 5(2) and (3) of the UCITS Directive

Table 2A: UCITS Directive activities		Part II RAO Activities	Part III RAO Investments
1.	The management of UCITS in the form of unit trusts / common funds or of investment companies; this includes the function mentioned in Annex II of the UCITS Directive (see Note 2).	Articles 14, 21, 25, 37, 51, 53, 64	Articles 76-81, 83-85, 89
2.	Managing portfolios of investments, including those owned by pension funds, in accordance with mandates given by investors on a discretionary, client-by-client basis, where such portfolios include one or more of the instruments listed in Section Bof theAnnex to the ISD.	Articles 14, 21, 25, 37, 53, 64	Articles 76-81, 83-85, 89
3.	Investment advice concerning one or more of the instruments listed in Section Bof theAnnex to the ISD.	Articles 53, 64	Articles 76-81, 83-85, 89
4.	Safekeeping and administration services in relation to units of collective investment undertakings.	Articles 40, 45, 64	Articles 76-81, 83-85, 89
Note 1. A UCITS management company can only exercise passport rights under the UCITS Directive (article 2(2)(h) of the ISD). A UCITS management company can only be authorised to carry on the non-core services set out in rows (3) and (4) of Table 2A if it is also authorised to carry on the activity set out in row (2) of the table.
Note 2. The functions set out in Annex 2 to the UCITS Directive are:
1.	Investment management.
2.	Administration:
	a.	legal and fund management accounting services;
	b.	customer inquiries;
	c.	valuation and pricing (including tax returns);
	d.	regulatory compliance monitoring;
	e.	maintenance of unit-holder register;
	f.	distribution of income;
	g.	unit issues and redemptions;
	h.	contract settlements (including certificate dispatch);
	i.	record keeping.
3.	Marketing.

PERG 1.4.2G01/07/2005

Table: list of general guidance to be found in PERG.

Chapter:	Applicable to:	About:
PERG 2: Authorisation and regulated activities	an unauthorised person wishing to find out whether he needs to be authorised or exempt an authorised person wishing to know whether he needs to vary hisPart IV permission	the regulatory scope of the Act the Regulated Activities Order the Exemption Order the Business Order
PERG 3: Issuing e-money	a person who needs to know whether a particular electronic payment product ise-money and whether the person issuing it needs to beauthorised under the Act whether any communications about the product will be restricted	the scope of theregulated activity of issuing e-money the application of the restriction in section 21 of the Act (Restrictions on financial promotion) to communications about e-money
PERG 4: Regulated activities connected with mortgages	any person who needs to know whether the activities he conducts in relation to mortgages are subject to FSA regulation. This is likely to include: lenders administration service providers mortgage brokers and advisers	the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with mortgages
PERG 5: Insurance mediation activities	any person who needs to know whether he carries on insurance mediation activities and is, thereby, subject to FSA regulation. This is likely to include: insurance brokers insurance advisers insurance undertakings other persons involved in the sale or administration of contracts of insurance, where these activities are secondary to their main business.	the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with the sale or administration of insurance
PERG 6: Identification of contracts of insurance	any person who needs to know whether a contract with which he is involved is a contract of insurance	the general principles and range of specific factors that the FSA regards as relevant in deciding whether any arrangement is a contract of insurance
PERG 7: Periodical publications, news services and broadcasts: application for certification	any person who needs to know whether he will be regulated for providing advice about investments through the medium of a periodical publication, a broadcast or a news service	the circumstances in which such persons will be carrying on the regulated activities of advising on investments or advising on regulated mortgage contracts (including where a request for a certificate may be appropriate) how theFSA will exercise its power to grant certificates
PERG 8: Financial promotion and related activities	any person who needs to know whether his communications are financial promotions or are subject to the restriction in section 21 of the Act or both whether his activities in making or helping others to make financial promotions are regulated activities.	the scope of the restriction on financial promotion under section 21 of the Act and the main exemptions provided the circumstances in which persons who are primarily involved in making or helping others to make financial promotions may themselves be conducting regulated activities requiring authorisation or exemption
PERG 9: Meaning of open-ended investment company	any person who needs to know whether a body corporate is an open-ended investment company as defined in section 236 of the Act (Open-ended investment companies) and is therefore a collective investment scheme.	the circumstances in which a body corporate will be an open-ended investment company
PERG 10: Activities related to pension schemes	[to be added]

Chapter:

Applicable to:

About:

PERG 2:

Authorisation and regulated activities

an unauthorised person wishing to find out whether he needs to be authorised or exempt
an authorised person wishing to know whether he needs to vary hisPart IV permission

the regulatory scope of the Act
the Regulated Activities Order
the Exemption Order
the Business Order

PERG 3:

Issuing e-money

a person who needs to know

whether a particular electronic payment product ise-money and whether the person issuing it needs to beauthorised under the Act
whether any communications about the product will be restricted

the scope of theregulated activity of issuing e-money
the application of the restriction in section 21 of the Act (Restrictions on financial promotion) to communications about e-money

PERG 4:

Regulated activities connected with mortgages

any person who needs to know whether the activities he conducts in relation to mortgages are subject to FSA regulation. This is likely to include:

lenders
administration service providers
mortgage brokers and advisers

the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with mortgages

PERG 5:

Insurance

mediation

activities

any person who needs to know whether he carries on insurance mediation activities and is, thereby, subject to FSA regulation. This is likely to include:

insurance brokers
insurance advisers
insurance undertakings
other persons involved in the sale or administration of contracts of insurance, where these activities are secondary to their main business.

the scope of relevant orders (in particular, the Regulated Activities Order) as respects activities concerned with the sale or administration of insurance

PERG 6:

Identification of contracts of insurance

any person who needs to know whether a contract with which he is involved is a contract of insurance

the general principles and range of specific factors that the FSA regards as relevant in deciding whether any arrangement is a contract of insurance

PERG 7:

Periodical publications, news services and broadcasts: application for certification

any person who needs to know whether he will be regulated for providing advice about investments through the medium of a periodical publication, a broadcast or a news service

the circumstances in which such persons will be carrying on the regulated activities of advising on investments or advising on regulated mortgage contracts (including where a request for a certificate may be appropriate)
how theFSA will exercise its power to grant certificates

PERG 8:

Financial promotion and related activities

any person who needs to know

whether his communications are financial promotions or are subject to the restriction in section 21 of the Act or both
whether his activities in making or helping others to make financial promotions are regulated activities.

the scope of the restriction on financial promotion under section 21 of the Act and the main exemptions provided
the circumstances in which persons who are primarily involved in making or helping others to make financial promotions may themselves be conducting regulated activities requiring authorisation or exemption

PERG 9:

Meaning of open-ended investment company

any person who needs to know whether a body corporate is an open-ended investment company as defined in section 236 of the Act (Open-ended investment companies) and is therefore a collective investment scheme.

the circumstances in which a body corporate will be an open-ended investment company

PERG 10:

Activities related to pension schemes

[to be added]

PERG 8.36.6G01/07/2005

Table Application of Exemptions to Forms of Promotions

Financial Promotion Order		Applies to
Article No.	Title and PERG 8 reference (where applicable)	Unsolicited real time	Solicited real time	Non-real time (solicited or unsolicited)
12	Communications to overseas recipients (8.12.2G)	*¹	*	*
13	Communications from customers and potential customers (8.12.9G)	*	*	*
14	Follow up non-real time communications and solicited real time communications (8.12.10G)		*	*
15	Introductions (8.12.11G)	*	*
16	Exempt persons (8.12.12G)	*²	*³	*³
17	Generic promotions (8.12.14G and 8.21.4G)	*	*	*

	Mere conduits (8.12.18G)	*	*	*
18A	Outgoing electronic commerce communications: mere conduits, caching and hosting	*	*	*
19	Investment professionals (8.12.21G and 8.21.5G)	*	*	*
20	Communications by journalists (8.12.23G)			*
20A	Promotion broadcast by company director etc (8.12.23G and 8.21.6G)	*	*	*
20B	Incoming electronic commerce communications (8.12.38G)	*	*	*
22	Deposits : non-real time communications (8.13)			*
23	Deposits : real time communications (8.13)	*	*
24	Relevant insurance activity : non-real time communications (8.13)			*
25	Relevant insurance activity : non-real time communications : reinsurance and large risks (8.13)			*
26	Relevant insurance activity : real time communications (8.13)	*	*
28	One-off non-real time communications and solicited real time communications (8.14.3G)		*	*
28A	One-off unsolicited real time communications (8.14.11G)	*

	Communications required or authorised by enactments	*	*	*
30	Overseas communicators: solicited real time communications (8.14.15G)		*
31	Overseas communicators: non-real time communications to previously overseas customers (8.14.17G)			*
32	Overseas communicators: unsolicited real time communications to previously overseas customers (8.14.16G)	*
33	Overseas communicators: unsolicited real time communications to knowledgeable customers (8.14.16G)	*
34	Governments, central banks etc		*	*
35	Industrial and provident societies		*	*
36	Nationals of the EEA States other than United Kingdom (8.14.18G)		*	*
37	Financial markets		*	*
38	Persons in the business of placing promotional material	*	*	*
39	Joint enterprises (8.14.19G)	*	*	*
40	Participants in certain recognised collective investment schemes		*	*
41	Bearer instruments: promotions required or permitted by market rules (8.14.42G)		*	*
42	Bearer instruments: promotions to existing holders (8.14.42G)		*	*
43	Members and creditors of certain bodies corporate (8.14.41G and 8.21.8G)		*	*
44	Members and creditors of open-ended investment companies		*	*
45	Group companies	*	*	*
46	Qualifying credit to bodies corporate	*	*	*
47	Persons in the business of disseminating information (8.21.10G)	*	*	*
48	Certified high net worth individuals (8.14.21G)		*	*
49	High net worth companies, unincorporated associations etc (8.14.25G)	*	*	*
50	Sophisticated investors (8.14.27G)	*	*	*
50A	Self-certified sophisticated investors {8.14.28AG)		*	*
51	Associations of high net worth or sophisticated investors (8.14.29G)		*	*
52	Common interest group of a company (8.14.30G)		*	*
53	Settlors, trustees and personal representatives	*	*	*
54	Beneficiaries of trust, will or intestacy	*	*	*
55	Communications by members of professions (8.15.1G)	*	*
55A	Non-real time communication by members of the professions. (8.15.5G)			*
56	Remedy following report by Parliamentary Commissioner for Administration	*	*	*
57	Persons placing promotional material in particular publications	*	*	*
58	Acquisition of interest in premises run by management companies		*	*
59	Annual accounts and directors' report (8.21.11G)	*	*	*
60	Participation in employee shares schemes	*	*	*
61	Sale of goods and supply of services		*	*
62	Sale of body corporate (8.14.35G)	*	*	*
64	Takeovers of relevant unlisted companies	*	*	*
65	Takeovers of relevant unlisted companies: warrants etc	*	*	*
66	Takeovers of relevant unlisted companies: application forms	*	*	*
67	Promotions required or permitted by market rules (8.21.13G)		*	*
68	Promotions in connection with admission to certain EEA markets (8.21.16G)		*	*
69	Promotions of securities already admitted to certain markets (8.21.17G)		*	*
70	Promotions in connection with listing applications		*	*
71	Promotions included in listing particulars etc			*
72	Promotions included in prospectus for public offer of unlisted securities (8.21.20G)			*
73	Material relating to prospectus for public offer of unlisted securities			*
74	Approval of communication prior to Order coming into force	*⁴	*⁴	*


¹ in limited circumstances only – see article 12(2) of the Financial Promotion Order
² for the purpose of article 16 (2) only
³ for the purpose of article 16 (1) only
⁴although article 74 applies to real time communications it may be unlikely to do so in practice. This is because it relates to advertisements which are approved under section 57 of the Financial Services Act 1986 or communications approved in accordance with COB 3. Such advertisements and communications are likely to be non-real time communications.

Related provisions for COLL 2.1.1

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1Activities set out in Article 5(2) and (3) of the UCITS Directive