Related provisions for PERG 7.7.5
1Introduction |
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1. |
TC Appendix 4E contains a list of appropriate qualifications for the purposes of TC 2.1.10 E. |
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2. |
This Appendix sets out: |
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(1) |
the criteria which the FSA may take into account when assessing a qualification provider; and |
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(2) |
the information the FSA will expect the qualification provider to provide if it asks the FSA to add a qualification to the list of appropriate qualifications in TC Appendix 4 E. |
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Criteria for assessing a qualification provider |
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3. |
The FSA will expect the qualification provider of an appropriate qualification to have, in the FSA's opinion: |
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(1) |
assessors and qualification developers who are trained and qualified; |
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(2) |
valid, reliable and robust assessment methods; |
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(3) |
robust governance and a clear separation of function between its qualification services and any other services it performs, including effective procedures for managing any conflicts of interest; |
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(4) |
procedures for reviewing and refreshing its syllabus and question banks to ensure that they are relevant and up to date; |
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(5) |
robust and credible procedures for assessing a candidate's demonstration of the learning outcomes specified in the relevant examination standards; |
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(6) |
robust arrangements for contingency and business continuity planning in relation to its qualification services; |
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(7) |
appropriate records management procedures in relation to its qualification services; |
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(8) |
procedures for dealing with inappropriate conduct by candidates, for example, attempting to obtain or obtaining qualifications dishonestly; |
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(9) |
robust procedures for the setting of assessments and marking of results; and |
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(10) |
adequate resources in order to be financially viable. |
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Information about the qualification to be provided to the FSA |
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4. |
If a qualification provider asks the FSA to add a qualification to the list of appropriate qualifications in TC Appendix 4 E, the FSA will expect the qualification provider to: |
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(1) |
where relevant, specify the qualifications framework within which the qualification is placed; |
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(2) |
specify the activity in TC Appendix 1 to which the qualification relates; |
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(3) |
set out the recommended prior knowledge, attainment or experience for candidates; |
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(4) |
where relevant, set out the exemption policy for a candidate's prior learning or achievement; |
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(5) |
provide the relevant learning materials to the FSA together with an explanation of how those learning materials correspond to the content of the most recent examination standards. Any content of the examination standards which has been excluded from the learning materials must be justified; |
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(6) |
where applicable, explain how grading is applied; |
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(7) |
where applicable, explain the provider's rules of combination; |
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(8) |
provide details of expected learning hours or any other similar arrangements; |
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(9) |
where applicable, specify the level of the overall qualification with reference to the relevant qualification framework or, if there is no relevant qualification framework, the European Qualifications Framework and the percentage of the qualification at that level, as well as the percentages and the levels for the remainder of the qualification; |
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(10) |
provide details of any credit for prior learning included in the qualification together with an explanation of how it meets the most recent examination standards; and |
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(11) |
provide an explanation of how the qualification compares in quality and standard to other similar qualifications. |
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Information about the qualification provider to be provided to the FSA |
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5. |
When considering whether to include or retain a qualification in the list of appropriate qualifications, the FSA may consider, where relevant: |
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(1) |
whether the qualification provider has in place suitable arrangements for: |
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(a) |
meeting its statutory duties in relation to equality and diversity; and |
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(b) |
reducing barriers to learning, for example, for candidates with learning difficulties; |
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(2) |
any concerns, issues or investigations which have been raised by the qualification provider's qualifications regulator; |
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(3) |
the annual pass rates of each of the relevant qualifications; |
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(4) |
the quality of the service the qualification provider provides to candidates in relation to qualifications and its complaints procedures; |
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(5) |
how the qualification provider maintains its qualifications to ensure they remain comparable to other qualifications in the same sector; and |
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(6) |
whether the qualification provider gives candidates reasonable notice of any syllabus change, change in method of assessment or pass standards; |
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(7) |
information supporting the criteria in TC Appendix 5G paragraph 3. |
This table belongs to COLL 3.2.4 R (Matters which must be included in the instrument constituting the scheme)
Name of scheme |
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1 |
A statement of: |
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(1) |
the name of the authorised fund; and |
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(2) |
whether the authorised fund is a UCITS scheme or a non-UCITS retail scheme. |
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Investment powers in eligible markets |
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2 |
A statement that, subject to any restriction in the rules in this sourcebook or the instrument constituting the scheme, the scheme has the power to invest in any eligible securities market or deal on any eligible derivatives market to the extent that power to do so is conferred by COLL 5 (Investment and borrowing powers). |
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Unitholder's liability to pay |
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3 |
A provision that a unitholder is not liable to make any further payment after he has paid the price of his units and that no further liability can be imposed on him in respect of the units which he holds. |
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Base currency |
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4 |
A statement of the base currency of the scheme. |
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Valuation and pricing |
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5 |
A statement setting out the basis for the valuation and pricing of the scheme. |
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Duration of the scheme |
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6 |
If the scheme is to be wound up after a particular period expires, a statement to that effect. |
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Object of the scheme |
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7 |
A statement: |
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(1) |
as to the object of the scheme, in particular the types of investments and assets in which it and each sub-fund (where applicable) may invest; and |
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(2) |
that the object of the scheme is to invest in property of that kind with the aim of spreading investment risk and giving unitholders the benefits of the results of the management of that property. |
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27A |
Where the authorised fund is a qualifying money market fund, a statement to that effect and a statement that the authorised fund's investment objectives and policies will meet the conditions specified in the definition of qualifying money market fund. |
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5Property Authorised Investment Funds |
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57B |
For a property authorised investment fund, a statement that: |
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(1) |
it is a property authorised investment fund; |
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(2) |
no body corporate may seek to obtain or intentionally maintain a holding of more than 10% of the net asset value of the fund; and |
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(3) |
in the event that the authorised fund manager reasonably considers that a body corporate holds more than 10% of the net asset value of the fund, the authorised fund manager is entitled to delay any redemption or cancellation of units in accordance with 18 if the authorised fund manager reasonably considers such action to be: |
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(a) necessary in order to enable an orderly reduction of the holding to below 10%; and |
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(b) in the interests of the unitholders as a whole. |
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8Funds of alternative investment funds |
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87C |
For a non-UCITS retail scheme operating as a FAIF, a statement that it is a fund of alternative investment funds.9 |
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9Feeder UCITS |
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97D |
For a feeder UCITS, a statement that it is a feeder UCITS and as such will permanently invest at least 85% in value of the scheme property in units of a single master UCITS. |
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Government and public securities: investment in one issuer |
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8 |
Where relevant, for a UCITS scheme, a statement in accordance with COLL 5.2.12 R (Spread: government and public securities) as to the individual states or bodies in which over 35% of the value of the scheme may be invested in government and public securities. |
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Classes of unit |
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9 |
A statement: |
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(1) |
specifying the classes of unit that may be issued, and for a scheme which is an umbrella, the classes that may be issued in respect of each sub-fund; and |
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(2) |
if the rights of any class of unit differ, a statement describing those differences in relation to the differing classes. |
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Authorised fund manager's charges and expenses |
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10 |
A statement setting out the basis on which the authorised fund manager may make a charge and recover expenses out of the scheme property. |
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Issue or cancellation directly through the ICVC or trustee |
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11 |
Where relevant, a statement authorising the issue or cancellation of units to take place through the ICVC or trustee directly. |
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In specie issue and cancellation |
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12 |
Where relevant, a statement authorising payment for the issue or cancellation of units to be made by the transfer of assets other than cash. |
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Restrictions on sale and redemption |
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13 |
Where relevant, the restrictions which will apply in relation to the sale and redemption of units under COLL 6.2.16 R (Sale and redemption). |
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Voting at meetings |
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14 |
The manner in which votes may be given at a meeting of unitholders under COLL 4.4.8 R (Voting rights). |
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Certificates |
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15 |
A statement: |
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(1) |
authorising the issue of bearer certificates if any, and how such holders are to identify themselves; and |
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(2) |
authorising the person responsible for the register to charge for issuing any document recording, or for amending, an entry on the register, other than on the issue or sale of units. |
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Income |
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16 |
A statement setting out the basis for the distribution or re-investment of income. |
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Income equalisation |
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17 |
Where relevant, a provision for income equalisation. |
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Redemption or cancellation of units on breach of law or rules |
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18 |
A statement that where any holding of units by a unitholder is (or is reasonably considered by the authorised fund manager to be) an infringement of any law, governmental regulation or rule, those units must be redeemed or cancelled. |
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ICVCs: larger and smaller denomination shares |
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19 |
A statement of the proportion of a larger denomination share represented by a smaller denomination share for any relevant unit class. |
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ICVCs: resolution to remove a director |
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20 |
A statement that the ICVC may (without prejudice to the requirements of regulation 21 of the OEIC Regulations (The Authority's approval for certain changes in respect of a company), by a resolution passed by a simple majority of the votes validly cast for and against the resolution at a general meeting of unitholders, remove a director before his period of office expires, despite anything else in the ICVC's instrument of incorporation or in any agreement between the ICVC and that director. |
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ICVCs: unit transfers |
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21 |
A statement that the person designated for the purposes of paragraph 4 of Schedule 4 to the OEIC Regulations (Share transfers) is the person who, for the time being, is the ACD of the ICVC.1 7 |
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ICVCs: Charges and expenses |
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22 |
A statement that charges or expenses of the ICVC may be taken out of the scheme property.10 |
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10ICVCs: Umbrella schemes - principle of limited recourse |
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1022A |
For an ICVC which is an umbrella, a statement that the assets of a sub-fund belong exclusively to that sub-fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the umbrella, or any other sub-fund, and shall not be available for any such purpose. |
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AUTs: governing law for a trust deed |
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23 |
A statement that the trust deed is made under and governed by the law of England and Wales, Wales or Scotland or Northern Ireland. |
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AUTs: trust deed to be binding and authoritative |
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24 |
A statement that the trust deed: |
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(1) |
is binding on each unitholder as if it had been a party to it and that it is bound by its provisions; and |
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(2) |
authorises and requires the trustee and the manager to do the things required or permitted of them by its terms. |
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AUTs: declaration of trust |
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25 |
A declaration that, subject to the provisions of the trust deed and all rules made under section 247 of the Act (Trust scheme rules) and for the time being in force: |
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(1) |
the scheme property (other than sums standing to the credit of the distribution account) is held by the trustee on trust for the unitholders according to the number of units held by each unitholder or, where relevant, according to the number of undivided shares in the scheme property represented by the units held by each unitholder; and |
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(2) |
the sums standing to the credit of the distribution account are held by the trustee on trust to distribute or apply them in accordance with COLL 6.8 (Income: accounting, allocation and distribution). |
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AUTs: trustee's remuneration |
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26 |
Where relevant, a statement authorising payments to the trustee by way of remuneration for its services to be paid (in whole or in part) out of the scheme property. |
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AUTs: responsibility for the register |
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27 |
A statement identifying the person responsible under the rules for the maintenance of the register. |
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3Investment in overseas4 property through an intermediate holding vehicle |
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328 |
3If investment in an overseas4 immovable is to be made through an intermediate holding vehicle or a series of intermediate holding vehicles, a statement that the purpose of that intermediate holding vehicle or series of intermediate holding vehicles will be to enable the holding of overseas4 immovables by the scheme. |