Related provisions for BIPRU 12.7.9
Part 1: Activities
Note: The activity numbers in this table relate to the activities14 in TC App 1.1.1 R. These tables do not cover activities 1, 5, 13A, 13B, 13C, 20A, 21B,14 24, 25 or 26 as these activities do not have a qualification requirement.
14Activity Number |
Activity |
Key - extent to which qualification meets qualification requirement |
|
2 |
Advising on securities which are not stakeholder pension schemes, personal pension schemes or broker funds |
(a) |
Meets full qualification requirement on and after, 31 December 2012 |
3 |
Advising on derivatives |
||
4 and 6 |
(4) Advising on retail investment products which are not broker funds and (6) advising on friendly societytax-exempt policies (other than Holloway sickness policies where the Holloway policy special application conditions are met) |
(b) |
Meets full qualification requirement until 31 December 2012. On and after 31 December 2012 this must be combined with qualification gap-fill. This gap-fill constitutes additional structured continuing professional development, which need not be by examination, completed and verified by an accredited body |
12 |
Advising on and dealing in securities which are not stakeholder pension schemes, personal pension schemes or broker funds |
||
13 |
Advising on and dealing in derivatives |
Activity Number |
Activity |
Key - extent to which qualification meets qualification requirement |
|
7 |
Advising on long-term care insurance contracts |
1 or (2 + 3) or (4 + 5 + 6) |
Meets full qualification requirement |
8 |
Advising on investments in the course of corporate finance business |
||
9 |
|||
11 |
Undertaking the activity of a pension transfer specialist |
||
14 and 10 |
Managing investments and/or undertaking the activity of a broker fund adviser |
||
15 |
Overseeing on a day to day basis operating a collective investment scheme or undertaking activities of a trustee or depositary of a collective investment scheme |
||
16 |
Overseeing on a day to day basis safeguarding and administering investments or holding client money |
||
17 |
Overseeing on a day to day basis administrative functions in relation to managing investments: (i) arranging settlement; (ii) monitoring and processing corporate actions; (iii) client account administration, liaison and reporting including valuation and performance measurement; (iv) ISA or CTF administration; (v) Investment trust savings scheme administration. |
||
18 |
Overseeing on a day to day basis administrative functions in relation to effecting or carrying out contracts of insurance which are life policies: (i) new business administration; (ii) policy alterations including surrenders and policy loans; (iii) preparing projections; (iv) processing claims, including pension payments; (v) fund switching |
1 or (2 + 3) or (4 + 5 + 6) |
Meets full qualification requirement |
19 |
Overseeing on a day to day basis administrative functions in relation to the operation of stakeholder pension schemes: (i) new business administration; (ii) receipt of or alteration to contributions; (iii) preparing projections and annual statements; (iv) administration of transfers; (v) handling claims, including pension payments; (vi) fund allocation and switching. |
||
20 |
Advising on a regulated mortgage contract for a non-business purpose; or Arranging (bringing about) an execution-only sale of a regulated mortgage contract for a non-business purpose, excluding variations to an existing regulated mortgage contract, except where the effect is to change all or part of the regulated mortgage contract from one interest rate to another14 |
||
21 |
Advising on equity release transactions; or Arranging (bringing about) an execution-only sale of an equity release transaction, excluding variations to an existing equity release transaction, except where the effect is to change all or part of the equity release transaction from one interest rate to another14 |
||
1421A |
Designing scripted questions for an execution-only sale of a regulated mortgage contract for a non-business purpose |
||
22 |
Designing scripted questions for an execution-only sale of an 14equity release transaction 1414 |
||
23 |
Overseeing non-advised sales on a day-to-day basis of equity release transactions |
Part 2: Appropriate Qualifications Tables
Note: A qualification is deemed an appropriate qualification if it appears in this table and is attained within the relevant time period, where one is indicated by the dates set out in the qualification column.18
Qualification provider |
Qualification |
Activity Number(s) |
Key |
ACI The Financial Markets Association |
ACI Diploma (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation) |
2, 3, 12, 13 |
a |
ACI Dealing Certificate when combined with Chartered Institute of Securities and Investment (CISI) Introduction to Securities and Investments and one of the Regulatory units of the Investment Operations Certificate (IOC) |
15, 17 |
4 |
|
ACI Operations Certificate when combined with Chartered Institute of Securities and Investment (CISI) Introduction to Securities and Investments and one of the Regulatory units of the Investment Operations Certificate (IOC) |
|||
Association of Accounting Technicians |
Member |
15, 16, 17, 18, 19 |
4 |
Association of Certified International Investment Analysts (ACIIA) |
CIIA qualification (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation) |
2, 3, 12, 13 |
a |
Certified International Investment Analyst (CIIA) |
14 and 10 |
2 |
|
Association of Chartered Certified Accountants |
Member or Affiliate |
8 |
1 |
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
|
Association of Corporate Treasurers |
MCT Advanced Diploma (Member or Fellow) or AMCT Diploma in Treasury (Associate Member)16 16 |
15, 16, 17, 18, 19 |
4 |
Association of International Wealth Management (AIWM) |
Certified International Wealth Manager Diploma (CIWM) |
2, 3, 12, 13 |
a |
14 and 10 |
1 |
||
Blackburn College - University Centre |
Foundation Degree Award in Financial Services |
4 and 6 |
a |
Bournemouth University |
BA in Financial Services (1995 to 2001) |
4 and 6 |
b |
MA in Financial Services (1995 to 2001) |
|||
Post Graduate in Financial Services (1995 to 2001) |
|||
18Calibrand / Chartered Institute of Bankers in Scotland |
Diploma in Professional Financial Advice (Post 30/4/2014) |
4 and 6 |
a11 |
Calibrand / Scottish Qualifications Authority |
Diploma in Professional Financial Advice(Pre 1/8/2018)18 |
4 and 6 |
a |
Diploma in Professional Financial Advice (NMBA - Alternative Assessment method) |
|||
15Canadian Securities Institute |
Canadian Securities Course (CSC) and Conduct and Practices Handbook Course (CPH) - must include a pass in both modules (provided it is accompanied by appropriate qualifications in Regulation and Ethics and Personal Taxation) - both courses must be completed |
2, 12 |
b |
Canadian Securities Course (CSC), Conduct and Practices Handbook (CPH), the Futures Licensing Course (FLC), the Derivatives Fundamentals Course (DCF) and the Options Licensing Course (OLC) - must include a pass in all modules (provided it is accompanied by appropriate qualifications in Regulation and Ethics and Personal Taxation) - all courses must be completed |
3, 13 |
b |
|
Canadian Securities Course (CSC), Conduct and Practices Handbook (CPH), the Futures Licensing Course (FLC) and the Derivatives Fundamentals and Options Licensing Course (DFOL) - must include a pass in all modules (provided it is accompanied by appropriate qualifications in Regulation and Ethics and Personal Taxation) - all courses must be completed |
|||
CASS Business School |
MSC in Banking and International Finance (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation) |
2, 3, 12, 13 |
a |
12MSC in Investment Management pre 2003 syllabus (provided it is accompanied by appropriate qualifications in Regulation and Ethics and Personal Taxation) |
2, 3, 12, 13 |
b16 |
|
16CFA Institute |
Claritas Investment Certificate |
15, 16, 17,18, 19 |
4 |
CFA Institute and the CFA Society of the UK |
Level 1 of CFA Program plus Investment Management Certificate (Level 4)12 12 |
2, 3, 12, 13 |
a |
Completion of CFA Program plus Investment Management Certificate Unit 1: The investment environment (Level 4)12 12 |
|||
Holder of Associate qualification (associate member)12 12 |
2, 3, 12, 13 |
b |
|
Level 1 of CFA Program plus Investment Management Certificate (Level 3)12 12 |
|||
Completion of CFA Program plus Investment Management Certificate Unit 1: UK Regulation and Markets (level 3)12 12 |
|||
Holder of Associate qualification (Fellow)12 12 |
|||
CFA Program (Level 1) |
14 and 10 |
2 |
|
Fellow or Associate by examination |
8 |
1 |
|
14 and 10 |
|||
15, 16, 17, 18, 19 |
4 |
||
Investment Management Asset Allocation Qualification13 1212 |
14 and 10 |
2 |
|
Investment Regulation and Practice Paper of the Associate Examination |
15, 16, 17 |
5 |
|
CFA Society of UK (Formerly the UK Society of Investment Professionals/ Institute of Investment Management and Research (IIMR)) |
Investment Management Certificate (Level 4) plus other qualifications that meet specialist standards for advising on securities 12 |
2, 12 |
a |
Investment Management Certificate (Level 4) plus other qualifications that meet specialist standards for advising on packaged products 12 |
4 and 6 |
||
Investment Management Certificate (Level 4) plus other qualifications that meet specialist standards for advising on derivatives 12 |
3, 13 |
||
Investment Management Certificate (Level 3 or 4)12 12 |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
15, 16, 17 |
5 |
||
14 and 10 |
1 |
||
Investment Practice Paper (Unit 2) of Investment Management Certificate (Level 3 or 4)12 12 |
14 and 10 |
2 |
|
12 | 8 |
2 |
|
Investment Management Certificate Unit 1: UK Regulation and Markets (Level 3) or Investment Management Certificate Unit 1: The Investment Environment (Level 4)12 12 |
8 |
3 |
|
15, 16, 17, 19 |
5 |
||
18 |
6 |
||
12 | 14 and 10 |
3 |
|
Chartered Alternative Investment Analysis Association (CAIA) |
CAIA Level 1 (provided it is accompanied by appropriate qualifications in Regulation and Ethics and Personal Taxation) |
2, 12 |
b |
Chartered Institute of Bankers in Ireland |
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
Chartered Institute of Bankers in Scotland |
Diploma in Investment Planning (Existing Adviser) (18Post 2010 examination standards and Pre 1/6/2015)18 |
4 and 6 |
a |
Diploma in Investment Planning (New Adviser) (18Post 2010 examination standards and Pre 1/6/2015)18 |
|||
Diploma in Investment Planning (Retail Banking) (New Adviser) (18Post 2010 examination standards and Pre 1/6/2015)18 |
|||
Diploma in Investment Planning (Retail Banking) (Existing Adviser) (18Post 2010 examination standards and Pre 1/6/2015)18 |
|||
Diploma in investment planning (work based assessment)(Pre 1/6/2015)18 |
|||
Associate (March 1992 to July 1994 syllabus (including top-up test)) |
4 and 6 |
b |
|
Associate (post August 1994 syllabus) |
|||
Certificate in Investment Planning (Pre 17/09/2004) |
|||
Chartered Banker (where candidates hold UK Financial Services and Investment modules) |
|||
Diploma in Investment Planning (current) |
|||
Associateship - (must include a pass in the Investment Paper) |
2, 3, 12, 13 |
b |
|
Certificate in Investment Planning - Paper 1 |
15, 16, 18, 19 |
4 |
|
15, 16, 17, 18, 19 |
5 |
||
Certificate in Investment Planning |
17 |
4 |
|
Member or Associate |
15, 16, 17, 18, 19 |
4 |
|
Mortgage Advice and Practice Certificate |
20 |
1 |
|
Certificate in Mortgage Advice and Practice (MAPC) (Pre 16/09/2004) |
20, 21, 22 |
1 |
|
MAPC bridge paper plus entry requirements (Pre 31/10/2004) |
20 |
1 |
|
Certificate in Investment Planning - Paper 1 (Pre 16/09/2004) |
20, 21, 22 |
3 |
|
MAPC - Paper 1 (Pre 16/09/2004) |
20 |
3 |
|
Mortgage Advice and Practice Certificate - Paper 1 (Post 17/09/2004) |
20, 21 |
3 |
|
Equity Release Mortgage Advice and Practice Certificate (ERMAPC) |
21, 22 |
1 |
|
Lifetime Mortgage Advice and Practice Certificate |
|||
MAPC Bridge paper plus entry requirements (Pre 16/09/2004) |
|||
Certificate in Mortgage Advice and Practice (MAPC) (Pre 16/09/2004) - Paper 1 |
21, 22 |
3 |
|
Equity Release Mortgage Advice and Practice Certificate (ERMAPC) |
23 |
4 |
|
23 |
5 |
||
23 |
6 |
||
Chartered Institute of Management Accountants |
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
Chartered Institute of Public Finance and Accountancy |
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
Chartered Institute for Securities and Investment (CISI) - (Formerly the Securities and Investment Institute (SII); formerly The Securities Association) |
|||
Investment Advice Diploma (where candidate holds 3 modules including the derivatives module) |
3, 13 |
||
Investment Advice Diploma (where candidate holds 3 modules including the securities module) |
2, 12 |
||
Masters in Wealth Management (Post 2010 examination standards) |
2, 3, 4 and 6, 12, 13 |
||
Certificate in Private Client Investment Advice and Management |
2, 3, 4 and 6, 12, 13 |
b |
|
14 and 10 |
1 |
||
Certificate in Private Client Investment Advice and Management (attained through a CISI competency interview and presentation only) |
2, 3, 4 and 6, 12, 13 |
b |
|
14 and 10 |
1 |
||
Diploma (where candidate holds 3 modules as recommended by the firm) |
2, 3, 4 and 6, 12, 13 |
b |
|
Investment Advice Certificate |
2, 3, 4 and 6, 12, 13 |
b |
|
Masters in Wealth Management (Pre 2010 examination standards) |
2, 3, 4 and 6, 12, 13 |
b |
|
Member of the Securities Institute (MSI Dip) (where candidate holds 3 modules as recommended by the firm) |
2, 3, 4 and 6, 12, 13 |
b |
|
Certificate in Corporate Finance |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
Certificate in Derivatives - Paper 2 |
15, 16, 17, 18, 19 |
4 |
|
Certificate in Investment and Financial Advice - Paper 1 |
21, 22 |
3 |
|
Certificate in Investment Management (Level 3, pre 31 December 2013)13 |
8 |
1 |
|
15, 16, 17, 19 |
4 |
||
15, 16, 17 |
5 |
||
14 and 10 |
113 |
||
13Certificate in Investment Management (Level 4) |
14 and 10 |
1 |
|
Certificate in Investment Management - Paper 2 |
8 |
2 |
|
14 and 10 |
|||
Certificate in Securities |
8 |
1 |
|
Certificate in Securities - Paper 2 |
15, 16, 17, 18, 19 |
4 |
|
Certificate in Securities and Derivatives - Paper 2 |
19 |
4 |
|
Certificate in Securities and Financial Derivatives |
8 |
1 |
|
Certificate in Securities and Financial Derivatives - Paper 2 |
15, 16, 17, 18 |
4 |
|
Client Services Qualification |
15, 16, 17, 18, 19 |
4 |
|
Diploma |
15, 16, 17, 18, 19 |
4 |
|
Diploma - Corporate Finance Paper |
8 |
2 |
|
Diploma - Global Operations Management Module |
15, 16, 17, 18, 19 |
4 |
|
15, 16, 17 |
5 |
||
6 |
|||
Diploma - International Operations Management Module |
15 |
4 |
|
15, 16 |
5 |
||
6 |
|||
17 |
4 |
||
5 |
|||
6 |
|||
Diploma - International Operations Module |
16, 18, 19 |
4 |
|
Diploma - Operations Management Module |
15, 16, 17, 18, 19 |
4 |
|
15, 17 |
5 |
||
15, 16, 17 |
6 |
||
Diploma - Regulation and Compliance Module |
8 |
3 |
|
14 and 10 |
|||
15, 16, 17, 18, 19 |
5 |
||
Diploma (must include a pass in Regulation and Compliance Paper) |
8 |
1 |
|
Diploma (where candidate holds 3 modules as recommended by the firm) |
14 and 10 |
1 |
|
12Diploma in Corporate Finance (awarded jointly with The Institute of Chartered Accountants in England and Wales)15 |
8 |
1 |
|
Investment Administration Qualification - Asset Servicing Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Basics of CREST Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Bond Settlement Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Collective Investment Schemes Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - CREST Settlement Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Derivatives Operations Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Exchange - Traded Derivative Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - FSA Regulatory Environment Module |
15, 16, 17 |
5 |
|
Investment Administration Qualification - Global Custody Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Global Securities Operations Module |
16, 17 |
6 |
|
Investment Administration Qualification - Global Settlement Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - IMRO Regulatory Environment Module |
8 |
3 |
|
14 and 10 |
|||
15, 16, 17, 18, 19 |
5 |
||
Investment Administration Qualification - Introduction to Securities and Investment Module |
15, 16, 17, 18, 19 |
4 |
|
Investment Administration Qualification - ISA Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - ISA and CTF Administration Module |
15, 16,16 17 |
6 |
|
Investment Administration Qualification - ISA and PEP Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Life Policy Administration Module |
18 |
6 |
|
Investment Administration Qualification - OEIC Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Operational Risk Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - OTC Derivatives Administration Module |
15, 16 |
6 |
|
Investment Administration Qualification - Pensions Administration Module |
19 |
6 |
|
Investment Administration Qualification - PEP Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - Portfolio Performance Measurement Module |
15, 16 |
6 |
|
Investment Administration Qualification - Private Client Administration Module |
15, 16, 17 |
6 |
|
Investment Administration Qualification - SFA Regulatory Environment Module |
8 |
3 |
|
14 and 10 |
|||
15, 16, 17, 18 |
5 |
||
Investment Administration Qualification - Unit 2 FSA Regulatory Environment - (Formerly the Investment Administration Qualification - Regulatory Environment Module) |
8 |
3 |
|
14 and 10 |
|||
18, 19 |
5 |
||
Investment Administration Qualification - Unit Trust Administration Module |
15, 16, 17 |
6 |
|
Investment Advice Certificate |
14 and 10 |
1 |
|
Investment Advice Certificate - Paper 1 |
15, 16, 17, 18, 19 |
4 |
|
5 |
|||
Investment Advice Certificate - Paper 1 (No new registrations) |
20, 21, 22 |
3 |
|
Investment Advice Certificate - Paper 2 |
18, 19 |
6 |
|
Investment Advice Diploma (where candidates hold technical modules as recommended by the firm) |
14 and 10 |
1 |
|
Investment Operations Certificate - Asset Servicing Module |
15, 16, 17 |
6 |
|
Investment Operations Certificate - Collective Investment Schemes Administration Module |
15, 16, 17 |
6 |
|
Investment Operations Certificate - CREST Settlement Module |
15, 16, 17 |
6 |
|
Investment Operations Certificate - Exchange - Traded Derivative Administration Module |
15, 16, 17 |
6 |
|
Investment Operations Certificate - UK13 Financial Regulation Module 13 |
8 |
3 |
|
14 and 10 |
|||
15, 16, 17, 18, 19 |
5 |
||
Investment Operations Certificate - Global Securities Operations Module |
17 |
6 |
|
Investment Operations Certificate - Global Securities Operations Module |
16 |
6 |
|
Investment Operations Certificate - Introduction to Securities and Investment Module |
15, 16, 17, 18, 19 |
4 |
|
Investment Operations Certificate - ISA Administration Module |
15, 16, 17 |
6 |
|
Investment Operations Certificate - Operational Risk Module |
15, 16, 17 |
6 |
|
Investment Operations Certificate - OTC Derivatives Administration Module |
15, 16 |
6 |
|
18Investment Operations Certificate - Platforms, Wealth Management and Service Providers |
15, 16 |
6 |
|
Investment Operations Certificate - Administration of Settlement & Investments Module (previously known as the Private Client Administration Module)12 12 |
15, 16, 17 |
6 |
|
Level 3 Certificate in Investments (Derivatives) - Unit 3 |
15, 16, 17, 18, 19 |
4 |
|
Level 3 Certificate in Investments (Investment Management) |
14 and 10 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
15, 16, 17 |
5 |
||
Level 3 Certificate in Investments (Investment Management) - Unit 5 |
8 |
2 |
|
14 and 10 |
|||
Level 3 Certificate in Investments (Securities and Financial Derivatives) |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
Level 3 Certificate in Investments (Securities) |
8 |
1 |
|
Level 3 Certificate in Investments (Securities) - Unit 2 |
15, 16, 17, 18, 19 |
4 |
|
Level 6 Diploma in Wealth Management |
14 and 10 |
1 |
|
Masters in Wealth Management |
14 and 10 |
1 |
|
Member of the Securities Institute by examination |
15, 17, 19 |
4 |
|
Principles of UK13 Financial Regulation |
8 |
3 |
|
18, 19 |
5 |
||
SFA Corporate Finance Representative Examination |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
SFA Futures and Options Representative Examination |
15, 16, 17, 18, 19 |
4 |
|
15, 16, 17 |
5 |
||
SFA Registered Persons Examination - Section 1 (Regulation) |
8 |
3 |
|
14 and 10 |
|||
15, 16, 17, 18, 19 |
5 |
||
SFA Securities and Financial Derivatives Representative Examination |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
15, 16, 17 |
5 |
||
SFA Securities Representative Examination |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
16, 17 |
5 |
||
TSA Registered Representative Examinations |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
15, 16 |
5 |
||
Unit 1 - Financial Regulation |
14 and 10 |
3 |
|
Unit 1 Financial Regulation (Formerly the Securities Institute Regulatory Paper) |
8 |
3 |
|
15, 16, 17, 18, 19 |
5 |
||
Unit 6 - Principles of UK13 Financial Regulation |
14 and 10 |
3 |
|
15, 16, 17 |
5 |
||
Chartered Insurance Institute |
Certificate in Advanced Mortgage Advice |
20 |
116 |
Certificate in Securities Advice and Dealing |
2, 12 |
a |
|
Diploma in Financial Planning (with appropriate gap fill) plus the Award in Long Term Care Insurance |
7 |
116 |
|
Diploma in Regulated Financial Planning |
4 and 6 |
a |
|
Diploma in Regulated Financial Planning (attained through a CII alternative assessment day) |
|||
Diploma in Regulated Financial Planning plus the Award in Long Term Care Insurance |
7 |
116 |
|
Fellow or Associate (life and pensions route only) |
2, 3, 12, 13 |
b |
|
Advanced Financial Planning Certificate |
2, 3, 4 and 6, 12, 13 |
b |
|
Diploma in Financial Planning |
4 and 6 |
b |
|
Fellow (FCII) (where candidates hold appropriate life and pensions modules) |
|||
Fellow (FLIA Dip) |
|||
Advanced Diploma in Financial Planning |
|||
Associate (ACII) (where candidate holds appropriate life and pension modules) |
|||
Associate (ALIA Dip) |
|||
12Diploma in Financial Planning plus a pass in J12: Securities advice and dealing |
2, 1213 13 |
a13 13 |
|
Certificate in Financial Planning plus the Award in Long Term Care Insurance |
7 |
1 |
|
G80 paper of Advanced Financial Planning Certificate (October 2004) plus appropriate exam requirements for TC 2.1.4R(1)(f) |
|||
G70 Paper of the Advanced Financial Planning Certificate |
8 |
1 |
|
Award in London Market Insurance |
9 |
1 |
|
Fellow or Associate including three pensions-related subjects as confirmed by the examining body |
11 |
1 |
|
G60 paper of Advanced Financial Planning Certificate |
|||
Unit AF3 of the Advanced Diploma in Financial Planning |
|||
Certificate of Insurance Practice |
18 |
4 |
|
Certificate of Insurance Practice (life or pensions route) |
18 |
6 |
|
FA1 - Life office administration |
|||
Fellow or Associate (life and pensions route only) |
|||
Life assurance paper (735) from the Associateship |
|||
Certificate of Insurance Practice (Pensions route) |
19 |
6 |
|
Fellow or Associate (Pensions route) |
|||
Certificate in Mortgage Advice |
20 |
1 |
|
Certificate in Equity Release (Formerly known as Certificate in Financial Planning and Lifetime Mortgages) |
21 |
1 |
|
Certificate in Equity Release |
22 |
1 |
|
23 |
4 |
||
23 |
5 |
||
23 |
6 |
||
Advanced Financial Planning Certificate (must include a pass in G70 paper) |
14 and 10 |
1 |
|
Certificate in Discretionary Investment Management |
|||
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
|
Financial Planning Certificate - Paper 1 |
15, 16, 17, 18, 19 |
4 |
|
15, 16, 17, 18, 19 |
5 |
||
CF1 - UK financial services, regulation and ethics |
15, 16, 17, 1318, 19 |
4 |
|
15, 16, 17, 1318, 19 |
513 |
||
13RO1 Paper: Regulation and Ethics |
15, 16, 17, 18, 19 |
4 |
|
15, 16, 17, 18, 19 |
5 |
||
FA2 - Pensions administration paper |
18, 19 |
613 |
|
Financial Planning Certificate - Paper 2 |
|||
Pensions law, taxation and administration paper (740) from the Associateship |
18, 19 |
613 |
|
13Certificate in Investment Operations: Collective Investment Scheme Administration paper (FA4) |
15, 16, 17 |
6 |
|
13Certificate in Investment Operations: Individual Savings Account Administration paper (FA5) |
151516, 17 |
6 |
|
13Certificate in Investment Operations: Investment Client Servicing paper (FA6) |
15, 16, 17 |
6 |
|
Certificate in Mortgage Advice - Paper 1 |
20, 21 |
3 |
|
Mortgage Advice Qualification (MAQ) plus entry requirements |
20, 21, 22 |
1 |
|
Financial Planning Certificate - Paper 1 (No new registrations after 17/12/2004) |
20, 21, 22 |
313 |
|
13Deutsche Boerse AG |
Certified Securities Trader (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation) |
2, 12 |
b |
13Deutsche Boerse AG 15 |
Certified Derivatives Trader (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation) |
2, 12 |
b |
3, 13 |
a |
||
EFFAS Societies with accredited examinations |
Certified European Financial Analyst |
14 and 10 |
2 |
Faculty or Institute of Actuaries |
Fellow or Associate or where the individual has passed all of the following modules CT1, CT2, CT4, CT5, CT6, CT7 and CT8 |
2, 3, 4 and 6, 12, 13 |
a |
14 and 10 |
1 |
||
Associate - achieved by examination passed before 1 December 2001 (must include a pass in Subject 301 - Investment and Asset Management (syllabus in force from 1998) |
14 and 10 |
1 |
|
Associate - achieved by examination passed after 1 December 2001 (must include a pass in subject 301 - Investment and Asset Management (syllabus in force from 1998) |
14 and 10 |
2 |
|
12 | |||
Fellow - achieved by examination (must include a pass in subjects 301 and 401 Investment and Asset Management (syllabus in force from 1998)) |
14 and 10 |
1 |
|
Fellow or Associate |
11 |
1 |
|
16, 17, 18, 19 |
4 |
||
18, 1912 |
6 |
||
Fellow or Associate by examination (must include Investment Paper E (Syllabus in force until 1998)) |
14 and 10 |
1 |
|
Fellow or where the individual has passed all of the following modules CA1 and SA2 |
18 |
4 |
|
Financial Industry Regulatory Authority (FINRA) - Formerly the National Association of Securities Dealers (NASD) |
Series 7 - General Securities Representatives Examination (provided it is accompanied by appropriate qualifications in Regulation and Ethics and Personal Taxation) |
2, 3, 12, 13 |
b |
Financial & Legal 15Skills Partnership (formerly the Financial Skills Partnership/15Financial Services Skills Council (FSP/15FSSC)) |
FLSP15 Advanced/Modern15 Apprenticeship in Advising on Financial Products (Long Term Care Insurance Pathway) 15 |
7 |
1 |
FLSP Level 315 Advanced/Modern15 Apprenticeship in Retail or Providing15Financial Services (Investment Administration or Operations15 Pathway including either Asset Servicing / CREST Settlement / Global Securities or ISA and CTF Administration) 15 |
17 |
6 |
|
FLSP Level 315 Advanced/Modern15 Apprenticeship in Retail or Providing 15Financial Services (Investment Administration or Operations15 Pathway including FSA Regulatory Environment or Principles of Financial Regulation) 15 |
17 |
5 |
|
FLSP Level 315 Advanced/Modern 15 Apprenticeship in Retail or Providing 15Financial Services (investment Administration or Operations15 Pathway including the Introduction to Securities and Investment module) 15 |
17 |
4 |
|
FLSP Level 315 Advanced/Modern 15Apprenticeship in Retail or Providing 15Financial Services (Long Term Insurance or Life, Pensions and Investments or Pensions Administration15 Pathway including CF1) 15 |
18 |
4 |
|
FLSP Level 315 Advanced/Modern15 Apprenticeship in Retail or Providing 15Financial Services (Long Term Insurance or Life, Pensions and Investments or Pensions Administration15 Pathway including CF1) 15 |
18 |
5 |
|
FLSP Level 315 Advanced/Modern15 Apprenticeship in Retail or Providing 15Financial Services (Long Term Insurance or Life, Pensions and Investments or Pensions Administration15 Pathway including CF1 and either FA1 or FA2) 15 |
18 |
6 |
|
FLSP Level 315 Advanced/Modern15 Apprenticeship in Retail or Providing 15Financial Services (Long Term Insurance or Life, Pensions and Investments or Pensions Administration15Pathway including CF1 and FA2) 15 |
19 |
1 |
|
FLSP Level 315 Advanced Apprenticeship in Advising on Financial Products (Mortgage Advice Pathway) or Level 3 Advanced Apprenticeship in Providing Mortgage Advice15 15 |
20 |
1 |
|
ICMA Centre/ University of Reading (Formerly ISMA Centre/ University of Reading) |
Diploma in Capital Markets, Regulation and Compliance |
17 |
5 |
Operations Certificate Programme (OCP) |
16, 17 |
6 |
|
ifs University College15(formerly the ifs School of Finance/15Chartered Institute of Bankers) 15 |
Diploma for Financial Advisers (post 2010 examination standards) |
4 and 6 |
a |
Professional Certificate in Banking (PCertB) (where candidate has passed the Practice of Financial Advice module) |
|||
Level 6 Diploma in Financial Advice (Adv Dipfa) |
4 and 6 |
a16 |
|
Associateship - (must include a pass in the Investment / Investment Management Paper) |
2, 3, 4 and 6, 12, 13 |
b |
|
Diploma for Financial Advisers (pre 2010 examination standards) |
4 and 6 |
b |
|
Professional Investment Certificate |
|||
Certificate for Financial Advisers and Certificate in Long-term Care Insurance |
7 |
1 |
|
Pension Transfers plus Diploma for Financial Advisers (DipFA®) post 2010 exam standards |
11 |
116 |
|
Pensions paper of Professional Investment Certificate |
11 |
1 |
|
Certificate for Financial Advisers - Paper 1 |
15 |
5 |
|
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
|
Certificate for Financial Advisers - Paper 1 (Pre 31/10/2004) |
15, 16, 17, 18, 19 |
4 |
|
5 |
|||
20, 21, 22 |
3 |
||
Certificate for Financial Advisers - Paper 1 (Post 01/11/2004) |
18, 19 |
4 |
|
5 |
|||
Certificate for Financial Advisers - Paper 2 (Pre 31/10/2004) |
18, 19 |
6 |
|
CeMAP Bridge paper plus entry requirements |
20 |
1 |
|
Certificate in Mortgage Advice and Practice (Post 01/11/2004) |
20 |
1 |
|
Diploma for Mortgage Advice and Practice DipMAP (plus entry requirements) |
20 |
1 |
|
CeMAP bridge paper plus entry requirements (Pre 31/10/2004) |
21, 22 |
1 |
|
Certificate in Mortgage Advice and Practice (CeMAP) (Pre 31/10/2004) - Paper 1 |
20, 21 |
3 |
|
Certificate in Mortgage Advice and Practice (Post 01/11/2004) - Paper 1 |
20, 21 |
3 |
|
Certificate in Mortgage Advice and Practice (CeMAP) (Pre 31/10/2004) |
20, 21, 22 |
1 |
|
Certificate in Regulated Equity Release (Formerly known as Certificate in Lifetime Mortgages) |
21, 22 |
1 |
|
23 |
4 |
||
23 |
5 |
||
23 |
6 |
||
Institute of Chartered Accountants in England and Wales |
Fellow or Associate |
8 |
1 |
15, 16, 17, 18, 19 |
4 |
||
Initial Test of Competence |
18, 19 |
6 |
|
Diploma in Corporate Finance (awarded jointly with The Institute of Chartered Accountants in England and Wales)15 |
815 |
215 |
|
Institute of Chartered Accountants in Ireland |
Fellow or Associate |
8 |
1 |
15, 16, 17, 18, 19 |
4 |
||
Initial Test of Competence |
19 |
6 |
|
Institute of Chartered Accountants in Scotland |
Member |
8 |
1 |
15, 16, 17, 18, 19 |
4 |
||
Initial Test of Competence |
19 |
6 |
|
Institute of Chartered Secretaries and Administrators |
Certificate in Collective Investment Scheme Administration |
15, 16, 17, 18 |
4 |
5 |
|||
15, 16 |
6 |
||
19 |
4 |
||
Certificate in Company Secretarial Practice and Share Registration Practice (including the Regulatory module within the examination) |
15, 16. 17 |
4 |
|
5 |
|||
6 |
|||
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
|
Institute of Financial Planning |
Certified Financial Planner |
4 and 6 |
b |
Fellowship |
|||
Insurance Sector Education and Training Authority |
National Diploma: Financial Services Long-Term Risk Assessment |
7 |
2 |
Investment Management Association |
Investment Administration Management Award |
15, 16, 17 |
6 |
Investment Property Forum |
IPF Certificate in Property Investment |
14 and 10 |
2 |
Japanese Bankers Association |
Registered Representative of Public Securities Examination (pre-April 1990) |
8 |
2 |
Representative of Public Securities Qualification - Class 1 |
|||
Japanese Securities Dealers Association |
Representative of Public Securities Qualification - Type 1 (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation |
2, 3, 12, 13 |
b |
Representative of Public Securities Examination (pre April 1990) |
8 |
2 |
|
Representative of Public Securities Qualification - Type 1 |
|||
Law Society of England and Wales |
Module B(ii), Securities and Portfolio Management |
8 |
2 |
Module B(i), Retail Branded/ Packaged Products |
18, 19 |
6 |
|
Law Society of England and Wales/ Law Society of Northern Ireland |
Solicitor |
15 |
4 |
Law Society of England and Wales/ Law Society of Scotland/ Law Society of Northern Ireland |
Solicitor |
17, 18, 19 |
4 |
Lloyd's |
Lloyd's and London Market Introductory Test (Formerly the Lloyd's Introductory Test) |
9 |
1 |
Lloyd's/ Chartered Insurance Institute |
Lloyd's Market Certificate |
9 |
1 |
London Stock Exchange (records are now kept by The Chartered Institute for Securities and Investment (CISI); Formerly the Securities and Investment Institute (SII); formerly The Securities Association) |
London Stock Exchange Full Membership Exams (and other regional stock exchanges as merged with London Stock Exchange) - where candidate holds three or four papers or holds both the Stock Exchange Practice and Techniques of Investment papers |
2, 3, 4 and 6, 12, 13 |
b |
14 and 10 |
1 |
||
Stock Exchange Registered Representative Examination |
8 |
1 |
|
15, 16, 17, 18, 19 |
4 |
||
15, 16 |
5 |
||
Manchester Metropolitan University |
BA (Hons) Financial Services, Planning and Management |
2, 3, 4 and 6, 12, 13 |
a |
N/A |
In-house module (only where the firm can demonstrate that none of the listed examinations are appropriate) |
15, 16, 17, 18, 19 |
6 |
NIBE SVV the Dutch Institute for the Banking, Insurance and Stockbroking Industry |
Examination |
8 |
2 |
Pensions Management Institute |
Diploma in Regulated Retirement Advice |
4 and 6 |
a |
11 |
1 |
||
Fellow or Associate by examination |
11 |
1 |
|
Module 201: Providing for Retirement |
19 |
4 |
|
512 |
|||
612 |
|||
Fellow or Associate |
15, 16, 17, 18, 19 |
4 |
|
Diploma in Member-Directed Pension Scheme Administration |
18 |
6 |
|
Fellow or Associate by examination |
18, 19 |
6 |
|
Sheffield Hallam University |
BA in Financial Services (1995 to 2001) |
4 and 6 |
b |
MA in Financial Services (1995 to 2001) |
|||
Post Graduate in Financial Services (1995 to 2001) |
|||
15SIX Swiss Exchange |
Certified Securities Trader the Swiss Markets Insight course (provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation) |
2, 12 |
b |
Society of Investment Analysts in Ireland |
Certificate in Investment Management (at least 3 papers passed by examination) |
14 and 10 |
2 |
South African Institute of Financial Markets |
Ordinary and Senior Certificates |
8, 14 and 10 |
2 |
Swiss Finance Institute |
Dual degree Executive MBA in Asset and Wealth Management |
14 and 10 |
2 |
The Securities Analysts Association of Japan (SAAJ) |
CMA Level 2 (for individuals advising before 30 June 2009) |
2, 3, 12, 13 |
b |
CMA Level 2 (for individuals not advising before 30 June 2009 - provided it is accompanied by appropriate qualifications in Regulation and Ethics, Investment Principles and Risk and Personal Taxation) |
|||
CMA Level 2 |
8 |
2 |
|
Secondary Examination |
|||
Chartered Member |
14 and 10 |
2 |
|
University of Northampton |
BSc Banking and Financial Planning |
4, 6 |
a16 |
University of Stirling |
BA in Finance |
2, 4 and 6, 12 |
b |
BA in Finance and Accounting |
2, 3, 4 and 6, 12, 13 |
b |
|
MSc in Finance |
2, 3, 12, 13 |
b |
|
MSc in international Accounting and Finance (where candidates hold modules as recommended by the firm) |
2, 3, 12, 13 |
b |
|
8 |
2 |
||
14 and 10 |
1 |
||
MSc in Investment Analysis |
2, 3, 12, 13 |
b |
|
14 and 10 |
1 |
||
University of the West of England |
BA in Financial Services (1995 to 2001) |
4 and 6 |
b |
MA in Financial Services (1995 to 2001) |
|||
Post Graduate in Financial Services (1995 to 2001) |
This table belongs to COLL 4.2.2 R (Publishing the prospectus).
Document status |
|||||
1 |
A statement that the document is the prospectus of the authorised fund valid as at a particular date (which shall be the date of the document). |
||||
Authorised fund |
|||||
2 |
A description of the authorised fund including: |
||||
(a) |
its name; |
||||
(b) |
|||||
3(ba) |
whether it is a UCITS scheme or a non-UCITS retail scheme; |
||||
17(bb) |
a statement that unitholders in an AUT, ICVC or co-ownership scheme21 are not liable for the debts of the authorised fund;21 |
||||
(bc) |
a statement that the scheme property of a co-ownership scheme is beneficially owned by the participants as tenants in common (or, in Scotland, is the common property of the participants);21 |
||||
(bd) |
a statement that a unitholder in a limited partnership scheme is not liable for the debts or obligations of the limited partnership scheme beyond the amount of the scheme property which is available to the authorised contractual scheme manager to meet such debts or obligations, provided that the unitholder does not take part in the management of the partnership business;21 |
||||
(be) |
a statement that the exercise of rights conferred on limited partners by FCArules does not constitute taking part in the management of the partnership business;21 |
||||
(c) |
for an ICVC, the address of its head office and the address of the place in the United Kingdom for service on the ICVC of notices or other documents required or authorised to be served on it; |
||||
(ca) |
for an ACS that is a limited partnership scheme, the address of the proposed principal place of business of the limited partnership scheme;21 |
||||
(d) |
the effective date of the authorisation order made by the FCA and relevant details of termination, if the duration of the authorised fund is limited; |
||||
(e) |
its base currency; |
||||
(f) |
for an ICVC, the maximum and minimum sizes of its capital; 18 |
||||
(g) |
the circumstances in which it may be wound up under the rules and a summary of the procedure for, and the rights of unitholders under, such a winding up; and1817 |
||||
18(h) |
if it is not an umbrella, a statement that it is a feeder UCITS, a feeder NURS, a fund of alternative investment funds or a property authorised investment fund22, where that is the case. 22 |
||||
Umbrella ICVCs or co-ownership schemes21 |
|||||
2A |
The following statements for an ICVC or a co-ownership scheme which is an umbrella:21 21 |
||||
(a) |
for an ICVC, a statement that21its sub-funds are segregated portfolios of assets and, accordingly, 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; 21 |
||||
(aa) |
for a co-ownership scheme, a statement that the property subject to a sub-fund is beneficially owned by the participants in that sub-fund as tenants in common (or, in Scotland, is the common property of the participants in that sub-fund) and must not be used to discharge any liabilities of, or meet any claims against, any person other than the participants in that sub-fund; and21 |
||||
(b) |
for an ICVC or a co-ownership scheme, a statement that21 while the provisions of the OEIC Regulations, and section 261P (Segregated liability in relation to umbrella co-ownership schemes) of the Act in the case of co-ownership schemes,21 provide for segregated liability between sub-funds, the concept of segregated liability is relatively new. Accordingly, where claims are brought by local creditors in foreign courts or under foreign law contracts, it is not yet known how those foreign courts will react to regulations 11A and 11B of the OEIC Regulations or, as the case may be, section 261P of the Act.2118 |
||||
18Umbrella Schemes |
|||||
182B |
For a UCITS scheme or non-UCITS retail scheme which is an umbrella, a statement detailing whether each specific sub-fund is a feeder UCITS, a feeder NURS,22 a fund of alternative investment funds or a property authorised investment fund22, as appropriate. 22 |
||||
Investment objectives and policy |
|||||
3 |
The following particulars of the investment objectives and policy of the authorised fund: |
||||
(a) |
the investment objectives, including its financial objectives; |
||||
(b) |
the authorised fund's investment policy for achieving those investment objectives, including the general nature of the portfolio and, if appropriate, any intended specialisation; |
||||
(c) |
an indication of any limitations on that investment policy;22 |
||||
22(ca) |
for an authorised fund that has indicated in its name, investment objectives or fund literature (including in any financial promotions for the fund), through use of descriptions such as 'absolute return', 'total return' or similar, an intention to deliver positive returns in all market conditions (and where there is no actual guarantee of such returns), additional statements in the authorised fund's investment objectives specifying: |
||||
(i) |
that capital is in fact at risk; |
||||
(ii) |
the investment period over which the authorised fund aims to achieve a positive return; and |
||||
(iii) |
there is no guarantee that this will be achieved over that specific, or any, time period; |
||||
(d) |
the description of assets which the capital property may consist of; |
||||
(e) |
the proportion of the capital property which may consist of an asset of any description; |
||||
(f) |
the description of transactions which may be effected on behalf of the authorised fund and an indication of any techniques and instruments or borrowing powers which may be used in the management of the authorised fund; |
||||
(g) |
a list of the eligible markets through which the authorised fund may invest or deal in accordance with COLL 5.2.10 R (2)(b) (Eligible markets: requirements); |
||||
(h) |
for an ICVC, a statement as to whether it is intended that the scheme will have an interest in any immovable property or movable property ((in accordance with COLL 5.6.4 R (2) (Investment powers: general) or COLL 5.2.8 R (2) (UCITS schemes: general)) for the direct pursuit of the ICVC's business; |
||||
(i) |
where COLL 5.2.12 R (3) (Spread: government and public securities) applies, a prominent statement as to the fact that more than 35% of the scheme property is or may be invested in government and public securities and the names of the individual states, local authorities or public international bodies in whose securities the authorised fund may invest more than 35% of the scheme property; |
||||
(k) |
for an authorised fund which may invest in other schemes, the extent to which the scheme property may be invested in the units of schemes which are managed by the authorised fund manager or by its associate; |
||||
(ka) |
where a scheme is a feeder scheme (other than a feeder UCITS or a feeder NURS)18,16 which (in respect of investment in units in collective investment schemes) is dedicated to units in a single collective investment scheme, details of the master scheme and the minimum (and, if relevant, maximum) investment that the feeder scheme may make in it; 1618 |
||||
(l) |
where a scheme invests principally in scheme units, deposits or derivatives, or replicates an index in accordance with COLL 5.2.31 R or COLL 5.6.23 R (Schemes replicating an index), a prominent statement regarding this investment policy; |
||||
(m) |
where derivatives transactions may be used in a scheme, a prominent statement as to whether these transactions are for the purposes of efficient portfolio management (including10hedging)10 or meeting the investment objectives or both and the possible outcome of the use of derivatives on the risk profile of the scheme; |
||||
(n) |
information concerning the profile of the typical investor for whom the scheme is designed; |
||||
(o) |
information concerning the historical performance of the scheme presented in accordance with COBS 4.6.2 R (the rules on past performance);6 6 |
||||
(p) |
for a non-UCITS retail scheme which invests in immovables, a statement of the countries or territories of situation of land or buildings in which the authorised fund may invest; |
||||
(q) |
for a UCITS scheme which invests a substantial portion of its assets in other schemes, a statement of the maximum level of management fees that may be charged to that UCITS scheme and to the schemes in which it invests; |
||||
5(qa) |
where the authorised fund is a qualifying money market fund, short-term money market fund or money market fund, 15a statement identifying it as such a fund 15and a statement that the authorised fund's investment objectives and policies will meet the conditions specified in the definition of qualifying money market fund, short-term money market fund or money market fund, as appropriate;15 15 |
||||
(r) |
where the net asset value of a UCITS scheme is likely to have high volatility owing to its portfolio composition or the portfolio management techniques that may be used, a prominent statement to that effect; 16 |
||||
(s) |
for a UCITS scheme, a statement that any unitholder may obtain on request the types of information (which must be listed) referred to in COLL 4.2.3R (3) (Availability of prospectus and long report); and16 |
||||
16(t) |
for a UCITS scheme that is or is intended to be a master UCITS, a statement that it is not a feeder UCITS and will not hold units of a feeder UCITS. |
||||
Reporting, distributions and accounting dates |
|||||
4 |
Relevant details of the reporting, accounting and distribution information which includes: |
||||
(a) |
the accounting and distribution dates; |
||||
(b) |
procedures for: |
||||
(i) |
determining and applying income (including how any distributable income is paid); |
||||
(ii) |
unclaimed distributions; and |
||||
(iii) |
if relevant, calculating, paying and accounting for income equalisation; |
||||
(c) |
the accounting reference date and when the long report will be published in accordance with COLL 4.5.14 R (Publication and availability of annual and half-yearly long report); and |
||||
(d) |
when the short report will be sent to unitholders in accordance with COLL 4.5.13 R (Provision of short report). |
||||
Characteristics of the units |
|||||
5 |
Information as to: |
||||
(a) |
where there is more than one class of unit in issue or available for issue, the name of each such class and the rights attached to each class in so far as they vary from the rights attached to other classes; |
||||
(b) |
where the instrument constituting the fund23 provides for the issue of bearer certificates, that fact and what procedures will operate for them; 23 |
||||
(c) |
how unitholders may exercise their voting rights and what these amount to; |
||||
(d) |
where a mandatory redemption, cancellation or conversion of units from one class to another may be required, in what circumstances it may be required; and |
||||
(e) |
for an AUT, the fact that the nature of the right represented by units is that of a beneficial interest under a trust. |
||||
215A |
ACSs: UCITS and NURS eligible investors |
||||
(a) |
A statement that units may not be issued to a person other than a: |
||||
(i) |
|||||
(ii) |
|||||
(iii) |
|||||
(b) |
A statement that the authorised contractual scheme manager must redeem units as soon as practicable after becoming aware that those units are vested in anyone (whether as a result of subscription or transfer of units) other than a person meeting the criteria in paragraph 5A(a). |
||||
215B |
ACSs: UCITS and NURS transfer of units |
||||
(a) |
A statement whether the transfer of units in the ACSscheme is either: |
||||
(i) |
prohibited; or |
||||
(ii) |
allowed; |
||||
by the instrument constituting the fund23 and prospectus. 23 |
|||||
(b) |
Where transfer of units is allowed by the instrument constituting the fund23 and prospectus in accordance with (a)(ii), a statement that units may only be transferred in accordance with the conditions specified by FCArules, including that units may not be transferred to a person other than a: 23 |
||||
(i) |
|||||
(ii) |
|||||
(iii) |
|||||
(c) |
For a co-ownership scheme which is an umbrella, a statement in accordance with (5B)(a)(i) or (ii) and, where appropriate, a statement in accordance with (5B)(b), must also be made for the sub-funds. Where individual sub-funds have differing policies in relation to transfer of units, separate statements are required. |
||||
Authorised fund manager |
|||||
6 |
The following particulars of the authorised fund manager: |
||||
(a) |
its name; |
||||
(b) |
the nature of its corporate form; |
||||
(c) |
the date of its incorporation; |
||||
(d) |
the address of its registered office; |
||||
(e) |
the address of its head office, if that is different from the address of its registered office; |
||||
(f) |
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; |
||||
(g) |
if the duration of its corporate status is limited, when that status will or may cease; and |
||||
(h) |
the amount of its issued share capital and how much of it is paid up. |
||||
Directors of an ICVC, other than the ACD |
|||||
7 |
Other than for the ACD: |
||||
(a) |
the names and positions in the ICVC of any other directors (if any); and |
||||
(b) |
the manner, amount and calculation of the remuneration of such directors. |
||||
Depositary |
|||||
8 |
The following particulars of the depositary: |
||||
(a) |
its name; |
||||
(b) |
the nature of its corporate form; |
||||
(c) |
the address of its registered office; |
||||
(d) |
the address of its head office, if that is different from the address of its registered office; |
||||
(e) |
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; and |
||||
(f) |
a description of its principal business activity. |
||||
Investment adviser |
|||||
9 |
If an investment adviser is retained in connection with the business of an authorised fund: |
||||
(a) |
its name; and |
||||
(b) |
where it carries on a significant activity other than providing services to the authorised fund as an investment adviser, what that significant activity is. |
||||
Auditor |
|||||
10 |
The name of the auditor of the authorised fund. |
||||
Contracts and other relationships with parties |
|||||
11 |
The following relevant details: |
||||
(a) |
for an ICVC: |
||||
(i) |
a summary of the material provisions of the contract between the ICVC and the ACD3 which may be relevant to unitholders including provisions (if any) relating to remuneration, termination, compensation on termination and indemnity; 3 |
||||
(ii) |
the main business activities of each of the directors (other than those connected with the business of the ICVC) where these are of significance to the ICVC's business; |
||||
(iii) |
if any director is a body corporate in a group of which any other corporate director of the ICVC is a member, a statement of that fact; 3 |
||||
(iv) |
the main terms of each contract of service between the ICVC and a director in summary form; and3 |
||||
3(v) |
for an ICVC that does not hold annual general meetings, a statement that copies of contracts of service between the ICVC and its directors, including the ACD, will be provided to a unitholder on request; |
||||
(b) |
the names of the directors of the authorised fund manager and the main business activities of each of the directors (other than those connected with the business of the authorised fund) where these are of significance to the authorised fund's business; |
||||
(c) |
a summary of the material provisions of the contract between the ICVC or the manager of the AUT and the depositary which may be relevant to unitholders, including provisions relating to the remuneration of the depositary; |
||||
21(ca) |
in the case of an ACS, a summary of the material provisions of the contracts between: |
||||
(i) |
the authorised fund manager and the nominated partner (if any); and |
||||
(ii) |
the authorised fund manager and depositary; |
||||
which may be relevant to unitholders, including provisions relating to the remuneration of the depositary; |
|||||
(d) |
if an investment adviser retained in connection with the business of the authorised fund is a body corporate in a group of which any director of the ICVC or the authorised fund manager21 of the AUTor ACS21 is a member, that fact; 21 |
||||
(e) |
a summary of the material provisions of any contract between the authorised fund manager or the ICVC and any investment adviser which may be relevant to unitholders; |
||||
(f) |
if an investment adviser retained in connection with the business of the authorised fund has the authority of the authorised fund manager or the ICVC to make decisions on behalf of the authorised fund manager or the ICVC, that fact and a description of the matters in relation to which it has that authority; |
||||
(g) |
a list of:16 16 |
||||
16(i) |
the functions which the authorised fund manager has delegated in accordance with FCA rules or, for an EEA UCITS management company, in accordance with applicable Home State measures implementing article 13 of the UCITS Directive; and |
||||
16(ii) |
the person to whom such functions have been delegated; and |
||||
(h) |
in what capacity (if any), the authorised fund manager acts in relation to any other regulated collective investment schemes2 and the name of such schemes. 2 |
||||
Register of Unitholders |
|||||
12 |
Details of: |
||||
(a) |
the address in the United Kingdom where the register of unitholders, and where relevant the plan register is kept and can be inspected by unitholders; and |
||||
(b) |
the registrar's name and address. |
||||
Payments out of scheme property |
|||||
13 |
In relation to each type of payment from the scheme property, details of: |
||||
(a) |
who the payment is made to; |
||||
(b) |
what the payment is for; |
||||
(c) |
the rate or amount where available; |
||||
(d) |
how it will be calculated and accrued; |
||||
(e) |
when it will be paid; and |
||||
(f) |
where a performance fee is taken, examples of its operation in plain English and the maximum it can amount to. |
||||
Allocation of payments |
|||||
14 |
If, in accordance with COLL 6.7.10 R4 (Allocation of payments to income or capital), the authorised fund manager and the depositary have agreed that all or part of any income expense payments may be treated as a capital expense: |
||||
(a) |
that fact; |
||||
(b) |
the policy for allocation of these payments; and |
||||
(c) |
a statement that this policy may result in capital erosion or constrain capital growth. |
||||
Moveable and immovable property (ICVC only) |
|||||
15 |
An estimate of any expenses likely to be incurred by the ICVC in respect of movable and immovable property in which the ICVC has an interest. |
||||
Valuation and pricing of scheme property |
|||||
16 |
In relation to the valuation of scheme property and pricing of units1: 1 |
||||
(a) |
either:1 1 |
||||
(i) |
in the case of a single-priced authorised fund,1 a provision that there must be only a single price for any unit as determined from time to time by reference to a particular valuation point; or1 |
||||
(ii) |
1in the case of a dual-priced authorised fund, the authorised fund manager's policy for determining prices for the sale and redemption of units by reference to a particular valuation point and an explanation of how those prices may differ; |
||||
(b) |
details of: |
||||
(i) |
how the value of the scheme property is to be determined in relation to each purpose for which the scheme property must be valued; |
||||
(ii) |
how frequently and at what time or times of the day the scheme property will be regularly valued for dealing purposes and a description of any circumstance in which the scheme property may be specially valued; |
||||
(iii) |
where relevant, how the price of units of each class will be determined for dealing purposes; 1 |
||||
(iv) |
where and at what frequency the most recent prices will be published; and |
||||
(v) |
1where relevant in the case of a dual-priced authorised fund, the authorised fund manager's policy in relation to large deals; and |
||||
(c) |
if provisions in (a) and (b) do not take effect when the instrument constituting the fund23 or (where appropriate) supplemental trust deed takes effect, a statement of the time from which those provisions are to take effect or how it will be determined. 23 |
||||
Dealing |
|||||
17 |
The following particulars: |
||||
(a) |
the procedures, the dealing periods and the circumstances in which the authorised fund manager will effect: |
||||
(i) |
the sale and redemption of units and the settlement of transactions (including the minimum number or value of units which one person may hold or which may be subject to any transaction of sale or redemption) for each class of unit in the authorised fund; and |
||||
(ii) |
any direct issue or cancellation of units by an ICVC or by the depositary of an AUT or ACS21 (as appropriate) through the authorised fund manager in accordance with COLL 6.2.7R (2) (Issue and cancellation of units through an authorised fund manager); 21 |
||||
(b) |
the circumstances in which the redemption of units may be suspended; |
||||
(c) |
whether certificates will be issued in respect of registered units; |
||||
(d) |
the circumstances in which the authorised fund manager may arrange for, and the procedure for the issue or cancellation of units in specie; |
||||
(e) |
the investment exchanges (if any) on which units in the scheme are listed or dealt; |
||||
(f) |
the circumstances and conditions for issuing units in an authorised fund which limit the issue of any class of units in accordance with 13COLL 6.2.18 R13 (Limited issue); |
||||
(g) |
the circumstances and procedures for the limitation or deferral of redemptions in accordance with 13COLL 6.2.19 R13 (Limited redemption) or 13COLL 6.2.21 R13 (Deferred redemption); 12 |
||||
(h) |
in a prospectus available during the period of any initial offer: |
||||
(i) |
the length of the initial offer period; |
||||
(ii) |
the initial price of a unit, which must be in the base currency; |
||||
(iii) |
the arrangements for issuing units during the initial offer, including the authorised fund manager's intentions on investing the subscriptions received during the initial offer; |
||||
(iv) |
the circumstances when the initial offer will end; |
||||
(v) |
whether units will be sold or issued in any other currency; and12 |
||||
(vi) |
any other relevant details of the initial offer12; and12 |
||||
(i) |
whether a unitholder may effect transfer of title to units on the authority of an electronic communication and if so the conditions that must be satisfied in order to effect a transfer.12 |
||||
Dilution |
|||||
18 |
In the case of a single-priced authorised fund, details1 of what is meant by dilution including: |
||||
(a) |
a statement explaining: |
||||
(i) |
that it is not possible to predict accurately whether dilution is likely to occur; and |
||||
(ii) |
which of the policies the authorised fund manager is adopting under COLL 6.3.8 (1) (Dilution) together with an explanation of how this policy may affect the future growth of the authorised fund; and |
||||
(b) |
if the authorised fund manager may require a dilution levy or make a dilution adjustment, a statement of: |
||||
(i) |
the authorised fund manager's policy in deciding when to require a dilution levy, including the authorised fund manager's policy on large deals, or when to make a dilution adjustment; |
||||
(ii) |
the estimated rate or amount of any dilution levy or dilution adjustment based either on historical data or future projections; and |
||||
(iii) |
the likelihood that the authorised fund manager may require a dilution levy or make a dilution adjustment and the basis (historical or projected) on which the statement is made. |
||||
SDRT provision |
|||||
19 |
An explanation of: |
||||
(a) |
what is meant by stamp duty reserve tax, SDRT provision and large deals; and |
||||
(b) |
the authorised fund manager's policy on imposing an SDRT provision including its policy on large deals, and the occasions, and the likely frequency of the occasions, in which an SDRT provision may be imposed and the maximum rate of it (a usual rate may also be stated). |
||||
Forward and historic pricing |
|||||
20 |
The authorised fund manager's normal basis of pricing under COLL 6.3.9 (Forward and historic pricing). |
||||
Preliminary charge |
|||||
21 |
Where relevant, a statement authorising the authorised fund manager to make a preliminary charge and specifying the basis for and current amount or rate of that charge. |
||||
Redemption charge |
|||||
22 |
Where relevant, a statement authorising the authorised fund manager to deduct a redemption charge out of the proceeds of redemption; and if the authorised fund manager makes a redemption charge: |
||||
(a) |
the current amount of that charge or if it is variable, the rate or method of calculating it; |
||||
(b) |
if the amount, rate or method has been changed, that details of any previous amount, rate or method may be obtained from the authorised fund manager on request; and |
||||
(c) |
how the order in which units acquired at different times by a unitholder is to be determined so far as necessary for the purposes of the imposition of the redemption charge. |
||||
9Property Authorised Investment Funds |
|||||
922A |
For a property authorised investment fund, a statement that: |
||||
(1) |
[deleted]22 22 |
||||
(2) |
no body corporate may seek to obtain or intentionally maintain a holding of more than19 10% of the net asset value of the fund; and 19 |
||||
(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 if the authorised fund manager reasonably considers such action to be: |
||||
(a) |
necessary in order to enable an orderly reduction of the holding to below 10%; and |
||||
(b) |
in the interests of the unitholders as a whole. |
||||
18 | |||||
18 | 18 | ||||
General information |
|||||
23 |
Details of: |
||||
(a) |
the address at which copies of the instrument constituting the fund,23 any amending instrument and the most recent annual and half-yearly long reports may be inspected and from which copies may be obtained; 23 |
||||
(b) |
the manner in which any notice or document will be served on unitholders; |
||||
(c) |
the extent to which and the circumstances in which: |
||||
(i) |
the scheme is liable to pay or suffer tax on any appreciation in the value of the scheme property or on the income derived from the scheme property; and |
||||
(ii) |
deductions by way of withholding tax may be made from distributions of income to unitholders and payments made to unitholders on the redemption of units; 3 |
||||
(d) |
for a UCITS scheme, any possible fees or expenses not described in paragraphs 13 to 22, distinguishing between those to be paid by a unitholder and those to be paid out of scheme property; and3 3 |
||||
3(e) |
for an ICVC, whether or not annual general meetings will be held. |
||||
Information on the umbrella |
|||||
24 |
In the case of a scheme which is an umbrella with two or more sub-funds11, the following information: |
||||
(a) |
that a unitholder is entitled to exchange units in one sub-fund for units in any other sub-fund (other than a sub-fund which has limited the issue of units); |
||||
(b) |
that an exchange of units in one sub-fund for units in any other sub-fund is treated as a redemption and sale and will, for persons subject to United Kingdom taxation, be a realisation for the purposes of capital gains taxation; |
||||
(c) |
that in no circumstances will a unitholder who exchanges units in one sub-fund for units in any other sub-fund be given a right by law to withdraw from or cancel the transaction; |
||||
(d) |
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; |
||||
(e) |
what charges, if any, may be made on exchanging units in one sub-fund for units in any other sub-fund; and11 |
||||
(f) |
for 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 scheme which is an umbrella.11 |
||||
(g) |
[deleted]11 11 |
||||
Application of the prospectus contents to an umbrella |
|||||
25 |
For a scheme which is an umbrella, information required must be stated: |
||||
(a) |
in relation to each sub-fund where the information for any sub-fund differs from that for any other; and |
||||
(b) |
for the umbrella as a whole, but only where the information is relevant to the umbrella as a whole.16 |
||||
16Information on a feeder UCITS |
|||||
1625A |
In the case of a feeder UCITS, the following information: |
||||
(a) |
a declaration that the feeder UCITS is a feeder of a particular master UCITS and as such permanently invests at least 85% in value of the scheme property in units of that master UCITS; |
||||
(b) |
the investment objective and policy, including the risk profile; and whether the performance records of the feeder UCITS and the master UCITS are identical, or to what extent and for which reasons they differ, including a description of how the balance of the scheme property which is not invested in units of the master UCITS is invested in accordance with COLL 5.8.3 R (Balance of scheme property: investment restrictions on a feeder UCITS); |
||||
(c) |
a brief description of the master UCITS, its organisation, its investment objective and policy, including the risk profile, and an indication of how the prospectus of the master UCITS may be obtained; |
||||
(d) |
a summary of the master-feeder agreement or where applicable, the internal conduct of business rules referred to in COLL 11.3.2 R (2) (Master-feeder agreement and internal conduct of business rules); |
||||
(e) |
how the unitholders may obtain further information on the master UCITS and the master-feeder agreement; |
||||
(f) |
a description of all remuneration or reimbursement of costs payable by the feeder UCITS by virtue of its investment in units of the master UCITS, as well as the aggregate charges of the feeder UCITS and the master UCITS; and |
||||
(g) |
a description of the tax implications of the investment into the master UCITS for the feeder UCITS. |
||||
[Note: article 63(1) of the UCITS Directive]18 |
|||||
18Information on a feeder NURS |
|||||
1825B |
In the case of a feeder NURS, the following information: |
||||
(a) |
a declaration that the feeder NURS is a feeder of a particular qualifying master scheme and as such is dedicated to units in a single qualifying master scheme and the minimum (and, if relevant, maximum) investment that the feeder NURS may make in its qualifying master scheme; |
||||
(b) |
the investment objective and policy of the feeder NURS, including its risk profile; and whether the performance records of the feeder NURS and the qualifying master scheme are identical, or to what extent and for which reasons they differ, including a description of how the balance of the scheme property which is not invested in units of the qualifying master scheme is invested in accordance with COLL 5.6.7 R (6A) (Spread: general); |
||||
(c) |
a brief description of the qualifying master scheme, its organisation, its investment objective and policy, including the risk profile, and an indication of how the prospectus of the qualifying master scheme may be obtained; |
||||
(d) |
how the unitholders may obtain further information on the qualifying master scheme; |
||||
(e) |
a description of all remuneration or reimbursement of costs payable by the feeder NURS by virtue of its investment in units of the qualifying master scheme, as well as the aggregate charges of the feeder NURS and the qualifying master scheme; and |
||||
(f) |
a description of the tax implications of the investment into the qualifying master scheme for the feeder NURS. |
||||
Marketing in another EEA state |
|||||
26 |
A prospectus of a UCITS scheme which is prepared for the purpose of marketing units in a EEA State other than the United Kingdom, must give details as to: |
||||
(a) |
what special arrangements have been made: |
||||
(i) |
for paying in that EEA State amounts distributable to unitholders resident in that EEA State; |
||||
(ii) |
for redeeming in that EEA State the units of unitholders resident in that EEA State; |
||||
(iii) |
for inspecting and obtaining copies in that EEA State of the instrument constituting the fund23 and amendments to it, the prospectus and the annual and half-yearly long report; and 23 |
||||
(iv) |
|||||
(b) |
how the ICVC or the authorised fund manager of an AUT or ACS21 will publish in that EEA State notice: 21 |
||||
(i) |
that the annual and half-yearly long report are available for inspection; |
||||
(ii) |
that a distribution has been declared; |
||||
(iii) |
of the calling of a meeting of unitholders; and |
||||
(iv) |
of the termination of the authorised fund or the revocation of its authorisation. |
||||
7Investment in overseas8 property through an intermediate holding vehicle |
|||||
726A |
7If investment in an overseas8 immovable is to be made through an intermediate holding vehicle or a series of intermediate holding vehicles, a statement disclosing the existence of that intermediate holding vehicle or series of intermediate holding vehicles and confirming that the purpose of that intermediate holding vehicle or series of intermediate holding vehicle is to enable the holding of overseas8 immovables by the scheme. |
||||
Additional information |
|||||
27 |
Any other material information which is within the knowledge of the directors of an ICVC or the authorised fund manager of an AUT or ACS, or which the directors or authorised fund manager21 would have obtained by making reasonable enquiries, including but not confined to, the following matters: 21 |
||||
(a) |
information 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; |
||||
(b) |
a clear and easily understandable explanation of any risks which investment in the authorised fund may reasonably be regarded as presenting for reasonably prudent investors of moderate means; |
||||
(c) |
if there is any arrangement intended to result in a particular capital or income return from a holding of units in the authorised fund or any investment objective of giving protection to the capital value of, or income return from, such a holding: |
||||
(i) |
details of that arrangement or protection; |
||||
(ii) |
for any related guarantee, sufficient details about the guarantor and the guarantee to enable a fair assessment of the value of the guarantee; |
||||
(iii) |
a description of the risks that could affect achievement of that return or protection; and |
||||
(iv) |
details of the arrangements by which the authorised fund manager will notify unitholders of any action required by the unitholders to obtain the benefit of the guarantee; and |
||||
(d) |
whether any notice has been given to unitholders of the authorised fund manager intention to propose a change to the scheme and if so, its particulars. |
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