Related provisions for BIPRU 8.5.10
2As set out in LR TR 11, a listed company with a financial year ending before 30 September 2013, or a listed company with a financial year ending on or after 30 September 2013 whose annual financial report has been made public on or before 13 December 2013, must comply with the requirements set out in this appendix in relation to their annual financial report. To assist listed companies, this appendix adopts the text of LR 9.8 before this was amended by the Listing Rules (Annual Financial Report) Instrument 2013 in order to cover listed companies with a financial year ending before 30 September 2013, and listed companies with a financial year ending on or after 30 September 2013 whose annual financial report has been made public on or before 13 December 2013.
29.8 |
Annual financial report |
||||
9.81 |
R |
[not used] |
|||
9.8.2 |
R |
[not used] |
|||
9.8.3 |
R |
[not used] |
|||
Information to be included in annual report and accounts |
|||||
9.8.4 |
R |
In addition to the requirements set out in DTR 4.1 a listed company must include in its annual financial report, where applicable, the following: |
|||
(1) |
a statement of the amount of interest capitalised by the group during the period under review with an indication of the amount and treatment of any related tax relief; |
||||
(2) |
any information required by LR 9.2.18 R (Publication of unaudited financial information); |
||||
(3) |
details of any small related party transaction as required by LR 11.1.10 R (2)(c); |
||||
(4) |
details of any long-term incentive schemes as required by LR 9.4.3 R; |
||||
(5) |
details of any arrangements under which a director of the company has waived or agreed to waive any emoluments from the company or any subsidiary undertaking; |
||||
(6) |
where a director has agreed to waive future emoluments, details of such waiver together with those relating to emoluments which were waived during the period under review; |
||||
(7) |
in the case of any allotment for cash of equity securities made during the period under review otherwise than to the holders of the company'sequity shares in proportion to their holdings of such equity shares and which has not been specifically authorised by the company's shareholders: |
||||
(a) |
the classes of shares allotted and for each class of shares, the number allotted, their aggregate nominal value and the consideration received by the company for the allotment; |
||||
(b) |
the names of the allottees, if less than six in number, and in the case of six or more allottees a brief generic description of each new class of equity holder (e.g. holder of loan stock); |
||||
(c) |
the market price of the allotted securities on the date on which the terms of the issue were fixed; and |
||||
(d) |
the date on which the terms of the issue were fixed; |
||||
(8) |
the information required by paragraph (7) must be given for any unlisted major subsidiary undertaking of the company; |
||||
(9) |
where a listed company has listed shares in issue and is a subsidiary undertaking of another company, details of the participation by the parent undertaking in any placing made during the period under review; |
||||
(10) |
details of any contract of significance subsisting during the period under review: |
||||
(a) |
to which the listed company, or one of its subsidiary undertakings, is a party and in which a director of the listed company is or was materially interested; and |
||||
(b) |
between the listed company, or one of its subsidiary undertakings, and a controlling shareholder; |
||||
(11) |
details of any contract for the provision of services to the listed company or any of its subsidiary undertakings by a controlling shareholder, subsisting during the period under review, unless: |
||||
(a) |
it is a contract for the provision of services which it is the principal business of the shareholder to provide; and |
||||
(b) |
it is not a contract of significance; |
||||
(12) |
details of any arrangement under which a shareholder has waived or agreed to waive any dividends; and |
||||
(13) |
where a shareholder has agreed to waive future dividends, details of such waiver together with those relating to dividends which are payable during the period under review. |
||||
9.8.5 |
G |
A listed company need not include with the annual report and accounts details of waivers of dividends of less than 1% of the total value of any dividend provided that some payment has been made on each share of the relevant class during the relevant calendar year. |
|||
Additional information |
|||||
9.8.6 |
R |
In the case of a listed company incorporated in the United Kingdom, the following additional items must be included in its annual financial report: |
|||
(1) |
a statement setting out all the interests (in respect of which transactions are notifiable to the company under article 19 of the Market Abuse Regulation3) of each person who is a director of the listed company as at the end of the period under review including: |
||||
(a) |
all changes in the interests of each director that have occurred between the end of the period under review and a date not more than one month prior to the date of the notice of the annual general meeting; or |
||||
(b) |
if there have been no changes in the period described in paragraph (a), a statement that there have been no changes in the interests of each director; |
||||
Interests of each director include the interests of connected persons of which the listed company is, or ought upon reasonable enquiry to become, aware. |
|||||
(2) |
a statement showing the interests disclosed to the listed company in accordance with DTR 5 as at the end of the period under review and: |
||||
(a) |
all interests disclosed to the listed company in accordance with DTR 5 that have occurred between the end of the period under review and a date not more than one month prior to the date of the notice of the annual general meeting; or |
||||
(b) |
if no interests have been disclosed to the listed company in accordance with DTR 5 in the period described in (a), a statement that no changes have been disclosed to the listed company; |
||||
(3) |
a statement made by the directors that the business is a going concern, together with supporting assumptions or qualifications as necessary, that has been prepared in accordance with Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009, published by the Financial Reporting Council in October 2009; |
||||
(4) |
a statement setting out: |
||||
(a) |
details of any shareholders' authority for the purchase, by the listed company of its own shares that is still valid at the end of the period under review; |
||||
(b) |
in the case of purchases made otherwise than through the market or by tender to all shareholders, the names of sellers of such shares purchased, or proposed to be purchased, by the listed company during the period under review; |
||||
(c) |
in the case of any purchases made otherwise than through the market or by tender or partial offer to all shareholders, or options or contracts to make such purchases, entered into since the end of the period covered by the report, information equivalent to that required under Part 2 of Schedule 7 to the Large & Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) (Disclosure required by company acquiring its own shares etc) ; and |
||||
(d) |
in the case of sales of treasury shares for cash made otherwise than through the market, or in connection with an employees' share scheme, or otherwise than pursuant to an opportunity which (so far as was practicable) was made available to all holders of the listed company'ssecurities (or to all holders of a relevant class of its securities) on the same terms, particulars of the names of purchasers of such shares sold, or proposed to be sold, by the company during the period under review; |
||||
(5) |
a statement of how the listed company has applied the Main Principles set out in the UK Corporate Governance Code, in a manner that would enable shareholders to evaluate how the principles have been applied; |
||||
(6) |
a statement as to whether the listed company has: |
||||
(a) |
complied throughout the accounting period with all relevant provisions set out in the UK Corporate Governance Code; or |
||||
(b) |
not complied throughout the accounting period with all relevant provisions set out in the UK Corporate Governance Code and if so, setting out: |
||||
(i) |
those provisions, if any it has not complied with; |
||||
(ii) |
in the case of provisions whose requirements are of a continuing nature, the period within which, if any, it did not comply with some or all of those provisions; and |
||||
(iii) |
the company's reasons for non-compliance; and |
||||
(7) |
a report to the shareholders by the Board which contains all the matters set out in LR 9.8.8 R. |
||||
9.8.6A |
G |
(1) |
The effect of LR 9.8.6 R (1) is that a listed company is required to set out a 'snapshot' of the total interests of a director and his or her connected persons, as at the end of the period under review (including certain information to update it as at a date not more than a month before the date of the notice of the annual general meeting). The interests that need to be set out are limited to those in respect of which transactions fall to be notified under the notification requirement for PDMRs in article 19 of the Market Abuse Regulation3. Persons who are directors during, but not at the end of, the period under review need not be included. |
||
(2) |
A listed company unable to compile the statement in LR 9.8.6 R (1) from information already available to it may need to seek the relevant information, or confirmation, from the director himself, including that in relation to connected persons, but would not be expected to obtain information directly from connected persons. |
||||
9.8.7 |
R |
An overseas company with a premium listing must include in its annual report and accounts the information in LR 9.8.6 R (5), LR 9.8.6 R (6) and LR 9.8.8 R (9). |
|||
9.8.7A |
R |
(1) |
An overseas company with a premium listing that is not required to comply with requirements imposed by another EEA State that correspond to DTR 7.2 (Corporate governance statements) must comply with DTR 7.2 as if it were an issuer to which that section applies. |
||
(2) |
An overseas company with a premium listing which complies with LR 9.8.7 R will be taken to satisfy the requirements of DTR 7.2.2 R and DTR 7.2.3 R, but (unless it is required to comply with requirements imposed by another EEA State that correspond to DTR 7.2) must comply with all of the other requirements of DTR 7.2 as if it were an issuer to which that section applies. |
||||
Report to shareholders |
|||||
9.8.8 |
R |
The report to the shareholders by the Board required by LR 9.8.6 R (7) must contain the following: |
|||
(1) |
a statement of the listed company's policy on executive directors' remuneration; |
||||
(2) |
information presented in tabular form, unless inappropriate, together with explanatory notes as necessary on: |
||||
(a) |
the amount of each element in the remuneration package for the period under review of each director, by name, including but not restricted to, basic salary and fees, the estimated money value of benefits in kind, annual bonuses, deferred bonuses, compensation for loss of office and payments for breach of contract or other termination payments; |
||||
(b) |
the total remuneration for each director for the period under review and for the corresponding prior period; |
||||
(c) |
any significant payments made to former directors during the period under review; and |
||||
(d) |
any share options, including Save-as-you-earn options, for each director, by name, in accordance with the requirements of the Directors' Remuneration Report Regulations; |
||||
(3) |
details of any long-term incentive schemes, other than share options as required by paragraph (2)(d), including the interests of each director, by name, in the long-term incentive schemes at the start of the period under review; |
||||
(4) |
details of any entitlements or awards granted and commitments made to each director under any long-term incentive schemes during the period, showing which crystallize either in the same year or in subsequent years; |
||||
(5) |
details of the monetary value and number of shares, cash payments or other benefits received by each director under any long-term incentive schemes during the period; |
||||
(6) |
details of the interests of each director in the long-term incentive schemes at the end of the period; |
||||
(7) |
an explanation and justification of any element of a director's remuneration, other than basic salary, which is pensionable; |
||||
(8) |
details of any director's service contract with a notice period in excess of one year or with provisions for pre-determined compensation on termination which exceeds one year's salary and benefits in kind, giving the reasons for such notice period; |
||||
(9) |
details of the unexpired term of any directors' service contract of a director proposed for election or re-election at the forthcoming annual general meeting, and, if any director proposed for election or re-election does not have a directors' service contract, a statement to that effect; |
||||
(10) |
a statement of the listed company's policy on the granting of options or awards under its employee share scheme and other long-term incentive schemes, explaining and justifying any departure from that policy in the period under review and any change in the policy from the preceding year; |
||||
(11) |
for money purchase schemes details of the contribution or allowance payable or made by the listed company in respect of each director during the period under review; and |
||||
(12) |
|||||
a) |
details of the amount of the increase during the period under review (excluding inflation) and of the accumulated total amount at the end of the period in respect of the accrued benefit to which each director would be entitled on leaving service or is entitled having left service during the period under review; |
||||
(b) |
either: |
||||
(i) |
the transfer value (less director's contributions) of the relevant increase in accrued benefit (to be calculated in accordance with regulations 7 to 7E of the Occupational Pension Schemes (Transfer Values) Regulations 1996 but making no deduction for any under-funding) as at the end of the period; or |
||||
(ii) |
so much of the following information as is necessary to make a reasonable assessment of the transfer value in respect of each director: |
||||
(A) age; |
|||||
(B) normal retirement age; |
|||||
(C) the amount of any contributions paid or payable by the director under the terms of the scheme during the period under review; |
|||||
(D) details of spouses and dependants benefits; |
|||||
(E) early retirement rights and options; |
|||||
(F) expectations of pension increases after retirement (whether guaranteed or discretionary); and |
|||||
(G) discretionary benefits for which allowance is made in transfer values on leaving and any other relevant information which will significantly affect the value of the benefits; and |
|||||
(c) |
no disclosure of voluntary contributions and benefits. |
||||
Information required by law |
|||||
9.8.9 |
G |
The requirements of LR 9.8.6 R (6) and LR 9.8.8 R relating to corporate governance are additional to the information required by law to be included in the listed company's annual report and accounts. |
|||
Auditors report |
|||||
9.8.10 |
R |
A listed company must ensure that the auditors review each of the following before the annual report is published: |
|||
(1) |
LR 9.8.6R(3) (statement by the directors that the business is a going concern); and |
||||
(2) |
the parts of the statement required byLR 9.8.6 R (6) (corporate governance) that relate to the following provisions of the UK Corporate Governance Code: |
||||
(a) |
C.1.1; |
||||
(b) |
C.2.1; and |
||||
(c) |
C.3.1 to C.3.7. |
||||
9.8.11 |
R |
A listed company must ensure that the auditors review the following disclosures: |
|||
(1) |
LR 9.8.8 R (2) (amount of each element in the remuneration package and information on share options); |
||||
(2) |
LR 9.8.8 R (3), LR 9.8.8 R (4) and (5) (details of long term incentive schemes for directors); |
||||
(3) |
LR 9.8.8 R (11) (money purchase schemes); and |
||||
(4) |
LR 9.8.8 R (12) (defined benefit schemes). |
||||
9.8.12 |
R |
If, in the opinion of the auditors the listed company has not complied with any of the requirements set out in LR 9.8.11 R the listed company must ensure that the auditors' report includes, to the extent possible, a statement giving details of the non-compliance. |
|||
Summary financial statements |
|||||
9.8.13 |
R |
Any summary financial statement issued by a listed company as permitted under the Companies Act 2006, must disclose: |
|||
(1) |
earnings per share; and |
||||
(2) |
the information required for summary financial statements set out in or under the Companies Act 2006. |
This table belongs to COLL 7.4A.1G (5) (Explanation of COLL 7.4A)
Summary of the main steps in winding up an ACS or terminating a sub-fund of a co-ownership scheme under FCArules Notes: N = Notice to be given to the FCA under section 261Q of the Act in a section 261Q case. R = Request to wind up the scheme under section 261W of the Act in a section 261W case. E = commencement of winding up or termination W/U = winding up FAP = final accounting period |
|||
Step number |
Explanation |
When |
|
1 |
Commence preparation of solvency statement |
7.4A.5R(2) |
|
2 |
Send audited solvency statement to the FCA with copy to depositary. |
7.4A.5R(4) and (5) |
|
3 |
In a section 261Q case: - the authorised contractual scheme manager receiving FCA approval; - or one month having passed after submitting the requisite notice under section 261Q of the Act without the authorised contractual scheme manager or depositary having received from the FCA a warning notice under section 261R in respect of the proposal. In a section 261W case, the authorised contractual scheme manager or depositary receives an indication from the FCA that, subject to there being no change in any relevant factor, on the conclusion of the winding up of the ACS, the FCA will agree to the request to wind up the ACS. |
Section 261Q of the Act (in a section 261Q case) 7.4A.4R(3)(c) to (e) (in a section 261W case) |
|
4 |
Normal business ceases; notify unitholders |
E |
7.4A.4R |
5 |
Depositary to realise and distribute proceeds |
ASAP after E |
7.4A.6R(1)-(5) |
6 |
Send annual long report of authorised contractual scheme manager, depositary and auditor to the FCA |
Within 4 months of FAP |
7.4A.9R(7) |
7 |
Request FCA to revoke relevant authorisation order |
On completion of W/U |
7.4A.6R(6) |
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; |
||||
29(aa) |
its FCA product reference number (PRN); |
||||
(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:29 222222 |
||||
29(a) |
a statement detailing whether each specific sub-fund is a feeder UCITS, a feeder NURS, a fund of alternative investment funds or a property authorised investment fund, as appropriate; and |
||||
29(b) |
|||||
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:29 |
||||
29(i) |
a prominent statement as to the fact that more than 35% in value29 of the scheme property is or may be invested in transferable securities or approved money-market instruments issued or guaranteed by a single state, local authority or public international body29; and |
||||
29(ii) |
the names of the individual states, local authorities or public international bodies issuing or guaranteeing the securities in which29 more than 35% in value of the scheme property may be invested29; |
||||
(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, 31a 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 fund31; 151515 |
||||
(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; and27 |
||||
(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).27 |
||||
(d) |
[deleted]27 |
||||
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 of incorporation of an ICVC29 provides for the issue of bearer certificates, that fact and what procedures will operate for them; 2323 |
||||
(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 information and 25particulars concerning 25the 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;25 |
||||
(f) |
a description of its duties and conflicts of interest that may arise between the depositary and:25 |
||||
25(i) |
the scheme; or |
||||
25(ii) |
the unitholders in the scheme; or |
||||
25(iii) |
|||||
25(g) |
(i) |
a description of any safekeeping functions delegated by the depositary; |
|||
(ii) |
a description of any conflicts of interest that may arise from such delegation; and |
||||
(iii) |
for a UCITS scheme, a list showing the identity of each delegate and sub-delegate; and |
||||
25(h) |
for a UCITS scheme, a statement that up-to-date information regarding the points covered under (a),(f) and (g), above, will be made available to unitholders on request. |
||||
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, an explanation of what is meant by large deals and 29the 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 what is meant by large deals and 29the 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 |
|||||
[deleted]29 |
|||||
Forward pricing29 |
|||||
20 |
An explanation of forward pricing29 under COLL 6.3.9 (Forward 29pricing). |
||||
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. |
||||
Remuneration Policy |
|||||
2528 |
For a UCITS scheme and in relation to UCITS Remuneration Code staff: |
||||
(a) |
up-to-date details of the remuneration policy including, but not limited to: |
||||
(i) |
a description of how remuneration and benefits are calculated; and |
||||
(ii) |
the identities of persons responsible for awarding the remuneration and benefits, including the composition of the remuneration committee, where such a committee exists; or |
||||
(b) |
a summary of the remuneration policy and a statement that: |
||||
(i) |
up-to-date details of the matters set out in (a) above are available by means of a website, including a reference to that website; and |
||||
(ii) |
a paper copy of that website information will be made available free of charge upon request. |