Related provisions for LR 19.2.4
Schedule to the Recognition Requirements Regulations, Paragraph 9A-9H3
1(1) |
[A UK RIE] operating a multilateral trading facility or an organised trading facility3 must also operate a regulated market3. |
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(2) |
[A UK RIE] operating a multilateral trading facility or an organised trading facility3 must comply with those requirements of- |
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(a) |
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(b) |
any directly applicable EU legislation made under Chapter I;3 |
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which are applicable to a market operator3 ... operating such a facility. |
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(3) |
The requirements of this paragraph do not apply for the purposes of section 292(3)(a) of the Act (requirements for overseas investment exchanges and overseas clearing houses). |
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(4)3 |
A [UK RIE] operating a multilateral trading facility or organised trading facility must provide the FCA with a detailed description of - |
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(a) |
the functioning of the multilateral trading facility or organised trading facility; |
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(b) |
any links to another trading venue owned by the same [UK RIE] or to a systematic internaliser owned by the same exchange; and |
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(c) |
a list of the facility’s members, participants and users. |
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[Note:MiFID ITS 19 prescribes the content and format of the description of the functioning of a MTF or OTF to be provided to the FCA]3 |
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(5)3 |
Any multilateral trading facility or an organised trading facility operated by the [UK RIE] must have at least three materially active members or users who each have the opportunity to interact with all the others in respect of price formation. |
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Paragraph 9B – Specific requirements for multilateral trading facilities: execution of orders3 |
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(1)3 |
A [UK RIE] must have non-discretionary rules for the execution of orders on a multilateral trading facility operated by it. |
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(2)3 |
A [UK RIE] must not on a multilateral trading facility operated by it - |
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(a) |
execute any client orders against its proprietary capital; or |
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(b) |
engage in matched principal trading. |
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Paragraph 9C – Specific requirements for multilateral trading facilities: access to a facility3 |
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The rules of the [UK RIE] about access to, or membership of, a multilateral trading facility regulated market operated by it must permit the [UK RIE] to give access to or admit to membership to (as the case may be) only -3 |
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(a) |
an investment firm authorised under Article 5 of the markets in financial instruments directive; |
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(b) |
a credit institution authorised in accordance with the capital requirements directive; or |
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(c) |
a person who – |
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(i) |
is of sufficient good repute; |
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(ii) |
has a sufficient level of trading ability, and competence and experience; |
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(iii) |
where applicable, has adequate organisational arrangements; and |
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(iv) |
has sufficient resources for the role it is to perform, taking account of the financial arrangements the [UK RIE] has established in order to guarantee the adequate settlement transactions. |
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Paragraph 9D – Specific requirements for multilateral trading facilities: disclosure3 |
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(1)3 |
The rules of the [UK RIE] must provide that where it, without obtaining the consent of the issuer, admits to trading on a multilateral trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the [UK RIE] may not require the issuer of that security to demonstrate compliance with the disclosure obligations. |
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(2)3 |
The [UK RIE] must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of a multilateral trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded. |
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(3)3 |
In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB. |
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Paragraph 9E – SME growth markets3 |
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(1)3 |
A [UK RIE] operating a multilateral trading facility which has registered that facility as an SME growth market in accordance with Article 33 of the markets in financial instruments directive (an “exchange-operated SME growth market”) must comply with rules made by the FCA for the purposes of this paragraph. |
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[Note:REC 2.16A.1D]4 |
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(2)3 |
An exchange-operated SME growth market must not admit to trading a financial instrument which is already admitted to trading on another SME growth market unless the issuer of the instrument has been informed of the proposed admission to trading and has not objected. |
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(3)3 |
Where an exchange-operated SME growth market exchange admits a financial instrument to trading in the circumstances of paragraph (2), that exchange-operated SME growth market may not require the issuer of the financial instrument to demonstrate compliance with - |
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(a) |
any obligation relating to corporate governance, or |
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(b) |
the disclosure obligations. |
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(4)3 |
In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB. |
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Paragraph 9F – Specific requirements for organised trading facilities: execution of orders3 |
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(1)3 |
[A UK RIE] operating an organised trading facility must - |
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(a) |
execute orders on that facility on a discretionary basis in accordance with sub-paragraph (4); |
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(b) |
not execute any client orders on that facility against its proprietary capital or the proprietary capital of any entity that is part of the same group or legal person as the [UK RIE] unless in accordance with sub-paragraph (2); |
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(c) |
not operate a systematic internaliser within the same legal entity; |
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(d) |
ensure that the organised trading facility does not connect with a systematic internaliser in a way which enables orders in an organised trading facility and orders or quotes in a systematic internaliser to interact; and |
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(e) |
ensure that the organised trading facility does not connect with another organised trading facility in a way which enables orders in different organised trading facilities to interact. |
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(2)3 |
A [UK RIE] may only engage in - |
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(a) |
matched principal trading on an organised trading facility operated by it in respect of- |
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(i) |
bonds, |
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(ii) |
structured finance products, |
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(iii) |
emission allowances, |
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(iv) |
derivatives which have not been declared subject to the clearing obligation in accordance with Article 5 of the EMIR regulation, |
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where the client has consented to that; or |
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(b) |
dealing on own account on an organised trading facility operated by it, otherwise than in accordance with sub-paragraph (a), in respect of sovereign debt instruments for which there is not a liquid market. |
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(3)3 |
If the [UK RIE] engages in matched principal trading in accordance with sub-paragraph (2)(a) it must establish arrangements to ensure compliance with the definition of matched principal trading in article 4.1.38 of the markets in financial instruments directive. |
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(4)3 |
The discretion which the [UK RIE] must exercise in executing a client order may only be the discretion mentioned in sub-paragraph (5) or in sub-paragraph (6) or both. |
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(5)3 |
The first discretion is whether to place or retract an order on the organised trading facility. |
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(6)3 |
The second discretion is whether to match a specific client order with other orders available on the organised trading facility at a given time, provided the exercise of such discretion is in compliance with specific instructions received from the client and in accordance with the [UK RIE’s] obligations under Article 27 of the markets in financial instruments directive. |
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(7)3 |
Where the organised trading facility crosses client orders the [UK RIE] may decide if, when and how much of two or more orders it wants to match within the system. |
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(8)3 |
Subject to the requirements of this paragraph, with regard to a system that arranges transactions in non-equities, the [UK RIE] may facilitate negotiation between clients so as to bring together two or more comparable potentially trading interests in a transaction. |
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(9)3 |
The [UK RIE] must comply with rules made by the FCA as to how Articles 24, 25, 27 and 28 of the markets in financial instruments directive apply to its operation of an organised trading facility. |
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(10)3 |
Nothing in this paragraph prevents a [UK RIE] from engaging an investment firm to carry out market making on an independent basis on an organised trading facility operated by the [UK RIE]provided the investment firm does not have close links with the [UK RIE]. |
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(11)3 |
In this paragraph - “close links” has the meaning given in Article 4.1.1 of the markets in financial instruments directive; “investment firm” has the meaning given in Article 4.1.1 of the markets in financial instruments directive; “non-equities” means bonds, structured finance products, emissions allowances and derivatives traded on a trading venue to which Article 8(1) of the markets in financial instrument regulation applies. |
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Paragraph 9G – Specific requirements for organised trading facilities: disclosure3 |
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(1)3 |
The rules of the [UK RIE] must provide that where it, without obtaining the consent of the issuer, admits to trading on an organised trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the [UK RIE] may not require the issuer of that security to demonstrate compliance with the disclosure obligations. |
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(2)3 |
The [UK RIE] must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of the organised trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded. |
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(3)3 |
In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB. |
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Paragraph 9H – Specific requirements for organised trading facilities: FCA request for information3 |
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(1)3 |
A [UK RIE] must, when requested to do so, provide the FCA with a detailed explanation in respect of an organised trading facility operated by it, or such a facility it proposes to operate, of - |
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(a) |
why the organised trading facility does not correspond to and cannot operate as a multilateral trading facility, a regulated market or a systematic internaliser; |
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(b) |
how discretion will exercised in executing client orders, and in particular when an order to the organized trading facility may be retracted and when and how two or more client orders will be matched within the facility; and |
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(c) |
its use of matched principal trading. |
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(2)3 |
Any information required under sub-paragraph (1) must be provided to the FCA in the manner which it considers appropriate. |
Table of periodic fees payable to the FCA63
631 Fee payer |
2 Fee payable |
3 Due date |
4 Events occurring during the period leading to modified periodic fee |
Any firm (except an AIFM qualifier,25ICVC or a UCITS qualifier) |
(1) Unless (2) applies, as37 specified in FEES 4.3.1 R in relation to FEES 4 Annex 2AR and FEES 4 Annex 11 R63.37 (2) Where a firm is paying a ring-fencing implementation fee, as specified in FEES 4 Annex 2BR.37 |
(1) Unless (2) or (3) apply7, on or before the relevant dates specified in FEES 4.3.6 R.12 (2) Unless (3) applies, if 7an event specified in column 4 occurs during the course of a fee year,62 30 days after the occurrence of that event, or if later the dates specified in FEES 4.3.6 R.7 (3) Where the permission is for operating a multilateral trading facility or operating an organised trading facility41, the date specified in FEES 4 Annex 10FEES 4 Annex 10R41 (Periodic fees for MTF and OTF41 operators). 7762 |
Firm receives permission, or becomes authorised or registered under the Payment Services Regulations, article 8 of the MCD Order32, the DRS Regulations41 or the Electronic Money Regulations12;9 or firm9extends permission or its payment service activities916 659 |
Persons who hold a certificate issued by the FCA62 under article 54 of the Regulated Activities Order (Advice given in newspapers etc.) 62 |
£1,12846 314031 |
(1) Unless (2) applies, on or before 1 August or, if later, within 30 days of the date of the invoice23 (2) If an event in column 4 occurs during the course of a fee year,62 30 days after the occurrence of that event 2362 |
Certificate issued to person by FCA62 under article 4054 of the Regulated Activities Order46 62 |
23 | In relation to each unit trust the amount specified in part 1 of 25FEES 4 Annex 4 |
Authorisation order is made in relation to the relevant scheme24 |
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24Any authorised fund manager of an authorised contractual scheme; |
In relation to each authorised contractual scheme the amount specified in part 1 of25FEES 4 Annex 4 |
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In relation to each ICVC,25 the amount specified in part 1 of25FEES 4 Annex 4 |
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Persons who, under the constitution or founding arrangements of a recognised scheme, are 33responsible for the management of the property held for or within the scheme; |
In relation to each recognised scheme the amount specified in part 1 of25FEES 4 Annex 4 |
The relevant scheme becomes a recognised scheme25 |
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Not applicable |
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In relation to each ELTIF the amount specified in part 1 of FEES 4 Annex 433 |
(1) Unless (2) applies, on or before 1 August or, if later, within 30 days of the date of the invoice.33 (2) If an event in column 4 occurs during the course of a fee year, 30 days after the occurrence of that event.33 |
The ELTIF is authorised by the FCA under the ELTIF regulation33 |
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On or before the relevant dates specified in FEES 4.3.6 R23 23 |
Not applicable |
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FEES 4 Annex 6, part 1 for a UK RIE ; and FEES 4 Annex 6 R, part 1A for a UK RIE that is also an RAP13 63 |
(1) On or before the relevant dates specified in FEES 4.3.6 R23 (2) If the event in column 4 occurs during the course of a fee year62, 30 days after the occurrence of that event 2362 |
Recognition order is made. The modified1164 periodic fee is specified in FEES 4 Annex 6 R, Part 1and (in the case of an RAP) Part 1A.131164 1164116411641164 |
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63 | FEES 4 Annex 6, part 2 |
(1) On or before the relevant dates specified in FEES 4.3.6 R23 (2) If the event in column 4 occurs during the course of a fee year62, 30 days after the occurrence of that event. 2362 |
Recognition order is made. The modified1164 periodic fee is specified in FEES 4 Annex 6, Part 2.1164 1164116411641164 |
A listed issuer35 (in LR) of shares and certificates representing certain securities35. 33 |
Within 30 days of the date of the invoice |
Listedissuer3 (in LR) becomes subject to listing rules 3 |
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3110122323311210231 | Within 30 days of the date of the invoice |
141414 | |
All non-listed issuers (in DTR) of shares and certificates representing certain securities35. 66 |
29 | Within 30 days of the date of the invoice |
Non-listed issuer (in DTR) becomes subject to disclosure requirements36 and transparency rules629 |
Within 30 days of the date of the invoice |
A person is approved as a primary information provider |
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6All firms reporting transactions in securities derivatives10to the FCA62 in accordance with SUP 17, and market operators who provide facilities for trading in securities derivatives.10 6210 |
Within 30 days of the date of the invoice |
Not applicable |
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15Any issuer of a regulated covered bond. |
(1) Unless (2) applies, on or before the relevant dates specified in FEES 4.3.6 R (2) If an event specified in column 4 occurs during the course of a fee year62, 30 days after the occurrence of that event or, if later, the dates specified in FEES 4.3.6 R 62 |
A person becomes registered as an issuer of a regulated covered bond |
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26(i) An AIFM (other than a UK AIFM or an EEA AIFM with a branch in the UK) which has notified the FCA of its intention to market an AIF in the UK under regulation 57 of the AIFMD UK regulation and which has not ceased to market that AIF in the UK as at 1 April of the current fee year. (ii) An AIFM which has notified the FCA of its intention to market an AIF in the UK under regulation 58 or 59 of the AIFMD UK regulation and which has not ceased to market that AIF in the UK as at 1 April of the current fee year. |
For each notification made by the AIFM of the kind specified in part 2 of FEES 4 Annex 4, the amount specified in part 2 of FEES 4 Annex 4 |
(1) Unless (2) applies, on or before 1 August, or, if later, within 30 days of the date of the invoice (2) If an event in column 4 occurs during the course of a financial year, 30 days after the occurrence of that event |
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The basic fee contained in part 3 of FEES 4 Annex 4 |
The AIFM is registered by the FCA under regulation 10 of the AIFMD UK regulation. |
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30 | [deleted]41 |
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The tariff specified in FEES 4 Annex 15R |
Payable in accordance with FEES 4.3.6R |
Not applicable |
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The tariff specified in FEES 4 Annex 15R |
Payable in accordance with FEES 4.3.6R |
Not applicable |
Note:Sponsors on the list of approved sponsors as at 1 April each year will be liable for the full year's annual fee unless FEES 4.3.13 R applies.2
1Paragraph 7BA – Position management |
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(1) |
A [UK RIE] operating a trading venue which trades commodity derivatives must apply position management controls on that venue, which must at least enable the [UK RIE] to - |
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(a) |
monitor the open interest positions of persons; |
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(b) |
access information, including all relevant documentation, from persons about- |
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(i) |
the size and purpose of a position or exposure entered into; |
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(ii) |
any beneficial or underlying owners; |
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(iii) |
any concert arrangements; and |
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(iv) |
any related assets or liabilities in the underlying market; |
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(c) |
require a person to terminate or reduce a position on a temporary or permanent basis as the specific case may require and to unilaterally take appropriate action to ensure the termination or reduction if the person does not comply; and |
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(d) |
where appropriate, require a person to provide liquidity back into the market at an agreed price and volume on a temporary basis with the express intent of mitigating the effects of a large or dominant position. |
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(2) |
The position management controls must take account of the nature and composition of market participants and of the use they make of the contracts submitted to trading and must- |
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(a) |
be transparent; |
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(b) |
be non-discriminatory; and |
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(c) |
specify how they apply to persons. |
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(3) |
A [UK RIE] must inform the FCA of the details of the position management controls in relation to each trading venue it operates. |
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Paragraph 7BB – Position reporting |
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(1) |
This paragraph applies to a [UK RIE] operating a trading venue which trades commodity derivatives, emission allowances, or emission allowance derivatives. |
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(2) |
The [UK RIE] must - |
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(a) |
where it meets the minimum threshold, as specified in a delegated act adopted by the European Commission pursuant to Article 58.6 of the markets in financial instruments directive, make public a weekly report with the aggregate positions held by the different categories of persons for the different commodity derivatives, emission allowances, or emission allowance derivatives traded on the trading venue specifying - |
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(i) |
the number of long and short positions by such categories; |
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(ii) |
changes of those positions since the previous report; |
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(iii) |
the percentage of the total open interest represented by each category; and |
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(iv) |
the number of persons holding a position in each category; and |
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(b) |
provide the FCA with a complete breakdown of the positions held by all persons, including the members and participants and their clients, on the trading venue on a daily basis, or more frequently if that is required by the FCA. |
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(3) |
For the weekly report mentioned in sub-paragraph (2)(a) the [UK RIE] must - |
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(a) |
categorise persons in accordance with the classifications required under sub-paragraph (4); and |
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(b) |
differentiate between positions identified as- |
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(i) |
positions which in an objectively measurable way reduce risks directly relating to commercial activities; or |
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(ii) |
other positions. |
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(4) |
The [UK RIE] must classify persons holding positions in commodity derivatives, emission allowances, or emission allowance derivatives according to the nature of their main business, taking account of any applicable authorisation or registration, as - |
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(a) |
an investment firm or credit institution; |
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(b) |
an investment fund, either as an undertaking for collective investments in transferrable securities as defined in the UCITS Directive, or an alternative investment fund or alternative investment fund manager as defined in the alternative investment fund managers directive; |
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(c) |
another financial institution, including an insurance undertaking and reinsurance undertaking as defined in the Solvency 2 Directive and an institution for occupational retirement provision as defined in Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement; |
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(d) |
a commercial undertaking; or |
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(e) |
in the case of emission allowances, or emission allowance derivatives, an operator with compliance obligations under Directive 2003/87/EC of the European Parliament and the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community. |
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(5) |
The [UK RIE] must communicate the weekly report mentioned in sub-paragraph (2)(a) to the FCA and ESMA. |
This table belongs to COLL 4.2.2 R (Publishing the prospectus).
Document status |
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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). |
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Authorised fund |
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2 |
A description of the authorised fund including: |
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(a) |
its name; |
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29(aa) |
its FCA product reference number (PRN); |
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(b) |
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3(ba) |
whether it is a UCITS scheme or a non-UCITS retail scheme; |
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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 |
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(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 |
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(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 |
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(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 |
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(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; |
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(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 |
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(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; |
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(e) |
its base currency; |
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(f) |
for an ICVC, the maximum and minimum sizes of its capital; 18 |
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(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 |
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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 |
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Umbrella ICVCs or co-ownership schemes21 |
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2A |
The following statements for an ICVC or a co-ownership scheme which is an umbrella:21 21 |
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(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 |
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(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 |
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(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 |
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18Umbrella Schemes |
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182B |
For a UCITS scheme or non-UCITS retail scheme which is an umbrella:29 222222 |
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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 |
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29(b) |
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Investment objectives and policy |
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3 |
The following particulars of the investment objectives and policy of the authorised fund: |
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(a) |
the investment objectives, including its financial objectives; |
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(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; |
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(c) |
an indication of any limitations on that investment policy;22 |
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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: |
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(i) |
that capital is in fact at risk; |
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(ii) |
the investment period over which the authorised fund aims to achieve a positive return; and |
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(iii) |
there is no guarantee that this will be achieved over that specific, or any, time period; |
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(d) |
the description of assets which the capital property may consist of; |
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(e) |
the proportion of the capital property which may consist of an asset of any description; |
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(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; |
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(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); |
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(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; |
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(i) |
where COLL 5.2.12 R (3) (Spread: government and public securities) applies:29 |
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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 |
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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; |
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(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; |
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(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 |
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(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; |
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(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; |
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(n) |
information concerning the profile of the typical investor for whom the scheme is designed; |
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(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 |
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(b) |
a summary of the remuneration policy and a statement that: |
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(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 |
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(ii) |
a paper copy of that website information will be made available free of charge upon request. |