Related provisions for BIPRU 7.9.33
This table belongs to COLL 3.2.4 R (Matters which must be included in the instrument constituting the fund14)
14Name of scheme |
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1 |
A statement of: |
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(1) |
the name of the authorised fund; and |
|
(2) |
whether the authorised fund is a UCITS scheme or a non-UCITS retail scheme. |
|
Investment powers in eligible markets |
||
2 |
A statement that, subject to any restriction in the rules in this sourcebook or the instrument constituting the fund14, the scheme has the power to invest in any eligible securities market or deal on any eligible derivatives market to the extent that power to do so is conferred by COLL 5 (Investment and borrowing powers). 14 |
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Unitholder's liability to pay |
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3 |
A provision that a unitholder in an AUT, ICVC or co-ownership scheme12 is not liable to make any further payment after he has paid the price of his units and that no further liability can be imposed on him in respect of the units which he holds. |
|
3A |
A provision 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.12 |
|
3B |
A provision that the exercise of rights conferred on limited partners by FCArules does not constitute taking part in the management of the partnership business.12 |
|
Base currency |
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4 |
A statement of the base currency of the scheme. |
|
Valuation and pricing |
||
5 |
A statement setting out the basis for the valuation and pricing of the scheme. |
|
Duration of the scheme |
||
6 |
If the scheme is to be wound up after a particular period expires, a statement to that effect. |
|
Object of the scheme |
||
7 |
A statement: |
|
(1) |
as to the object of the scheme, in particular the types of investments and assets in which it and each sub-fund (where applicable) may invest; and |
|
(2) |
that the object of the scheme is to invest in property of that kind with the aim of spreading investment risk and giving unitholders the benefits of the results of the management of that property. |
|
27A |
Where the authorised fund is a qualifying money market fund, a statement to that effect and a statement that the authorised fund's investment objectives and policies will meet the conditions specified in the definition of qualifying money market fund. |
|
[deleted]13 13 |
||
Government and public securities: investment in one issuer |
||
8 |
Where relevant, for a UCITS scheme, a statement in accordance with COLL 5.2.12 R (Spread: government and public securities) with the names of 15the individual states, local authorities 15or public international bodies issuing or guaranteeing the transferable securities or approved money-market instruments15in which more than 35% in value of the scheme property may be invested15. |
|
Classes of unit |
||
9 |
A statement: |
|
(1) |
specifying the classes of unit that may be issued, and for a scheme which is an umbrella, the classes that may be issued in respect of each sub-fund; and |
|
(2) |
if the rights of any class of unit differ, a statement describing those differences in relation to the differing classes. |
|
Authorised fund manager's charges and expenses |
||
10 |
A statement setting out the basis on which the authorised fund manager may make a charge and recover expenses out of the scheme property. |
|
Issue or cancellation directly through the ICVC or depositary of an AUT or ACS12 |
||
11 |
Where relevant, a statement authorising the issue or cancellation of units to take place through the ICVC or depositary of an AUT or ACS directly.12 12 |
|
In specie issue and cancellation |
||
12 |
Where relevant, a statement authorising payment for the issue or cancellation of units to be made by the transfer of assets other than cash. |
|
Restrictions on sale and redemption |
||
13 |
Where relevant, the restrictions which will apply in relation to the sale and redemption of units under COLL 6.2.16 R (Sale and redemption). |
|
Voting at meetings |
||
14 |
The manner in which votes may be given at a meeting of unitholders under COLL 4.4.8 R (Voting rights). |
|
Certificates |
||
15 |
A statement: |
|
(1) |
for ICVCs15, authorising the issue of bearer certificates if any, and how such holders are to identify themselves; and 12 |
|
(2) |
authorising the person responsible for the register to charge for issuing any document recording, or for amending, an entry on the register, other than on the issue or sale of units. |
|
Income |
||
16 |
A statement setting out the basis for the distribution or re-investment of income. |
|
Income equalisation |
||
17 |
Where relevant, a provision for income equalisation. |
|
Redemption or cancellation of units on breach of law or rules |
||
18 |
A statement that where any holding of units by a unitholder is (or is reasonably considered by the authorised fund manager to be) an infringement of any law, governmental regulation or rule, those units must be redeemed or cancelled. |
|
ICVCs: larger and smaller denomination shares |
||
19 |
A statement of the proportion of a larger denomination share represented by a smaller denomination share for any relevant unit class. |
|
ICVCs: resolution to remove a director |
||
20 |
A statement that the ICVC may (without prejudice to the requirements of regulation 21 of the OEIC Regulations (The Authority's approval for certain changes in respect of a company), by a resolution passed by a simple majority of the votes validly cast for and against the resolution at a general meeting of unitholders, remove a director before his period of office expires, despite anything else in the ICVC's instrument of incorporation or in any agreement between the ICVC and that director. |
|
ICVCs: unit transfers |
||
21 |
A statement that the person designated for the purposes of paragraph 4 of Schedule 4 to the OEIC Regulations (Share transfers) is the person who, for the time being, is the ACD of the ICVC.1 7 |
|
ICVCs and ACSs: Charges and expenses12 |
||
22 |
A statement that charges or expenses of the ICVCor ACS12 may be taken out of the scheme property.10 |
|
10ICVCs: Umbrella schemes - principle of limited recourse |
||
1022A |
For an ICVC which is an umbrella, a statement that the assets of a sub-fund belong exclusively to that sub-fund and shall not be used to discharge directly or indirectly the liabilities of, or claims against, any other person or body, including the umbrella, or any other sub-fund, and shall not be available for any such purpose. |
|
Co-ownership schemes: umbrella schemes - principle of limited recourse |
||
22B |
For a co-ownership scheme which is an umbrella, 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.12 |
|
AUTs: governing law for a trust deed |
||
23 |
A statement that the trust deed is made under and governed by the law of England and Wales, Wales or Scotland or Northern Ireland. |
|
AUTs: trust deed to be binding and authoritative |
||
24 |
A statement that the trust deed: |
|
(1) |
is binding on each unitholder as if it had been a party to it and that it is bound by its provisions; and |
|
(2) |
authorises and requires the trustee and the manager to do the things required or permitted of them by its terms. |
|
AUTs: declaration of trust |
||
25 |
A declaration that, subject to the provisions of the trust deed and all rules made under section 247 of the Act (Trust scheme rules) and for the time being in force: |
|
(1) |
the scheme property (other than sums standing to the credit of the distribution account) is held by the trustee on trust for the unitholders according to the number of units held by each unitholder or, where relevant, according to the number of undivided shares in the scheme property represented by the units held by each unitholder; and |
|
(2) |
the sums standing to the credit of the distribution account are held by the trustee on trust to distribute or apply them in accordance with COLL 6.8 (Income: accounting, allocation and distribution). |
|
AUTs: trustee's remuneration |
||
26 |
Where relevant, a statement authorising payments to the trustee by way of remuneration for its services to be paid (in whole or in part) out of the scheme property. |
|
AUTs: responsibility for the register |
||
27 |
A statement identifying the person responsible under the rules for the maintenance of the register. |
|
ACSs: governing law for a contractual scheme deed |
||
1227A |
A statement that the contractual scheme deed is made under and governed by the law of England and Wales, or Scotland or Northern Ireland. |
|
ACSs: contractual scheme deed to be binding and authoritative |
||
1227B |
A statement that the contractual scheme deed: |
|
(1) |
is binding on each unitholder as if it had been a party to it and that it is bound by its provisions; and |
|
(2) |
authorises and requires the depositary and the authorised contractual manager to do the things required or permitted of them by its terms. |
|
ACSs: ownership of scheme property |
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1227C |
A statement that, subject to the provisions of the contractual scheme deed and all rules made under section 261I of the Act (Contractual scheme rules) and for the time being in force: |
|
(1) |
the scheme property (other than sums standing to the credit of the distribution account) is held by, or to the order of, the depositary for and on behalf of the unitholders according to the number of units held by each unitholder or, where relevant, according to the number of undivided shares in the scheme property represented by the units held by each unitholder; |
|
(2) |
the sums standing to the credit of the distribution account are held by the depositary to distribute or apply them in accordance with COLL 6.8 (Income: accounting, allocation and distribution); and |
|
(3) |
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). |
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ACSs: responsibility for the register |
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1227D |
A statement identifying the person responsible under the rules for the maintenance of the register. |
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ACSs: UCITS and NURS eligible investors |
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1227E |
For an ACS which is a UCITS scheme or a non-UCITS retail scheme, a statement that units may not be issued to a person other than a: |
|
(1) |
||
(2) |
||
(3) |
||
1227F |
A statement that the authorised contractual scheme manager must redeemunits 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 27E. |
|
ACSs: UCITS and NURS transfer of units |
||
1227G |
(1) |
A statement whether the transfer of units in the ACSscheme is either: |
(a) prohibited; or |
||
(b) allowed |
||
(2) |
Where transfer of units is allowed in accordance with (1)(b), 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: |
|
(b) large ACS investor; or |
||
(3) |
For a co-ownership scheme which is an umbrella, a statement in accordance with (1)(a) or (1)(b) and, where appropriate, a statement in accordance with (2), 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. |
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Co-ownership schemes: constitution |
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1227H |
For a co-ownership scheme, a statement that the arrangements constituting the scheme are intended to constitute a co-ownership scheme as defined in section 235A(2) of the Act. |
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Co-ownership schemes: operator's powers |
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1227I |
A statement that the operator of a co-ownership scheme is authorised to: |
|
(1) |
acquire, manage and dispose of the scheme property; and |
|
(2) |
enter into contracts which are binding on unitholders for the purposes of, or in connection with, the acquisition, management or disposal of scheme property. |
|
Co-ownership schemes: winding-up |
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1227J |
A statement that the operator and depositary of a co-ownership scheme are required to wind up the scheme if directed to do so by the FCA in exercise of its power under section 261X (Directions) or section 261Z (Winding up or merger of master UCITS) of the Act. |
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Limited partnership schemes: participants |
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1227K |
A statement that the limited partners, other than the nominated partner, are to be the participants in the scheme. |
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Limited partnership schemes: resignation of limited partners |
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1227L |
A statement that the scheme is not dissolved on any person ceasing to be a limited partner or nominated partner provided that there remains at least one limited partner. |
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Limited partnership schemes: inability to operate as an umbrella |
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1227M |
A statement that the limited partnership scheme prohibits pooling as is mentioned in section 235(3)(a) of the Act in relation to separate parts of the scheme property, with the effect that the scheme cannot be an umbrella. |
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3Investment in overseas4 property through an intermediate holding vehicle |
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328 |
3If investment in an overseas4 immovable is to be made through an intermediate holding vehicle or a series of intermediate holding vehicles, a statement that the purpose of that intermediate holding vehicle or series of intermediate holding vehicles will be to enable the holding of overseas4 immovables by the scheme. |
1The following words or terms throughout IPRU-INV 5 appearing in bold (other than headings and titles) are to have the meanings given to them below if not inconsistent with the subject or context. If a defined term is italicised the definition appearing in the main Handbook Glossary applies.
Term |
Meaning |
||||
accounting reference date |
means: |
||||
(a) |
the date to which a firm's accounts are prepared in order to comply with the relevant Companies Act legislation. In the case of a firm not subject to Companies Act legislation, the equivalent date selected by the firm; and |
||||
(b) |
in the case of an OPS firm which is not subject to the relevant Companies Act legislation, the date to which the accounts of the OPS in respect of which the firm acts are prepared. |
||||
annual expenditure |
has the meaning given in IPRU-INV 5.5.1 (Determination). |
||||
category a body |
means: |
||||
(a) |
the government or central bank of a zone a country; or |
||||
(b) |
EU or Euratom (the European Atomic Energy Community); or |
||||
(c) |
the government or central bank of any other country, provided the receivable in question is denominated in that country's national currency. |
||||
category b body |
means: |
||||
(a) |
the European Investment Bank (EIB) or a multi-lateral development bank; or |
||||
(b) |
the regional government or local authority of a zone a country; or |
||||
(c) |
an investment firm or credit institution authorised in a zone a country; or |
||||
(d) |
a recognised clearing house or exchange; or |
||||
(e) |
an investment firm or credit institution authorised in any other country, which applies a financial supervision regime at least equivalent to the Capital Adequacy Directive. |
||||
counterparty |
means any person with or for whom a firm carries on regulated business or an ancillary activity. |
||||
counterparty risk requirement |
has the meaning given in IPRU-INV 5.11.1R (Counterparty risk requirement). |
||||
expenditure based requirement |
means the requirement calculated in accordance with IPRU-INV 5.9.1R (Expenditure based requirement). |
||||
financial resources |
has the meaning given in IPRU-INV 5.2.3R (Financial resources). |
||||
financial resources requirement |
has the meaning given in IPRU-INV 5.4.1R (Determination of requirement). |
||||
financial resources rules |
has the meaning given in IPRU-INV 5.2. |
||||
financial return |
means quarterly financial return or monthly financial return as the case may be. |
||||
foreign exchange position |
has the meaning given in IPRU-INV 5.14.1R (Foreign exchange requirement). |
||||
investment |
means a designated investment in the main Glossary. |
||||
investment business |
means designated investment business in the main Glossary. |
||||
investment firm |
has the meaning given to investment firm in the main Glossary except that it excludes persons to which MiFID does not apply as a result of articles 2 or 3 of MiFID. |
||||
Note: An investment firm is not necessarily a firm for the purposes of the rules. |
|||||
investment manager |
means a person who, acting only on behalf of a customer, either: |
||||
(a) |
manages an account or portfolio in the exercise of discretion; or |
||||
(b) |
has accepted responsibility on a continuing basis for advising on the composition of the account or portfolio. |
||||
liquid capital |
has the meaning given in IPRU-INV 5.3.1R (Calculation of own funds and liquid capital). |
||||
liquid capital requirement |
has the meaning given in IPRU-INV 5.4.4R (Liquid capital requirement). |
||||
non-retail client |
means a professional client or an eligible counterparty. |
||||
OPS or occupational pension scheme |
means any scheme or arrangement which is comprised in one or more instruments or agreements and which has, or is capable of having, effect in relation to one or more descriptions or categories of employment so as to provide benefits, in the form of pensions or otherwise, payable on termination of service, or on death or retirement, to or respect of earners with qualifying service in an employment of any such description or category. |
||||
OPS firm |
means: |
||||
(a) |
a firm which: |
||||
(i) |
carries on OPS activity but not with a view to profit; and |
||||
(ii) |
is one or more of the following: |
||||
(A) |
a trustee of the occupational pension scheme in question; |
||||
(B) |
a company owned by the trustees of the occupational pension scheme in question; |
||||
(C) |
a company which is: |
||||
(I) |
an employer in relation to the occupational pension scheme in question in respect of its employees or former employees or their dependants; or |
||||
(II) |
a company within the group which includes an employer within (I); or |
||||
(III) |
an administering authority subject to the Local Government Superannuation Regulations 1986; or |
||||
(b) |
a firm which: |
||||
(i) |
has satisfied the requirements set out in (a) at any time during the past 12 months; but |
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(ii) |
is no longer able to comply with those requirements because of a change in the control or ownership of the employer referred to in (a)(ii) during that period. |
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otc derivative |
means interest rate and foreign exchange contracts covered by Annex III to the previous version of the Banking Consolidation Directive (i.e. Directive (2000/12/EC) and off balance sheet contracts based on equities which are not traded on a recognised or designated investment exchange or other exchange where they are subject to daily margin requirements, excluding any foreign exchange contract with an original maturity of 14 calendar days or less. |
||||
other assets requirement |
has the meaning given in IPRU-INV 5.17.1R (Other assets requirement). |
||||
own funds |
has the meaning given in IPRU-INV 5.3.1R and IPRU-INV 5.3.2R, as applicable. |
||||
own funds requirement |
has the meaning given in IPRU-INV 5.4.3R and IPRU-INV 5.4.4R (Own funds requirement), as applicable. |
||||
permitted business |
means regulated activity which a firm has permission to carry on. |
||||
position risk requirement |
has the meaning given in IPRU-INV 5.11.1R (Position risk requirement). |
||||
prescribed subordinated loan agreement |
means the subordinated loan agreement prescribed by the appropriate regulator for the purposes of IPRU-INV 5.6.4R. |
||||
qualifying capital instrument |
means that part of a firm's capital which is a security of indeterminate duration, or other instrument, that fulfils the following conditions: |
||||
(a) |
it may not be reimbursed on the bearer's initiative or without the prior agreement of the appropriate regulator; |
||||
(b) |
the debt agreement must provide for the firm to have the option of deferring the payment of interest on the debt; |
||||
(c) |
the lender's claims on the firm must be wholly subordinated to those of all non-subordinated creditors; |
||||
(d) |
the documents governing the issue of the securities must provide for debt and unpaid interest to be such as to absorb losses, whilst leaving the firm in a position to continue trading; and |
||||
(e) |
only fully paid-up amounts shall be taken into account. |
||||
qualifying capital item |
means that part of a firm's capital which has the following characteristics: |
||||
(a) |
it is freely available to the firm to cover normal banking or other risks where revenue or capital losses have not yet been identified; |
||||
(b) |
its existence is disclosed in internal accounting records; and |
||||
(c) |
its amount is determined by the management of the firm and verified by independent auditors, and is made known to, and is monitored by, the FCA. |
||||
qualifying property |
has the meaning given in IPRU-INV 5.7.1R (Qualifying property and qualifying amount defined). |
||||
qualifying subordinated loan |
has the meaning given in IPRU-INV 5.6 (Qualifying subordinated loans). |
||||
qualifying undertaking |
has the meaning given in IPRU-INV 5.7.3R (Qualifying undertakings). |
||||
readily realisable investment |
means a unit in a regulated collective investment scheme, a life policy or any marketable investment other than one which is traded on or under the rules of a recognised or designated investment exchange so irregularly or infrequently: |
||||
(a) |
that it cannot be certain that a price for that investment will be quoted at all times; or |
||||
(b) |
that it may be difficult to effect transactions at any price which may be quoted. |
||||
regulated business |
means designated investment business in the main Glossary. |
||||
relevant foreign exchange items |
means: |
||||
(a) |
all assets less liabilities, including accrued interest, denominated in the currency (all investments at market or realisable value); |
||||
(b) |
any currency future, at the nominal value of the contract; |
||||
(c) |
any forward contract for the purchase or sale of the currency, at the contract value, including any future exchange of principal associated with currency swaps; |
||||
(d) |
any foreign currency options at the net delta (or delta-based) equivalent of the total book of such options; |
||||
(e) |
any non-currency option, at market value; |
||||
(f) |
any irrevocable guarantee; |
||||
(g) |
any other off-balance sheet commitment to purchase or sell an asset denominated in that currency. |
||||
reporting currency |
means the currency in which the firm's books of account are maintained. |
||||
specified trustee business |
1. |
means any investment business carried on in the UK by a trustee firm, but excluding each of the following activities: |
|||
(a) |
Dealing or arranging deals in investments |
||||
(i) |
where the deal is transacted or arranged by a trustee firm with or through a PTP; or |
||||
(ii) |
where the dealing or arranging is done in the course of, or is incidental to, an activity of management falling within paragraph (b) below; or |
||||
(iii) |
where the trust is a unit trust scheme and the deal is or the arrangements are made with a view to either an issue or sale of units in such a scheme to, or a redemption or repurchase or conversion of such units or a dealing in investments for such a scheme carried out by with or through, the operator or on the instructions of the operator; or |
||||
(iv) |
where the trustee firm, being a bare trustee (or, in Scotland, a nominee) holding investments for another person, is acting on that person's instructions; or |
||||
(v) |
where any arrangements do not or would not bring about the transaction in question. |
||||
(b) |
Managing investments |
||||
(i) |
where the trustee firm has no general authority to effect transactions in investments at discretion; or |
||||
(ii) |
if and to the extent that all day-to-day decisions in relation to the management of the investments or any discrete part of the investments are or are to be taken by a PTP; or |
||||
(iii) |
if and to the extent that investment decisions in relation to the investments or any discrete part of the investments are or are to be taken substantially in accordance with the advice given by a PTP; or |
||||
(iv) |
where the trustee firm is a personal representative or executor and is acting in that capacity; or |
||||
(v) |
where the trust is a unit trust scheme and all day-to-day investment decisions in the carrying on of that activity are or are to be taken by the operator of the scheme. |
||||
(c) |
Investment advice |
||||
(i) |
where the relevant advice: |
||||
(A) |
does not recommend the entry into any investment transaction or the exercise of any right conferred by any investment to acquire, dispose of, underwrite or convert such an investment; and |
||||
(ii) |
if and to the extent that the relevant advice is in substance the advice of a PTP; or |
||||
(iii) |
where the relevant advice is given by the trustee firm acting in the capacity of personal representative or executor. |
||||
(d) |
Establishing, operating or winding up a collective investment scheme including acting as trustee of an authorised unit trust scheme but only to the extent that such activities do not otherwise constitute specified trustee business. |
||||
(e) |
Any trustee activity undertaken as trustee of an issue of debentures or government or public securities: |
||||
(i) |
where the issue is made by a company listed on a recognised investment exchange or on a designated investment exchange (or by a wholly-owned subsidiary of such a company); or |
||||
(ii) |
where the issue is listed or traded either on a recognised investment exchange or on a designated investment exchange or on the Société de la Bourse de Luxembourg; or |
||||
(iii) |
where the issue is made by a government, local authority or international organisation; or |
||||
(iv) |
where the aggregate amounts issued (pursuant to the trust deed or any deed supplemental thereto and ignoring any amounts redeemed, repurchased or converted) exceed the sum of £10,000,000. |
||||
2. |
For the purpose of this definition of "specified trustee business": |
||||
(a) |
a transaction is entered into through a person if that person: |
||||
(i) |
enters into it as agent; or |
||||
(ii) |
arranges for it to be entered into as principal or agent by another person and the arrangements are such that they bring about the transaction in question; |
||||
(b) |
investment transaction means a transaction to purchase, sell, subscribe for or underwrite a particular investment and "investment decision" means a decision relating to an investment transaction; |
||||
(c) |
debentures means any securities falling within article 77 of the RAO; |
||||
(d) |
government or public securities means any securities falling within article 78) of the RAO; |
||||
(e) |
government, local authority or international organisation means: |
||||
(i) |
the government of the United Kingdom, of Northern Ireland, or of any country or territory outside the United Kingdom; |
||||
(ii) |
a local authority in the United Kingdom or Anywhere; or |
||||
(iii) |
an international organisation the members of which include the United Kingdom2. |
||||
(f) |
in determining the size of an issue of debentures or government or public securities made in a currency other than sterling, the amount of the issue shall be converted into sterling at the exchange rate prevailing in London on the date of issue. |
||||
total capital requirement |
has the meaning given in IPRU-INV 5.4.5R (Total capital requirement). |
||||
trading book |
in relation to a firm's business or exposures, means: |
||||
(a) |
its proprietary positions in financial instruments: |
||||
(i) |
which are held for resale and/or are taken on by the firm with the intention of benefiting in the short term from actual and/or expected differences between their buying and selling prices or from other price or interest-rate variations; |
||||
(ii) |
arising from matched principal broking; |
||||
(iii) |
taken in order to hedge other elements of the trading book; |
||||
(b) |
exposures due to unsettled securities transactions, free deliveries, OTC derivative instruments, repurchase agreements and securities lending transactions based on securities included in (a)(i) to (iii) above, reverse repurchase agreements and securities borrowing transactions based on securities included in (a)(i) to (iii) above; and |
||||
(c) |
fees, commission, interest and dividends, and margin on exchange-traded derivatives which are directly related to the items included in (a) and (b) above. |
||||
trustee activity |
means, in relation to a firm, any activity undertaken in the course of or incidental to the exercise of any of its powers, or the performance of any of its duties, when |
||||
unit trust manager |
means the manager of a unit trust scheme. |
||||
zone b country |
means a country which is not a Zone A country in the Glossary. |
Table of application, notification, vetting and other fees payable to the FCA32
31Part 1: Application, notification and vetting fees |
||
31(1) Fee payer |
(2) Fee payable (£)37 |
Due date |
(a) Any applicant for Part 4A permission (including an incoming firm applying for top-up permission) whose fee is not payable pursuant to sub- paragraph (zza)52 of this table 26 |
(1) Unless (2),41 (3) or (4)41 applies, in1 respect of a particular application, the highest of the tariffs set out in FEES 3 Annex 1 part 11 which apply to that application. When both (A) and (B) apply, 50% of the tariff payable under (1):34 (2) 50% of the tariff payable under (1) is payable when either (a) or (b) apply: (a) the application is one referred to in paragraph p; or (b) the application is a limited permission case under . (A) the application only involves a simple change of legal status as set out in FEES 3 Annex 1 part 6; and34 (B) the application is:34 (i) a straightforward case under paragraph 2(d) or 3(g) of FEES 3 Annex 1; (ii) a moderately complex case under paragraph 2(e) or 3(h) of FEES 3 Annex 1; or (iii) a limited permission case under paragraph 3(i) of FEES 3 Annex 1. (3) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as applying for a Part 4A permission, the fee payable is the higher of: 78 (i) the fee otherwise payable in (1) or (2); and 78 (ii) the fee payable in FEES 3 Annex 10AR. 78 (4) No fee is payable if the applicant satisfies the criteria set out in FEES 4 Annex 2BR(5)(a).41 17834343434 |
On or before the application is made |
(aa) A person who makes an application under section 24A of the Consumer Credit Act 1974 which meets the conditions of article 31 (Applications for a standard licence where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (the “relevant application”)30 |
As (a) above less any amount paid to the Office of Fair Trading in relation to the relevant application. |
Within 30 days of the date of the invoice. |
(b) [deleted]56 4 |
||
(c) Any applicant for a certificate under article 54 of the Regulated Activities Order |
2,000 |
On or before the application is made |
(d) Applicants for an authorisation order for, or recognition under section 272 of the Act27 of, a collective investment scheme |
FEES 3 Annex 2R, part 227 27 |
On or before the application is made |
(da) Applicants for the authorisation of an AIF as a LTIF58 36 |
FEES 3 Annex 2R, part 2A36 |
On or before the date the application is made36 |
(e) The management company27 of a scheme making a notification under section 264 of the Act 2727 |
FEES 3 Annex 2R, part 327 27 |
On or before the date the application is made28 |
28(ea) (i) A non-UK AIFM56 (with a branch in the UK) notifying the FCA of its intention to market an AIF in the UK under regulation 5956 of the AIFMD UK regulation (ii) An AIFM notifying the FCA of its intention to market an AIF in the UK under regulation 58 or 59 of the AIFMD UK regulation |
FEES 3 Annex 2 R, part 4 |
On or before the date the notification is made |
28(eb) An applicant for registration on the register of small registered UK AIFM which the FCA is required to maintain under regulation 10 of the AIFMD UK regulation |
£750 |
On or before the date the application is made |
(f) Any person seeking an order under section 326(1) of the Act to become a designated professional body. |
10,000 |
30 days after the order is granted |
(g) Any applicant for recognition as a UK recognised body56 under section 287 of the Act 17761717 |
FEES 3 Annex 3, part 1 |
On or before the date the application is made26 |
(ga) [deleted]52 26353535 |
||
(h) Any applicant for recognition as an ROIE76 under section 287 or section 292 of the Act 7676 |
FEES 3 Annex 3, part 2 |
On or before the date the application is made |
(i) [deleted]35 35 |
35 | 35 |
(j) [deleted]38 |
||
(k) [deleted]35 35 |
35 | 35 |
(l) [deleted]38 |
72 | |
(m) [deleted]38 |
72 | |
(n) Applicants to be added to the list of designated investment exchanges |
50,000 |
On or before the date the application is made |
2(o) In relation to a BIPRU firm, a firm applying to the FCA29 for permission to use one of the advanced prudential calculation approaches listed in FEES 3 Annex 6 R (or guidance on its availability), including any future proposed amendments to those approaches.56 1122952976295762929295557629295762929297629295 |
(1) Unless5 (2) applies, FEES 3 Annex 6.5 (2) (a) Unless5 (b) applies a1firm submitting a second application for the permission or5guidance described in column (1) within 12 months of the first application (where the fee was paid in accordance with (1)) must pay 50% of the fee applicable to it under FEES 3 Annex 6, but only in respect of that second application (b) No fee is payable by a firm in relation to a successful application for a permission5 based on a minded to grant decision in respect of the same matter following a complete application for guidance in accordance with prescribed submission requirements.1 5251255576576552 |
Where the firm has made an application directly to the FCA29, on or before the date the application is made, otherwise within 30 days after the FCA29 notifies the firm that its EEA parent's Home State regulator has requested assistance.229 27629762976 |
29(oa) Either: (i) a firm applying to the 37FCA for permission to use one of the internal approaches listed in FEES 3 Annex 6A (or guidance on its availability), including any future proposed amendments to those approaches or (in the case of any application being made for such permission to the 37FCA as consolidating supervisor under the UK CRR5856) any firm making such an application; or (ii) in the case of an application to the consolidating supervisor other than the 37FCA for the use of the IRB approach and the consolidating supervisor requesting the 37FCA's assistance in accordance with the UK CRR58, any firm to which the 37FCA would have to apply any decision to permit the use of that approach. 3737373737 |
(1) Unless (2) applies, FEES 3 Annex 6A. (2) (a) Unless (b) applies a firm submitting a second application for the permission or guidance described in column (1) within 12 months of the first application (where the fee was paid in accordance with (1)) must pay 50% of the fee applicable to it under FEES 3 Annex 6A, but only in respect of that second application. (b) No fee is payable by a firm in relation to a successful application for a permission based on a minded to grant decision in respect of the same matter following a complete application for guidance in accordance with prescribed submission requirements. (c) No fee is payable where the consolidating supervisor has requested the assistance described in paragraph (oa)(ii) of column 1. 37 |
Where the firm has made an application directly to the 37FCA , on or before the date the application is made, otherwise within 30 days after the 37FCA notifies the firm that its EEA parent's consolidating supervisor has requested assistance. 3737 |
(p) A firm applying for a variation of its Part 4A permission whose fee is not payable pursuant to sub- paragraph (zza)52 of this table 26 |
(1) Unless (2), (2A), (3), (3A), (3B), (3C), (3D) or 3(E)44 applies, if the proposed new1 business of the firm would1 fall within one or more activity groups specified in Part 1 of FEES 4 Annex 1AR not applicable before the application1, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 1R37 which apply to that application. (2) Subject to (2A) below, if the firm's application includes an application for a Part 4A permission to carry on a new credit-related regulated activity, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 1R37 that would be payable under (1) above or, if higher, 50% of the highest of the tariffs set out in FEES 3 Annex 1R37 that would be payable in relation to the new credit-related regulated activity30.37 (2A) If an applicant which already has a Part 4A permission to carry on a credit-related regulated activity exclusively applies for a Part 4A permission to carry on a new credit-related regulated activity, that is specified in Part 3 of FEES 3 Annex 1R37 in the straightforward category (or if it exclusively applies for a number of such permissions), the fee is £25030.37 (3) If the firm is in the A.1 fee-block at the date of the application and the variation involves adding any of the regulated activities of meeting of repayment claims or managing dormant account funds (including the investment of such funds), the fee is 50% of the fee in FEES 3 Annex 1 R that applies to that application11 (3A) If the applicant had a limited permission prior to the application to vary its Part 4A permission, 100% of the highest of the tariffs set out in FEES 3 Annex 1R37 which apply to that application30.37 (3B) If the applicant has a limited permission and its application exclusively relates to another limited permission, the fee is 030 (3C) If the applicant applies for registration under article 8(1) of the MCD Order at the same time as it applies for a variation of its Part 4A permission, the fee is the highest of the fees set out in FEES 3 Annex 10AR and the amount otherwise payable in (1), (2), (2A), (3), (3A) or (3B), or (4).78 (3D) No fee is payable if the applicant satisfies the criteria set out in FEES 4 Annex 2BR(5)(a).41 (4) 11 In all other cases, other than applications by credit unions, the fee payable is 250 for firms which are not, or are not seeking to become, a PRA-authorised person, and 125 for firms which are, or are seeking to become, a PRA-authorised person,76 unless the variation involves only the reduction (and no other increases) in the scope of a Part 4A permission in which case no fee is payable.1 (3E) The fee is 12,500 if the firm applying:44 (i) is an MTF operator and the proposed new business of the firm is to be an OTF operator; or44 (ii) is an OTF operator and the proposed new business of the firm is to be an MTF operator.44 307841307878176763776377878371373030233737371137 |
On or before the date the application is made |
30(pa) A person who makes an application under section 30(1) of the Consumer Credit Act 1974 which meets the conditions of article 33 (Variations at request of licensee where no determination made before 1 April 2014) of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (the “relevant variation application”) |
As (a) or 31(p) above, less any amount paid to the Office of Fair Trading in relation to the relevant variation application. |
Within 30 days of the date of the invoice. |
77137713777722227 | 333 | |
66 | 566 | |
5(s) In the case of an insurance business transfer scheme, a transferor. Note - for the purpose of this paragraph an insurance business transfer scheme consists of a single transferor and a single transferee. Where however such a scheme is part of a single larger scheme, that larger scheme is treated as a single insurance business transfer scheme. If an insurance business transfer scheme includes more than one transferor in accordance with this paragraph, the transferors are liable to pay the fee under column (2) jointly. |
Either (1) or (2) as set out below: (1) In the case of an insurance business transfer scheme involving long term insurance business, 20,00059; or (2) in the case of an insurance business transfer scheme not involving long term insurance business, 12,500.59 757537377575377537 |
On or before any application is made for the appointment of a person as an independent expert. 37 |
20 | ||
(u) [deleted]34 34 |
34 | 34 |
(v) [deleted]38 2222 |
||
[deleted]35 35 |
35 | 35 |
(x)[deleted]38 |
||
8(y) An applicant for authorisation as an authorised payment institution under regulation 5 of the Payment Services Regulations |
The highest of the tariffs set out in FEES 3 Annex 8 which apply to that application. Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 8R.47 |
On or before the date the application is made. |
47(ya) An applicant for registration as an account information service provider under regulation 17 of the Payment Services Regulations. |
47FEES 3 Annex 8R, paragraph (2)(i). Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 8R. |
47On or before the date the application is made. |
(z) An application by a small payment institution for authorisation as an authorised payment institution because regulation 16 47 of the Payment Services Regulations applies |
The highest of the tariffs set out in FEES 3 Annex 8R which apply to that application. |
On or before the date the application is made. |
(za) An applicant for registration as a small payment institution under regulation 13 47 of the Payment Services Regulations |
FEES 3 Annex 8R, paragraph (1). Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 8R. |
On or before the date the application is made. |
(zb) An authorised payment institution applying to vary its authorisation under regulation 5 47 of the Payment Services Regulations. |
(1) If50 prior to the variation the authorised payment institution is authorised to carry on any one or more of the payment services falling50 within paragraph (f), 47 (g) or (h) of Part 1 of Schedule 1 to the Payment Services Regulations and the authorised payment institution is applying to extend its authorisation to include any one or more of the payment services in (a) to (e)50, the fee is 50% of the highest of the tariffs set out in FEES 3 Annex 8R which apply to that application. (2) Where the authorised payment institution50 already has authorisation to provide payment services within any one or more of paragraphs (a) to (e) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to add one or more other services in (a) to (f);50 the fee payable is £47250 irrespective of the number of agents it has. 50(3) Where the authorised payment institution already has authorisation to provide payment services within any one or more of paragraphs (a) to (f) of Part 1 of Schedule 1 to the Payment Services Regulations and wishes to add one or both of the services in (g) and (h) the fee payable is £750, irrespective of the number of agents it has. (4)50 In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable. 4747474747 |
On or before the date the application is made. |
(zc) A small payment institution applying to vary its registration under regulation 13 47 of the Payment Services Regulations |
(1)The 47 fee is 50% of the tariff 47set out in FEES 3 Annex 8R, paragraph (1). 47 (2) 47 In cases where the variation involves only the reduction (and no increases) of the types of payment services to be carried on after the variation, no fee is payable. 4747 |
On or before the date the application is made. |
(zd) 47 |
47 | [deleted]47 |
(ze) Any person to which the Special Project Fee for restructuring applies under FEES 3 Annex 9.12 12 |
Special Project Fee for restructuring in accordance with FEES 3 Annex 9 . |
|
(zf) [deleted]76 76 |
76 | 91676 |
16(zg) An applicant for authorisation as an authorised electronic money institution under regulation 5 of the Electronic Money Regulations. |
The amount set out in FEES 3 Annex 10 R. Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 10 R. |
On or before the date the application is made. |
16(zh) An applicant for registration as a small electronic money institution under regulation 12 of the Electronic Money Regulations. |
The amount set out in FEES 3 Annex 10 R. Where an application only involves a simple change of legal status as set out in FEES 3 Annex 1 R Part 6, the fee payable is 50% of the tariff that would otherwise be payable in FEES 3 Annex 10 R. |
On or before the date the application is made. |
16(zi) An application by a small electronic money institution for authorisation as an authorised electronic money institution14because regulation 16 of the Electronic Money Regulations applies. |
The amount set out in FEES 3 Annex 10 R. |
On or before the date the application is made. |
16(zj) An authorised electronic money institution applying to vary its authorisation under regulation 8 of the Electronic Money Regulations. |
50(1) Subject to (2) below, the fee is 50% of the tariff for an electronic money institution authorisation application set out in FEES 3 Annex 10R. 50(2) Where the authorised electronic money institution applies to vary its permission so as to be able to provide one or both of the payment services in paragraphs (g) and (h) of Part 1 of Schedule 1 to the Payment Services Regulations the fee payable is £750. |
On or before the date the application is made. |
16(zk) A small electronic money institution applying to vary its registration under regulation 12 of the Electronic Money Regulations. |
The amount set out in FEES 3 Annex 10 R. |
On or before the date the application is made. |
15(zl) An applicant for recognition as an accredited body. |
2,500 |
On or before the date the application is made.18 |
18(zm) An issuer applying for registration of a regulated covered bond. |
(1) Unless (2) or (3)41 applies, 45,000. (2) In the case of a proposed covered bond or programme where the assets in the asset pool will consist primarily of UK residential mortgages, 25,000. (3) No fee is payable if the issuer satisfies the criteria set out in FEES 4 Annex 2BR(5)(b).41 |
On or before the date the application is made. |
18(zn) An issuer who proposes to make a material change to the contractual terms of a regulated covered bond under RCB 3.5.4 D. |
(1) Unless (2) applies 6,500.41 (2) No fee is payable if the issuer satisfies the criteria set out in FEES 4 Annex 2BR(5)(c).41 |
On or before the date the notification under RCB 3.5.4 D is made.21 |
21(zo) In the case of persons in respect of which the FCA has given notice of its intention to take, or appoint a competent person to take, any steps under CONRED 2.5.12R, either: (i) a Firm (as defined in CONRED 2.1.1R(1); or (ii) a person falling within CONRED 2.1.2R(1). |
An amount equal to: (1) a sum determined by the number of hours, or part of an hour, taken by the FCA in relation to work conducted in taking steps under recorded on the FCA's systems, multiplied by the rate in FEES 3 Annex 9 (11)R; or (2) any amount invoiced to the FCA by a competent person in relation to any work carried out by that competent person in connection with its appointment by the FCA under CONRED 2.5.12R. |
Within 30 days of the date of the invoice. |
76(zp) A person in respect of which the FCA37 has given notice of its intention to itself appoint a skilled person to provide it with a report pursuant to section 166(3)(b) of the Act and SUP 5.2. 37 |
Any amount invoiced to the FCA37 by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the FCA37 pursuant to section 166(3)(b) of the Act. 37 |
Within 30 days of the date of the invoice. |
76(zq) A person in respect of which the FCA37 has given notice of its intention to itself appoint a skilled person to collect or update information pursuant to section 166A(2)(b) of the Act. 37 |
Any amount invoiced to the FCA37 by a skilled person in relation to any work carried out by that skilled person in connection with its appointment by the FCA 37 pursuant to section 166A(2)(b) of the Act. 3737 |
|
30(zs) Applicant for FCA permission for an agreement to be enforced under section 28A(3)(a) and/or money paid or property transferred under and agreement to be retained under 3128A(3)(b) of the Act |
(1) If the application is for permission for an agreement to be enforced under section 28A(3)(a) of the Act and for permission for money paid or property transferred under an agreement to be retained under section 28A(3)(b) of the Act, the fee is 31£3,500 per type of agreement specified in the application.30 (2) If the application is for permission for an agreement to be enforced under section 28A(3)(a) of the Act only, the fee is £3,500 per type of agreement specified in the application.31 (3) If the application is for permission for money paid or property transferred under an agreement to be retained under section 28A(3)(b) of the Act only, the fee is £3,500 per type of agreement specified in the application.31 Where there are a number of agreements of the same type, only one fee is payable in respect of those agreements. A number of agreements are of the same type when those agreements are entered into on the same terms and conditions. |
On or before the date the application is made. |
(zt) An applicant for registration in the Financial Services Register under article 8(1) of the MCD Order. 78 |
Unless (1), or (2) applies, the fee as set out in FEES 3 Annex 10A. 78 (1) If the applicant is applying for a Part 4A permission at the same time as it applies for registration under article 8(1) of the MCD Order, the fee payable in row (a), column (2) paragraph (3) of this Table. 78 (2) If the applicant is applying for a variation of a Part 4A permission at the same time as it applies for registration under article 8(1) of the MCD Order, the fee payable in row (p), column 2 paragraph (3)(c) of this Table. 78 |
On or before the application is made.78 |
(zu)40 Any person to which the Designated Credit Reference Agencies and Finance Platform42 Fee applies under FEES 3 Annex 10B. 39 |
Designated Credit Reference Agencies and Finance Platform42 Fee in accordance with FEES 3 Annex 10B. |
Within 30 days of the date of the invoice. |
43(zv) Any firm that meets the test in FEES 3 Annex 10C(1)R(1) (PPI campaign fees). |
The amount set out in FEES 3 Annex 10C(1) R(2). |
Within 30 days of the date of the invoice. |
45(zw) An applicant for authorisation under regulation 7 of the DRS Regulations, or the operator of a trading venue seeking verification of their compliance with Title V of MiFID49 under regulation 8 of the DRS Regulations or an applicant for variation of an authorisation under regulation 12 of the DRS Regulations. |
Either (1), (2), or (3) applies as set out below: (1) If the applicant is applying for permission to operate one data reporting service, 5,000. (2) If the applicant is applying for permission to operate more than one data reporting services, 50% of the fee at (1) for each additional service plus the fee at (1). (3) If the applicant is applying for variation of an authorisation, 50% of the fee at (1) for each additional service. |
On the date the application is made. |
46(zx) (1) Unless (2) applies any person applying to connect to the market data processor system to make transaction reports directly to the FCA under MiFIR. (2) If a person has previously applied as stated in (zx)(1) above and has been connected then no further fee is payable for any further such applications. |
1) Unless (2) applies, 20,000. (2) Any incoming data reporting services provider will pay 80% of the fee at (1). |
On the date the application is made |
46(zy) (1) Subject to (2) and (3) below, any person applying to connect to the market data processor system to provide markets data (other than transaction reports) under MAR 1056. (2) If a person has previously applied as stated in (zy)(1) above and has been connected then no further fee is payable for any further such applications in relation to reporting the same data. (3) If a person has previously applied as stated in (zy)(1) above and makes a further application in relation to the provision of different data then a separate fee is payable for such application. 49 |
On the date the application is made. |
|
51(zz) an applicant for registration under regulation 14 of the Risk Transformation Regulations as a protected cell company. |
500 |
On or before the date the application is made. |
52(zza) An application for authorisation as a regulated benchmark administrator. |
The highest of the applicable tariffs set out in FEES 3 Annex 1R. Where an applicant intends to administer benchmarks falling into different complexity groupings, it will pay one fee only, for the highest category applied for. If, once authorised, a regulated benchmark administrator notifies the FCA of its intention to administer other/additional benchmarks no further application fee is payable (even if the other/additional benchmark falls into a higher complexity category). |
On the date the application is made. |
52(zzb) An application for recognition of an administrator in accordance with article 32 of the benchmarks regulation. |
5,000 |
On the date the application is made. |
52(zzc) An application for endorsement of a benchmark or family of benchmarks in accordance with article 33 of the benchmarks regulation. |
1,500 |
On the date the application is made. |
54(zzd) applications for claims management companies |
(1) £1,200 for claims management companies with annual turnover of up to and including £1,000,000; and (2) £10,000 for claims management companies with annual turnover of over £1,000,000. Firms which already have Part 4A permissions and are applying to vary their permissions will receive a 50% reduction in the relevant fee. |
On the date the application is made. |
55(zze) An application for authorisation as a third party verifier |
(1) Unless (2) applies, 1,500. (2) Firms which already have Part 4A permissions will not receive a 50% reduction in the authorisation fee. |
On the date the application is made. |
61(zzf) UK-based applicants for registration as a trade repository; a securitisation repository, or a third country applicant seeking recognition as a trade repository. |
5,000 Applicants for registration as a trade repository who already hold registration as a securitisation repository, or vice versa, will receive a 50% discount on the relevant application fee. Applicants for registration as a trade repository to carry on activity for the purposes of UK SFTR who already hold registration as a trade repository under EMIR or vice versa, will receive a 50% discount on the relevant application fee. |
On the date the application is made. |
61(zzg) UK-based applicants for registration as a credit rating agency or a third country applicant seeking certification as a credit rating agency. |
The fee set out in FEES 3 Annex 13R. |
On the date the application is made. |
(1) Fee payer |
(2) Fee payable |
(3) Due date |
(a) (i) An issuer which has not made public its annual financial report before the latest time specified in DTR 4.1.3 R. (ii) An issuer which has not made public its half-yearly financial report before the latest time specified in DTR 4.2.2 R (2). |
Within 30 days of the date of the invoice. |
|
On or before the date the application is made. |
||
38(c) For the purposes of48 the listing rules:48 (i)48 an issuer requesting approval of a document arising in relation to a specific event or transaction, which is not a significant transaction or a super transaction; or48 48(ii) an issuer or person applying for eligibility for listing of its securities. |
On or before the date that relevant document is first submitted to the FCA. |
|
38(d) Under the Prospectus Rules or the Prospectus Regulation60, an issuer or a person requesting approval or review of a document arising in relation to a specific event or transaction, which is not a significant transaction or a super transaction. |
On or before the date that relevant document is first submitted to the FCA. |
|
38(e) An issuer requesting the approval or review of a document in connection with a super transaction. |
On or before the date that relevant document is first submitted to the FCA. |
|
38(f) An issuer requesting the approval or review of a document in connection with a significant transaction. |
On or before the date that relevant document is first submitted to the FCA. |
|
38(g) A person who requests the FCA’s approval of a document that includes a mineral expert’s report and who is a fee payer under one or more of the categories (c), (d), (e), and (f) above must additionally pay a fee under this category. |
On or before the date that relevant document is first submitted to the FCA. |
|
38(h) An applicant for approval as a primary information provider. |
On or before the date the application is made. |
[Note:Guidance on how a firm liable to pay a fee under both rows (s) and (ze) of this table for the same transaction should expect to be treated is set out in FEES 3 Annex 11 G.]19
This table belongs to COLL 8.3.2 R.
1 |
Document status |
|||
A statement that this document is the prospectus of the authorised fund valid as at a particular date which shall be the date of the document. |
||||
2 |
Description of the authorised fund |
|||
Information detailing: |
||||
(1) |
the name of the authorised fund; |
|||
16(1A) |
its FCA product reference number (PRN); |
|||
(2) |
that the authorised fund is either an ICVC, ACS11 or an AUT; |
|||
(3) |
that the scheme is a qualified investor scheme; |
|||
(4) |
where relevant, that the unitholders in an ICVC are not liable for the debts of the authorised fund; |
|||
(5) |
where relevant, the address of the ICVC's head office and the address in the United Kingdom for service on the ICVC of documents required or authorised to be served on it; |
|||
(6) |
the effective date of the authorisation order made by the FCA and, if the duration of the authorised fund is not unlimited, when it will or may terminate; |
|||
(7) |
the base currency for the authorised fund; |
|||
(8) |
where relevant, the maximum and minimum sizes of the ICVC's capital; 11 |
|||
(9) |
the circumstances in which the authorised fund may be wound up under the rules in COLL and a summary of the procedure for, and the rights of unitholders under, such a winding up; and11 11 |
|||
(10)11 |
for an ACS that is a limited partnership scheme, the address of the proposed principal place of business of the limited partnership scheme. |
|||
3 |
Investment objectives and policy |
|||
(1) |
Sufficient information to enable a unitholder to ascertain: |
|||
(a) |
the investment objectives of the authorised fund; |
|||
(b) |
the authorised fund's investment policy for achieving those investment objectives, including: |
|||
(i) |
the general nature of the portfolio and any intended specialisation; |
|||
(ii) |
the policy for the spreading of risk in the scheme property; and |
|||
(iii) |
the policy in relation to the exercise of borrowing powers; |
|||
(c) |
a description of any restrictions in the assets in which investment may be made; and |
|||
(d) |
the extent (if any) to which that investment policy does not envisage remaining fully invested at all times. |
|||
(2) |
For investment in immovables : |
|||
(a) |
the countries or territories of immovables in which the authorised fund may invest; |
|||
(b) |
the policy of the authorised fund manager in relation to insurance of immovables forming part of the scheme property; and |
|||
(c) |
the policy of the authorised fund manager in relation to the granting of options over immovables in the scheme property and the purchase of options on immovables. |
|||
(3) |
If intended, whether the scheme property may consist of units in collective investment schemes ("second schemes") which are managed by or operated by the authorised fund manager or by one of its associates and a statement as: |
|||
(a) |
to the basis of the maximum amount of the charges in respect of transactions in a second scheme; and |
|||
(b) |
the extent to which any such charges will be reimbursed to the scheme. |
|||
(4) |
If intended, whether the scheme may enter into stock lending transactions and, if so, what procedures will operate and what collateral will be required. |
|||
(5) |
Where a scheme is a feeder scheme which (in respect of investment in units in a single collective investment scheme) is dedicated to units in a collective investment scheme, details of the master scheme and the minimum (and, if relevant, maximum) investment that the feeder scheme may make in it;8 |
|||
9 | ||||
4 |
Distributions and accounting dates |
|||
Relevant details of accounting and distribution dates and a description of the procedures: |
||||
(1) |
for determining and applying income (including how any distributable income is paid); and |
|||
(2) |
relating to unclaimed distributions. |
|||
5 |
The characteristics of units in the authorised fund |
|||
Information as to: |
||||
(1) |
the names of the classes of units in issue or available for issue and the rights attached to them in so far as they vary from the rights attached to other classes; |
|||
(2) |
how unitholders may exercise their voting rights and what these are; and |
|||
(3) |
the circumstances where a mandatory redemption, cancellation or conversion of units from one class to another may be required.11 |
|||
115A |
Issue of units in ACSs: eligible investors |
|||
(1) |
A statement that units may not be issued to a person other than to a person : 12 |
|||
(a) |
who 12is a: |
|||
(i) |
||||
(ii) |
||||
(iii) |
||||
(b) |
to whom units in a qualified investor scheme may be promoted under COBS 4.12.4 R.12 12 |
|||
(2) |
A statement that the authorised contractual scheme manager of an ACS must redeemunits 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 (1). |
|||
115B |
Transfer of units in ACSs |
|||
(1) |
A statement whether the transfer of units in the ACSscheme is either: |
|||
(a) |
prohibited; or |
|||
(b) |
allowed; |
|||
by the instrument constituting the fund13 and prospectus. 13 |
||||
(2) |
A statement that where transfer of units is allowed by the instrument constituting the fund13 and prospectus in accordance with (1)(b), 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 person : 1312 |
|||
(a) |
who 12is a: |
|||
(i) |
||||
(ii) |
||||
(iii) |
||||
(b) |
to whom units in a qualified investor scheme may be promoted under COBS 4.12.4 R.12 12 |
|||
(3) |
For a co-ownership scheme which is an umbrella, a statement in accordance with (1)(a) or (1)(b) and, where appropriate, a statement in accordance with (2), 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. |
|||
6 |
The authorised fund manager |
|||
The following particulars of the authorised fund manager: |
||||
(1) |
its name and the nature of its corporate form; |
|||
(2) |
the country or territory of its incorporation; |
|||
(3) |
the date of its incorporation and if the duration of its corporate status is limited, when that status will or may cease; |
|||
(4) |
if it is a subsidiary, the name of its ultimate holding company and the country or territory in which that holding company is incorporated; |
|||
(5) |
the address of its registered office, its head office, and, if different, the address of its principal place of business in the United Kingdom; |
|||
(6) |
the amount of its issued share capital and how much of it is paid up; |
|||
(7) |
for an ICVC, a summary of the material provisions of the contract between the ICVC and the authorised fund manager which may be relevant to unitholders including provisions (if any) relating to termination, compensation on termination and indemnity; and |
|||
(8) |
for an AUT, the names of the directors of the authorised fund manager.11 11 |
|||
7 |
Directors of an ICVC, other than the ACD |
|||
Other than for the ACD: |
||||
(1) |
||||
(2) |
the manner, amount and calculation of the remuneration of the directors. |
|||
8 |
The depositary |
|||
The following particulars of the depositary: |
||||
(1) |
its name and the nature of its corporate form; |
|||
(2) |
the country or territory of its incorporation; |
|||
(3) |
the address of its registered office and the address of its head office if that is different from the address of its registered office; and |
|||
(4) |
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. |
|||
9 |
The investment adviser |
|||
If an investment adviser is retained in connection with the business of the authorised fund, its name and whether or not it is authorised by the FCA. |
||||
10 |
The auditor |
|||
The name of the auditor of the authorised fund. |
||||
11 |
The register of Unitholders |
|||
Details of the address in the United Kingdom where the register of unitholders is kept and can be inspected by unitholders. |
||||
12 |
Payments out of the scheme property |
|||
The payments that may be made out of the scheme property to any person whether by way of remuneration for services, or reimbursement of expense and for each category of remuneration or expense, the following should be specified: |
||||
(1) |
the current rates or amounts of such remuneration; |
|||
(2) |
how the remuneration will be calculated and accrue and when it will be paid; |
|||
(3) |
if notice has been given to unitholders of the authorised fund manager's intention to: |
|||
(a) |
introduce a new category of remuneration for its services; or |
|||
(b) |
increase the basis of any current charge; or |
|||
(c) |
change the basis of the treatment of a payment from the capital property set out in COLL 8.5.13 R (2) (Payments); |
|||
particulars of that introduction or increase and when it will take place; |
||||
(4) |
the types of any other charges and expenses that may be taken out of the scheme property; and |
|||
(5) |
if, in accordance with COLL 8.5.13 R (2), all or part of the remuneration or expense are to be treated as a capital charge: |
|||
(a) |
that fact; and |
|||
(b) |
the basis of the charge which may be so treated |
|||
13 |
Dealing |
|||
Details of: |
||||
(1) |
the dealing days and times in the dealing day on which the authorised fund manager will receive requests for the sale and redemption of units; |
|||
(2) |
the procedures for effecting: |
|||
(a) |
the issue and cancellation of units; |
|||
(b) |
the sale and redemption of units; and |
|||
(c) |
the settlement of transactions; |
|||
(3) |
the steps required to be taken by a unitholder in redeeming units before he can receive the proceeds including any relevant notice periods and the circumstances and periods where a deferral of payment as provided in COLL 8.5.11 R (3) (Sale and redemption) may be applied; |
|||
(4) |
the circumstances in which the redemption of units may be suspended; |
|||
(5) |
the days and times in the day on which recalculation of the price will commence; |
|||
(6) |
details of the minimum number or value of each type of unit in the authorised fund which: |
|||
(a) |
any one person may hold; and |
|||
(b) |
may be the subject of any one transaction of sale or redemption; |
|||
(7) |
the circumstances in which the authorised fund manager may arrange for, and the procedure for, a redemption of units in specie; |
|||
(8) |
the circumstances in which the further issue of units in any particular class may be limited and the procedures relating to this:66 |
|||
(9) |
the circumstances in which direct issue or cancellation of units by the ICVC or the depositary of an AUT or ACS11 (as appropriate) may occur and the relevant procedures for such issues and cancellations; 18 116 |
|||
(10) |
6whether 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; and18 6 |
|||
18(11) |
if the authorised fund manager deals as principal in units of the scheme and holds them for that purpose, a statement of its policy for doing so and, where applicable: |
|||
18(a) |
a description of when the authorised fund manager may retain any profits it earns and absorb any losses it incurs for these activities; and |
|||
18(b) |
a statement of non-accountability as referred to in COLL 8.5.14G. |
|||
14 |
Valuation of scheme property |
|||
Details as to: |
||||
(1) |
how frequently and at what times of the day the scheme property will be regularly valued to determine the price at which units in the scheme may be purchased from or redeemed by the authorised fund manager and a description of any circumstance where the scheme property may be specially valued; |
|||
(2) |
in relation to each purpose for which the scheme property must be valued, the basis on which it will be valued; and |
|||
(3) |
how the price of units of each class will be determined, including a statement that 16a forward price16 basis is to be applied. |
|||
15 |
Sale and redemption charges |
|||
If the authorised fund manager makes any charges on sale or redemption of units, details of the charging structure and how notice will be provided to unitholders of any increase. |
||||
15A5 |
Property Authorised Investment Funds |
|||
For a property authorised investment fund, a statement that: |
||||
(1) |
it is a property authorised investment fund; |
|||
(2) |
no body corporate may seek to obtain or intentionally maintain a holding of more than 10% of the net asset value of the fund; and |
|||
(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. |
|||
16 |
General information |
|||
Details as to: |
||||
(1) |
when annual and half- yearly reports will be published; and |
|||
(2) |
the address at which copies of the instrument constituting the fund,13 any amending instrument and the most recent annual reports may be inspected and from which copies may be obtained. 13 |
|||
17 |
Information on the umbrella |
|||
In the case of a scheme which is an umbrella, the following information: |
||||
(1) |
that a unitholder may exchange units in one sub-fund for units in another sub-fund and that such an exchange is treated as a redemption and sale; |
|||
(2) |
what charges may be made on exchanging units in one sub-fund for units in other sub-funds; |
|||
(3) |
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; |
|||
(4) |
in respect of 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 umbrella; 16 |
|||
(5) |
for an ICVC or a co-ownership scheme,11 that:10 10 |
|||
10(a) |
for an ICVC,11 its 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; 11 |
|||
11(aa) |
for a co-ownership scheme, 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; and |
|||
10(b) |
for an ICVC or a co-ownership scheme,11 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,11 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; and16 1111 |
|||
16(6) |
||||
18 |
Application of the prospectus contents to an umbrella |
|||
For a scheme which is an umbrella, information required must be stated: |
||||
(1) |
in relation to each sub-fund where the information for any sub-fund differs from that for any other; and |
|||
(2) |
for the umbrella as a whole, but only where the information is relevant to the umbrella as a whole. |
|||
318A |
Investment in overseas4 property through an intermediate holding vehicle3 |
|||
If investment in an overseas4 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 vehicles is to enable the holding of overseas4 immovables by the scheme.3 |
||||
1118B |
Information on authorised contractual schemes |
|||
A statement that: |
||||
(1) |
a unitholder in a co-ownership scheme is not liable to make any further payment after he has paid the price of his units and that no further liability can be imposed on him in respect of the units he holds; |
|||
(2) |
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; |
|||
(3) |
the exercise of rights conferred on limited partners by FCArules does not constitute taking part in the management of the partnership business; and |
|||
(4) |
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). |
|||
19 |
Additional information |
|||
Any other material information which is within the knowledge of the directors11 of an ICVC or the authorised fund manager11 of an AUT or ACS11, or which the directors or authorised fund manager11 would have obtained by the making of reasonable enquiries 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. 111111 |