Related provisions for COLL 3.2.4

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PERG 8.1.3GRP
In particular, this guidance covers:(1) invitations and inducements (see PERG 8.4);(2) meaning of 'in the course of business' (see PERG 8.5);(3) meaning of 'communicate' (see PERG 8.6);(4) meaning of 'engage in investment activity' (see PERG 8.7);(4A) meaning of ‘engage in claims management activity’ (see PERG 8.7A);2(5) meaning of 'having an effect in the United Kingdom' (see PERG 8.8);(6) circumstances where the restriction in section 21 does not apply (see PERG 8.9);(7) types
COLL 7.2.2GRP
(-1) The guidance in (1), (1A) and (1B) does not apply in circumstances where an authorised fund manager is required to temporarily suspend dealings in units in an authorised fund under COLL 7.2.-3R or COLL 7.2.-1R.7(1) 1Suspension should be allowed only in exceptional cases where circumstances so require and suspension is justified having regard to the interests of the unitholders. (1A) Except in the case of FIIAs (for which see (1B) below), difficulties7 in realising scheme
COLL 6.12.12RRP
An authorised fund manager 6 must ensure that, for each UCITS it manages, the liquidity profile of the investments of the scheme is appropriate to the redemption policy laid down in the instrument constituting the fund2 or the prospectus.2[Note: article 40(4) of the UCITS implementing Directive]
COLL 5.1.4GRP

This table belongs to COLL 5.1.2G (2).

Scheme investments and investment techniques

Limits for UCITS schemes

Limits for non-UCITS retail schemes

Permissible investment

Maximum limit

Permissible investment

Maximum limit

Approved securities

Yes

None

Yes

None

Transferable securities that are not approved securities

Yes

10%

Yes

20%

Government and public securities

Yes

None

Yes

None

Regulated schemes other than qualified investor schemes1

Yes

None

Yes

None

Unregulated schemes and qualified investor schemes1

No

N/A

Yes

20%(C)1

Warrants

Yes

None

Yes

None

Investment trusts

Yes

None

Yes

None

Deposits

Yes

None

Yes

None

Derivatives

Yes

None

Yes

None

Immovables (i.e real property)

No

N/A

Yes

None

Gold

No

N/A

Yes

10%

Hedging

Yes

None

Yes

None

Stock lending

Yes

None

Yes

None

Underwriting

Yes

None

Yes

None

Borrowing

Yes

10% (T)

Yes

10%

Cash and near cash

Yes

None

Yes

None

Note:

Meaning of terms used:

A percentage

an upper limit (though there may be limits of other kinds).

"(T)"

temporary only- see COLL 5.5.4R(4)

"N/A"

Not applicable1

1“(C)”

In the case of a non-UCITS retail scheme operating as a FAIF there is no maximum limit - see COLL 5.7.7 R.
PERG 9.6.1GRP
If BC comes within the definition of a collective investment scheme, the third element in determining whether it is an open-ended investment company is whether the 'investment condition' is satisfied. This condition is that, in relation to BC, a reasonable investor would, if he were to participate in the scheme:(1) expect that he would be able to realise his investment in the scheme, within a period appearing to him to be reasonable; his investment would be represented, at any
COLL 6.13.6RRP
An authorised fund manager of a UCITS scheme2must ensure a high level of security during the electronic data processing referred to in COLL 6.13.5 R as well as the integrity and confidentiality of the recorded information, as appropriate.[Note: article 7(2) of the UCITS implementing Directive]
PERG 2.4.3GRP
Section 418 of the Act (Carrying on regulated activities in the United Kingdom) takes this one step further. It extends the meaning that 'in the United Kingdom' would ordinarily have by setting out 7additional cases. The Act states that, in these 7cases, a person who is carrying on a regulated activity but who would not otherwise be regarded as carrying on the activity in the United Kingdom is, for the purposes of the Act, to be regarded as carrying on the activity in the United
COBS 2.1.4RRP
3A full-scope UK AIFM8must, for all AIFs it manages: (1) act honestly, fairly and with due skill care and diligence in conducting their activities;(2) act in the best interests of the AIF it manages or the investors of the AIF it manages and the integrity of the market;(3) treat all investors fairly; and(4) not allow any investor in an AIF to obtain preferential treatment, unless such preferential treatment is disclosed in the relevant AIF'sinstrument constituting the fund.[Note:
CASS 7.11.21RRP
(1) Subject to (2)(a)3, money need not be treated as client money:3(a) in respect of a delivery versus payment transaction for the purpose of settling a transaction in relation to units in a regulated collective investment scheme in either of the following circumstances:(i) the authorised fund manager receives the money from a client in relation to the authorised fund manager's obligation to issue units, in an AUT or ACS, or to arrange for the issue of units in an ICVC, in accordance
TC App 4.1.1AERP

24In relation to the above RDR activities a qualification in the table in Part 2 will meet the qualification requirement in relation to the activity listed in column 3 of that table, for the purpose of TC 2.1.10E(2), to the extent set out below:

  1. (1)

    where an ‘a’ appears in the fourth column of the table in Part 2 the qualification will fully meet the qualification requirement on and after, 31 December 2012; and

  2. (2)

    where a ‘b’ appears in the fourth column of the table in Part 2 the qualification will fully meet the qualification requirement until 31 December 2012. On and after 31 December 2012 this must be combined with qualification gap-fill. This gap-fill (see TC App 7.1.1G)29 constitutes additional structured continuing professional development, which need not be by examination, completed and verified by an accredited body.

24Part 1B: The non-Retail Distribution Review activities (non-RDR activities)

Activity Number

Non-RDR24 Activity (non-overseeing activity)24

24

7

Giving personal recommendations26 on long-term care insurance contracts

24

24

8

Giving personal recommendations26 on investments in the course of corporate finance business

9

Advising on syndicate participation at Lloyd's

11

Undertaking the activity of a pension transfer specialist

14 and 10

Managing investments and/or undertaking the activity of a broker fund adviser

20

Advising on a regulated mortgage contract for a non-business purpose; or

Arranging (bringing about) an execution-only sale of a regulated mortgage contract for a non-business purpose, excluding variations to an existing regulated mortgage contract, except where the effect is to change all or part of the regulated mortgage contract from one interest rate to another14

24

24

21

Advising on equity release transactions; or

Arranging (bringing about) an execution-only sale of an equity release transaction, excluding variations to an existing equity release transaction, except where the effect is to change all or part of the equity release transaction from one interest rate to another14

1421A

Designing scripted questions for an execution-only sale of a regulated mortgage contract for a non-business purpose

22

Designing scripted questions for an execution-only sale of an 14equity release transaction

1414

24

24

24Activity Number

Non-RDR Activity (overseeing activity)

15

Overseeing on a day to day basis operating a collective investment scheme or undertaking activities of a trustee or depositary of a collective investment scheme.

16

Overseeing on a day to day basis safeguarding and administering investments or holding client money.

17

Overseeing on a day to day basis administrative functions in relation to managing investments:

(i) arranging settlement;

(ii) monitoring and processing corporate actions;

(iii) client account administration, liaison and reporting including valuation and performance measurement;

(iv) ISA or CTF administration;

(v) investment trust savings scheme administration.

18

Overseeing on a day to day basis administrative functions in relation to effecting or carrying out contracts of insurance which are life policies:

(i) new business administration;

(ii) policy alterations including surrenders and policy loans;

(iii) preparing projections;

(iv) processing claims, including pension payments;

(v) fund switching.

19

Overseeing on a day to day basis administrative functions in relation to the operation of stakeholder pension schemes:

(i) new business administration;

(ii) receipt of or alteration to contributions;

(iii) preparing projections and annual statements;

(iv) administration of transfers;

(v) handling claims, including pension payments;

(vi) fund allocation and switching.

23

Overseeing non-advised sales on a day to day basis of equity release transactions.
CASS 5.5.15GRP
A firm which takes advantage of CASS 5.5.14 R will need to consider whether its permission should include the permitted activity of managing investments. If the firm is granted a power to manage with discretion the funds over which it is appointed as trustee under the trust deed required by CASS 5.4 then it will be likely to need a permission to manage investments. It is unlikely to need such a permission, however, if it is merely granted a power to invest but the deed stipulates
FEES 4.2.2GRP
A relevant fee payer will be required to pay a periodic fee for every year during which they have the status in column 1 of the table in FEES 4.2.11 R3434 (or in relation to collective investment schemes, for every year during which it is a regulated collective investment scheme) subject to any reductions or exemptions applicable under this chapter. If a person is the relevant fee payer for more than one status listed in column 1 of the table in FEES 4.2.11 R34 (or in relation
PERG 8.14.21GRP
This exemption disapplies the restriction in section 21 of the Act from non-real time financial promotions or solicited real time financial promotions which are made to a person who the communicator believes on reasonable grounds to be a certified high net worth individual and which relate to certain investments. These investments must be either:7(1) shares in or debentures or alternative debentures7 of an unlisted company; or(2) warrants,certificates representing certain securities,
PERG 2.8.10GRP
10(1) 22The exclusion for business angel-led capital funds (see PERG 2.9.20 G) applies to the activities of managing an AIF, managing a UK UCITS22 and establishing, operating and winding up a collective investment scheme.10There is a third exclusion for insolvency practitioners (see PERG 2.9.25 G).9(2) In addition, there are two further exclusions which apply to the activity of establishing, operating or winding up a collective investment scheme:10(a) the exclusion in PERG 2.9.22
DEPP 2.5.18GRP
Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) [deleted]66(2) [deleted]66(3) Friendly Societies Act 1992, section 58A1: The warning notice and decision notice must set out the terms of the direction which the FCA6 proposes or has decided to give and any specification of when the friendly society is to comply with it. A decision notice given under section 58A(3) must give an indication of the society's right, given by