Related provisions for CASS 1.4.6
This table belongs to COLL 11.1.1 R
Reference |
Authorised fund manager of an AUT or ACS2 2 |
Depositary of an ICVC, AUT or ACS2 2 |
|||
11.1.1R |
x |
x |
x |
x |
x |
11.1.3G |
x |
x |
x |
x |
x |
11.2.1G |
x |
x |
x |
x |
|
11.2.2R |
x |
x |
x |
x |
|
11.3.1R |
x |
x |
x |
x |
|
11.3.2R |
x |
x |
x |
x |
|
11.3.3G |
x |
x |
x |
x |
|
11.3.4G |
x |
x |
x |
x |
|
11.3.5R |
x |
x |
x |
x |
|
11.3.6R |
x |
x |
x |
x |
|
11.3.7R |
x |
x |
x |
x |
|
11.3.8R |
x |
x |
x |
x |
|
11.3.9R |
x |
x |
x |
x |
|
11.3.11R |
x |
x |
x |
x |
|
11.3.12R |
x |
x |
x |
x |
|
11.3.13R |
x |
x |
x |
x |
|
11.3.14G |
x |
x |
x |
x |
|
11.4.1R |
x |
x |
x |
x |
x |
11.4.2R |
x |
||||
11.4.3R |
x |
||||
11.4.4G |
x |
||||
11.4.5G |
x |
||||
11.5.6R |
x |
x |
x |
x |
|
11.6.1G |
x |
x |
x |
x |
x |
11.6.2R |
x |
x |
x |
x |
x |
11.6.3R |
x |
x |
x |
x |
|
11.6.4R |
x |
x |
x |
x |
|
11.6.5R |
x |
x |
x |
x |
|
11.6.6R |
x |
x |
x |
x |
|
11.6.7R |
x |
x |
x |
x |
|
11.6.8G |
x |
x |
x |
x |
|
11.6.9R |
x |
x |
x |
x |
|
11.6.10R |
x |
x |
x |
x |
|
11.6.11G |
x |
x |
x |
x |
|
11.6.12R |
x |
x |
x |
x |
|
11.6.13R |
x |
x |
x |
x |
|
11 Annex 1R |
x |
x |
x |
x |
|
11 Annex 2R |
x |
x |
x |
x |
|
Note 1: "x" means "applies", but not every paragraph in every provision referred to will necessarily apply. |
|||||
Note 2:COLL 11.5 (with the exception of COLL 11.5.6 R) applies to auditors. |
Table: This table belongs to COLL 6.3.2 G (2) (a) and COLL 6.3.3 R (Valuation)1.
Valuation and pricing |
||
1 |
The valuation of scheme property |
|
(1) |
Where possible, investments should be valued using a reputable source. The reliability of the source of prices should be kept under regular review. |
|
(2) |
For some or all of the investments comprising the scheme property, different prices may quoted according to whether they are being bought (offer prices) or sold (bid prices). The valuation of a single-priced authorised fund should reflect the mid-market value of such investments. In the case of a dual-priced authorised fund, the issue basis of the valuation will be carried out by reference to the offer prices of investments and the cancellation basis by reference to the bid prices of those same investments. The prospectus should explain how investments will be valued for which a single price is quoted for both buying and selling.1 1 |
|
3(2A) |
Schemes investing in approved money-market instruments5should value such instruments on an amortised cost basis on condition that:5
|
|
[Note:CESR's UCITS eligible assets guidelines with respect to article 4(2) of the UCITS eligible assets Directive] |
||
(2B) |
[deleted]12 7 |
|
7 | ||
(3) |
Any part of the scheme property of an authorised fund that is not an investment should be valued at a fair value, but for immovables this is subject to COLL 5.6.20 R (3) (f) (Standing independent valuer and valuation). |
|
(4) |
For the purposes of (2) and (3), any fiscal charges, commissions, professional fees or other charges that were paid, or would be payable on acquiring or disposing of the investment or other part of the scheme property should, in the case of a single-priced authorised fund,2 be excluded from the value of an investment or other part of the scheme property. In the case of a dual-priced authorised fund, any such payments should be added to the issue basis of the valuation, or subtracted from the cancellation basis of the valuation, as appropriate. Alternatively, the prospectus of a dual-priced authorised fund may prescribe any other method of calculating unitprices that ensures an equivalent treatment of the effect of these payments.2 |
|
(5) |
Where the authorised fund manager has reasonable grounds to believe that:
|
|
(6) |
The circumstances which may give rise to a fair value price being used include:
|
|
(7) |
In determining whether to use such a fair value price , the authorised fund manager should include in his consideration:
|
|
4(7A) |
Where the authorised fund manager, the depositary or the standing independent valuer have reasonable grounds to believe that the most recent valuation of an immovable does not reflect the current value of that immovable, then, unless COLL 6.3.6G(1)(7B) applies,14 the authorised fund manager should consult and agree with the standing independent valuer a fair and reasonable value for the immovable. |
|
14(7B) |
Where the authorised fund manager decides that an immovable must be sold quickly to meet redemption requests as they fall due, it should consult and agree with the standing independent valuer a fair and reasonable price for the immovable to reflect a rapid sale, to extent that the prospectus states that it may do so. |
|
(8) |
The authorised fund manager should document the basis of valuation (including any fair value pricing policy) and, where appropriate, the basis of any methodology and ensure that the procedures are applied consistently and fairly. |
|
(9) |
Where a unit price is determined using properly applied fair value prices in accordance with policies in (8), subsequent information that indicates the price should have been different from that calculated will not normally give rise to an instance of incorrect pricing. |
|
2 |
The pricing controls of the authorised fund manager |
|
(1) |
An authorised fund manager needs to be able to demonstrate that it has effective controls over its calculations of unit prices. |
|
(2) |
The controls referred to in (1) should ensure that:
|
|
(3) |
In exercising its pricing controls, the authorised fund manager may exercise reasonable discretion in determining the appropriate frequency of the operation of the controls and may choose a longer interval, if appropriate, given the level of activity on the authorised fund1or the materiality of any effect on the price. |
|
(4) |
Evidence of the exercise of the pricing controls should be retained. |
|
(5) |
Evidence of persistent or repetitive errors in relation to these matters, and in particular any evidence of a pattern of errors working in an authorised fund manager's favour, will make demonstrating effective controls more difficult. |
|
(6) |
Where the pricing1function is delegated to a third party, COLL 6.6.15 R (1) (Committees and delegation) will apply. |
|
3 |
The depositary's review of the authorised fund manager's systems and controls |
|
(1) |
This section provides details of the types of checks a depositary should carry out to be satisfied that the authorised fund manager adopts systems and controls which are appropriate to ensure that prices of units are calculated in accordance with this section and to ensure that the likelihood of incorrect prices will be minimised. These checks also apply where an authorised fund manager has delegated all or some of its pricing1 functions to one or more third parties5. 5 |
|
(2) |
A depositary should thoroughly review an authorised fund manager's systems and controls to confirm that they are satisfactory. The depositary's review should include an analysis of the controls in place to determine the extent to which reliance can be placed on them. |
|
(3) |
A review should be performed when the depositary is appointed and thereafter as it feels appropriate given its knowledge of the robustness and the stability of the systems and controls and their operation. |
|
(4) |
A review should be carried out more frequently where a depositary knows or suspects that an authorised fund manager's systems and controls are weak or are otherwise unsatisfactory. |
|
(5) |
Additionally, a depositary should from time to time review other aspects of the valuation of the scheme property of each authorised fund for which it is responsible, verifying, on a sample basis, if necessary, the assets, liabilities, accruals, units in issue1, securities prices (and in particular the prices of OTC derivatives,5unapproved securities and the basis for the valuation of unquoted securities) and any other relevant matters, for example an accumulation factor or a currency conversion factor. |
|
(6) |
A depositary should ensure that any issues, which are identified in any such review, are properly followed up and resolved. |
|
4 |
The recording and reporting of instances of incorrect pricing |
|
(1) |
An authorised fund manager should record each instance where the price of a unit is incorrect as soon as the error is discovered, and report the fact to the depositary together with details of the action taken, or to be taken, to avoid repetition as soon as practicable. |
|
(2) |
In accordance with COLL 6.6.11 G (Duty to inform the FCA), the depositary should report any breach of the rules in COLL 6.3 immediately to the FCA. However, notification should relate to instances which the depositary considers material only. |
|
(3) |
A depositary should also report to the FCA immediately any instance of incorrect pricing1where the error is 0.5% or more of the price of a unit, where a depositary believes that reimbursement or payment is inappropriate and should not be paid by an authorised fund manager. |
|
(4) |
In accordance with SUP 16.6.8 R, a depositary should also make a return to the FCA on a quarterly basis which summarises the number of instances of incorrect pricing1 during a particular period. |
|
5 |
The rectification of pricing breaches |
|
(1) |
COLL 6.6.3R(3)(c)10(Functions of the authorised fund manager) places a duty on the authorised fund manager to take action to reimburse affected unitholders, former unitholders, and the scheme itself, for instances of incorrect pricing1, except if it appears to the depositary that the breach is of minimal significance. |
|
(2) |
A depositary may consider that the instance of incorrect pricing1is of minimal significance if:
|
|
(3) |
In determining (2), if the instance of incorrect pricing1 is due to one or more factors or exists over a period of time, each price should be considered separately. |
|
(4) |
If a depositary deems it appropriate, it may, in spite of the circumstances outlined in (2), require a payment from the authorised fund manager or from the authorised fund to the unitholders, former unitholders, the authorised fund or the authorised fund manager (where appropriate). |
|
(5) |
The depositary should satisfy itself that any payments required following an instance of incorrect pricing1 are accurately and promptly calculated and paid. |
|
(6) |
If a depositary considers that reimbursement or payment is inappropriate, it should report the matter to the FCA, together with its recommendation and justification. The depositary should take into account the need to avoid prejudice to the rights of unitholders, or the rights of unitholders in a class of units. |
|
(7) |
It may not be practicable, or in some cases legally permissible, for the authorised fund manager to obtain reimbursement from unitholders, where the unitholders have benefited from the incorrect price. |
|
(8) |
In all cases where reimbursement or payment is required, amounts due to be reimbursed to unitholders for individual sums which are reasonably considered by the authorised fund manager and depositary to be immaterial, need not normally be paid. |
Table of Application. This table belongs to COLL 6.7.1 R.
8 | 8 | Depositary of an ICVC, AUT or ACS8 |
Authorised fund manager of an AUT or ACS8 |
8 | |
6.7.1R to 6.7.5G |
x |
x |
x |
x |
8 |
6.7.6G |
x |
x |
x |
||
6.7.7R |
x |
x |
|||
6.7.8G |
x |
x |
|||
6.7.9R |
x |
x |
|||
6.7.10R |
x |
x |
x |
8 | |
6.7.11G |
x |
x |
x |
8 | |
6.7.12R |
x |
x |
x |
||
6.7.13G |
x |
x |
x |
||
6.7.14R |
x |
||||
6.7.15R |
x |
x |
x |
x |
8 |
6.7.16G |
x |
x |
x |
8 | |
6.7.17R |
x |
x |
x |
||
Note: "x" means "applies", but not every paragraph in every rule will necessarily apply. |
This table belongs to COLL 3.2.4 R (Matters which must be included in the instrument constituting the fund14).17
14Name of scheme |
||
1 |
A statement of: |
|
(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 |
|
Unitholder's liability to pay |
||
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 |
||
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 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.16 |
|
1512 | ||
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 |
||
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). |
|
ACSs: responsibility for the register |
||
1227D |
A statement identifying the person responsible under the rules for the maintenance of the register. |
|
ACSs: UCITS and NURS eligible investors |
||
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. |
|
Co-ownership schemes: constitution |
||
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. |
|
Co-ownership schemes: operator's powers |
||
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 |
||
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. |
|
Limited partnership schemes: participants |
||
1227K |
A statement that the limited partners, other than the nominated partner, are to be the participants in the scheme. |
|
Limited partnership schemes: resignation of limited partners |
||
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. |
|
Limited partnership schemes: inability to operate as an umbrella |
||
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. |
|
3Investment in overseas4 property through an intermediate holding vehicle |
||
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. |
|
17Transfers to a dormant asset fund operator |
||
1729 |
(1) |
Where relevant, a statement that the authorised fund manager and (if applicable) the depositary may transfer an eligible CIS amount which is a dormant asset to a dormant asset fund operator, specifying the particular types of eligible CIS amounts which may be so transferred. |
(2) |
Where relevant, a statement detailing the power of the authorised fund manager and (if applicable) the depositary to convert one or more units into a right to payment of an amount for transfer to a dormant asset fund operator, and a description of a person’s right to make a repayment claim in relation to the amount transferred. |
|
(3) |
Where relevant, a statement that the authorised fund manager and (if applicable) the depositary may transfer unwanted asset money to a dormant asset fund operator, and a description of the circumstances in which such money may be transferred. |
|
[Note: In relation to transfers to a dormant asset fund operator, see COLL 3.2.6AR.] |
This table belongs to COLL 7.3.1 G (4) (Explanation of COLL 7.3)3
3Summary of the main steps in winding up a solvent ICVC or terminating a sub-fund3 under FCArules, assuming FCA approval. Notes: N = Notice to be given to the FCA under regulation 21 of OEIC Regulations E = commencement of winding up or termination W/U = winding up FAP = final accounting period (COLL 7.3.8 R(4)) |
|||
Step number |
Explanation |
When |
COLL rule (unless stated otherwise) |
1 |
Commence preparation of solvency statement |
N-28 days |
7.3.5 (2) |
2 |
Send audited solvency statement to the FCA with copy to depositary |
By N + 21 days |
7.3.5 (4) and (5) |
3 |
Receive the FCA approval |
N + one month |
Regulation 21 of OEIC Regulations |
4 |
Normal business ceases; notify unitholders3 3 |
E |
7.3.6 |
5 |
Realise proceeds, wind up, instruct depositary accordingly |
ASAP after E |
7.3.7 |
6 |
Prepare final account or termination account & have account audited |
On completion of W/U or termination |
7.3.8 |
7 |
Send final account or termination account and auditor's report to the FCA & unitholders |
3 | 7.3.8(6) |
8 |
Request FCA to revoke relevant authorisation order or update its records4 |
On completion of W/U or termination4 |
7.3.7(9) |
2When a trustee firm or depositary acts as a custodian for a trust or collective investment scheme, (except for a firmacting as trustee or depositary of an AIF and a firmacting as trustee or depositary of a UK UCITS16), and:
127- (1)
the trust or scheme is established by written instrument; and
- (2)
the trustee firm or depositary has taken reasonable steps to determine that the relevant law and provisions of the trust instrument or scheme constitution will provide protections at least equivalent to the custody rules for the trust property or scheme property;
the trustee firm or depositary need comply only with the custody rules listed in the table below.
Reference |
Rule |
CASS 6.1.1 R to CASS 6.1.9 G and CASS 6.1.15 G to CASS 6.1.16C R |
Application |
Trustees and depositaries |
|
General purpose |
|
Protection of clients' safe custody assets |
|
CASS 6.2.3 R and CASS 6.2.3B G9 9 |
Registration and recording of legal title9 |
Holding9 |
|
9CASS 6.3.1 R to CASS 6.3.4B G9 9 |
Depositing safe custody assets with third parties |
Use of safe custody assets |
|
9 | Records, accounts and reconciliations |
This table belongs to COLL 7.1.1 R.
Depositary of an ICVC |
3Authorised fund manager of an AUT or ACS 3 |
3Depositary of an AUT or ACS 3 |
||||
7.1.1 |
x |
x |
x |
x |
x |
x |
7.1.3 |
x |
x |
x |
x |
x |
x |
57.2.-3* |
x |
x |
x |
x |
||
57.2.-2* |
x |
x |
x |
x |
||
57.2.-1* |
x |
x |
x |
x |
||
7.2.1 |
x |
x |
x |
x |
x |
|
7.3.1 |
x |
x |
x |
x |
||
7.3.2 |
x |
x |
x |
x |
||
7.3.3 |
x |
x |
x |
|||
7.3.4 |
x |
x |
x |
|||
7.3.5 |
x |
x |
||||
7.3.6 |
x |
x |
x |
|||
7.3.7 |
x |
x |
x |
x |
||
7.3.8 |
x |
x |
||||
7.3.9 |
x |
|||||
7.3.10 |
x |
x |
x |
x |
||
7.3.11 |
x |
|||||
7.3.12 |
x |
x |
||||
7.3.13 (1) |
x |
x |
||||
7.3.13 (2) |
x |
x |
||||
7.4*3 |
x |
x |
||||
37.4A* |
x |
x |
||||
7.5 |
x |
x |
x |
x |
x |
|
7.6 |
x |
x |
x |
x |
x2 |
|
27.7 |
x |
x |
x |
x |
x |
x |
67.8 |
x |
x |
x |
x |
x |
x |
3Notes: |
(1) |
"x" means "applies", but not every paragraph in every rule will necessarily apply. |
||||
(2) |
*COLL 7.4 does not apply to the authorised contractual scheme manager or depositary of an ACS. |
|||||
(3) |
*COLL 7.4A does not apply to the manager or depositary of an AUT. |
|||||
5(4) |
COLL 7.2.-3R to 7.2.-1R apply only to the authorised fund manager and depositary of a non-UCITS retail scheme. |
|||||
6(5) |
COLL 7.8 (Side pockets) applies only to UCITS schemes and non-UCITS retail schemes in which the authorised fund manager intends to establish (or has established) a side pocket class. The rules in COLL 7.8 do not apply to a regulated money market fund. |