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Status: You are viewing the version of the handbook as on 2005-06-30.

CIS 17.1 Application and purpose

Application

CIS 17.1.1R
  1. (1)

    The rules and guidance in this chapter apply in relation to recognised schemes and overseas collective investment schemes seeking recognition in the United Kingdom.

  2. (2)

    CIS 17.1, CIS 17.2, CIS 17.4 (excluding CIS 17.4.9 G) apply to the operators of schemes recognised or seeking recognition under section 264 of the Act (Schemes constituted in other EEAStates).

  3. (3)

    CIS 17.1, CIS 17.2, CIS 17.3 (excluding CIS 17.3.3 R and CIS 17.3.6 G) and CIS 17.4 (excluding CIS 17.4.8 G) apply to the operators of schemes recognised or seeking recognition under section 270 of the Act (Schemes authorised in designated countries or territories).

  4. (4)

    CIS 17.1, CIS 17.2, CIS 17.3 (excluding CIS 17.3.5 G) and CIS 17.4 (excluding CIS 17.4.8 G) apply to the operators of schemes recognised or seeking recognition under section 272 of the Act (Individually recognised overseas schemes).

Purpose

CIS 17.1.2G
  1. (1)

    This chapter enables operators of schemes established overseas to know what information and documents the FSA wish to review so as to enable it to consider whether to recognise their schemes, under the Act, for marketing in the United Kingdom. This information will enable the FSA to make an informed decision whether or not schemes established overseas should be recognised under the Act.

  2. (2)

    This chapter sets out responsibility for the preparation and maintenance of a prospectus (in the case of schemes recognised under section 270 and section 272) and requirements relating to it.

  3. (3)

    In addition, this chapter sets out the rules for operators of recognised schemes to maintain certain facilities in the United Kingdom under section 283 of the Act. It also provides guidance on revocation of recognition in relation to recognised schemes.

Guidance on passportable activities

CIS 17.1.3G

CIS 16.1.8 G provides guidance on notifications of schemes constituted in other EEA States. The manager of such a scheme will be a UCITS qualifier, and so be an authorised person under Schedule 5 to the Act, if it carries out scheme management activity and activity in connection with the operation of the scheme only. If the manager of such a scheme wishes to undertake the passportable activities of managing investments (other than of collective investment schemes), investment advice or safekeeping and administration of investments, as provided by article 5(3) of the UCITS Directive, as well as scheme management, it will need to do so in accordance with an authorisation conferred by Schedule 3 to the Act and should refer to the procedures in 3SUP 13A3 and SUP 14 accordingly.1

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