Content Options

View Options

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

CIS 17.4 Facilities in the United Kingdom and revocation of recognition

General

CIS 17.4.1R

The operator of a recognised scheme under section 264, section 270 and section 272 of the Act must maintain facilities in order to satisfy the requirements of CIS 17.4.2 R to CIS 17.4.7 R. CIS 17.4.8 G applies to revocation of a recognised scheme under section 264 of the Act and CIS 17.4.9 G applies to cessation or revocation of recognition under section 279 of the Act.

Documents

CIS 17.4.2R
  1. (1)

    The operator of a recognised scheme must maintain facilities for inspection (free of charge) and for the obtaining (free of charge, in the case of the documents at (c) and (d), and otherwise at no more than a reasonable charge) of copies in English of:

    1. (a)

      the instrument constituting the scheme;

    2. (b)

      any instrument amending the instrument constituting the scheme;

    3. (c)

      the prospectus most recently prepared by the operator; and

    4. (d)

      the annual and half-yearly reports relating to the scheme most recently prepared and published by the operator.

  2. (2)

    An operator to which paragraph (1) applies must, before conclusion of a sale of units in the scheme to any person in the United Kingdom, offer that person free of charge a copy of the documents mentioned at paragraphs (1)(c) and (d).

Price and redemption

CIS 17.4.3R
  1. (1)

    The operator must, subject to (2), maintain facilities:

    1. (a)

      where information in English can be obtained about the operator's most recently published sale and purchase prices of units in the scheme;

    2. (b)

      where a participant in the scheme may redeem units in the scheme and from which payment of the price on redemption may be obtained.

  2. (2)

    Paragraph (1) does not apply if the operator having taken reasonable care determines that participants in the scheme are able to sell their units on an investment exchange at a price related to the net asset value of the property to which the units relate or at a price not significantly different from such a price: in that case it must maintain facilities for informing participants of the investment exchange concerned (and of its members or of how a list of its members can be obtained).

Bearer certificates and characteristics of units in the scheme

CIS 17.4.4R
  1. (1)

    The operator must maintain facilities at which the holder of a bearer certificate may obtain free of charge:

    1. (a)

      payment of dividends due to him;

    2. (b)

      copies in English of the most recent annual and half-yearly reports of the scheme; and

    3. (c)

      details or copies of any notices which have been given or sent to participants in the scheme.

  2. (2)

    The operator must state the nature of the right represented by the units in the scheme.

  3. (3)

    The operator must state whether persons other than holders can vote at meetings of holders and who those persons are.

Complaints

CIS 17.4.5R

The operator must maintain facilities at which any person who has a complaint to make about the operation of the scheme can submit his complaint for transmission to the operator.

Place of facilities

CIS 17.4.6R
  1. (1)

    Each of the facilities referred to in CIS 17.4 must be maintained at an address in the United Kingdom.

  2. (2)

    That address must be stated in the prospectus.

  3. (3)

    That address must be the address of the operator's principal place of business in the United Kingdom, or, if there is no such address, the alternative address in paragraph (4).

  4. (4)

    The alternative address is such convenient address as the operator determines, except that, in the case of a scheme recognised under section 272 of the Act where the operator is not an authorised person, the alternative address is to be the principal place of business in the United Kingdom of the authorised person who is the representative of the operator under section 272 of the Act.

Service of notice and other documents

CIS 17.4.7R

In relation to notices and documents sent by operators and depositaries to and from the United Kingdom, CIS 11.6 (Service of notices and other documents) applies.

Revocation of recognition: schemes recognised under section 264 of the Act

CIS 17.4.8G

If the operator of a scheme recognised under section 264 of the Act gives written notice to the FSA under section 264(6) that it desires the scheme to no longer be recognised, the scheme ceases to be recognised.

Revocation of recognition: schemes recognised under sections 270 and 272 of the Act

CIS 17.4.9G

The FSA may, in accordance with section 279 of the Act, direct that a scheme is to cease to be recognised under section 270 of the Act or revoke a recognition order under section 272 of the Act. For further details, see ENF 16 (Collective Investment Schemes).