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Status: You are viewing the version of the handbook as on 2009-03-31.

COLL 1.2 Types of authorised fund

Types of authorised fund

COLL 1.2.1RRP

An application for an authorisation order must propose that the scheme be one of the following types:

  1. (1)

    a UCITS scheme;

  2. (2)

    a non-UCITS retail scheme; or

  3. (3)

    a qualified investor scheme.

Types of authorised fund - explanation

COLL 1.2.2GRP
  1. (1)

    UCITS schemes have to comply with the conditions necessary in order to enjoy the rights available under the UCITS Directive. Such schemes must in particular comply with:

    1. (a)

      COLL 3.2.8 R (UCITS obligations); and

    2. (b)

      the investment and borrowing powers rules for UCITS schemes set out in COLL 5.2 to COLL 5.5 .

  2. (2)

    Non-UCITS retail schemes are schemes that do not comply with all the conditions set out in the UCITS Directive. Such schemes could become UCITS schemes provided they are changed, so as to comply with the conditions set out in the UCITS Directive.

  3. (3)

    Qualified investor schemes may only be promoted to professional investors on the same terms as unregulated collective investment schemes. Such schemes could change to become non-UCITS retail schemes or UCITS schemes.

  4. (4)

    The changes referred to in (2) and (3) require approval by the FSA and further information on that process is provided inCOLLG 3.1.5 G (Notification of changes to unit trusts (section 251)) and COLLG 4.1.3 G (Notification of changes to ICVCs (Regulation 21)).