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COLL 12.1 Introduction

Application

COLL 12.1.1R
  1. (1)

    1COLL 12.1 (Introduction) - COLL 12.3 (EEA UCITS management companies) apply to:

    1. (a)

      a UK UCITS management company that operates an EEA UCITS scheme; and

    2. (b)
      1. (i)

        an EEA UCITS management company that acts as:

        1. (A)

          (A) the authorised fund manager2 of an AUT or ACS;2 or

          2
        2. (B)

          (B) the ACD of an ICVC;

      2. (ii)

        any other director of an ICVC; and

      3. (iii)

        an ICVC;

      that is a UCITS scheme.

    3. (c)

      COLL 12.4 (UCITS product passport) applies in accordance with COLL 12.4.1 R (Application).

Purpose

COLL 12.1.2G
  1. (1)

    This chapter contains rules and guidance relating to the operation of the management company passport under the UCITS Directive and explains how the passporting regime applies to:

    1. (a)

      a UK UCITS management company that operates an EEA UCITS scheme; and

    2. (b)

      an EEA UCITS management company that acts as the authorised fund manager2 of an AUT, ACS2 or ICVC that is a UCITS scheme;

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    whether from a branch it establishes in an EEA State other than its Home State or under the freedom to provide cross border services.

  2. (2)

    COLL 12.4 (UCITS product passport) contains rules and guidance relating to the operation of the product passport under the UCITS Directive under which a UCITS scheme established in the United Kingdom may passport into and be marketed in another EEA State (the Host State).

COLL 12.1.3G

Where an authorised fund manager wishes to market the units of a UCITS scheme it operates in a Host State, without establishing a branch or pursuing any other activities in that State, a management company passport is not required for those marketing activities. A UCITS marketing notification should be made for the relevant UCITS scheme (see COLL 12.4 (UCITS product passport) in order to access the market of the Host State. The marketing must be carried on in conformity with the laws and regulations of that Host State implementing Chapter XI of the UCITS Directive.

[Note: article 16(1) second paragraph of the UCITS Directive]