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COLL 6.10 Senior personnel responsibilities

Application

COLL 6.10.1R
  1. (1)

    1This section applies to:

    1. (a)

      an authorised fund manager of a UCITS scheme; and

    2. (b)

      a UK UCITS management company providing collective portfolio management services for an EEA UCITS scheme from a branch in another EEA State or under the freedom to provide cross border services.

  2. (2)

    This section does not apply to an EEA UCITS management company providing collective portfolio management services for a UCITS scheme under the freedom to provide cross border services.

Senior personnel responsibilities

COLL 6.10.2R

In complying with SYSC 4.3.1 R (Responsibility of senior personnel), an authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must ensure that its senior personnel:

  1. (1)

    are responsible for the implementation of the general investment policy for each scheme it manages, as defined, where relevant, in the prospectus or the instrument constituting the fund;2

    2
  2. (2)

    oversee the approval of investment strategies for each scheme it manages;

  3. (3)

    are responsible for ensuring that the authorised fund manager or UK UCITS management company has a permanent and effective compliance function as referred to in SYSC 6.1 (Compliance), even if this function is performed by a third party;

  4. (4)

    ensure and verify on a periodic basis that the general investment policy, the investment strategies and the risk limit system of each scheme it manages are properly and effectively implemented and complied with, even if the risk management function is performed by a third party;

  5. (5)

    approve and review on a periodic basis the adequacy of the internal procedures for undertaking investment decisions for each scheme it manages, so as to ensure that those decisions are consistent with the approved investment strategies; and

  6. (6)

    approve and review on a periodic basis the risk management policy and arrangements, processes and techniques for implementing that policy, as referred to in COLL 6.12.5 R (Risk management policy), including the risk limit system for each scheme it manages.

[Note: article 9(2) of the UCITS implementing Directive]

COLL 6.10.3R

An authorised fund manager of a UCITS scheme or a UK UCITS management company of an EEA UCITS scheme must ensure that its senior personnel receive, on a regular basis, reports on the implementation of investment strategies and of the internal procedures for taking the investment decisions referred to in COLL 6.10.2R (2) to COLL 6.10.2R (5).

[Note: article 9(5) of the UCITS implementing Directive]