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COLL 8.6 Termination, suspension, and schemes of arrangement



This section applies to:

  1. (1)

    an authorised fund manager, the directors, and the depositary of a qualified investor scheme; and

  2. (2)

    an ICVC which is a qualified investor scheme.



For a qualified investor scheme the provisions in COLL 7.3 to COLL 7.5 will apply as appropriate as if COLL 7 applied to qualified investor schemes.


  1. (1)

    The authorised fund manager may within any parameters which are fair and reasonable in respect of all the unitholders in the scheme and which are set out in the prospectus, suspend dealings in units of the scheme, a sub-fund or a class.

  2. (2)

    Any suspension within (1) must only be where the authorised fund manager has determined on reasonable grounds that there is good and sufficient reason in the interests of unitholders or potential unitholders and the authorised fund manager must have regard to the interests of all the unitholders in the scheme in reaching such an opinion.

  3. (3)

    At the commencement of suspension under (1), the authorised fund manager must immediately inform the FSA of the suspension and the reasons for it.

  4. (4)

    The suspension of dealings in units must cease within 28 days of its commencement or, if earlier, as soon as (2) no longer applies.

  5. (5)

    The authorised fund manager must inform the FSA immediately of the resumption of dealings.


COLL 8.6.4G

Under section 257 of the Act (Directions) the FSA may at its option extend the suspension of dealings in units beyond 28 days of the commencement of suspension.

Schemes of arrangement


In relation to an ICVC or an AUT which is a qualified investor scheme, the provisions in COLL 7.6 (Schemes of arrangement) will apply as appropriate to the authorised fund manager, any other directors of the ICVC and the depositary as if COLL 7.6 applied to a qualified investor scheme and did not exclude unitholders becoming unitholders in another qualified investor scheme.