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COLL 9.3 Section 270 and 272 recognised schemes

Information and documents to be supplied for a section 270 notification or section 272 applicationInformation and documents to be supplied for a section 272 application

  1. (1)

    If the operator of a scheme gives notice to the FCA under section 270 of the Act (Schemes authorised in designated countries or territories) or makes an application under section 272 of the Act (Individually recognised overseas schemes), the notice or application must include the information in paragraph (4).

  2. (2)

    The documents must be in English or accompanied by a translation in English.

  3. (3)

    The documents must be certified by the operator to be true copies of the originals.

  4. (4)

    The operator of the scheme must provide the following information and documents with the notification or application:

    1. (a)

      the name of the scheme;

    2. (b)

      the legal form of the scheme;

    3. (c)

      the name and address of the operator;

    4. (d)

      the address of the place in the United Kingdom for service on the operator of notices or other documents;

    5. (e)

      whether the operator intends to market the scheme in the United Kingdom in a manner which will involve it carrying on a regulated activity in the United Kingdom;

    6. (f)

      the name and address of any person to whom the property subject to the scheme is entrusted for safekeeping;

    7. (g)

      the address of the place in the United Kingdom where scheme facilities (see COLL 9.4) will be maintained;

    8. (h)

      details of the arrangements for the marketing of units in the United Kingdom, namely:

      1. (i)

        the proposed commencement date;

      2. (ii)

        whether the units will be sold by or through any employed sales force, authorised persons, or unsolicited calls;

    9. (i)

      a copy of the instrument constituting the scheme;

    10. (j)

      a copy of the prospectus or any similar document giving details of the scheme;

    11. (k)

      a copy of the latest annual report and any subsequent half-yearly report;

    12. (l)

      a copy of any other document affecting the rights of participants in the scheme; and

    13. (m)

      for notifications under section 270 only, a copy of the authorisation document issued by the authority in the designated territory confirming that the scheme is of a class covered by the designation order.

Additional information required in the prospectus for an application under section 272


An operator of a scheme recognised under section 272 of the Act must ensure the prospectus:

  1. (1)

    contains a statement that "Complaints about the operation of the scheme may be made to the FCA."; and

  2. (2)

    states whether or not investors in the scheme would be covered by the compensation scheme, and if so, it must state how they are covered and who they would need to contact for further information.

Preparation and maintenance of prospectus

  1. (1)

    An operator of a scheme which is a recognised scheme by virtue of section 270 or 272 of the Act must comply, subject to paragraph (2) below, with the requirements set out in COLL 4.2 (Pre-sale notifications).

  2. (2)

    Where a scheme recognised under section 270of the Act is managed and authorised in Guernsey, Jersey, or the Isle of Man, the prospectus need not comply with the requirements of COLL 4.2.5 R (Table: contents of prospectus), providing it contains corresponding matter required under the law in its home territory.