Related provisions for CASS 1.4.6
This table belongs to COLL 6.6.1 R.
Depositary of an ICVC |
Authorised fund manager of an AUT or ACS10 10 |
Depositary of an AUT or ACS10 10 |
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6.6.1R |
x |
x |
x |
x |
x |
x |
6.6.3R |
x |
x |
x |
x |
x |
|
106.6.3AR* |
x |
|||||
106.6.3BR* |
x |
|||||
6.6.4R |
x |
x |
||||
6.6.5R |
x |
x |
x |
x |
x9 |
|
x |
x10 |
|||||
x |
x10 |
|||||
6.6.6R |
x |
x |
||||
6.6.7R |
x |
x |
||||
6.6.8R |
x |
x |
||||
6.6.9R |
x |
x |
||||
6.6.10R |
x |
x |
x |
x |
||
6.6.11G |
x |
x |
||||
6.6.12R |
x |
x |
||||
6.6.13R |
x |
x |
x |
x |
x |
|
6.6.14R |
x |
x |
x |
x |
||
6.6.15R |
x |
x |
x |
x |
8 | x |
86.6.15AR* |
x |
x |
||||
6.6.16G |
x |
x |
x |
x |
||
6.6.17R |
x |
x |
x |
x |
x |
|
6.6.18G |
x |
x |
x |
x |
x |
|
8Notes: |
(1) |
“x” means “applies”, but not every paragraph in every rule will necessarily apply. |
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8(2) |
* COLL 6.6.3A Rand COLL 6.6.3B R only apply to authorised contractual scheme managers of ACSs.10 10 |
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10(3) |
* COLL 6.6.5A R and COLL 6.6.5B G only apply to ACDs of ICVCs which are umbrellas and authorised contractual scheme managers of co-ownership schemes which are umbrellas.10 |
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10(4) |
* COLL 6.6.15A R has a special application as set out in COLL 6.6.15AR (1).10 |
Explanatory table: This table belongs to COLL 6.2.2 G (4) (Purpose).
Correction of box management errors |
||
1 |
Controls by authorised fund managers |
|
An authorised fund manager needs to be able to demonstrate that it has effective controls over: |
||
(1) |
its calculations of what units are owned by it (its 'box'); and |
|
(2) |
compliance with COLL 6.2.8 R which is intended to prevent a negative box. |
|
2 |
Controls by depositaries |
|
(1) |
Under COLL 6.6.4 (General duties of the depositary), a depositary should take reasonable care to ensure that a scheme2 is managed in accordance with COLL 6.2 (Dealing) and COLL 6.3 (Pricing and valuation). |
|
(2) |
A depositary should therefore make a regular assessment of the authorised fund manager's box management procedures (including supporting systems) and controls. This should include reviewing the authorised fund manager's controls and procedures when the depositary assumes office, on any significant change and on a regular basis, to ensure that a series of otherwise minor changes do not have a cumulative and a significant effect on the accuracy of the controls and procedures. |
|
3 |
Recording and reporting of box management errors |
|
(1) |
An authorised fund manager should record all errors which result in a breach of COLL 6.2.8 R (Controls over the issue and cancellation of units) and as soon as an error is discovered, the authorised fund manager should report the fact to the depositary, together with details of the action taken, or to be taken, to avoid repetition of the error. |
|
(2) |
A depositary should report material box management errors to the FCA immediately. Materiality should be determined by taking into account a number of factors including:
|
|
(3) |
A depositary should also make a return to the FCA (in the manner prescribed by SUP 16.6.8 R) on a quarterly basis. |
Table of application
This table belongs to COLL 6.5.1 R.
Depositary of an ICVC |
Authorised fund manager of an AUT or ACS3 3 |
Depositary of an AUT or ACS3 3 |
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6.5.1R |
x |
x |
x |
x |
x |
x |
6.5.3R |
x |
x |
x |
x |
||
6.5.4R |
x |
x |
x |
|||
6.5.5R |
x |
x |
||||
6.5.6R |
x |
x |
||||
6.5.7R |
x |
x |
||||
6.5.8R |
x |
x |
||||
6.5.9R |
x |
x |
||||
6.5.10R |
x |
x |
x |
x |
||
Note: "x" means "applies", but not every paragraph in every rule will necessarily apply. |
This table belongs to COLL 5.2.1 R.
Rule |
Authorised fund manager of an AUT or ACS17 17 |
Depositary of an ICVC, AUT or ACS17 |
17 | ||
5.2.3R to 5.2.9R |
x |
x |
|||
125.2.9AR |
x |
x |
|||
5.2.10R(1) |
x |
x |
|||
5.2.10R(2)(a)&(b) |
x |
x |
|||
5.2.10R(2)(c) |
x |
17 | |||
5.2.10R(3) |
x |
x |
|||
5.2.10AR to 5.2.10EG7 |
x |
x |
|||
5.2.11R to 5.2.21R |
x |
x |
|||
5.2.22R |
x |
x |
|||
135.2.22AG |
x |
x |
x |
x |
17 |
5.2.23R(1) |
x |
x |
x |
||
5.2.23R(2) to (4)7 |
x |
x |
x |
x |
17 |
135.2.23CR |
x |
x |
|||
5.2.26R |
x |
x |
|||
5.2.27R |
x |
||||
5.2.28R |
x |
||||
5.2.29R to 5.2.33R |
x |
x |
x |
||
135.2.34G |
x |
x |
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Note: x means "applies" |
Applicable provisions of this section (see SUP 16.6.1 G)
Category of firm |
Applicable provisions |
4 | |
Depositary of an authorised fund10 5 |
|
Compliance reports from107depositaries of authorised funds107(see SUP 16.6.6R)6
Report |
Frequency |
Due date |
6 | ||
10Breach report on the authorised fund manager's breaches as set out in SUP 16.6.8R(1A) |
Monthly |
30 business days after month end |
6 | ||
10Oversight report on the depositary’s oversight visits as set out in SUP 16.6.8R(1B) |
Quarterly |
30 business days after quarter end (Note) |
Note:10 The quarter ends are 31 March, 30 June, 30 September and10 31 December. 1 |
This table belongs to COLL 5.5.1 R.
Rule |
Authorised fund manager of an AUT or ACS4 4 |
Depositary of an ICVC |
Depositary of an AUT or ACS |
||
5.5.3R |
x |
x |
|||
5.5.4R(1) to (3) |
x |
x |
|||
5.5.4R(4)&(5) |
x |
x |
|||
5.5.4R(6) |
x |
x |
|||
5.5.4R(7) |
x |
x |
x |
x |
x |
5.5.4R(8) |
x |
||||
5.5.5R(1) to (3) |
x |
x |
|||
5.5.6R(1)&(2) |
x |
x |
x |
||
5.5.6R(3) |
x |
||||
5.5.7R(1)-(3) |
x |
x |
x |
||
5.5.7R(4) |
x |
x |
x |
||
5.5.8R |
x |
x |
x |
||
5.5.9R |
x |
x |
x |
||
5.5.10G |
x |
x |
x |
x |
x |
Note: x means "applies" |
This table belongs to COLL 7.4A.1G (5) (Explanation of COLL 7.4A)
Summary of the main steps in winding up an ACS or terminating a sub-fund of a co-ownership scheme under FCArules Notes: N = Notice to be given to the FCA under section 261Q of the Act in a section 261Q case. R = Request to wind up the scheme under section 261W of the Act in a section 261W case. E = commencement of winding up or termination W/U = winding up FAP = final accounting period |
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Step number |
Explanation |
When |
|
1 |
Commence preparation of solvency statement |
7.4A.5R(2) |
|
2 |
Send audited solvency statement to the FCA with copy to depositary. |
7.4A.5R(4) and (5) |
|
3 |
In a section 261Q case: - the authorised contractual scheme manager receiving FCA approval; - or one month having passed after submitting the requisite notice under section 261Q of the Act without the authorised contractual scheme manager or depositary having received from the FCA a warning notice under section 261R in respect of the proposal. In a section 261W case, the authorised contractual scheme manager or depositary receives an indication from the FCA that, subject to there being no change in any relevant factor, on the conclusion of the winding up of the ACS, the FCA will agree to the request to wind up the ACS. |
Section 261Q of the Act (in a section 261Q case) 7.4A.4R(3)(c) to (e) (in a section 261W case) |
|
4 |
Normal business ceases; notify unitholders |
E |
7.4A.4R |
5 |
Depositary to realise and distribute proceeds |
ASAP after E |
7.4A.6R(1)-(5) |
6 |
Send annual long report of authorised contractual scheme manager, depositary and auditor to the FCA |
Within 4 months of FAP |
7.4A.9R(7) |
7 |
Request FCA to revoke relevant authorisation order |
On completion of W/U |
7.4A.6R(6) |