Related provisions for COLL 14.3.1

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COLL 6.2.2GRP
(1) This section helps in achieving the statutory objective of securing an appropriate degree of protection for consumers. In accordance with Principle 6, this section is also concerned with ensuring the authorised fund manager pays due regard to its clients' interests and treats them fairly.(2) An authorised fund manager of an AUT, ACS or ICVC7 is responsible for arranging for the issue and the cancellation of units for the authorised fund. An authorised fund manager of an AUT,
COLL 6.2.3RRP
(1) During the initial offer period, units may only be issued at the initial price.(2) The length of any initial offer should not be unreasonable when considered alongside the characteristics of the authorised fund.(3) The authorised fund manager must, as soon as practicable after receiving the initial price from the purchaser and no later than the fourth business day following the end of the initial offer, pay the depositary in respect2 of any unit it has agreed to sell during
COLL 6.2.6ARRP
3If an authorised fund has two or more classes of unit in issue, the authorised fund manager may treat any or all of those classes as one for the purpose of determining the number of units to be issued or cancelled by reference to a particular valuation point, if:(1) the depositary gives its prior agreement; and(2) the relevant classes:(a) have the same entitlement to participate in, and the same liability for charges, expenses and other payments that may be recovered from, the
COLL 6.2.9GRP
(1) As the authorised fund manager normally controls the issue, cancellation, sale and redemption of an authorised fund'sunits, it occupies a position that could, without appropriate systems and controls, involve a conflict of interest between itself and its clients.(2) SYSC 3.1.1 R (Systems and controls) requires that a firm take reasonable care to establish and maintain such systems and controls as are appropriate to its business and Principle 8 requires a firm to manage conflicts
COLL 6.2.11RRP
(1) Where the authorised fund manager has not complied with COLL 6.2.8 R (1) (Controls over the issue and cancellation of units), it must correct the error as soon as possible and must reimburse the authorised fund any costs it may have incurred in correcting the position.(2) The authorised fund manager need not reimburse the authorised fund when:(a) the amount under (1) is not, in the depositary's opinion, material to the authorised fund;(b) the authorised fund manager can demonstrate
COLL 6.2.13RRP
(1) The authorised fund manager must, by the close of business on the fourth business day following the issue of any units, arrange for payment to the depositary of an AUT or ACS7 or the ICVC of:227(a) 2in the case of a single-priced authorised fund, the price of the units and any payments required under 9COLL 6.3.8 R (Dilution); 10(b) 2in the case of a dual-priced authorised fund, the issue price of the units9; or10(c) in the case of a regulated money market fund, the sum required
COLL 6.2.14RRP
(1) On cancellingunits the authorised fund manager must, before the expiry of the fourth business day following the cancellation of the units or, if later, as soon as practicable after delivery to the depositary of the AUT or ACS7 or the ICVC of such evidence of title to the units as it may reasonably require, require the depositary to pay:27(a) 2in the case of a single-priced authorised fund, the price of the units (less any deduction required under 9COLL 6.3.8 R); 10(b) 2in
COLL 6.6.4RRP
(1) The depositary of an authorised fund must take reasonable care to ensure that the scheme is managed by the authorised fund manager in accordance with:(a) COLL 5 (Investment and borrowing powers);(b) COLL 6.2 (Dealing);(c) COLL 6.3 (Valuation and pricing);(d) COLL 6.8 (Income: accounting, allocation and distribution); 16(e) any provision of the instrument constituting the fund11 or prospectus that relates to the provisions referred to in (a) to (d); and1611(e) where applicable,
COLL 6.6.6RRP
(1) The authorised fund manager must make and retain for six years such records as enable:(a) the scheme and the authorised fund manager to comply with the rules in this sourcebook and the OEIC Regulations; and(b) it to demonstrate at any time that such compliance has been achieved.(2) The authorised fund manager must make and retain for six years a daily record of the units in the scheme held, acquired or disposed of by the authorised fund manager, including the classes of such
COLL 6.6.13RRP
(1) The depositary must take all necessary steps to ensure that instructions given to it by the authorised fund manager for the exercise of rights attaching to the ownership of scheme property are carried out.(2) Where the scheme property of an authorised fund contains units in any other scheme managed or otherwise operated by the authorised fund manager10 of the AUT or ACS10 or, as the case may be, by any director of the ICVC or by any associate of either, the depositary must
COLL 6.6B.17RRP
The depositary must ensure that the cash flows of each UCITS scheme are properly monitored and that:(1) all payments made by, or on behalf of, investors upon the subscription of units of the scheme have been received; (2) all cash of the scheme has been booked in cash accounts which are: (a) opened in the name of:(i) the scheme; or(ii) the authorised fund manager, acting on behalf of the scheme; or(iii) the depositary acting on behalf of the scheme; and(b) at:(i) a central bank;
COLL 4.5.7RRP
(1) An annual long report on an authorised fund, other than a scheme which is an umbrella, must contain:(a) the 3accounts for the annual accounting period which must be prepared in accordance with the requirements of the IMA SORP;(b) the report of the authorised fund manager in accordance with COLL 4.5.9 R (Authorised fund manager's report);(c) comparative information12 in accordance with COLL 4.5.10 R (Comparative information12);1212(d) the report of the depositary in accordance
COLL 4.5.9RRP
The matters set out in (1) to (13)2 must be included in any authorised fund manager's report, except where otherwise indicated:2(1) the names and addresses of :(a) the authorised fund manager;(b) the depositary;(c) the registrar;(d) any investment adviser;(e) the auditor; and(f) for a scheme which invests in immovables, the standing independent valuer;(2) (for an ICVC), the names of any directors other than the ACD;(3) a statement of the authorised status of the scheme;(4) (for
COLL 6.3.6GRP
Table: This table belongs to COLL 6.3.2 G (2) (a) and COLL 6.3.3 R (Valuation)1.Valuation and pricing1The valuation of scheme property(1)Where possible, investments should be valued using a reputable source. The reliability of the source of prices should be kept under regular review.(2) For some or all of the investments comprising the scheme property, different prices may quoted according to whether they are being bought (offer prices) or sold (bid prices). The valuation of a
COLL 6.3.14GRP
3The authorised fund manager should advise the depositary when the mark to market value of a qualifying money market fund12valuing scheme property on an amortised cost basis 7varies from its amortised cost value by 0.1%, 0.2% and 0.3% respectively. The authorised fund manager of a qualifying money market fund12 should agree procedures with the depositary designed to stabilise the value of the scheme in these events.7
COLL 6.7.10RRP
(1) The authorised fund manager must determine whether a payment is to be made from the income property or capital property of an authorised fund, and in doing so the authorised fund manager must:(a) pay due regard to whether the nature of the cost is income related or capital related and the objective of the scheme; and(b) agree the treatment of any payment with the depositary.(2) Where, for any class of units5 for any annual accounting period, the amount of the income property
COLL 14.3.5RRP
(1) The authorised fund manager or depositary must convene a general meeting of unitholders if it receives a notice from the advisory committee of a charity authorised investment fund which:(a) states the objects of the meeting;(b) is dated; and(c) is signed by or on behalf of the advisory committee. (2) The authorised fund manager or the depositary must ensure the general meeting of the authorised fund takes place no later than eight weeks after receipt of the notice in (1)
COLL 14.3.6RRP
The authorised fund manager and depositary of a charity authorised investment fund must keep records of any dealings with an advisory committee for at least five calendar years.
COLL 5.5.4RRP
(1) The ICVC or depositary of an AUT or ACS4 (on the instructions of the authorised fund manager4) may, in accordance with this rule and COLL 5.5.5 R (Borrowing limits), borrow money for the use of the authorised fund on terms that the borrowing is to be repayable out of the scheme property.44(2) Paragraph (1) is subject to the obligation of the authorised fund to comply with any restriction in the instrument constituting the fund.55(3) The ICVC or depositary of an AUT or ACS4
COLL 5.5.7RRP
(1) The scheme property of an authorised fund other than money must not be lent by way of deposit or otherwise.(2) Transactions permitted by COLL 5.4 (Stock lending) are not to be regarded as lending for the purposes of (1).(3) The scheme property must not be mortgaged.(4) Where transactions in derivatives or forward transactions are used for the account of the authorised fund in accordance with any of the rules in this chapter, nothing in this rule prevents the ICVC or the depositary
COLL 8.4.10RRP
(1) The ICVC or depositary of an AUT or ACS9 (on the instructions of the authorised fund manager)9 may borrow money for the use of the authorised fund on terms that the borrowing is to be repayable out of the scheme property.99(2) The authorised fund manager must ensure that the authorised fund's borrowing does not, on any day, exceed 100 % of the net value of the scheme property and must take reasonable care to ensure that arrangements are in place that will enable borrowings
COLL 8.4.11RRP
(1) Any investment in land or a building held within the scheme property of a qualified investor scheme must be in an immovable within (2).(2) For an immovable :(a) it must be situated in a country or territory identified in the prospectus;(b) the authorised fund manager must have taken reasonable care to determine that the title to the interest in the immovable is a good marketable title; and(c) the authorised fund manager of an AUT or ACS9 or the ICVC must have received a report
COLL 4.3.2GRP
(1) The diagram in COLL 4.3.3 G explains how an authorised fund manager should treat changes it is proposing to a scheme and provides an overview of the rules and guidance in this section.(2) Regulation 21 of the OEIC Regulations (The Authority's approval for certain changes in respect of a company), section 261Q of the Act (Alteration of contractual schemes and changes of operator or depositary)5 and section 251 of the Act (Alteration of schemes and changes of manager or trustee)
COLL 4.3.9GRP
(1) The circumstances causing a notifiable change may or may not be within the control of the authorised fund manager.(2) For the purpose of COLL 4.3.8 R (Notifiable changes) a notifiable change might include:(a) a change of named investment manager where the authorised fund has been marketed on the basis of that individual's involvement;(b) a significant political event which impacts on the authorised fund or its operation;(c) a change to the time of the valuation point;(d) the
COLL 5.4.1RRP
(1) Subject to (2), this section applies to an ICVC, the depositary of an authorised fund and an authorised fund manager in any case where the authorised fund is a UCITS scheme or a non-UCITS retail scheme.9(2) This section does not apply in any case where a UCITS scheme or a non-UCITS retail scheme is a regulated money market fund. The Money Market Funds Regulation sets out restrictions in relation to stock lending and repo contracts that apply in relation to regulated money
COLL 5.4.4RRP
(1) An ICVC, or the depositary of an authorised fund acting in accordance with the instructions 6of the authorised fund manager4, may enter into a repo contract, or a1stock lending arrangement of the kind described in section 263B of the Taxation of Chargeable Gains Act 1992 (without extension by section 263C), but only if:444(a) all the terms of the agreement under which securities are to be reacquired by the depositary for the account of the ICVC, AUT or ACS4 are in a form which
COLL 5.4.6RRP
(1) Collateral is adequate for the purposes of this section only if it is:(a) transferred to the depositary or its agent;(aa) 6for a UCITS scheme, received under a title transfer arrangement;(ab) 6for a UCITS scheme, at all times equal in value to the market value of the securities transferred by the depositary plus a premium;(b) for a non-UCITS retail scheme, at all times 6at least equal in value 6to the value of the securities transferred by the depositary; and(c) for a non-UCITS
COLL 6.9.6GRP
(1) Regulation 15(9) of the OEIC Regulations, and sections 243(8) and 261D(10)6 of the Act require that an authorised fund's name must not be undesirable or misleading. This section contains guidance on some specific matters the FCA will consider in determining whether the name of an authorised fund is undesirable or misleading. It is in addition to the requirements of regulation 19 of the OEIC Regulations (Prohibition on certain names).6(2) The FCA will take into account whether
COLL 4.4.2RRP
(1) The authorised fund manager, the depositary or the other directors of an ICVC may convene a general meeting of unitholders at any time.(2) The unitholders may request the convening of a general meeting by a requisition which must:(a) state the objects of the meeting;(b) be dated;(c) be signed by unitholders who, at that date, are registered as the unitholders of units representing not less than one-tenth in value (or such lower proportion stated in the instrument constituting
COLL 8.3.4RRP
This table belongs to COLL 8.3.2 R.1Document statusA statement that this document is the prospectus of the authorised fund valid as at a particular date which shall be the date of the document.2Description of the authorised fundInformation detailing:(1)the name of the authorised fund;16(1A)its FCA product reference number (PRN);(2)that the authorised fund is either an ICVC, ACS11 or an AUT;(3)that the scheme is a qualified investor scheme;(4)where relevant, that the unitholders
COLL 8.3.5ARRP
(1) An annual report, other than for a scheme which is an umbrella, must contain:(a) the accounts for the annual accounting period prepared in accordance with the requirements of the IMA SORP;7(b) the report of the authorised fund manager in accordance with COLL 8.3.5C R (Authorised fund manager's report);(bA) comparative information in accordance with COLL 4.5.10R (1A) and (2A) (Comparative information);14(c) the report of the depositary in accordance with COLL 8.3.5D R (Report
COLL 14.4.2RRP
(1) The authorised fund manager and the depositary of a charity authorised investment fund may establish an income reserve account for the scheme if this is provided for in:(a) the instrument constituting the fund; and (b) the prospectus.(2) (a) The authorised fund manager may instruct the depositary to transfer up to 15% of the income available for allocation or distribution on an annual income allocation date to the income reserve account. (b) Any income transferred under (a)
COLL 14.4.5RRP
(1) The authorised fund manager and depositary of a charity authorised investment fund may adopt a total return approach to the allocation or distribution of income where this is provided for in:(a) the instrument constituting the fund; and (b) the prospectus.(2) Under a total return approach the authorised fund manager may make transfers between the capital account and the income account in addition to those in COLL 6.8.3R(3A)(c).(3) The authorised fund manager and depositary
COLL 14.1.1RRP
1This chapter applies to: (1) an authorised fund manager of a charity authorised investment fund; (2) an ICVC that is a charity authorised investment fund;(3) the depositary of a charity authorised investment fund; and(4) the authorised fund manager and the depositary of an authorised fund that was previously registered as a charity with the Charity Commission.
COLL 14.1.2GRP
This chapter sets out modifications to the rules and guidance in this sourcebook for authorised fund managers and depositaries of charity authorised investment funds.