Elizabeth Budd
Elizabeth Budd is a financial services regulatory partner with extensive expertise advising asset managers, fund managers, depositaries, wealth managers, fund distributors including platforms, and insurance companies on the constantly shifting landscape in the UK and EU.
On the funds side she has established UCITS and AIFs structured as unit trusts, open ended investment companies and limited partnerships, on-shore and off-shore. She has also advised extensively on the distribution of fund products.
Elizabeth has recently advised on perimeter issues, application for authorisation and variations of permission, regulatory implications of employment and LLP disputes in authorised firms, and on MiFID II. She has worked with a number of fund managers of authorised, unauthorised and listed funds to implement the Alternative Investment Fund Managers Directive and on restructurings of investment funds. For insurance clients she has advised on Part VII transfers, reviewing policy documentation and broker terms.
Practice Area
Panel
- Contributing Author
Qualified Year
- 1991
Education
- Bristol University (1988 Law Degree)
2 Contributions by Elizabeth Budd
PRACTICE NOTES
Removal and appointment of an OEIC’s Authorised Corporate Director: UK regulatory requirements, COLL classifications, FCA/shareholder notifications and practical steps
This Practice Note explores the principal regulatory obligations and matters that surface when the authorised corporate director (ACD) of an open-ended investment company (OEIC) is replaced. It addresses background on OEICs and ACDs, scenarios that may prompt an ACD change, practical points for dismissing an ACD, and the core steps and timescales for altering an OEIC’s ACD, including procedure and timing considerations in practice.
Background to OEICs and ACDs
An OEIC is a corporate investment fund, defined in section 236 of the Financial Services and Markets Act 2000 (FSMA 2000), and is formally established and constituted by means of an instrument of incorporation. OEICs are designed to diversify investment risk and deliver to investors the advantages of professional investment management as a feature...
Financial Services
PRACTICE NOTES
UK NURS (Non-UCITS Retail Schemes): FCA rules on investment powers, illiquid assets, marketing, prospectus and retail disclosures, and structures (FAIFs, PAIFs)
This Practice Note examines non-UCITS retail schemes (NURS), namely authorised collective investment schemes (CIS) that are not undertakings for collective investment in transferable securities (UCITS). It covers their investment scope, key investor information documents (KIIDs), marketing, and NURS arranged as funds of alternative investment funds (FAIFs) or property authorised investment funds (PAIFs)...
What is a NURS?
Alongside UK-authorised UCITS, NURS represent another category of UK-authorised CIS. A NURS may be structured as an authorised unit trust (AUT), an open-ended investment company (OEIC), or an authorised contractual scheme (ACS). For more on AUTs, OEICs and ACSs, see Practice Notes: OEIC authorisation and winding-up, Authorised unit trusts (AUTs) and Taxation of authorised contractual schemes (ACSs)—overview. As each of these vehicles is open-ended, a NURS is invariably an open-ended authorised fund. Other types of non-UCITS schemes authorised by the Financial Conduct Authority (FCA) include the Qualified Investor Scheme (QIS), aimed at professional clients rather than retail investors, and the Long-Term Asset Fund (LTAF), intended to invest in illiquid and long-term assets. For more information on QIS, see Practice Note: Qualified investor schemes (QIS) and for more on LTAFs, see Practice Note: The UK...
Financial Services
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