Collective investment scheme (CIS) meaning

In this issue: Commercial real estate finance Leasing property Property management Residential tenancies Statutory compliance Property in Wales Additional property updates this week LexTalk®Property: a Lexis®Nexis community Daily and weekly news alerts New and updated content Trackers Commercial real estate finance Deliberate and unauthorised deed alteration renders legal charge void In Boult v Together Personal Finance Ltd [2026] EWHC 809 (Ch), the Chancery Division overturned the County Court at Cardiff, finding that the rule in Pigot’s Case rendered a legal charge void. The appeal turned on whether a unilateral, material change to a deed made after execution—without the other party’s knowledge or consent—invalidates it under the 400‑year‑old Pigot principle. The respondent, Together Personal Finance Limited, had lent money to the appellant, Ms Myranna Boult, secured against her property, and later commenced possession proceedings. Ms Boult maintained that the charge had been amended in manuscript post‑execution to incorporate an additional property without her...

The Financial Services and Markets Act 2000 (FSMA 2000) is the primary statute overseeing the UK financial services industry and the regulation of securities and investments, and it carries various implications for running employee incentive arrangements. FSMA 2000 is bolstered by a wide suite of further statutory instruments, rules and guidance issued by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). This Practice Note sets out the impact of FSMA 2000 on employee incentive arrangements and highlights key considerations that employers must address when inviting employees in the UK to participate in such incentives. FSMA 2000 FSMA 2000 regulates securities and investments in the UK to protect consumers, uphold and strengthen the integrity of the financial system, and foster effective competition within the financial services sector. It achieves this by banning and limiting a wide range of activities relating to specific kinds of investments unless undertaken by an authorised person, or where an exclusion or exemption applies. A contravention of either the General Prohibition...

This Practice Note outlines the principal concepts relating to an open-ended investment company (OEIC), also referred to as an investment company with variable capital (ICVC). It addresses: the relevant provisions of the Open-Ended Investment Companies Regulations 2001, SI 2001/1228 (OEIC Regulations 2001) and the Financial Services and Markets Act 2000 (FSMA 2000); the criteria for obtaining Financial Conduct Authority (FCA) authorisation; and the process for winding up. FCA-authorised CIS In the UK, an FCA-authorised collective investment scheme (CIS) may take one of these legal forms: an OEIC an authorised unit trust (AUT). For further information on an AUT, see Practice Note: Authorised unit trusts (AUTs), or an authorised contractual scheme (ACS). For further information on an ACS, see Practice Note: Taxation of authorised contractual schemes (ACSs) FCA-authorised funds (OEICs, AUTs or ACSs) can adopt one of the following regulatory forms: a UK undertaking for collective investment in transferable securities (UCITS), a non-UCITS retail scheme (NURS), a qualified investor scheme (QIS)...

Archived This Practice Note is archived and is not being maintained. For details of the Financial Conduct Authority’s (FCA’s) powers to bring prosecutions in financial services, refer to Practice Note: FCA prosecution of criminal offences—essentials. Insider dealing and market abuse constitute financial crime, arising from misconduct within a market or the misuse of market-related information. A civil and regulatory framework aimed at detecting, deterring, or preventing financial crime across the regulated sector operates under the Financial Services and Markets Act 2000 (FSMA 2000) and the onshored UK Market Abuse Regulation (which implements Retained Regulation (EU) No 596/2014 (OJ L 173/1) of the European Parliament and of the Council of 16 April 2014 on market abuse (EU Market Abuse Regulation) (which applies in the UK as of IP completion day)). This regime sits alongside the criminal offences of insider dealing and market abuse, which sanction improper market conduct and behaviours that undermine the integrity of the UK’s financial system...