Undertaking for collective investment in transferable securities (UCITS) meaning

This Practice Note sets out the principal regulatory considerations when replacing the trustee of an authorised unit trust (AUT), covering the steps to implement the change, the approach to selecting a new trustee, and the related disclosure and notification obligations. What is an authorised unit trust An AUT is an investment fund and, under section 237(3) of the Financial Services and Markets Act 2000 (FSMA 2000), means a unit trust scheme authorised by an order made under section 243 of FSMA 2000. an undertaking for the collective investment of transferable securities (UCITS) a non-UCITS retail scheme (NURS) a qualified investor scheme (QIS) a long term asset fund (LTAF) a charity authorised investment fund In some respects, the Financial Conduct Authority’s (FCA) rules for AUTs vary according to classification. For more information, see Practice Note: Authorised unit trusts (AUTs)—What is an AUT? Changing the trustee of an AUT In limited circumstances, the FCA may apply to the...

This Practice Note This Practice Note explores the implications of the Financial Conduct Authority (FCA)’s Consumer Duty (Duty) for FCA authorised firms holding permissions to: (i) manage an alternative investment fund (AIF); (ii) manage an undertaking for collective investment in transferable securities (UCITS); or (iii) manage investments. It focuses on the key components of the Duty, such as its scope and application (including relevant exclusions, the concept of material influence, and proportional application), the overarching Consumer Duty principle, the cross-cutting rules, and the four outcomes as they pertain to asset management firms. For a summary of the core features of the Consumer Duty with broader application, see Practice Note: The FCA Consumer Duty—essentials. The Duty took effect for new and existing products and services that remained open to sale (or renewal) from 31 July 2023, and for closed book products and services on 31 July 2024. Significant developments are in train. In response to the government’s Financial Services Growth and Competitiveness Strategy, the FCA has set out steps intended...

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)...