What does Authorised unit trust mean? A collective investment fund in trust form that has been authorised by the financial regulator, allowing it to be offered under the retail distribution regime rather than as an unregulated collective investment scheme. In the UK, “authorised unit trust scheme” is a defined term in the Financial Services and Markets Act 2000 (FSMA): the fca grants an authorisation order (FSMA s.243) and the scheme is operated under the FCA’s COLL Sourcebook. Typical structures involve a manager and an independent trustee (acting as depositary) holding the scheme property under a trust deed, with a prospectus, valuation and dealing...
Read More
This Practice Note explains the steps to secure Financial Conduct Authority (FCA) authorisation for a Unit trust, highlights the necessary documentation, and points to the applicable provisions of the Financial Services and Markets Act 2000 (FSMA 2000) together with the Collective Investment Schemes sourcebook (COLL) within the FCA Handbook. It also considers COLL 7.4, which prescribes the winding-up procedure for an Authorised unit trust (AUT)...
A unit trust is a form of collective investment scheme (CIS) where a trustee holds the assets for investors (the unitholders) under a trust deed. An AUT is a unit trust granted authorisation by the FCA under FSMA 2000, s 243. Other permitted UK-authorised CIS structures include open-ended investment companies (OEICs) and authorised contractual schemes (ACSs) (see Practice Notes: Open-ended investment companies (OEICs) and Taxation of authorised contractual schemes (ACS)). AUTs may operate as standalone funds or as umbrella arrangements comprising multiple sub-funds...
When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...