Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Corporate director definition

What does Corporate director mean? A corporate director is a body corporate appointed to a company’s board to act as a director in its own name, often used in group structures or nominee arrangements to centralise governance. In UK company law (England & Wales, Scotland and Northern Ireland), the Companies Act 2006 permits the appointment of corporate directors but requires every company to have at least one natural person director (s 155). The term appears in legislation, and legislation provides for restrictions on corporate directors, subject to limited exceptions, once commenced; check current commencement and secondary legislation. A corporate director owes the same statutory...

Removal and appointment of an OEIC’s Authorised Corporate Director: UK regulatory requirements, COLL classifications, FCA/shareholder notifications and practical steps

Published by a LexisNexis Financial Services expert

Practice notes

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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...

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Elizabeth Budd

Pinsent Masons

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....

Web page updated on 21/05/2026

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