Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Collective investment scheme definition

What does Collective investment scheme mean? A collective investment scheme is an arrangement used to pool multiple investors’ money into a single fund that is professionally managed to produce income and/or capital growth. In the UK, the term is defined in section 235 of the Financial Services and Markets Act 2000 and used throughout financial services regulation. Core legal features are that investors do not have day‑to‑day control over management of the property, contributions and returns are pooled or the property is managed as a whole by or on behalf of an operator, and returns depend on the performance of the pooled assets. Operating or...

UK collective investment schemes: FSMA s235 definition, exclusions, regulated activities, FCA-authorised and unregulated CIS, fund structures (OEIC, AUT, ACS), promotion rules and Overseas Funds Regime

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Practice notes

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This Practice Note considers what constitutes a Collective investment scheme (CIS), the exemptions available, and how both regulated and unregulated CIS (UCIS) are treated.

Definition of a collective investment scheme

The meaning of a CIS is set out in section 235 of the Financial Services and Markets Act 2000 (FSMA 2000). It is deliberately wide and somewhat imprecise, capturing a broad and varied range of arrangements and not merely conventional investment funds.

Accordingly, the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001, SI 2001/1062 (CIS Order) was introduced in order to specify a number of categories of arrangements which, where they apply, will mean the arrangements in question are not regarded as a CIS for these purposes.

Under section 235 FSMA 2000, a CIS comprises any arrangements concerning property of any kind whatsoever, including money, whose purpose or effect is to enable those participating in the arrangements—whether by becoming owners of all or part of the property or otherwise—to take part in, or receive, Profits or income generated by acquiring, holding, managing or disposing of the property, or sums paid out of such profits or income...

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Web page updated on 21/05/2026

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