Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Authorisation definition

What does Authorisation mean? In practice, authorisation is formal permission from a competent authority to carry out a regulated activity or to handle specified assets or substances. It is usually evidenced by a licence, permit, consent or approval issued under primary or secondary legislation, typically subject to conditions, time limits and the possibility of variation or revocation. The term is descriptive and used across multiple legal contexts, with sector‑specific legislation defining when and how authorisation is required (for example, financial services authorisation, marketing authorisation for medicines, and chemicals authorisation under REACH). Radioactive substances/waste: Historically, the Radioactive Substances Act 1993 required an “authorisation”...

UK open-ended investment companies (OEICs/ICVCs): FCA authorisation, operation, changes, enforcement and winding up under FSMA 2000, OEIC Regulations 2001 and COLL

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Practice notes

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) or a long–term asset fund (LTAF). For more information, see Practice Notes: UK Undertakings for Collective Investment in Transferable Securities (UK UCITS)—essentials, Non-UCITS retail schemes (NURS), Qualified investor schemes (QIS), and The UK Long-Term Asset Fund (LTAF)...

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Web page updated on 22/05/2026

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