Authorised and recognised funds

Investment funds that are structured as collective investment schemes (CIS) must be authorised or recognised by us to be promoted to retail investors in the UK.

Authorised funds

An authorised fund, which may also be called an ‘authorised CIS’, must be established in the UK and take one of the following legal forms:

  • authorised contractual scheme (ACS)
  • authorised unit trust (AUT)
  • investment company with variable capital (ICVC)

It must also be classified, based on a marketing strategy, as one of the following:

  • undertaking for collective investment in transferable securities scheme (UCITS)
  • non-UCITS retail scheme (NURS)
  • qualified investor scheme (QIS)
  • long-term asset fund (LTAF)

Recognised funds

A fund that is established outside the UK must be recognised by us to be promoted to retail investors in the UK.

Funds established in countries other than the UK must be recognised under section 272 of the Financial Services and Markets Act 2000 (FSMA) or entered into the temporary marketing permissions regime (TMPR). A recognised fund may also be called a 'recognised CIS' or 'overseas scheme'.

Scheme numbers

 

Stand-alone

Umbrella

Sub-funds

UK ACS

UCITS

0

5

50

NURS (non-UCITS retail scheme)

0

10

110

QIS (qualified investor scheme)

1

9

89

UK AUTs

UCITS

500

21

171

NURS (non-UCITS retail scheme)

142

28

106

QIS (qualified investor scheme)

3

5

14

UK ICVCs

UCITS

74

345

1894

NURS

109

149

654

QIS

8

5

7

Overseas funds

UCITS (that are in the TMPR)

167

801

8274

Individually recognised (s272)

4

6

26

Page updates

17/01/2022: Information changed Update to scheme numbers
11/01/2021: Information changed Update to scheme numbers