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.
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)
A fund that is established outside the UK must be recognised by us to be promoted to retail investors in the UK. A recognised fund may also be called a ‘recognised CIS’ or ‘overseas scheme’.
A UCITS established in another EEA country must be recognised, under section 264 of the Financial Services Markets Act 2000 (FSMA).
Other funds established in another EEA country, including an alternative investment fund (AIF) authorised in another EEA country, must be recognised by us, under section 272 of FSMA.
|NURS (non-UCITS retail scheme)||0||2||47|
|QIS (qualified investor scheme)||0||3||10|
|NURS (non-UCITS retail scheme)||148||21||109|
|QIS (qualified investor scheme)||1||4||16|
|Individually recognised (s272)
Following implementation of the AIFMD on 22 July 2013, s270 funds are now s272.