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)

Recognised funds

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.

Scheme numbers

  Stand-alone Umbrella Sub-funds
UK ACS
UCITS 0 4 21
NURS (non-UCITS retail scheme) 0 4 59
QIS (qualified investor scheme) 1 3 9
UK AUTs
UCITS 523 17 137
NURS (non-UCITS retail scheme) 142 21 107
QIS (qualified investor scheme) 2 4 16
UK ICVCs
UCITS 84 315 1784
NURS 102 129 522
QIS 6 3 5
Overseas funds
UCITS (s264) 288 740 6671
Individually recognised (s272)
Following implementation of AIFMD on 22 July 2013, s270 funds are now s272.
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