To amend or wind up an authorised fund you must send us a notification for approval of the proposed change. You can only make the change after we have approved it and you notify us that the change has been made.
To amend an authorised contractual scheme (ACS), authorised unit trust (AUT) or investment company with variable capital (ICVC), you first have to submit the relevant form and supporting documents to us.
Your notification may be considered incomplete if you don’t answer all relevant questions or provide the required information without telling us why, or if you don’t sign the declaration.
There is currently no fee for amending or winding up an authorised fund.
The form you need to submit depends on the type of fund and the change you want make.
It may also depend on whether it comes under:
- a section under the Financial Services and Markets Act 2000 (FSMA)
- the regulation under the Open-Ended Investment Companies Regulations 2001 (OEIC Regulations), or
- Undertakings for Collective Investment in Transferable Securities Regulations 2011
The notification forms are:
- amend an ACS under section 261Q of FSMA: Form 261Q (DOC)
- amend an ACS under section 261S of FSMA: Form 261S (DOC)
- amend an AUT under section 251 of FSMA: Form 251 (DOC)
- amend an AUT under section 252A of FSMA: Form 252A (DOC)
- amend an ICVC under regulation 21 of the OEIC Regulations: Form 21 (DOC)
- amend an ICVC under regulation 22A of the OEIC Regulations: Form 22A (DOC)
- amend a UCITS under section 283A of FSMA: Form 283A (DOC)
- domestic UCITS merger under regulation 9 of the Undertakings for Collective Investment in Transferable Securities Regulations 2011: Form 9 (DOC)
We will process completed notifications using forms 22A, 252A and 283A within 15 working days; form 9 within 20 working days; and forms 21, 251 and 261Q within 1 month.
To request a UCITS attestation or certificate, you should email your requirements to [email protected].
Each of the notification forms includes information on documents that you should include with your notification, where relevant.
If the fund is a non-UCITS retail scheme (NURS) or qualified investor scheme (QIS) managed by a UK AIFM, you must also notify us of the new AIF under management using this form:
Fund of alternative investments funds
To amend an existing fund so it can operate as a fund of alternative investments fund (FAIF), you must include details of the due diligence process as required under COLL, including:
- written procedures
- delegated functions
- confirmation the depositary is satisfied with the process, and
- any due diligence already undertaken for target schemes
- the MMF checklist (DOC)
KIID/NURS-KII/PRIIPS KID draft document
When proposing to amend an authorised fund, you can provide one draft KIID/NURS-KII/PRIIPS KID document as an illustration of the proposal, such as a draft KIID/NURS-KII/PRIIPS KID reflecting income units with any differences within unit class designations being identified.
You will also have to confirm that any amendments made during our review process will be included in the final versions to be submitted with Form FN (DOC).
You must submit a KIID/NURS-KII/PRIIPS KID for all unit classes being issued, unless a representative KIID/NURS-KII/PRIIPS KID is being produced, with Form FN.
To amend an ICVC using Form 21 (DOC) or UT using Form 251 (DOC), or an ACS using Form 261Q (DOC), the scheme depositary must sign the application form, or a copy of the original application form, to confirm they are aware of the change(s) being proposed and that, in their opinion, the change(s) comply with our rules at the time of the notification.
Where the depositary’s signature is submitted to us on a copy of the original application, it must also be obtained on an original signed copy of the form and retained for a reasonable period of time.
Submit a notification
Notifications can be sent via:
- email to [email protected] or
- post to Fund Authorisations, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN
When emailing documents, the name of each document must follow our naming conventions.
Emails may contain multiple documents but don’t compress documents unless the total size of the email, including documents, exceeds 10MB.
Compressed documents must be in a .zip format (Legacy Zip 2.0) and are also subject to the 10MB limit, so you may need to send multiple emails. If sending multiple emails, you should mark it ‘email x of x’ in the subject line.
You must confirm in the email that an original permanent signed copy of the application or notification will be retained for an appropriate period for inspection.
Approving the change
When we make a decision on your notification we will send you an email confirmation.
Note that our approval is only for a proposed change, until you notify us that the change has been made. You must:
- submit Form FN (DOC)
- file the latest versions of the scheme documents with us
Once you notify us the change has been made, we will the update the Financial Services Register.
If you have a query about an open application or notification, you should contact your case officer – the details will be included in the email we send confirming that we have received your application.
Email any other questions to [email protected] and we will get back to you as soon as possible.
15/07/2020: Document update Link to AIFMD new fund under management notification form updated