Scheme documents

You must submit the latest versions of scheme documents to us, including when changes are made, and follow our naming conventions and scheme numbers to do so. 

When sending documents to us you should only send one email per scheme. For example when sending a scheme’s annual report you should send one email per scheme rather than one email containing the reports of all the schemes that the authorised fund manager is responsible for.

Prospectus

You should file a copy of your fund's original prospectus, together with all revisions to it.

This includes updates to the prospectus that do not require our approval – see COLL 4.2.3R(1) (b) of the Collective Investment Schemes sourcebook.

Key investor information document/simplified prospectus/NURS KII

Where applicable, you should file the initial key investor information document/simplified prospectus/NURS KII, together with each subsequent revision.

Report and accounts

You should send us annual and half yearly reports – see COLL 4.5.14R(2)(d)/4.5.15R(1)(b).

Final notifications

After we have approved a proposed change you should use Form FN to notify us that the change has been effected. We will then update our records and the Financial Services Register.

If the change is one of those listed in COLL 6.9.11R, you must notify us no later than 14 days of it happening.

Please note that the FS Register will not be updated until we have received the Form FN.

For termination of sub-funds we require the Form FN, termination accounts and confirmation from the depositary that the termination of the sub-fund is complete.

If you are the AFM of a receiving UCITS as a result of a ‘cross-border UCITS merger’ or ‘domestic UCITS merger’, you must notify us immediately when that merger has happened, see COLL 7.7.22R.

You should also send us copies of any updated instrument of incorporation or executed supplemental trust deed, prospectus and key investor information document/simplified prospectus/NURS KII with the Form FN.

Model portfolios

We need to see a model portfolio if you are:

  • applying to us for a new scheme, or
  • submitting a notification for either a new sub-fund or a change to the investment objective and/or policy to an existing sub-fund

This model portfolio needs to show what assets the fund seeks to target (such as share of company A, bond of company B), the types of investments the fund will seek to target (such as transferable securities and collective investment schemes) and their weighting in the fund. We may ask for additional information on aspects of the portfolio.

An example of how this data could be presented is:

Specific asset that the fund seeks to target

Type of investment

Weighting

Share of company A

Transferable security

3%

Bond of company B

Transferable security

2%

Collective investment scheme C

Collective investment scheme - UCITS

6%

Our forms ask for confirmation that portfolio modelling and stress testing has been carried out to verify the ability of the strategy to achieve the objectives and for details of the testing that has been undertaken.

We are looking for some detail on the market scenarios and stress testing that has been carried out, who has undertaken the testing and what the outcomes were. You need to demonstrate whether the investment strategy meets the objectives of the fund and whether the fund is going to deliver a return in line with an investor’s expectations.

Testing should be appropriate to the fund. We would not expect a full value at risk assessment for a passive equity fund or a simple investment limit check for a complex derivatives fund. We want to see that you have satisfied yourselves that, at launch and on-going, the fund will be invested within the objective criteria, this could include testing the liquidity levels to ensure liabilities can be met without adversely affecting the ability of the fund to meet the objectives.

It is important that sufficient detail is provided. Examples we have viewed as not providing sufficient detail for these purposes include the following brief statements: “modelling has been undertaken for a period of time, during which market fluctuations have been experienced”, “the fund is a clone of an existing fund”, “we undertake scenario tests on a regular basis, including stress, liquidity and VaR testing”.

Naming conventions

Document

Naming convention

Prospectus

NAME PROSPECTUS DATE

Instrument

NAME INSTRUMENT DATE

Trust Deed

NAME TD DATE

Supplemental Trust Deed

NAME SUP TD DATE

Simplified Prospectus

NAME SP (and sub-fund name if applicable) DATE

Key Investor Information Document

NAME KIID (and sub-fund name if applicable) DATE

Annual report

NAME ANNUAL (and sub-fund name if applicable) DATE

Interim Report

NAME INTERIM (and sub-fund name if applicable) DATE

Termination Accounts

NAME TERM ACC (and sub-fund name if applicable) DATE

Form FN

NAME FN DATE

Form 264CH

NAME 264CH DATE

UCITS attestation or confirmation from home state regulator

NAME ATTESTATION