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The FSA regulations
governng Collective Investment
Schemes (including UCITS) are the
Collective Investment Scheme
Sourcebook (CIS), the New
Collective Investment Scheme
Sourcebook (COLL) and the Conduct
of Business (COB) Handbook.
CIS and COLL
provide the framework of
regulations (and best practice
guidance) that an authorised fund
manager adopts when managing a
collective investment scheme in
the UK. A scheme can currently
operate either under CIS or COLL
but by 14th February
2007 all schemes will have to have
converted to operate under COLL.
There are three
types of schemes provided for
under COLL. These are UCITS Retail schemes,
Non-UCITS retail Schemes (NURSE)
and also the Qualified Investor
Schemes (QIS) which are
restricted to institutional
investors.
In the UK,
authorised funds are either unit
trusts or ICVCs (also known as
OEICs). The OEIC regulations also
apply to ICVC / OEICs. |
