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GLOSSARY

Collective investment scheme definition

Published by a LexisNexis Pensions expert

What does Collective investment scheme mean?

An arrangement whereby a number of investors pool their assets and have them professionally managed.

This type of regulated investment defined in the Financial Services and Markets Act 2000, s 235. Exempt professional firms are prohibited from establishing, operating or winding up a collective investment scheme.

Financial Services

An arrangement whereby a number of investors pool their assets and have them professionally managed.

Pensions

A vehicle in which a number of investors pool their assets so that they can be managed collectively.

This usually suits small to medium sized investors wishing to invest in a broad spread of investments or larger investors wishing to gain exposure to a specialised sector. Shares in a pooled fund are denominated in units which are repriced regularly to reflect changes in the underlying assets. This allows investors to value their holdings and provides a basis upon which transactions in units

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Client Classification Checklist

Client Classification Checklist This checklist provides an overview of the Financial Conduct Authority’s (FCA) client classification requirements and may assist those seeking to classify clients as either retail clients, professional clients or eligible counterparties. • 1. Is the firm providing services relating to a child trust fund (CTF) (except for a personal recommendation relating to a contribution to a CTF) to the client? (COBS 3.4.2 R) If yes, the client is a Retail Client. If no, please see question 2. • 2. Is the firm providing any of the following services ('Eligible Counterparty Business') to the client? ◦ Dealing on own account, executing orders on behalf of clients or receiving and transmitting orders ◦ Carrying on any ancillary services directly related these services, or ◦ Arranging in relation to business that is not MiFID or equivalent third country business. (COBS 3.6.1(2) R) If yes, please see question 10. If no, please see question 3. • 3. Is the client an entity required to be authorised or regulated to operate in...

Keywords for the Financial Services Enforcement Database

Keywords for the Financial Services Enforcement Database The Financial Services Enforcement Database contains detailed information on all substantive Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) Final Notices and, where available, Decision Notices from 2014 to the present. It also includes any Decision Notices issued by the Payment Systems Regulator (PSR). In addition to allowing users to filter by rule breach, the Enforcement Database also enables users to filter by sector, keywords, seriousness factors, aggravating factors, mitigating factors, financial penalty and other action such as appeals. This document sets out the keywords for the Financial Services Enforcement Database. It can be used as a tool to assist in identifying words and terms to search for across the Database. Keywords Following is a complete list of the keywords used in the Financial Services Enforcement Database: • Abuse of position • Affordability • Anti-money laundering (AML) systems and controls • Appointed representative • Asset Management • Benchmarks • Anti-bribery and corruption (ABC) systems and controls • British Steel Pension Scheme (BSPS)...

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Collective investment schemes—essentials

This Practice Note examines the definition of a collective investment scheme (CIS) and available exemptions, and the treatment of regulated and unregulated CIS.Definition of a collective investment schemeThe definition of a CIS is contained in section 235 of the Financial Services and Markets Act 2000 (FSMA 2000). The definition is broad and somewhat vague and covers a broad variety of arrangements, not just traditional investment funds. The Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001, SI 2001/1062 (CIS Order) was therefore enacted to set out a number of arrangements which, if applicable, would mean that the arrangements in question would not be viewed as a CIS. Section 235 of FSMA 2000 defines a CIS as:‘…any ‘arrangements’ with respect to property of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition, holding, management...

Unregulated collective investment schemes—essentials

What are unregulated collective investment schemes?In the UK, an unregulated collective investment scheme (UCIS) is any collective investment scheme (CIS) that is not regulated by the Financial Conduct Authority (FCA) as either an authorised (regulated) fund or a recognised scheme. For further information on authorised or recognised funds, see Practice Note: Collective investment schemes—essentials. Firms and individuals can check the FCA register to find out whether a collective investment scheme is authorised or recognised.In his judgment in the Supreme Court case, Asset Land Investment Plc v The Financial Conduct Authority, Lord Sumption subjected the definition of ‘collective investment scheme’ in FSMA 2000, s 235 to thorough analysis (see para 65 onwards).The fact that a CIS is unregulated does not mean that no rules apply. For further information on what constitutes a CIS, see Practice Note: Collective investment schemes—essentials.Overlap between a UCIS and an AIFA UCIS will also in the vast majority of cases be an alternative investment fund (AIF) for the purposes of the Alternative Investment Fund Managers Directive (Directive 2011/61/EU)...

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Board control provisions—shareholders’ agreement and articles—private equity or venture capital

Board control provisions—shareholders’ agreement and articles—private equity or venture capital subscription and shareholders’ agreement/investment agreement Insert the following as new definitions (if not already included) in the subscription and shareholders’ agreement or investment agreement: A Ordinary Shares • means the A ordinary shares of [insert amount]p each in the capital of the Company; Board • means the board of directors of the Company from time to time; Chair • is defined in clause 1.1.2; Investor Consent or Investor Direction • means the giving of a written consent or direction by the[ Lead Investor or, if there is no such Lead Investor at the relevant time,] holders of not less than [75]% in nominal value of the A Ordinary Shares in issue from time to time[, provided that for so long as there is an Investor Director, any such consent or direction required or permitted to be given under this Agreement shall be validly given if given by the Investor Director[ or, if at any time there is more...

Code of Conduct for Members [Archived]

Code of Conduct for Members [Archived] ARCHIVED: This Precedent has been archived and is not maintained. 1 Introduction This Code of conduct applies to you whenever you are acting in your capacity as a member of [council name], including: 1.1 at formal meetings of the Council, its Committees and Sub-Committees, its Cabinet and Cabinet Committees 1.2 when acting as a representative of the authority 1.3 in taking any decision as a Cabinet Member or a Ward Councillor 1.4 in discharging your functions as a Ward Councillor 1.5 at briefing meetings with officers 1.6 at site visits 1.7 when corresponding with the authority other than in a private capacity 2 Interpretation 2.1 It is your responsibility to comply with the provisions of this Code. 3 General conduct You must: 3.1 provide leadership to the authority and communities within its area, by personal example; 3.2 respect others and not bully any person; 3.3 recognise that officers (other than political assistants) are employed by and serve the whole authority;...

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Where can I find information relating to FCA perimeter issues?

Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: • a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person • a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom • a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...

Can real estate joint venture arrangements be subject to onerous and costly regulation under the Alternative Investment Fund Managers Directive?

Can real estate joint venture arrangements be subject to onerous and costly regulation under the Alternative Investment Fund Managers Directive? Certain real estate joint venture arrangements (JVs) may potentially be subject to onerous and costly regulation under the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD), as implemented. The AIFMD had to be implemented by EU Member States by 22 July 2013. A transitional period under Article 61(1) of the AIFMD gave AIFMs a year to submit an application for authorisation—this ended on 22 July 2014. The AIFMD framework gives rise to a major change for the real estate funds industry, which previously had been relatively lightly regulated by the collective investment schemes (CIS) regime under section 235 of The Financial Services and Markets Act 2000 (FSMA 2000), and related regulations. Crucially, a JV is subject to the AIFMD, as implemented, if it falls within the definition of alternative investment fund (AIF) in Article 4.1(a) of the AIFMD, even if referred to as a ‘JV’....

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What to note as HM Treasury, FCA plan new crypto regs

Law360, Expert analysis: Since 2023, the UK government has engaged with the cryptoasset industry as part of its efforts to develop a regulatory regime for cryptoasset activities and services. On 29 April 2025, HM Treasury published a draft statutory instrument to create new regulated activities for cryptoassets, and on 2 May 2025, the Financial Conduct Authority (FCA) published a discussion paper on regulating cryptoasset activities. Mark Chalmers counsel at Davis Polk & Wardwell LLP, discusses the main takeaways from these recently published documents.

FCA publishes policy statement PS25/4 on joint payment option for investment research

The Financial Conduct Authority (FCA) has published policy statement PS25/4, finalising new rules to refine the investment research market by allowing fund managers to combine research and execution costs under a joint payment option, subject to defined guardrails. These changes implement recommendations from the 2023 UK Investment Research Review and feedback from consultation paper CP24/21. As the adoption of the joint payment option is classified as a significant change for authorised funds, fund managers will be required to notify unitholders and seek approval from the FCA before adopting the option. The measures aim to enhance the competitiveness of UK fund managers and reduce research procurement costs. Under the new rules, fund managers are expected to implement written policies on their approach to joint payments, establish research budgets, allocate research costs equitably, and provide detailed disclosures regarding joint payments.

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