The following Financial Services guidance note Produced in partnership with Macfarlanes LLP provides comprehensive and up to date legal information covering:
COLL provides very detailed rules on almost all aspects of the operation for authorised unit trusts (AUTs). These are not conduct-of-business rules as such, and in particular they do not set out rules for the marketing of unit trusts, but they do set out a very prescriptive regime with which the manager and the trustee must comply in operating a unit trust.
COLL 4 (Investor Relations) is designed to achieve the statutory objective of protecting consumers by ensuring consumers have access to up-to-date detailed information about an authorised fund particularly before buying units and thereafter an appropriate level of investor involvement exists by providing a framework for investors to participate in the key issues concerning the authorised fund, and, be sent regular relevant information about the authorised fund. This includes setting out detailed requirements for pre-sale notifications on a prospectus.
COLL 4.2.2 R requires an authorised fund manager to ensure the prospectus contains the information set out in the table in COLL 4.2.5 R (contents of the prospectus). The requirements set out in the table are extensive and authorised fund managers are strongly advised to refer to them in full. The requirements includes the investment objectives and policy, fees and other material information about which investors or their professional advisers
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