The following Financial Services practice note Produced in partnership with Jonathan Bayliss of Partner, Charles Russell Speechlys LLP provides comprehensive and up to date legal information covering:
An Authorised Unit Trust (AUT) is a type of investment fund and, pursuant to section 237(3) of the Financial Services and Markets Act 2000 (FSMA 2000), a unit trust scheme authorised by an order in force under section 243 of FSMA 2000.
An AUT may be an Undertaking for the Collective Investment of Transferable Securities (UCITS), a Non-UCITS Retail Scheme (NURS) or a Qualified Investor Scheme (QIS). In certain respects, the Financial Conduct Authority's (FCA) rules in relation to AUTs differ depending on its classification.
The FCA may, in limited situations, apply to the court for the removal of the trustee of an AUT and its replacement by a nominated person, under section 258 FSMA.
There may be circumstances where a change of trustee becomes necessary, for example where a change of the ownership structure of the trustee results in the eligibility criteria for the trustee no longer being met.
However, a change of trustee is usually driven by commercial decisions made by the AUT’s manager. Section 251 FSMA 2000 allows the manager of the AUT to make any subsequent appointments of a trustee.
Although unlikely, the trust deed may contain provisions relating to the process of changing the trustee of the AUT. The trustee
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