Complying with the collective investment schemes sourcebook (COLL)
Produced in partnership with Lucy Frew, formerly of Gide Loyrette Nouel LLP
Complying with the collective investment schemes sourcebook (COLL)

The following Financial Services practice note Produced in partnership with Lucy Frew, formerly of Gide Loyrette Nouel LLP provides comprehensive and up to date legal information covering:

  • Complying with the collective investment schemes sourcebook (COLL)
  • What is COLL?
  • Application of COLL
  • Definitions in COLL
  • Outline of COLL content
  • Retail schemes
  • UCITS management companies and product passports
  • Qualified investor schemes
  • Recognised schemes
  • Other relevant sourcebooks
  • More...

What is COLL?

The Collective Investment Schemes sourcebook (COLL) is a specialist sourcebook forms part of the Financial Conduct Authority (FCA) Handbook. It provides the detailed framework within which authorised funds operate.

The rules in Chapters 2 to 8 of COLL are a major part of the product regulation regime for investment companies with variable capital (ICVC) and authorised unit trust schemes (AUT). COLL:

  1. supplements the requirements in the Open-Ended Investment Companies Regulations 2001, SI 2001/1228 (OEIC Regulations) (for ICVCs) (for further information on both types of fund see OEIC and ICVC authorisation and winding-up)

  2. supplements the material in chapter III, Part XVII of the Financial Services and Markets Act 2000 (FSMA 2000) (for AUTs), and

  3. implements part of the requirements of UCITS Directive (EEC) 85/611 (UCITS Directive) on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) to meet EU law obligations relevant to authorised funds and management companies, with other requirements implemented in other parts of the FCA Handbook

COLL has a two-tier approach, depending on whether the authorised fund is capable of being promoted to the general public (retail schemes) or is sold to sophisticated investors (qualified investor schemes (QIS)). For further information on this fund type seeQualified investor schemes (QIS).

For further information on authorised funds and recognised schemes see Collective investment schemes—essentials

For

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