The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: The UK is due to leave the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on the UCITS regime, see Practice Note: Impact of Brexit: UCITS—quick guide.
Undertakings for collective investment in transferable securities (UCITS) are open-ended collective investment schemes which comply with the European directive on the co-ordination of laws, regulations and administrative provisions relating to the UCITS Directive (Directive 2009/65/EC) (also known as UCITS IV), as amended by Directive 2014/91/EU (UCITS V).
For further information on the UCITS regime, including a summary of the key directives and implementing directives and regulations, and what constitutes a UCITS, see: UCITS—overview.
The UCITS Directive was implemented in the UK through a combination of primary legislation in the Financial Services and Markets Act 2000 (FSMA 2000), secondary legislation, and by the Financial Conduct Authority (FCA) throughout its Handbook but primarily in the Collective Investment Schemes Sourcebook (COLL).
Within the FCA Handbook, the requirements implementing the UCITS Directive relating to the investor information obligations of UCITS constituted in the UK are set out primarily in COLL 4 (Investor Relations).
For further information on the application of COLL, see Complying with COLL.
Chapter IX of
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