Non-UCITS retail schemes (NURS)
Produced in partnership with Ms Elizabeth Budd of Pinsent Masons
Non-UCITS retail schemes (NURS)

The following Financial Services practice note Produced in partnership with Ms Elizabeth Budd of Pinsent Masons provides comprehensive and up to date legal information covering:

  • Non-UCITS retail schemes (NURS)
  • What is a NURS?
  • NURS investment powers
  • NURS and the management of illiquid assets
  • Promotion of NURS
  • NURS KII document and the PRIIPs Regulation
  • The NURS prospectus and disclosures
  • Fund of Alternative Investment Funds (FAIFs)
  • Property Authorised Investment Funds (PAIFs)

BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on the impact of Brexit, see Practice Notes: 10 key steps asset managers and investment funds should be taking to prepare for the end of the Brexit transition period and Impact of Brexit: AIFMD—quick guide.

This Practice Note explores non-UCITS retail schemes (NURS) and comments on investment powers, new rules on NURS investing in illiquid assets, key investor information documents, promotion and NURS that are funds of alternative investment funds (FAIFs) or property authorised investment funds (PAIFs).

What is a NURS?

Alongside UK-authorised undertakings for collective investment in transferable securities (UCITS), non-UCITS retail schemes (NURS) are a second form of UK-regulated collective investment scheme (CIS). A NURS can take the form of an authorised unit trust (AUT), an open-ended investment company (OEIC), or an authorised contractual scheme (ACS) that is a NURS. Another form of non-UCITS scheme which is authorised by the Financial Conduct Authority (FCA) is the Qualified Investor Scheme (QIS) which is designed for professional clients rather than retail clients. For more information on QIS, see Practice Note: Qualified investor schemes (QIS).

In general

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