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

The following Financial Services practice note produced in partnership with 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: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

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 terms, an open-ended fund is one in respect of which the participants have a

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