OEIC and ICVC authorisation and winding-up
Produced in partnership with Macfarlanes

The following Financial Services practice note produced in partnership with Macfarlanes provides comprehensive and up to date legal information covering:

  • OEIC and ICVC authorisation and winding-up
  • What is an open ended investment company?
  • Authorisation of an OEIC or ICVC
  • Refusal of FCA authorisation
  • Incorporation and registration of an OEIC
  • Listing of OEICs equity shares ˋand the UKLA
  • Winding up and OEIC or ICVC
  • Approving changes to an OEIC or ICVC
  • Winding up and OEIC or ICVC by a court

OEIC and ICVC authorisation and winding-up

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 introduce the key concepts for open ended investment companies (OEIC), also known as investment companies with variable capital. The note also outlines the requirements of the Open Ended Investment Companies Regulations and Financial Services and Markets Act 2000, the requirements for obtaining Financial Conduct Authority (FCA) authorisation or the winding-up of an OEIC.

What is an open ended investment company?

An OEIC is a collective investment scheme (CIS) that is structured as a corporate vehicle. In the UK, regulated CIS can take the form of either:

  1. an OEIC, also known as an investment company with variable capital (ICVC) (these terms mean the same thing and are completely interchangeable), or

  2. a unit trust (UT). For further information on authorised UT's, see Practice Notes: Authorised unit trust authorisation and winding-up and Authorised unit trust—operational requirements under COLL

This Practice Note focuses on CIS organised as OEICs/ICVCs. For further

Popular documents