Promotion of regulated collective investment schemes
Promotion of regulated collective investment schemes

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Promotion of regulated collective investment schemes
  • Types of collective investment scheme
  • The restrictions on financial promotion of CIS
  • The relevant restrictions
  • The general prohibition
  • The financial promotion restriction
  • The restriction on the promotion of CISs
  • The restriction on approval of CIS promotions
  • Operation of the restrictions
  • Promotion of regulated CIS by authorised persons
  • More...

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 the financial promotion requirements for regulated collective investment schemes only. To explore the financial promotion requirements applicable to unregulated collective investment schemes see Practice Note: Promotion of unregulated collective investment schemes (UCIS).

Types of collective investment scheme

A collective investment scheme (CIS) is defined as any arrangements with respect to property of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property or sums paid out of such profits or income (see section 235(1) of the Financial Services and Markets Act 2000 (FSMA 2000). For a full explanation of the types of CIS, see Practice Note: Collective investment schemes—essentials

A CIS may be:

  1. regulated (see Practice Note: Regulated

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