Promotion of unregulated collective investment schemes (UCIS)

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

  • Promotion of unregulated collective investment schemes (UCIS)
  • The restrictions on promotion of UCIS
  • The promotion of UCIS by authorised persons
  • The promotion of UCIS by unauthorised persons
  • Jurisdiction
  • COBS 4 and MiFID Business
  • Promotion by authorised persons
  • The Promotion of CIS Order 2001
  • Exemptions in COBS 4.12
  • Promotion of UCIS by unauthorised persons
  • More...

Promotion of unregulated collective investment schemes (UCIS)

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 UK restrictions placed on the promotion of an unregulated collective investment scheme (UCIS). For information on the restrictions on the financial promotion of a regulated collective investment scheme (CIS), see Practice Note: Promotion of regulated collective investment schemes.

An unregulated collective investment scheme (UCIS is any collective investment scheme (CIS) that does not fall within one of the categories of regulated CIS because it does not comply with the strict investment and borrowing criteria of regulated CIS (see Practice Note: Regulated collective investment schemes for information on what constitutes a regulated CIS). In practice, this means that a UCIS is neither authorised by the Financial Conduct Authority (FCA) or considered a recognised scheme (see Practice Note: Recognised collective investment schemes for further information on the meaning of recognised CIS).

In the UK, UCIS are considered a real risk to retail investors. Prior

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