C6Part XVII Collective Investment Schemes
Chapter III Authorised Unit Trust Schemes
Alterations
C1I1251 Alteration of schemes and changes of manager or trustee.
C2F1A1
This section applies where the manager of an authorised unit trust scheme proposes—
a
to make an alteration to the scheme, other than an alteration—
i
to which section 252A applies; or
ii
to which Part 4 of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 (mergers) applies; or
b
to replace its trustee.
1
The manager must give written notice of the proposal to the F5FCA.
2
Any notice given in respect of a proposal to alter the scheme involving a change in the trust deed must be accompanied by a certificate signed by a solicitor to the effect that the change will not affect the compliance of the deed with the trust scheme rules.
C33
The trustee of an authorised unit trust scheme must give written notice to the F5FCA of any proposal to replace the manager of the scheme.
4
Effect is not to be given to any proposal of which notice has been given under subsection (1) or (3) unless—
a
the F5FCA, by written notice, has given its approval to the proposal; or
b
one month, beginning with the date on which the notice was given, has expired without the manager or trustee having received from the F5FCA a warning notice under section 252 in respect of the proposal.
5
The F5FCA must not approve a proposal to replace the manager or the trustee of an authorised unit trust scheme unless it is satisfied that, if the proposed replacement is made, the scheme will continue to comply with the requirements of section 243(4) to (7).
C4I2252 Procedure when refusing approval F2of a proposal under section 251.
1
2
C53
To be valid the warning notice must be received by that person before the end of one month beginning with the date on which notice of the proposal was given.
4
If, having given a warning notice to a person, the F5FCA decides to refuse approval—
a
it must give him a decision notice; and
b
he may refer the matter to the Tribunal.
252AF4Proposal to convert to a non-feeder UCITS
1
This section applies where the manager of an authorised unit trust scheme which is a feeder UCITS proposes to make an alteration to the scheme which—
a
involves a change in the trust deed, and
b
will enable the scheme to convert into a F6UKUCITS which is not a feeder UCITS.
2
The manager must give written notice of the proposal to the F5FCA.
3
Any notice given in respect of such a proposal must be accompanied by—
a
a certificate signed by a solicitor to the effect that the change will not affect the compliance of the deed with the trust scheme rules; and
b
the specified information.
4
The F5FCA must, within 15 working days after the date on which it received the notice under subsection (2), give—
a
written notice to the manager of the scheme that the F5FCA approves the proposed amendments to the trust deed, or
b
separate warning notices to the manager and trustee of the scheme that the F5FCA proposes to refuse approval of the proposed amendments.
5
Effect is not to be given to any proposal of which notice has been given under subsection (2) unless the F5FCA, by written notice, has given its approval to the proposal.
6
If, having given a warning notice to a person, the F5FCA decides to refuse approval—
a
it must give that person a decision notice; and
b
that person may refer the matter to the Tribunal.
7
Subsection (8) applies where—
a
the notice given under subsection (2) relates to a proposal to amend the trust deed of a feeder UCITS to enable it to convert into a F7UKUCITS which is not a feeder UCITS following the winding-up of its master UCITS; and
b
the proceeds of the winding-up are to be paid to the feeder UCITS before the date on which the feeder UCITS proposes to start investing in accordance with the new investment objectives and policy provided for in its amended trust deed and scheme rules.
8
Where this subsection applies, the F5FCA may only approve the proposal subject to the conditions set out in section 283A(5) and (6).
9
In this section, “specified” means—
F8a
specified in rule 11.6.3(2) of the Collective Investment Schemes sourcebook, or
F8b
specified in UCITS-related direct EU legislation.
Pt. 17 modified (20.2.2019) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(3), 62 (as amended (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 12(b))