Part XVII

Collective Investment Schemes
CHAPTER
3A

AUTHORISED CONTRACTUAL SCHEMES

Alterations

Proposal to convert to a non-feeder UCITS
261S
1
This section applies where the operator of an authorised contractual scheme which is a feeder
UCITS
proposes to make an alteration to the scheme which—
a
involves a change in the contractual scheme deed, and
b
will enable the scheme to convert into a
UK
UCITS
which is not a feeder
UCITS
.
2
The operator must give written notice of the proposal to the
FCA
.
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 contractual scheme rules; and
b
the specified information.
4
The
FCA
must, within 15 working days after the date on which it received the notice under subsection (2), give—
a
written notice to the operator of the scheme that the
FCA
approves the proposed amendments to the contractual scheme deed, or
b
separate warning notices to the operator and depositary of the scheme that the
FCA
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
FCA
, by written notice, has given its approval to the proposal.
6
If, having given a warning notice to a person, the
FCA
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 contractual scheme deed of a feeder
UCITS
to enable it to convert into a
UK
UCITS
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 contractual scheme deed and contractual scheme rules.
8
Where this subsection applies, the
FCA
may only approve the proposal subject to the conditions set out in section 283A(5) and (6).
9
In this section “specified” means—
a
specified in rule 11.6.3(2) of the Collective Investment Schemes sourcebook, or
b
specified in UCITS-related direct EU legislation.
Word in s. 261S(7)(a) inserted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 19(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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))
Word in s. 261S(1)(b) inserted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 19(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
S. 261S(9)(a)(b) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 19(4) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Pt. 17 Ch. 3A inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(12) (with reg. 24)