Adding a new sub-fund to an umbrella scheme in the TMPR

The Collective Investment Schemes (CIS) Regulations create a UK-wide TMPR for Undertakings for the Collective Investment in Transferable Securities (UCITS) funds which were already passporting into the UK before the end of the transition period. The Regulations have extended this regime to new sub-funds.

To use the regime, a sub-fund will need to satisfy the conditions specified in regulation 63(3) of the CIS Regulations:

• the new sub-fund became authorised by its home state regulator on or after 31 December 2020
• when the new sub-fund becomes authorised by its home state regulator, at least one other sub-fund of the new sub-fund’s umbrella scheme must be a recognised scheme in the TMPR
• after the new sub-fund becomes authorised by its home state regulator and while at least one other sub-fund of the umbrella scheme continues to be so authorised, the operator of the new sub-fund must notify us that they wish the new sub-fund to enter the TMPR
• the notification must be given before the start of the period specified by us directing the umbrella scheme to apply for recognition under section 271A of the Financial Services and Markets Act 2000 (Overseas Funds Regime (OFR))

Notifying a new sub-fund

If you’re notifying us about a new sub-fund, you must confirm the points above.

See our direction for more information.

You will need to comply with the terms of our direction. You must:

• submit the notification letter for recognition of the new sub-fund
• provide relevant documents and information as set out in notification letter, including a copy of the approval letter/attestation from the home state regulator confirming authorisation for the new sub-fund happened on or after 31 December 2020
• include in the prospectus (or supplement to the prospectus) and notification letter the address and details of facilities that will be maintained in the UK as required by COLL 9.4 – for example, to allow members of the public to inspect the scheme documentation
• provide the name(s) of the firm(s) that will carry out the marketing activities for the UCITS in the UK – you also need to ensure the firm(s) has/have the necessary permission to do so under FSMA 

Information for TMPR fund operators intending to apply under the Overseas Funds Regime  

You can continue to add sub-funds under TMPR until 2 weeks before your umbrella landing slot opens.

If you wish to add new sub-funds after that point, you will need to wait until the umbrella has been recognised in the UK under OFR.

If you’re a fund operator in the TMPR planning to apply to be recognised in the UK under the OFR, make sure your fund population data is accurate and stable at the beginning of your landing slot window.

Fund population data will be automatically reproduced in your application form.

We ask that you do not make any changes to the fund population data once your allotted landing slot opens. 

We encourage fund operators to plan ahead accordingly.  

How to check your fund population data

The easiest way to check the fund population we hold for you as a fund operator is by using the fund search on our Register.

Alternatively, if you want a copy of the funds held on our records, email [email protected], including:

• your firm reference number (FRN)
• details of your request