Apply to be UK UCITS Man Co

Learn how to apply to become a management company (ManCo) for a UK Undertaking for Collection Investment in Transferable Securities (UCITS). Find out what permissions you’ll need and how much you’ll need to pay.

Managers of UK UCITS need to be authorised by us and, separately, all UK UCITS funds need to be authorised by us.

Read this page if you are intending to be the manager of a UK UCITS.

You will only be eligible to apply for the permission of managing a UK UCITS if you will be managing a fund established in the UK that is either an investment company with variable capital (ICVC), an authorised unit trust (AUT) or an authorised contractual scheme (ACS), which are all types of authorised fund. Further information on authorised funds is available here[1].

If you are intending on applying for the permission of managing a UK UCITS, before making your application you should request a meeting through our Pre-Application Support Service (PASS)[2].

If you are intending on managing a non-UK UCITS you should read our pages on Alternative Investment Fund Managers (AIFMs)[3] or Investment Managers[4] depending on your intended business model.

Permissions you’ll need

In order to manage a UK UCITS, you will require the Part 4A permission with the activity of managing a UK UCITS.

If you are applying to be a UK UCITS ManCo conducting MiFID top-up activities (i.e. management of portfolios for individual clients), you will require additional permissions (subject to the business restrictions set out in COLL 6.9.9R and FUND 1.4.3R).

Application fee

Your fee falls into pricing category 6.

Find out more[5] about your application fee.

Prudential requirements

Collective Portfolio Management (CPM) firms

If you are a UK UCITS ManCo that doesn’t undertake other activities, you will be a CPM firm and subject to IPRU-INV chapter 11 for your prudential requirements.

You should review the relevant sections of IPRU-INV11, in particular IPRU-INV Chapter 11.3.

Collective Portfolio Management Investment (CPMI)

CPMI firms are UK UCITS ManCos who undertake additional regulated activities (i.e. management of portfolios for individual clients).

If you're a CPMI firm, you'll be subject to both IRPU-INV Chapter 11 and MIFIDPRU (see IPRU-INV 11.6).

How to apply

Before you make your application, you should first submit a request for a pre application meeting through our Pre-Application Support Service (PASS)[2].

During any pre-application meeting we will discuss your proposed business and the information you will need to submit when you come to make your application, and you will have the opportunity to ask us any questions you may have.

What to include

Once you have had a PASS meeting and before submitting your application, make sure you've prepared:

your regulatory business plan, 3-year financial forecast and the other things we expect to see in all applications
the relevant required forms and supporting material listed below

Required forms

If you are a new applicant, you will need to submit all the forms below. However, if you are applying to vary your existing permission you should only provide the UCITS Man Co form and relevant forms below alongside your application.

Core details form
Disclosure of significant events appendix
IT Self-Assessment form
Checklist and Declaration Wholesale
Owners and influencers appendix
Fees and Levies Supplement – Wholesale
Form A(s)
Relevant Controller form
Organisation structure chart
Controller structure chart
UK CRR /CET1 forms (if applicable)
MIFIDPRU supplement (if applicable)
Suitability/appropriateness assessment (including any applicable scoring or methodology)

Other areas to consider

Your application should include information on the areas below. This needs to be detailed enough for us to assess the potential impact on your proposed business model.

Liquidity management

Explain how your portfolio/fund liquidity management policy ensures portfolio/fund liquidity is managed in line with our requirements and the expectations of your clients.

Consumer Duty

Explain your plans for ensuring your business can provide good outcomes for retail customers and will meet our cross-cutting and outcome rules. Find out more about the Consumer Duty[6].

Environmental, Social and Governance (ESG)

If ESG-related advice, products or services are expected to be a material part of your business model, we expect you to include information on your specific ESG competencies, any data products and your marketing strategy.

Applying for fund authorisation

Investment funds established in the UK and structured as collective investment schemes (CIS) must be authorised by us to be promoted to retail investors in the UK.

If you are not planning to take over an ICVC, AUT or ACS that already has obtained authorisation, you will need to make a separate application for the authorisation of your fund, in addition to applying for authorisation of your firm.

Find out how to apply for fund authorisation[1].

11/10/2024 : Information changed Application fee information updated

First published: 31/07/2024 Last updated: 11/10/2024 See all updates