Investment funds that are structured as collective investment schemes (CIS) must be authorised or recognised by us to be promoted to retail investors in the UK. We explain these terms.
Recognised funds
A fund that is established outside the UK must be recognised by us to be promoted to retail investors in the UK under:
- section 272 of the Financial Services and Markets Act 2000 (FSMA)
- section 271A of the Financial Services and Markets Act 2000 (FSMA) – the Overseas Funds Regime (OFR)
- the Temporary Marketing Permissions Regime (TMPR)
A recognised fund may also be called a 'recognised CIS' or 'overseas scheme'.
Scheme numbers
Stand-alone |
Umbrella |
Sub-funds |
|
|---|---|---|---|
| UK ACS | |||
| UCITS | 0 | 5 | 60 |
| NURS (non-UCITS retail scheme) | 0 | 10 | 129 |
| QIS (qualified investor scheme) | 1 | 11 | 110 |
| LTAF (long-term asset fund) | 0 | 4 | 8 |
| UK AUTs | |||
| UCITS | 448 | 20 | 133 |
| NURS (non-UCITS retail scheme) | 139 | 27 | 99 |
| QIS (qualified investor scheme) | 4 | 6 | 12 |
| UK ICVCs | |||
| UCITS | 70 | 339 | 1855 |
| NURS (non-UCITS retail scheme) | 116 | 143 | 695 |
| QIS (qualified investor scheme) | 10 | 6 | 8 |
| LTAF (long-term asset fund) | 0 | 5 | 5 |
| Overseas funds | |||
| EEA UCITS (that are in the TMPR)* | 85 | 698 | 7991 |
| EEA UCITS (that are recognised under OFR) | 0 | 8 | 54 |
| Individually recognised (s272) | 2 | 17 | 64 |
*We do not expect all the funds that are currently marketing in the UK under the Temporary Marketing Permissions Regime (TMPR) to apply under the Overseas Funds Regime (OFR).
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