To amend or wind up an authorised fund you must send us a notification for approval of the proposed change. We explain the process you should follow.
To amend an authorised contractual scheme (ACS), authorised unit trust (AUT) or investment company with variable capital (ICVC), you first have to submit the relevant form and supporting documents to us.
Your notification may be considered incomplete if you don’t answer all relevant questions or provide the required information without telling us why, or if you don’t sign the declaration.
There is currently no fee for amending or winding up an authorised fund.
You can only make the change after we have approved it and you notify us the change has been made.
Notification forms
The form you need to submit depends on the type of fund and the change you want make.
It may also depend on whether it comes under:
- a section under the Financial Services and Markets Act 2000 (FSMA)
- the regulation under the Open-Ended Investment Companies Regulations 2001 (OEIC Regulations), or
- Undertakings for Collective Investment in Transferable Securities Regulations 2011
The notification forms are:
- amend an ACS under section 261Q of FSMA: Form 261Q[1] (DOC)
- amend an ACS under section 261S of FSMA: Form 261S[2] (DOC)
- amend an AUT under section 251 of FSMA: Form 251[3] (DOC)
- amend an AUT under section 252A of FSMA: Form 252A[4] (DOC)
- amend an ICVC under regulation 21 of the OEIC Regulations: Form 21[5] (DOC)
- amend an ICVC under regulation 22A of the OEIC Regulations: Form 22A[6] (DOC)
- amend a UCITS under section 283A of FSMA: Form 283A[7] (DOC)
- domestic UCITS merger under regulation 9 of the Undertakings for Collective Investment in Transferable Securities Regulations 2011: Form 9[8] (DOC)
We will process completed notifications using forms 22A, 252A, 261S and 283A within 15 working days; form 9 within 20 working days; and forms 21, 251 and 261Q within 1 month.
Supporting documents
Each of the notification forms includes information on documents that you should include with your notification, where relevant.
If the fund is a non-UCITS retail scheme (NURS), a qualified investor scheme (QIS) or a long-term asset fund (LTAF) managed by a UK AIFM, you must also notify us of the new AIF under management or AIFMD material change notification, where relevant:
Fund of alternative investments funds
To amend an existing fund so it can operate as a fund of alternative investments fund (FAIF), you must include details of the due diligence process as required under COLL, including:
- written procedures
- resources
- delegated functions
- confirmation the depositary is satisfied with the process, and
- any due diligence already undertaken for target schemes
MMF
- the MMF checklist[11] (DOC)
KIID/NURS-KII/PRIIPS KID draft document
When proposing to amend an authorised fund, you can provide one draft KIID/NURS-KII/PRIIPS KID document as an illustration of the proposal, such as a draft KIID/NURS-KII/PRIIPS KID reflecting income units with any differences within unit class designations being identified.
You will also have to confirm that any amendments made during our review process will be included in the final versions to be submitted with Form FN[12] (DOC).
You must submit a KIID/NURS-KII/PRIIPS KID for all unit classes being issued, unless a representative KIID/NURS-KII/PRIIPS KID is being produced, with Form FN.
Depositary signatures
To amend an ICVC using Form 21[5] (DOC) or AUT using Form 251[3] (DOC), or an ACS using Form 261Q[1] (DOC), the scheme depositary must sign the application form, or a copy of the original application form, to confirm they are aware of the change(s) being proposed and that, in their opinion, the change(s) comply with our rules at the time of the notification.
Where the depositary’s signature is submitted to us on a copy of the original application, it must also be obtained on an original signed copy of the form and retained for a reasonable period of time.
By providing a depositary signature, the depositary agrees to be contacted by the FCA over the course of the application.
During our review of the application, we may share information/questions with both the AFM and depositary, and the signing of the application form results in your agreement.
Approving the change
When we make a decision on your notification we will send you an email confirmation.
Note that our approval is only for a proposed change, until you notify us that the change has been made. You must:
- submit Form FN[12] (DOC)
- file the latest versions of the scheme documents with us
Once you notify us the change has been made, we will the update the Financial Services Register[13], where relevant.
Contact us
If you have a query about an open application or notification, you should contact your case officer – the details will be included in the email we send confirming that we have received your application.
Email any other questions to [email protected] and we will get back to you as soon as possible.
