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ARTICLE · 25 JUNE 2013

Structured Thoughts: Volume 4, Issue 9 - June 17, 2013

Morrison Foerster
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UK’s FCA Restricts Marketing of Unregulated Collective Investment Schemes and Similar Products to Retail Investors

United StatesFinance and Banking
Lloyd Harmetz
Lloyd Harmetz
Jeremy Jennings-Mares
Jeremy Jennings-Mares
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UK's FCA Restricts Marketing of Unregulated Collective Investment Schemes and Similar Products to Retail Investors

Following a public consultation conducted by its predecessor, the Financial Services Authority (FSA), the Financial Conduct Authority (FCA) of the UK has published new, final rules1 restricting the distribution of unregulated collective investment schemes and "close substitutes" to certain retail investors.

Unregulated collective investment schemes (UCIS) are collective investment schemes (as defined in Section 235 of the Financial Services and Markets Act 2000), the operator of which has not applied for or obtained authorised or recognised scheme status from the FCA. These CIS are not generally subject to the FCA rules on the operation of collective investment schemes, such as in relation to a CIS' investment and borrowing powers, its management of risk, information to investors and provisions regarding fees and other investor protection measures.

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