CIS Authorisations team
What we do
The core remit of the Collective Investment Schemes Authorisations team (CISA) is to consider and authorise applications for new onshore funds. These can be either authorised unit trusts (AUTs) or investment companies with variable capital (ICVCs). In addition we are responsible for considering and approving proposed changes to existing authorised funds, as well as approving the start of a fund's winding-up. We also deal with notifications and applications from overseas operators requesting recognition of their funds in the UK.
For details of the submission process and the supporting documents you should submit with applications and notifications, please see the explanatory notes of the relevant form. For overseas funds that are UCITS you should see marketing of foreign UCITS in the UK.
Note: UCITS are funds which comply with Council Directive 85/11/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities, as amended.
Our statutory obligations
New applications
We must process complete applications for all AUTs, ICVCs and overseas funds applying under section 272 of the Financial Services and Market Act 2000 (FSMA) (Individually Recognised Funds) within six months of receipt by CISA. We must process notifications under section 264 FSMA (EEA Funds that are UCITS) and section 270 FSMA (Designated Territories Funds), within 2 months of receipt.
Alterations
We must process complete alteration applications for AUTs, ICVCs and funds recognised under section 272 FSMA within one month of receipt.
Our service standard obligations
We have set ourselves more rigorous service standards than the law requires for the authorisation of a UK UCITS. We aim to authorise seventy five per cent of applications for authorisation within six weeks of receipt. Please bear in mind that if you take time to respond to our comments the application process may take longer.
Filing of documents
UK funds
Prospectuses – You should file a copy of your fund's original prospectus, together with all revisions to it, with us. This includes updates to the prospectus that do not require our approval - see COLL 4.2.3R(1)(b) (the Collective Investment Schemes sourcebook).
Simplified prospectuses – You should file the initial simplified prospectus for UCITS, together with each revision to it, with us - see COLL 4.6.5R(1) (the Collective Investment Schemes sourcebook).
Report and accounts - You should send us annual and half yearly reports – see COLL 4.5.14R(2)(d).
Final notifications - After we have approved an alteration you should use Form FN, to tell when you have effected the proposed alteration. We will then update our records and the CIS Register. If the change is one of those listed in COLL 6.9.11R you must notify us no later than fourteen days of it happening. You should also send us copies of any updated prospectus and/or instrument of incorporation or executed supplemental trust deed, with the Form FN.
Recognised funds
If there is a change in the information you gave us for the initial recognition you should tell us about the changes and send us the revised documents. For UCITS you should use Form 264CH - see COLL 9.2.1G.
Submission of fund documents
From 1 September 2007 all documents filed with us should be submitted electronically to the CIS mailbox. This includes Form FN and 264CH notifications.
For now you should continue to send all new fund applications and notifications for alterations to UK funds as hard copies. We are updating our systems and will contact all fund managers once we can accept such submissions electronically.
Naming convention
You should save all documents you submit to us electronically using our standard naming convention which is FUND NAME SUBJECT DATE (YYYYMMDD). For example:
| DOCUMENT | NAMING CONVENTION |
| Prospectus | NAME PROSPECTUS DATE |
| Instrument | NAME INSTRUMENT DATE |
| Trust Deed | NAME TD DATE |
| Supplemental Trust Deed | NAME SUP TD DATE |
| Simplified Prospectus | NAME (and sub-fund name if applicable) SP DATE |
| Annual report | NAME (and sub-fund name if applicable) ANNUAL DATE |
| Interim Report | NAME (and sub-fund name if applicable) INTERIM DATE |
Termination Accounts |
NAME (and sub-fund name if applicable) TERM ACC DATE |
| Form FN | NAME FN DATE |
| Form 264CH | NAME 264CH DATE |
| UCITS certificate or confirmation from home state regulator | NAME CERT DATE |
CIS fund and sub-fund population
The table below shows the authorised UK funds and recognised overseas funds and sub-funds, on 31 October 2008.
| UK AUTs | Funds | Sub-funds |
| UCITS | 634 | 36 |
| NURS (Non-UCITS Retail Scheme) | 138 | 69 |
| QIS (Qualified Investor Scheme) | 7 | 25 |
| UK ICVCs | ||
| UCITS | 347 | 1724 |
| NURS | 144 | 290 |
| QIS | 9 | 18 |
| Overseas funds | ||
| UCITS | 420 | 4500 |
| Designated Territory | 27 | 73 |
| Individually Recognised | 5 | 4 |