To amend a recognised fund you must send us a notification for approval of the proposed change. We explain the process you should follow.
To amend a recognised fund you must send us a notification for approval of the proposed change. We explain the process you should follow.
To amend a fund previously recognised under section 264, and currently within the temporary marketing permissions regime (TMPR) or 272 of the Financial Services and Markets Act 2000 (FSMA), you must send us the relevant form or a written notice, and any supporting documents.
What you need to provide depends on the change you want make and the section of FSMA that the fund, scheme or sub-fund is recognised under.
Your notification may be considered incomplete if you don’t answer all the 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 'de-recognising' a recognised fund.
You can only make the change after we have approved it and you notify us that the change has been made.
Previously recognised UCITS under section 264 of FSMA and within TMPR
To amend an undertaking for collective investment in transferable securities scheme (UCITS) previously recognised under section 264 of FSMA, and within the temporary marketing permissions regime (TMPR), you should submit the following form:
- notification to amend a recognised EEA UCITS: Form TMPR CH[1]
Until you receive your landing slot to enter the Overseas Funds Regime (OFR) you should continue to follow the process currently in place to update fund details or to add new sub funds to umbrellas in TMPR (if they satisfy the requirements).
You should not submit this form if you are only updating scheme documentation. The changes you may want to make to a recognised EEA UCITS within the TMPR include:
- change of scheme name
- change of scheme type
- change of operator, custodian or facilities in the UK
- change of name or address details for any of the above entities
- change to the supervisory authority
- change to the details of the arrangements for marketing of the EEA UCITS in the UK
- change to sub-fund names
- termination of sub-funds
- or any other information that may affect a scheme's recognition
This list is not exhaustive.
Recognised fund under section 272 of FSMA
To amend a fund, recognised under section 272 of FSMA, you need to submit written notice as detailed in section 277 of FSMA.
If you intend to stop promoting a recognised fund, scheme or sub-fund to retail investors in the UK, the operator or a representative of the operator must submit a written request to us to 'de-recognise' it.
You must notify the FCA of material alterations in advance of the proposal being implemented in accordance with section 277 of FSMA.
Material alterations include, but not limited to, those listed within COLL 9.3.10R and COLL 9.3.11G.
Recognised fund under section 271a of FSMA
Funds recognised under section 271a FSMA need to notify us of the following changes, some changes should be made via Connect and others via email.
The below changes need to be notified via the Material Change Notification form under the Overseas Funds Regime option on Connect:
- Fund’s name
- Fund’s legal structure (i.e. ICAV to FCP)
- LEIs and unique indicators at fund level
- Fundamental change to a fund’s investment objective, policy or strategy for example, a change of the predominant investment from equities to bonds
- Any change to a benchmark against which fund performance is tracked or compared
- Matters that would be likely to cause a significant negative effect on UK investors at fund or class level
- Fund’s target UK investors – whether retail, institutional or both – at fund or class level
- Material change to fund’s minimum investment applicable to UK investors at class level. Specifically, if the minimum investment will equal or exceed £50,000
- Replacement of the fund operator
- Appointment or replacement of connected parties: depositary, delegated investment manager, fund sponsor, UK representative of the operator or the UK financial promotions approver
- Change of name of the fund operator or any connected party
- Change of address of the fund operator, depositary, the UK representative of the operator or the place in the UK for services of notices
- A request to de-recognise the stand-alone scheme / umbrella / sub-fund when it will remain in existence, but the operator no longer wishes it to be marketed in the UK.
- Termination of a stand-alone scheme / umbrella / sub-fund in its home jurisdiction
Fund operators should notify [email protected] by email to register new share classes of funds recognised under OFR, copies of the latest KIIDs/CCIs should be included within this email.
Fund operators should notify [email protected] by email of the following changes:
- The fund operator becomes aware that it has contravened or expects to contravene any requirement imposed on it by FSMA
- Supervisory sanctions imposed on the operator / fund itself by the home state regulator(s), once in the public domain
- Any restrictions on your activities that have been voluntarily agreed by you
- Suspension of dealing in fund’s units / shares (we do not need to be notified of circumstances where you have had to suspend the fund that have been outside of your control e.g. public holidays, adverse weather events causing markets to close etc)
Submitting a notification
The written notice, and supporting documents and information, must be emailed to [email protected].
We are required to process completed notifications to change a recognised fund within 1 month.
Approval of the change
A case officer will review the notification and contact you with any comments or to ask for more information or clarification.
If we have any queries about your application or notification, you must address them and respond to us within the deadline we give you.
Following the initial review, the notification will be submitted for second review. This may result in more comments or questions that you must respond to before the change is made.
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 will need to send us the latest version of the scheme documentation.
Once you notify us the change has been made, we will update the Financial Services Register[2], where applicable.
If you have requested to de-recognise a fund, we will send you an email confirmation when the FS Register has been updated.
Contact us
If you have a query about an open notification to amend a recognised fund, you should first contact your case officer. The details will be included in an email we send confirming that we have received your notification.
Email any other questions to [email protected] and we will get back to you as soon as possible.
