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Section 261S: Proposal to convert to a non-feeder UCITS

Financial Services and Markets Act 2000 · 2000 c. 8View on legislation.gov.uk

Part XVII: Collective Investment Schemes — CHAPTER3A: AUTHORISED CONTRACTUAL SCHEMES

This section applies where the operator of an authorised contractual scheme which is a feeder UCITS proposes to make an alteration to the scheme which—

involves a change in the contractual scheme deed, and
will enable the scheme to convert into a UK UCITS which is not a feeder UCITS.

The operator must give written notice of the proposal to the FCA.

Any notice given in respect of such a proposal must be accompanied by—

a certificate signed by a solicitor to the effect that the change will not affect the compliance of the deed with the contractual scheme rules; and
the specified information.

The FCA must, within 15 working days after the date on which it received the notice under subsection (2), give—

written notice to the operator of the scheme that the FCA approves the proposed amendments to the contractual scheme deed, or
separate warning notices to the operator and depositary of the scheme that the FCA proposes to refuse approval of the proposed amendments.

Effect is not to be given to any proposal of which notice has been given under subsection (2) unless the FCA, by written notice, has given its approval to the proposal.

If, having given a warning notice to a person, the FCA decides to refuse approval—

it must give that person a decision notice; and
that person may refer the matter to the Tribunal.

Subsection (8) applies where—

the notice given under subsection (2) relates to a proposal to amend the contractual scheme deed of a feeder UCITS to enable it to convert into a UK UCITS which is not a feeder UCITS following the winding-up of its master UCITS; and
the proceeds of the winding-up are to be paid to the feeder UCITS before the date on which the feeder UCITS proposes to start investing in accordance with the new investment objectives and policy provided for in its amended contractual scheme deed and contractual scheme rules.

Where this subsection applies, the FCA may only approve the proposal subject to the conditions set out in section 283A(5) and (6).

In this section "specified" means—

specified in rule 11.6.3(2) of the Collective Investment Schemes sourcebook, or
specified in UCITS-related direct EU legislation.

About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.