Lora Froud

This note explores key areas of qualified investor schemes (QIS), a UK regulated collective investment scheme (CIS) which sits alongside the UK UCITS, non UCITS retail schemes (NURS) and long-term asset fund (LTAF) regimes. The note comments on investment powers, possible investors, redemption considerations and promotion as well as possible tax points to consider. This note provides an introduction, which could be followed by detailed consideration of the relevant provisions of the Financial Conduct Authority (FCA) Handbook, as referenced in this note.

This one minute guide discusses the scope, impact, new concepts and next steps of the EU Sustainability-Related Disclosure Regulation (EU SFDR) (Regulation (EU) 2019/2088, as amended).

In the UK, an unregulated CIS (UCIS) is any collective investment scheme (CIS) that is not regulated by the Financial Conduct Authority (FCA) as either an authorised fund or a recognised scheme. Although UCIS themselves are not regulated, from a UK regulatory perspective certain UK legislation and FCA regulation, including provisions implementing EU directives, will still apply. This note details the applicable provisions.

Financial Services analysis: The Productive Finance Working Group, a group of industry representatives convened and chaired by the UK authorities, have published their recommendations to the government, the Financial Conduct Authority (FCA), and the industry to promote the Long-Term Asset Fund (LTAF) and to encourage defined contribution (DC) pension scheme trustees to invest in the new fund vehicle. Lora Froud, partner, and Gavin Haran, head of policy for asset management at Macfarlanes analyse these recommendations and the next steps.