Non-UCITS retail schemes (NURS)

Copyright © 2025 LexisNexis
Produced in partnership with Elizabeth Budd of Pinsent Masons
Practice notes

Non-UCITS retail schemes (NURS)

Copyright © 2025 LexisNexis

Produced in partnership with Elizabeth Budd of Pinsent Masons

Practice notes
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This Practice Note explores non-UCITs Retail schemes (NURS) and comments on Investment powers, key investor information documents (KIIDs), promotion and NURS that are funds of alternative investment funds (FAIFs) or property authorised investment funds (PAIFs).

What is a NURS?

Alongside UK-authorised undertakings for collective investment in transferable securities (UCITS), non-UCITS retail schemes (NURS) are a second form of UK-regulated collective investment scheme (CIS). A NURS can take the form of an authorised unit trust (AUT), an open-ended investment company (OEIC), or an authorised contractual scheme (ACS). Other forms of non-UCITS scheme which are authorised by the Financial Conduct Authority (FCA) are the Qualified Investor Scheme (QIS), which is designed for professional clients rather than retail clients, and the Long Term Asset Fund (LTAF) which is designed to invest in illiquid and long-term assets. For more information on QIS, see Practice Note: Qualified investor schemes (QIS) and for more information on LTAFs see Practice Note: The UK Long-Term Asset Fund (LTAF).

In general terms, an open-ended fund is one in respect of which the participants have a

Elizabeth Budd
Elizabeth Budd

Partner, Pinsent Masons

Elizabeth Budd is a financial services regulatory partner with extensive expertise advising asset managers, fund managers, depositaries, wealth managers, fund distributors including platforms, and insurance companies on the constantly shifting landscape in the UK and EU.
 
On the funds side she has established UCITS and AIFs structured as unit trusts, open ended investment companies and limited partnerships, on-shore and off-shore. She has also advised extensively on the distribution of fund products.
 
Elizabeth has recently advised on perimeter issues, application for authorisation and variations of permission, regulatory implications of employment and LLP disputes in authorised firms, and on MiFID II. She has worked with a number of fund managers of authorised, unauthorised and listed funds to implement the Alternative Investment Fund Managers Directive and on restructurings of investment funds. For insurance clients she has advised on Part VII transfers, reviewing policy documentation and broker terms.

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
UCITs definition
What does UCITs mean?

UCITS stands for ‘undertakings for collective investment in transferable securities’. The regulatory regime for UCITS is set out in Directive 2009/65/EC (EU UCITS Directive) and Retained Directive 2009/65/EC (UK UCITS Directive). UCITS funds can take a variety of forms and structures including the société d’investissement à capital variable (SICAV) and fond commun de placement (FCP). In the UK, UCITS funds may be organised as an open-ended investment company (OEIC, also known as an ‘investment company with variable capital’ (ICVC)), an authorised unit trust or an authorised contractual scheme (ACS). UCITs can be marketed to retail investors throughout the EEA and UK and are therefore highly regulated products.

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