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The Company will therefore not be subject to the marketing restrictions described in the FCA's Policy Statement on the Restrictions on the retail distribution of unregulated collective investment schemes and close substitutes, which came into effect on 1 January 2014.
Ucis, or to give them their full catchy title, unregulated collective investment schemes, can often hold assets such as fine wines, crops and timber.
UNREGULATED collective investment schemes (Ucis) can often hold assets such as fine wines, crops and timber.
Attached to the announcement was a rather densely written 92-page document entitled "CP12/19*** -- Restrictions on the retail distribution of unregulated collective investment schemes [UCIS] and close substitutes.
From a UK law perspective, PEPR is an unregulated collective investment scheme whose promotion is restricted by sections 238 and 240 of the Financial Services and Markets Act 2000.
FIDELITY ASIAN VALUES PLC (the 'Company') Retail distribution of the Company's shares The Board notes the proposed changes to the Financial Conduct Authority's ('FCA') rules relating to the restrictions on the retail distribution of unregulated collective investment schemes and close substitutes which will come into effect on 1 January 2014.
The Financial Services Authority (FSA) wants the promotion of unregulated collective investment schemes (Ucis) and similar products to be restricted to "sophisticated investors" and people who have a high net worth, for whom the products are more likely to be suitable.
The FSA also found that about 39 investors were advised to invest in Unregulated Collective Investment Schemes (UCIS), even though a regulatory restriction is in force on such investments.