Abstract
Abstract This chapter focuses on the regulatory framework for collective investment schemes (CISs). The Financial Services and Markets Act 2000 (FSMA) imposes a special regulatory regime on investment funds that fall within its wide definition of CIS, which has been placed within the scope of regulation since the enactment of the Financial Services Act 1986. The definition of CIS covers almost all types of investment funds with the exception of investment companies, investment trusts, and pooled investment special purpose vehicles. The chapter first considers the European directive for ‘undertakings for collective investment in transferable securities’ (UCITS) and the introduction of open-ended investment companies (OEICs) in the UK before discussing the European Union's directive for alternative investment funds and the regulatory categorisation of CISs in the UK. It also analyses the regulation of authorised unit trust schemes and the FSMA's ‘general prohibition’ and ‘financial promotion restriction’ provisions.
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