On 2 September the FSA published PS11/10 – ‘Transposition of the revised UCITS Directive’ – incorporating the various changes to the Handbook, mainly COLL, brought about as a result of implementing the Directive. However, as the latter was implemented in the UK on 1 July, the transposition deadline, (and hence the revised rules are already in force), the publication is really more a feedback summary.

Regulatory Roundup 24 covered the joint FSA and Treasury consultation paper on the implementation of UCITS IV. As a reminder, changes included:

The introduction of master-feeder arrangements (COLL 11);

A reform in the way the existing product passport works (COLL 12.4);

The introduction of the management passport (COLL 12.2); and

Replacing the simplified prospectus with the key investor information document (KIID) (COLL 4.7). Note that the KIID is only relevant to UCITS schemes and not non-UCITS retail schemes (NURS).

Although most amendments are to COLL, there are knock-on effects in other parts of the Handbook e.g. the introduction of COBS 4.13 covering UCITS marketing communications. Reference to annexes A to N of PS11/10 will show the full impact on the Handbook.