Transitional Provisions and Schedules

Part

UPRU Prudential sourcebook for UCITS Firms

Chapter

Transitional Provisions and Schedules

Printed on: 03/07/2024

Rulebook at: 01/01/2007

Transitional Provisions and Schedules

UPRU TP 1

Transitional Provisions for UPRU

(1)

(2)
Material to which the transitional provision applies

(3)

(4)Transitional provision

(5)
Transitional provision: dates in force

(6)
Handbook provision: coming into force

This sourcebook

An operator of a UCITS scheme authorised on or before 12 February 2004 need not comply with the provisions in this sourcebook until 12 February 2007 provided it continues to comply instead with the provisions in IPRU(INV) 5 and it continues to restrict its activities to those specified under CIS 16.5.1 R (1) to (3) or COLL 6.9.9 R (1) to (3), as appropriate.

From 01/01/07 to 12/02/07

01/01/07

01/01/2007

UPRU Sch 1

Record keeping requirements

01/01/2007

UPRU Sch 1.1

Handbook reference

Subject of record

Contents of record

When record must be made

Retention period

UPRU 2.4.1 R

accounting records

proper accounting records to show and explain the firm's own account transactions

not specified

01/01/2007

UPRU Sch 2

Notification requirements

01/01/2007

UPRU Sch 2

There are no reporting requirements in this sourcebook.

01/01/2007

UPRU Sch 3

Fees and other required payments

01/01/2007

UPRU Sch 3

There are no requirements for fees or other payments in this sourcebook.

01/01/2007

UPRU Sch 4

Powers exercised

01/01/2007

UPRU Sch 4.1

The following powers and related provisions in or under the Act have been exercised by the FSA to make the rules in UPRU:

Section 138 (General rule-making power)

Section 140 (Restrictions on managers of authorised unit trust schemes)

Section 156 (General supplementary powers)

Section 242 (Applications for authorisation of unit trust schemes)

Section 247 (Trust scheme rules)

Section 248 (Scheme particulars rules)

Regulations 6 (FSA rules) and 12 (Applications for authorisation) of the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228)

01/01/2007

UPRU Sch 4.2

The following powers in the Act have been exercised by the FSA to give the guidance in UPRU:

Section 157(1) (Guidance)

01/01/2007

UPRU Sch 5

Rights of action for damages

01/01/2007

UPRU Sch 5.1

The table below sets out the rules in this sourcebook contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention.

If a Yes appears in the column headed For private person, the rule may be actionable by a private person under section 150 unless a Yes appears in the column headed Removed. A Yes in the column headed Removed indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given.

In accordance with The Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001\2256), a private person is:

(1)

any individual, except when acting in the course of carrying on a regulated activity; and

(2)

any person who is not an individual, except when acting in the course of carrying on business of any kind;
but does not include a government, a local authority or an international organisation.

The column headed "For other person?" indicates whether the rule is actionable by a person other than a private person, in accordance with those Regulations. If so, an indication of the type of person by whom the rule is actionable is given.

01/01/2007

UPRU Sch 5.2

Actions for damages: the Prudential sourcebook for UCITS Firms

Right of action under section 150

Chapter/Appendix

Section/Annex

Paragraph

For private person

Removed

For other person?

All rules in this sourcebook

01/01/2007

UPRU Sch 6

Rules that can be waived

01/01/2007

UPRU Sch 6.1

The rules in this sourcebook can be waived by the FSA under section 148 or 250 of the Act (Modification or waiver of rules) or regulation 7 of the OEIC Regulations (Modification or waiver of FSA rules).

Although the FSA has the formal power of waiver under the Act in relation to these rules, much of this sourcebook implements the requirements of the UCITS Directive by ensuring that UCITS firms as UCITS management companies comply with such requirements. Accordingly, while formal power may exist to waive such UCITS Directive derived rules, the FSA's ability to do so is severely constrained.

01/01/2007