The FCA has updated its webpage relating to the modification by consent of the Conduct of Business sourcebook and the Collective Investment Schemes sourcebook. The modification allows authorised fund managers (AFMs) of a non-UCITS retail scheme (NURS) to choose to produce an equivalent document to the UCITS Directive key investor information document. The equivalent document can be used by the AFM and all other firms selling or advising on the NURS, instead of the key features document, or the simplified prospectus (if the AFM has opted to produce one). The FCA calls this equivalent document the NURS-KII document.

Firms that previously held this modification will need to re-apply to the FCA central waivers team for a new modification to replace the modification that expires on 30 June 2014.

The modification is valid until 30 June 2016 unless subsequently withdrawn.

View Modification by consent of COBS and COLL, 20 March 2014

View FCA – Direction, 20 March 2014