The Investment Association (IA) has published industry guidance on the paperless renunciation or transfers of units in authorised collective investment schemes (CIS).
The guidance provides a non-exhaustive statement of the measures that operators of a UK authorised CIS may adopt to comply with the requirements of Rule 4.4.13(3)(b) of the FCA’s Collective Investment Schemes sourcebook (COLL), and paragraph 4C of Schedule 4 to the Open Ended Investment Companies Regulations 2001.
The guidance is directed solely at authorised fund managers with the purpose of assisting them in determining the steps they should take to satisfy the “reasonable steps” requirement. The guidance in relation to renunciation of title is applicable both when dealing as principal or as agent on behalf of the fund.
View Guidance on paperless renunciation or transfer of units/shares in authorised investment funds, 6 January 2016