FINANCIAL SERVICES (COLLECTIVE INVESTMENT ...

1 FINANCIAL SERVICES ( collective INVESTMENT Schemes) 2005-48. FINANCIAL SERVICES ( collective INVESTMENT SCHEMES). REGULATIONS 2011 Subsidiary 2011/190. Subsidiary Legislation made under s. 53 of the FINANCIAL SERVICES ( collective INVESTMENT Schemes) Act 2005 and section 23(g)(i) of the Interpretation and General Clauses Act. FINANCIAL SERVICES ( collective INVESTMENT . SCHEMES) REGULATIONS 2011. (LN. 2011/190). Commencement Amending Relevant current Commencement enactments provisions date LN. 2012/222 rr. 2A, 2B, 47A-47D, 48A, 48B &. 50A 2013/199 r. 127(c) & (d), 2014/253 rr. 2, 48(1)(aa), (2A) 2016/052 rr. 2(1), (3A), 11A, 11B, 11C, 17(1)(a), 19, 19A, 20(1)-(5), 21, 22, 23, 23A, 27, 29-33, 84(1)(b), (3A), 93(3)(a), (4A), 113(2)(d), 126A-126N, Sch. 1 Act. 2016-20 r. 126N(6) LN. 2017/153 rr. 111A-111Q, 126A(3), 127(e), 128(1), (2) Transposing: Directive 2007/16/EC. Directive 85/611/EEC. Directive 2009/65/EC. Directive 2011/61/EU.

2 Directive 2013/14/EU. Directive 2014/91/EU. EU Legislation/International Agreements involved: _____. ARRANGEMENT OF REGULATIONS. Government of Gibraltar ( ). 2005-48 FINANCIAL SERVICES ( collective INVESTMENT Schemes). FINANCIAL SERVICES ( collective INVESTMENT SCHEMES). Subsidiary REGULATIONS 2011. 2011/190. Regulation PART I. PRELIMINARY AND INTERPRETATION. 1. Title and commencement. 2. Interpretation. 2A. Meaning of instruments normally dealt in on the money market. 2B. Liquid instruments with a value which can be accurately determined at any time. 3. Application to Experienced Investor Funds. PART II. UCITS MANAGEMENT COMPANIES. CHAPTER 1. CONDITIONS FOR TAKING UP BUSINESS. 4. Authorisation of management companies 5. Conditions of authorisation of management companies. 6. Refusal of authorisations of management companies. CHAPTER 2. OPERATING CONDITIONS. 7. Authorisation conditions. 8. Qualifying holdings. 9.

3 Prudential rules. 10. Delegation of responsibilities. 11. Conduct of management companies. 11A. Management companies' remuneration policies. 11B. Remuneration policy principles. 11C. Remuneration committees. 12. Investor complaints. CHAPTER 3. FREEDOM OF ESTABLISHMENT AND FREEDOM TO PROVIDE. SERVICES . 13. Management companies authorised elsewhere in the EEA. 14. Cross-border notifications: management companies. 15. Provisions ancillary to regulation 14. 16. Portfolio management SERVICES . 17. Applications to manage UCITS in Gibraltar. 18. Periodical reporting. Government of Gibraltar ( ). FINANCIAL SERVICES ( collective INVESTMENT Schemes) 2005-48. FINANCIAL SERVICES ( collective INVESTMENT SCHEMES). REGULATIONS 2011 Subsidiary 2011/190. PART III. OBLIGATIONS REGARDING THE DEPOSITARY. 19. Depositaries: general provisions. 19A. Depositaries: delegation. 20. Eligibility for licensing as depositary. 21. Liability of depositaries.

4 22. Depositaries: duty of independence. 23. Replacement of counterparties. 23A. Disclosure to EEA Authorities. PART IV. OBLIGATIONS REGARDING OPEN-ENDED INVESTMENT . COMPANIES. CHAPTER 1. CONDITIONS FOR TAKING UP BUSINESS. 24. Requirement of authorisation. 25. Legal form and registered office. 26. Licensing conditions. CHAPTER 2. OPERATING CONDITIONS. 27. Application of regulations 10 to 11B. 28. Prudential rules CHAPTER 3. OBLIGATIONS REGARDING THE DEPOSITARY. 29-33 Omitted. PART V. MERGERS OF UCITS. CHAPTER 1. PRINCIPLE, AUTHORISATION AND APPROVAL. 34. UCITS: Definition in Chapter. 35. Mergers. 36. Prior authorisation of merger. 37. Terms of merger. Government of Gibraltar ( ). 2005-48 FINANCIAL SERVICES ( collective INVESTMENT Schemes). FINANCIAL SERVICES ( collective INVESTMENT SCHEMES). Subsidiary REGULATIONS 2011. 2011/190. CHAPTER 2. THIRD-PARTY CONTROL, INFORMATION OF UNIT-HOLDERS. AND OTHER RIGHTS OF UNIT-HOLDERS.

5 38. Duty to verify. 39. Audits. 40. Information to unit holders. 41. Approval by unit holders. 42. Redemption and repurchase of units. CHAPTER 3. COSTS AND ENTRY INTO EFFECT. 43. Cost of merger. 44. Date of merger. 45. Effect of merger. PART VI. OBLIGATIONS CONCERNING THE INVESTMENT POLICIES OF. UCITS. 46. UCITS with INVESTMENT compartments. 47. Authorised investments. 47A. Instruments of which the issue or issuer is regulated for the purpose of protecting investors and savings. 47B. Money market instruments: prudential rules. 47C. Securitisation vehicles which benefit from a banking liquidity line. 47D. FINANCIAL indices. 48. Portfolio management. 48A. Transferable securities and money market instruments embedding derivatives. 48B. Techniques and instruments for the purpose of efficient portfolio management. 49. INVESTMENT restrictions. 50. INVESTMENT limit increases. 50A. Index-replicating UCITS. 51. Derogations from regulation 49.

6 52. Investments in other collective INVESTMENT schemes. 53. Shareholding restrictions. 54. Derogations from Part: further provisions. PART VII. COMMON PROVISIONS. Division 1 - Constituting instrument Government of Gibraltar ( ). FINANCIAL SERVICES ( collective INVESTMENT Schemes) 2005-48. FINANCIAL SERVICES ( collective INVESTMENT SCHEMES). REGULATIONS 2011 Subsidiary 2011/190. 55. Interpretation of authorised scheme . 56. Constituting instrument of an authorised scheme. 57. Classes of unit in an authorised scheme. 58. Guarantees and capital protection. 59. Matters with respect to units and classes of units that may be provided for in Codes of Practice. Division 2 Prospectus 60. Publication and filing of prospectus. 61. Application of regulation 60 to UCITS. 62. Availability of prospectus and supplementary information. 63. False or misleading prospectus. 64. Projections. Division 3 - INVESTMENT and Borrowing Powers 65.

7 Scope of this Division. 66. Manager to ensure prudent spread of risk. 67. INVESTMENT powers. 68. Valuation. 69. Eligible markets. 70. Risk management, derivatives. Division 4 - Miscellaneous 71. Cancellation rights. 72. Applications in respect of authorised schemes. CHAPTER 1. SCOPE AND APPROVAL. 73. Feeder UCITS. 74. Feeder INVESTMENT limits. CHAPTER 2. COMMON PROVISIONS FOR FEEDER AND MASTER UCITS. 75. General matters. CHAPTER 3. DEPOSITARIES AND AUDITORS. 76. Master-feeder structures: depositaries. Government of Gibraltar ( ). 2005-48 FINANCIAL SERVICES ( collective INVESTMENT Schemes). FINANCIAL SERVICES ( collective INVESTMENT SCHEMES). Subsidiary REGULATIONS 2011. 2011/190. 77. Master-feeder structures: auditors. CHAPTER 4. COMPULSORY INFORMATION AND MARKETING. COMMUNICATIONS BY THE FEEDER UCITS. 78. Feeder UCITS: prospectuses. CHAPTER 5. CONVERSION OF EXISTING UCITS INTO FEEDER UCITS AND. CHANGE OF MASTER UCITS.

8 79. Feeder UCITS: supplementary provision of information CHAPTER 6. OBLIGATIONS AND ENFORCEMENT AUTHORITIES. 80. Monitoring by feeder UCITS. 81. Master UCITS: supplementary regulatory requirements. 82. Master-Feeder structures: communication of decisions. PART IX. OBLIGATIONS CONCERNING INFORMATION TO BE. PROVIDED TO INVESTORS. CHAPTER 1. PUBLICATION OF A PROSPECTUS AND PERIODICAL REPORTS. 83. Publications by management companies. 84. Prospectuses. 85. Prospectuses: supplementary provisions 86. Prospectuses: fund rules. 87. Prospectus: updating of information. 88. Auditing of annual report. 89. Prospectuses: Authority. 90. Prospectus: publication. CHAPTER 2. PUBLICATION OF OTHER INFORMATION. 91. Changes in ownership of units. 92. Marketing. CHAPTER 3. Government of Gibraltar ( ). FINANCIAL SERVICES ( collective INVESTMENT Schemes) 2005-48. FINANCIAL SERVICES ( collective INVESTMENT SCHEMES). REGULATIONS 2011 Subsidiary 2011/190.

9 KEY INVESTOR INFORMATION. 93. Key investor information document. 94. Status of key investor information. 95. Provision of key investor information. 96. Key investor information: medium of supply. 97. Key investor information: supply to Authority. PART X. GENERAL OBLIGATIONS OF UCITS. 98. Borrowing powers. 99. Redemptions on request. 100. Asset valuation. 101. Distribution and reinvestment. 102. Issue of units. 103. Granting of loans. 104. Uncovered sales. 105. Expenditure and remuneration. PART XI. SPECIAL PROVISIONS APPLICABLE TO UCITS WHICH. MARKET THEIR UNITS IN GIBRALTAR. 106. Cross-border marketing of units. 107. Payments to unit holders. 108. Cross border notifications. 109. Provision of information in host State. 110. Regulation 109: supplementary provisions. 111. Use of legal forms. PART XIA. SMALL SCHEME MANAGERS. 111A. Scope of this Part. 111B. Interpretation. Authorisation 111C. Applications for authorisation.

10 111D. Grant of authorisation.. Operating conditions 111E. Ongoing authorisation conditions. 111F. Notifications. Government of Gibraltar ( ). 2005-48 FINANCIAL SERVICES ( collective INVESTMENT Schemes). FINANCIAL SERVICES ( collective INVESTMENT SCHEMES). Subsidiary REGULATIONS 2011. 2011/190. 111G. General principles. 111H. Record Keeping. 111I. Systems and controls. 111J. Management, valuations and accounts. Information for potential investors 111K. Information to potential investors. Enforcement 111L. Application of Part VI of the Act. 111M. Suspension or revocation of authorisation. 111O. Publication of enforcement action. 111P. Appeals. 111Q. Transitional arrangements. PART XII. PROVISIONS CONCERNING THE AUTHORITIES RESPONSIBLE. FOR AUTHORISATION AND SUPERVISION. 112. Authority. 113. Powers of Authority. 114. Offences. 115. Complaints. 116. Cooperation. 117. Professional secrecy. 118. Exchange of information: special provisions.