Regulated Operator
FSA Authorised Operator Service for Unregulated Collective Investment Schemes
Certain pooled investment or trading vehicles constitute Unregulated Collective Investment Schemes ("UCIS") and require an Authorised Operator. Noble Corporate Management Ltd is authorised by the FSA to act as Operator for UCIS.
Funds may be offshore or mainland based and typically comprise:
- Scottish Limited Partnerships
- English Limited Partnerships
- Limited Liability Partnerships
- Unauthorised Unit Trusts (which currently facilitate pension fund investment).
Section 235 of the Financial Services and Markets Act 2000 (FSMA2000) defines a collective investment scheme as "any arrangements with respect to property of any description….the purpose or effect of which is to enable persons taking part in the arrangements…..to participate in or receive profits, and (the persons) do not have day-to-day control over the management of the property." In such circumstances an operator is required to provide certain services.