UNITED KINGDOM: COLL Update: Use of the term ‘long-term asset fund’ or ‘LTAF’

COLL 6 has been updated to include a section on the use of the term ‘long-term asset fund’ or ‘LTAF’:

Use of the term ‘long-term asset fund’ or ‘LTAF’

(1) Paragraph (2) applies to the authorised fund manager of a UCITS scheme or a non-UCITS retail scheme, an ICVC which is such a scheme, and any other directors of such an ICVC.

(2) The scheme or sub-fund:

(a) must not use ‘Long-Term Asset Fund’ or ‘LTAF’ in its name; and

(b) must not otherwise suggest through its name that it is a fund which invests in long-term assets or describe itself as such.

(1) The term ‘Long-Term Asset Fund’ or ‘LTAF’ is reserved for long-term asset funds  (see COLL 15).

(2) Only AIFs that are authorised in accordance with the LTIF Regulation may use the designation ‘LTIF’ or ‘long-term investment fund’.

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