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UK NURS Rules Summary
UCITS Rules
Key Regulations and Guidelines for Non-UCITS Retail Schemes

Learn about the versatility of UK NURS (Non-UCITS Retail Schemes) – open-ended funds with a difference! These schemes, authorised by the FCA, provide a compelling investment option for retail investors seeking a broader range of assets and more flexible investment limits. Unlike UCITS, UK NURS can offer adaptable operating arrangements, allowing investors greater freedom in dealing and redemption frequency. From NURS Property Funds to FAIFs (Funds of Alternative Investment Funds), and PAIFs (Property Alternative Investment Funds) to FIIA (Funds investing in inherently illiquid assets), there’s a diverse array of NURS types to explore.

Whether you’re a seasoned investor or just starting, look into the detailed overview of UK NURS Schemes by clicking here.

Additional NURS Rules (excluding Property Fund Rules)
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HighWire ReferenceRule NameCOLL ReferenceShort CommentaryOverride field
P20026P20026 UK NURS: UK - Max 10% NAV in Securities & MMI issued by the same IssuerCOLL 5.6.7(3)The NURS Rule is at UL_Issuer level, where as in the UK, the UCITS Rule is at UL_Issuer Group level.

Compare to UCITS P20026.		If it is a Covered Bond, Securities / Asset Manual Classification / Is Covered Bond.

If it a GOPS, update Issuers / General / Issuers is GOPS.

If it is an Index Derivative, xx.

If it is a derivative such as a currency derivative, interest rate derivative, then the UDS will need corrected.
P20165P20165: Max 10% NAV Exposure to any one counterpartyCOLL 5.6.7 (5)For NURS, only the 10% limit applies and to all counterparties.
P20166P20166: Max 35% NAV in any single CISCOLL 5.6.7 (6)Ensure the Counterparty is populated against the Holding.

Then Issuers / General / Acceptable OTC Limit, as either 5% or 10%.
P20168P20168: FDI must have eligible underlyings for UK NURSCOLL 5.6.13(a)In this first instance, this will include all FDI underlyings that are eligible for UCITS.

Compare to UCITS Rule P20010. However, NURS can also have FDI on gold, property and unregulated funds.		In the first instance, use the same approach as for UCITS.

To override, check for the underlying security / index that the field Security / Asset Manual Classification / Is UCITS Eligible Asset = TRUE.
P20169P20169: NURS must not invest in other CIS which invest more than 15% in other CISCOLL 5.6.10 R(3)NURS can invest in other CIS which in turn invest up to 15% in other CIS. The comparable UCITS limit is 10%. See UCITS Rule P20007.Securities / CIS / Max Investment in other CIS.
P20170P20170: Assets must be eligible asset types for a NURSCOLL 5.6.4 R(5)Compared to UCITS, NURS can also invest into Gold, property and unregulated schemes.In the first instance, use the same approach as for UCIT.

Securities / Asset Manual Classification,/ "Is UCITS Eligible Asset".
P20172P20172: Max 10% NAV in GoldCOLL 5.6.4 R(5)(g)
P20173P20173: Max 20% NAV in securities not on transferable and unapproved MMICOLL 5.6.5 R(2)There must be less than 20% of the Net Asset Value of the fund in Securities and money market instruments which are not on an eligible market.

This compares to the UCITS 10% limit. See UCITS Rule P20013.		If it is listed check the exchange is populated at Securities / Exchanges / Exchange Name.

If the Exchange is an EU Regulated market, then check why this isn't being captured in the UDS.

If the exchange is listed out in the prospectus, then then check why this isn't being captured in the relevant UDS.

For MMI to override, use Issuer / Issuer is Approved MMI Issuer.
P20180P20180: Max 20% NAV in mortgages, borrowing and securities not on an approved marketCOLL 5.6.19 R(6)
P20182 v2P20182 v2: Max 20% NAV in unregulated CIS and securities not on approved marketCOLL 5.6.10(e )
UCITS Rules that also apply to UK NURS
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UCITS Rules
HighWire ReferenceRule NameCOLL Reference
P20002.1P20002.1: Securities must be eligible transferable securities - EquitiesCOLL 5.6.5A and subject to COLL 5.2.8R(3) & COLL 5.2.10R
P20002.2P20002.2: Securities must be eligible transferable securities - FICOLL 5.6.5A and subject to COLL 5.2.8R(3) & COLL 5.2.10R
P20002.3P20002.3: Securities must be eligible transferable securities - CEFCOLL 5.6.5A and subject to COLL 5.2.8R(3) & COLL 5.2.10R
P20002.4P20002.4: Securities must be eligible transferable securities - SPCOLL 5.6.5A and subject to COLL 5.2.8R(3) & COLL 5.2.10R
P20003P20003: Closed end funds must be approved for UCITS (regulated / segregated assets)COLL 5.6.5A and subject to COLL 5.2.8R(3) & COLL 5.2.10R
P20004.2P20004.2: MMI must have a maturity of less than 397 daysCOLL 5.6.59(c) subject to COLL 5.2.10
P20004P20004: MMI must be approved MMICOLL 5.6.59(c) subject to COLL 5.2.11
P20008P20008: Deposits must mature within one year or be repayable upon demandCOLL 5.6.4R(5e) subject to COLL 5.2.26R
P20009P20009: Deposits must be made with acceptable credit institutionsCOLL 5.6.4R(5e) subject to COLL 5.2.26R
P20011P20011: OTC derivatives must be with acceptable counterpartiesCOLL 5.6.15 subject to COLL 5.2.23R and COLL 5.6.13(5)
P20012P20012: OTC derivatives must be capable of reliable valuationCOLL 5.6.15 subject to COLL 5.2.23R
P20018P20018: Sub-Fund may not grant loansCould cover in the general ineligibles remove rule
P20019P20019: Sub-Fund may not raise capital through the issue of debt securitiesCould cover in the general ineligibles remove rule
P20020.1P20020.1: No investment in Nil and party paid securitiesCOLL 5.6.9
P20030P20030: Max 35% NAV in the Securities of any One GOPS Issuer, unless the Issuer is a 100% GAPS IssuerCOLL 5.6.8 R subject to COLL 5.2.12 R
P20031P20031: If Issuer is a 100% GAPS Issuer, Max 30% NAV in any One IssueCOLL 5.6.8 R subject to COLL 5.2.12 R
P20032P20032: Max 100% Exposure to any one GOPS IssuerCOLL 5.6.8 R subject to COLL 5.2.12 R
P20034P20034: If GOPS Issuer holding is >35%, minimum 6 GOPS issues held of any GOPS IssuerCOLL 5.6.8 R subject to COLL 5.2.12 R
P20035P20035: Max 25% NAV in Covered Bonds of any one issuer (Bonds Issued by a Credit Institution with Special Public Supervision)COLL 5.6.7R(3A)
P20038P20038: Max 10% NAV in Cash and Ancillary Liquid Assets (Industry approach)Not a COLL rule but industry approach
P20048P20048: Liquid Assets Cover for Derivative ObligationsCOLL 5.6.12R(1b) subject to COLL5.3.3A and COLL 5.6.13(4)
P20049P20049: Specific Cover for Derivatives ObligationsCOLL 5.6.12R(1b) subject to COLL5.3.3A and COLL 5.6.13(4)
P20050P20050: No Physical Short Selling UCITSCOLL 5.6.14 subject to COLL 5.2.21 R
P20051P20051: 10% max. in borrowings (traded basis) (no netting)COLL 5.6.22 R(5) subject to COLL 5.5.5R
P20061P20061: No Investment in CIS of the Same UmbrellaCOLL 5.6.11 and COLL 5.6.24 R (2a)
P20062P20062: No investment in another sub-fund of the same Manager, unless permitted in prospectusCOLL 5.6.11
P20037Max 20% in depositsCOLL 5.6.7(2) and COLL 5.6.7A(3)