UK NURS are “Non-UCITS Retail Schemes.” They are open-ended Funds, authorised by the FCA.

They are not UCITS, but they are suitable for retail investors.

Compared to UCITS, NURS can invest in a broader range of assets, with more flexible investment limits. They also have more flexible operating arrangements, including in respect of investor dealing and redemptions frequency. They may be preferable to UCITS where it is not planned to market them widely.

There are different types of NURS, including:

The FCA COLL Sourcebook and the FUND Sourcebook (introduced to comply with AIFMD) both apply to NURS. NURS need to complete the AIFMD Annex IV Reporting.

The investment Rules are set out in COLL 5.6.

In 2019, the FCA set out Policy Statement, PS 19/24, which came into force from 30 September 2020.

For all NURS, this contains provisions on:

The FCA also introduced a new category of NURS – the ‘fund investing in inherently illiquid assets’ or ‘FIIA’ and set out rules in respect of: