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SCCTCAU LX Equity – LU1387840884

December 22, 2023

This fund appears to be an open-ended Alternative Investment Fund (AIF), so does not appear to have either of the necessary FCA recognitions and will not therefore qualify for ISA inclusion.

This fund is registered outside the UK in Luxembourg which is an EEA state. To qualify for ISA inclusion, the scheme has to either be authorised in its home state as a UCITS scheme and recognised by the FCA under section 236A FSMA 2000 (link to guidance https://www.gov.uk/guidance/stocks-and-shares-investments-for-isa-managers#recogucits) or alternatively, if the scheme wasn’t authorised as a UCITS scheme in its home state, it could still be recognised by the FCA under section 272 FSMA 2000 as the equivalent of a UK non-UCITS retail scheme (NURS) (link to guidance https://www.gov.uk/guidance/stocks-and-shares-investments-for-isa-managers#nonucitsrets).

Just to add, this fund is a type of Alternative Investment Fund (AIF) registered in Luxembourg. This type of fund is lightly regulated, has no investment restrictions and is only aimed at institutional or professional investors. For this reason, such a fund could possibly not be able to acquire recognised status by the FCA to permit it to market itself in the UK which is why it wasn’t identified on the FCA’s Financial Services Register.