DISC 3.5 Product summary and core information disclosures – additional requirements

1. (1) An authorised fund manager must file the product summary for each UCITS scheme and non-UCITS retail scheme which it manages, and any material amendments to it, with the FCA.
2. (2) An authorised fund manager of a feeder UCITS or feeder NURS must, in addition to (1), file the product summary of its master UCITS or qualifying master scheme, and any material amendments thereto, with the FCA.

1. (1) A manufacturer must make available in machine-readable format any information in the core information disclosures that is reasonably capable of being rendered in such a format.
2. (2) The information to be made available in (1) must be provided to distributors of the relevant consumer composite investment free of charge and in an easily accessible location in the manufacturer's website.
3. (3) For the purposes of (1), information is in a machine-readable format where it is in an electronic format designed to be directly and automatically read and processed by a computer without requiring specialist software.

1. (1) A manufacturer must publish instructions (including any updates to such instructions) explaining how to use the machine-readable file or files published under DISC 3.5.2R and include a link to such instructions alongside the file or files.
2. (2) The information in (1) must include:
   1. (a) the date the core information disclosures were produced, or where subsequently revised or amended, the date of the latest revision; and
   2. (b) the rationale for any adjustment of the consumer composite investment's initial risk and return score under DISC 5.6.3R(3)

In the FCA's view, information that is provided in one or more comma-separated value (CSV) files will meet the requirement in DISC 3.5.2R to provide information in a machine-readable format.

DISC 3.5.2R does not apply where the consumer composite investment is solely distributed by its manufacturer or one or more associates of the manufacturer.