3.3 Sponsoring bodies and model rules
Sponsoring bodies publish model rules that have been pre-approved by the FCA. The FCA publishes a list of sponsors on its website. Currently, it lists 24 sponsoring bodies, although there are only eight sponsors that produce rules that may be suitable for issuing community shares. These bodies are:
- Co-operatives UK
- Development Trusts Association Scotland
- National Community Land Trust Network
- Plunkett Foundation
- Somerset Co-operative Services CIC
- Supporters Direct
- Wessex Community Assets
- Wrigleys Solicitors LLP.
These sponsoring bodies offer a full registration service, which includes offering advice on amendments to their model rules and will submit applications to the FCA on behalf of their clients.
The alternative to using model rules is to employ the services of a legal professional with knowledge and experience of formulating co-operative and community benefit society rules, or to write rules without professional support. The FCA does not require applications to be made by a professional person, although, as noted above, it does charge more for examining applications that are not based on model rules, and these fees are non-refundable, even if the application is rejected.
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