GFS LinkedIn
GFS Facebook
GFS Twitter
GFS RSS feed

UK launches UCITs consultation

Wednesday 22 December 2010 - by Andrew Hickley

UK Treasury

The UK's Financial Services Authority and HM Treasury have today launched a joint consultation over the implementation of the UCITS IV directive.

The 52-page document consults over eight areas of possible changes that will be required to current regulations, with the directive needing to be transposed into UK law by 1 July 2011.

These include details over a new management company passport, which will remove the legal hurdles preventing a management company authorised in one member state to market its fund in all other member states, and changes to the form of investor disclosure.

Questions also relate to limits over the structures of 'master' and 'feeder' fund structures and the limits that should apply that can be invested in each.

In addition, it queries gaps that may be missed by increased levels of supervision between international regulators, with firms increasingly operating these funds across borders.


 
Assets under management of UCITS funds totalled around $6.5bn (€5bn) at the end of 2009, representing 75 per cent of all investment fund assets in Europe.

The Investment Management Association's director of authorised funds and tax
Julie Patterson says: "We welcome the Government's continuing commitment to providing tax certainty for UK-based funds and UK management companies. The Government has recognised the importance of ensuring the UK remains competitive as a fund domicile.

"The measures in the directive will allow investors to benefit from UK-domiciled master-feeder funds giving them access to a range of funds from different domiciles in a tax-transparent vehicle."

Submissions must be received by March 21 2011.


WHAT DO YOU THINK?
 
Name:
   
Email:
   
Comment:
   
Post as Anonymous
  Display name
   
Please, enter security code
   
 

No comments yet.

STRAW POLL

Will markets in 2012 have a tougher time than 2011?

Yes

No

Don't know

View results

FIND A REGION world regions