The UK Financial Services Authority (FSA) announced on April 4 that it will keep its current simplified regime for secondary listings of funds until the first quarter of 2008 before moving to a single regime which will be super-equivalent to the EU Prospectus Directive’s minimum requirements.

The FSA received a large number of responses from investors, practitioners, listed companies and trade bodies to its second consultation on proposed changes to the UK listing rules for investment entities (CP06/21) which closed on February 28. Respondents to the consultation were in broad agreement that the FSA should make the UK listing regime more attractive for less traditional funds. The FSA will publish a detailed feedback statement in June.

The FSA intend to proceed on the basis of a single platform for all listed closed-ended investment funds, irrespective of domicile. A further consultation paper will be issued in June proposing implementing measures and examining further de-regulatory measures that may enhance the international attractiveness of the UK listing regime for investment entities, while maintaining appropriate protections.