On June 29, the UK Financial Services Authority (FSA) announced the results of its feedback and further consultation on Listing Review for Investment Entities in consultation paper CP07/12. The details of the proposal for the revised Listing Rules for Investment Entities comprised a withdrawal of a prior proposal that would have permitted close ended funds incorporated outside the UK to obtain a London listing by complying with lower level requirements than for UK investment funds.

The FSA has announced that it will amend the section of its listing rules applicable to investment funds to make London listings more attractive to alternative investment funds. Proposed changes include (i) permitting listing of feeder funds, (ii) relaxing requirements for investment manager experience and (iii) modifying requirements for an independent board of directors.