HM Treasury has published a Consultation Paper on better regulation measures for the asset management sector.
The consultation sets out the following three proposals:
- Facilitating paperless settlements - changing the law to facilitate the electronic redemption or transfer of an investor’s fund shares or units.
- Introducing a protected cell regime for open ended investment companies - reforming OEIC legislation to allow segregation of liability between sub-funds within umbrella companies.
- Reforming notification requirements for non-UK Undertakings for Collective Investment in Transferable Securities - amending the Financial Services and Markets Act 2000 so that non-UK UCITS can begin marketing in the UK immediately which the FSA is satisfied that they meet the relevant requirements rather than making them wait the current minimum of two months.
The consultation closes on 1 August 2007.
View HM Treasury Consultation Paper on better regulation measures for the asset management sector, 9 May 2007