For immediate release: Tuesday 30 April 2002

 

IMA WELCOMES FSA PROPOSALS 

TO EXTEND RANGE OF INVESTMENT FUNDS

The IMA welcomes the FSA’s proposals for early implementation of the extended product range in the revised UCITS Directive.  It also welcomes the fact that the FSA has simultaneously put forward proposals for limited issue, guaranteed and capital protected funds.

The FSA’s general approach to implementation of the new UCITS Directive demonstrates its commitment to flexibility in the rulebook, allowing a widening of investor choice with appropriate safeguards and with due regard to industry competitiveness concerns.  The Consultation Paper (CP135) rightly asks a number of detailed questions about specific issues where either the new Directive is unclear or it allows for a wide range of interpretation.  On such matters, the IMA will be maintaining a close dialogue with industry colleagues throughout the EU.

Julie Patterson, Director, Regulation & Taxation, at the IMA, commented:

“For too long the UK investment fund industry has lagged behind a number of continental markets, with over-prescriptive and restrictive UK regulation being the main bone of contention.  The CP135 proposals for early and principle-based implementation of the revised UCITS Directive should be seen as an opportunity to put the UK industry on the front foot.   The IMA will continue to lobby for other regulatory and fiscal changes to ensure that the tide continues to turn.”

 

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For further information please contact:

Clare Arber, Head of Communications, IMA, 020 7831 0898

Helen Stephenson, PR Assistant, IMA, 020 7831 0898

65 Kingsway London WC2B 6TD

Tel: +44 (0) 20 7831 0898 Fax:+44 (0) 20 7831 9975

www.investmentuk.org

Investment Management Association is a company limited by guarantee registered in England and Wales Registered number 4343737.  Registered office as above.