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For immediate release: Monday 3 July 2006 “PROPORTIONATE AND WELCOME” IMA has today responded to “CP06/4 Part 2: Investment Entities Listing Review”. Responding on behalf of its members as investors in investment trusts and as providers of investment management services to them, the Association broadly welcomes the proposals. In particular, it supports the proposal to have one regime for all types of investment entity rather than a regime that attempts to categorise entities. This will allow for a regime that is more responsive to market developments, such as REITs. Given the recent strengthening of the governance requirements for investment entities and significant developments in both the operation of the financial markets and investment management techniques since the investment rules were last reviewed, IMA also supports the proposed changes to the rules concerning investment strategies and policies. What investors need is appropriate disclosure so that they (or their professional advisers) can take informed investment decisions. IMA is content to see dropped from the requirements detailed, duplicative and uninformative disclosures, but it wishes certain core provisions to remain, especially as regards investment performance, risk disclosure and portfolio analysis. Julie Patterson, Director of Regulation, Operation and Taxation, commented:
IMA’s response to “CP06/4 Part 2: Investment Entities Listing Review” is attached. -Ends- For further information, please contact: Out of hours contact: |
