Opalesque Industry Update - The Investment Management Association (IMA) welcomes today's publication by the FSA of the new rules for Funds of Alternative Investment Funds (FAIFs). FAIFs are UK authorised funds that are able to be invested in a wider range of underlying funds, with appropriate investor safeguards. The new regime comes into effect from 6 March 2010. The FSA has taken on board IMA's earlier comments to allow for flexibility in fund structure alongside the necessary investor protection measures. The new rules also provide for a feeder fund for corporate investors to gain access to the new tax efficient authorised property fund (PAIFs) regime. Julie Patterson, Director of Authorised Funds & Tax at the IMA, commented: "The introduction of FAIFs is good news for product innovation and investor choice because it enables investors to gain access to a wider range of investments. We also welcome the production by the FSA of a factsheet on FAIFs for intermediaries. "The new regime will enhance the UK's position as a domicile for a wider range of funds. Today's publication is the culmination of much hard work by the authorities and the Investment Management Association." The IMA is the trade body for the UK's £3 trillion asset management industry. Source. Financial Services Authority's Funds of Alternative Investment Funds (FAIFs)- summary of changes: Source.
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Industry Updates
IMA welcomes UK FSA's new Funds of Alternative Investment funds (FAIFS) regime
Friday, February 26, 2010
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