Written question asked by Matthew Banks (Conservative), in the House of Commons. It was due for an answer on Friday, 21 March 1997. It was answered by Angela Knight (Conservative) on Friday, 21 March 1997 on behalf of the Treasury.

Treasury

Question: What further progress has been made with proposals for open-ended investment companies which are not subject to the Undertakings for Collective Investment in Transferable Securities directive. - Includes reference to "Open-Ended Investment Companies: The Next Generation".

Answer: Mr. Matthew Banks: To ask the Chancellor of the Exchequer what further progress has been made with proposals for open-ended investment companies which are not subject to the undertakings for collective investment in transferable securities directive. [21821] Mrs. Angela Knight: Proposals to permit the formation of non-UCITS open ended investment companies were published in a Treasury consultation document, "Open-Ended Investment Companies: The Next Generation", in December 1996. The proposals secured a wide measure of support and the Treasury has received a number of helpful responses from the investment fund industry and other interested parties. I regret that it has proved possible to complete the proposed legislation in this Session. The Government remain committed to providing powers for the formation of non-UCITS open ended investment companies.

Secondary information

Type: Written question
Reference: 21821; 292 c978W
Session: 1996-97
Subjects: Companies Investment Stocks and shares Collective investment schemes