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To ask Her Majesty's Government what plans they have to issue guidance to (1) unit trust, and (2) open-ended investment company, managers to limit fund redemptions instead of obliging fund managers to be forced sellers of shares and bonds.
To ask Her Majesty's Government what plans they have to issue guidance to (1) unit trust, and (2) open-ended investment company, managers to limit fund redemptions instead of obliging fund managers to be forced sellers of shares and bonds.
The government is committed to ensuring that the UK has a robust framework for regulating financial services and that consumers are treated fairly. There are a range of existing rules in this area and there is work underway to address ‘liquidity mismatch’ in open-ended funds and to protect consumers.
Financial services firms are required to treat customers fairly under rules set by the Financial Conduct Authority (FCA), and the FCA is responsible for overseeing the conduct standards of financial services firms. There are already a number of rules on eligible assets, which aim to protect consumers. Such rules apply to both types of fund that can be sold to retail investors – UCITS and non-UCITS retail schemes. Additionally, in September, the FCA published a policy response to their consultation on illiquid assets and open-ended funds. This outlined new rules for certain structures that invest in illiquid assets, which will come into effect in September 2020. The new rules will include a requirement that non-UCITS retail schemes investing in inherently illiquid assets must suspend dealing where the independent valuer determines there is material uncertainty regarding the value of more than 20% of the fund’s assets. The FCA is also currently working with the Bank of England’s Financial Policy Committee to assess how funds’ redemption terms might be better aligned with the liquidity of their assets.
Fund suspensions can be a necessary safety feature which ensures that a fund is not forced to sell assets at a distressed market price, which would lead to further losses for end investors in the fund. FCA rules permit suspensions, which may last for as long as is necessary to protect the interests of the remaining investors in the fund.
Programme order amended. Clauses 90 to 93 agreed to. Schedule 16 agreed to. Clauses 94 and 95 agreed to. Schedule 17 agreed to. Clauses 96 to 100 agreed to. Schedule 18 agreed to. Clauses 101 to 106 agreed to. Schedule 19 agreed to. Clauses 107 and 108 agreed to. Schedule 20 agreed to. Clauses 109 and 110 agreed to. Schedule 21 agreed to. Clauses 111 and 113 agreed to. Schedule 22 agreed to. Clauses 114 to 117 agreed to. Written evidence reported to the House: FB 01 Gibraltar Betting and Gaming Association; FB 02 Mr Raoul Strachan.
Programme order amended. Clauses 90 to 93 agreed to. Schedule 16 agreed to. Clauses 94 and 95 agreed to. Schedule 17 agreed to. Clauses 96 to 100 agreed to. Schedule 18 agreed to. Clauses 101 to 106 agreed to. Schedule 19 agreed to. Clauses 107 and 108 agreed to. Schedule...
Clauses 26 to 33 agreed to. Clause 34 agreed to as amended. Clause 35 under consideration when Committee adjourned.
Clauses 26 to 33 agreed to. Clause 34 agreed to as amended. Clause 35 under consideration when Committee adjourned.
My honourable friend the Exchequer Secretary to the Treasury (David Gauke) has today made the following Written Ministerial Statement.
The government consulted on a number of tax policies, following their announcement at Budget 2013. Today, the Government is publishing responses to these consultations alongside draft legislation to be included in Finance...
My honourable friend the Exchequer Secretary to the Treasury (David Gauke) has today made the following Written Ministerial Statement.
The government consulted on a number of tax policies, following their announcement at Budget 2013. Today, the Government is publishing responses to these consultations alongside draft legislation to be included in Finance...
The Government consulted on a number of tax policies, following their announcement at Budget 2013. Today, the Government are publishing responses to these consultations alongside draft legislation to be included in Finance Bill 2014. This fulfils our objective to confirm the majority of intended tax changes at least three months...
The Government consulted on a number of tax policies, following their announcement at Budget 2013. Today, the Government are publishing responses to these consultations alongside draft legislation to be included in Finance Bill 2014. This fulfils our objective to confirm the majority of intended tax changes at least three months...
Motion to consider. Agreed to on question.
Motion to consider. Agreed to on question.
I beg to move, That the clause be read a Second time.
Hon. Members might not have spotted the announcement on this matter in the Chancellor’s Budget in March. It is a little-noticed provision that was buried on page 64 of the Red Book in the table that sets out whether...
I beg to move, That the clause be read a Second time.
Hon. Members might not have spotted the announcement on this matter in the Chancellor’s Budget in March. It is a little-noticed provision that was buried on page 64 of the Red Book in the table that sets out whether...
Committee stage eighteenth sitting. Clauses 191 to 193 agreed to, one with amendments. Schedule 37 agreed to. Clause 194 agreed to. Schedule 38 agreed to. Clause 195 agreed to. Schedule 39 agreed to, with amendments. Clauses 196 to 198 agreed to. Schedule 40 agreed to. Clauses 199 and 213 agreed to. Schedule 42 agreed to, with amendments. Clauses 214 and 215 agreed to. Schedule 43 agreed to, with amendments. Clause 216 agreed to. Schedule 44 agreed to, with amendments.
Committee stage eighteenth sitting. Clauses 191 to 193 agreed to, one with amendments. Schedule 37 agreed to. Clause 194 agreed to. Schedule 38 agreed to. Clause 195 agreed to. Schedule 39 agreed to, with amendments. Clauses 196 to 198 agreed to. Schedule 40 agreed to. Clauses 199 and 213 agreed...
I. Letter dated 17/06/2013 from David Gauke MP to David Amess MP and David Crausby MP regarding powers contained in the Finance Bill, clauses 198, 213, 214, 215, 216, 219, 220, 225 and 227. 6 p. II. The Climate Change Levy (General) (Amendment) Regulations 2013. 8 p. III. The Unauthorised Unit Trusts (Tax) Regulations 2013 [Draft]. 17 p. IV. The International Tax Compliance (United States of America) Regulations 2013 [Draft]. 42 p. V. Explanatory memorandum to the Tax Avoidance Schemes (Information) (Amendment) Regulations 2013. 4 p. VI. The Tax Avoidance Schemes (Information) (Amendment) Regulations 2013. 4 p. VII. Explanatory memorandum to The Data-gathering Powers (Relevant Data) (Amendment) Regulations 2013. 3 p. VIII. The Data-gathering Powers (Relevant Data) (Amendment) Regulations 2013. 3 p. XI. The Penalties (Schedules 55 and 56 to the Finance Act 2009) Regulations 2014. 3 p.
I. Letter dated 17/06/2013 from David Gauke MP to David Amess MP and David Crausby MP regarding powers contained in the Finance Bill, clauses 198, 213, 214, 215, 216, 219, 220, 225 and 227. 6 p. II. The Climate Change Levy (General) (Amendment) Regulations 2013. 8 p. III. The Unauthorised...
To ask Her Majesty’s Government what action they are taking to ensure that the remuneration of United Kingdom-based investment trust and unit trust fund managers is not restricted by European regulation.[HL391]
To ask Her Majesty’s Government what action they are taking to ensure that the remuneration of United Kingdom-based investment trust and unit trust fund managers is not restricted by European regulation.[HL391]
The Government do not intend to apply the majority of the provisions of the alternative investment fund managers directive (AIFMD) to small managers of investment funds, including the new remuneration requirements.
The Financial Conduct Authority (FCA) is considering ESMA guidelines on remuneration for full scope AIFMD managers. The FCA will determine whether application of the guidelines is appropriate and it will make a policy statement in due course.
The Government are also working to secure a balanced outcome in the ongoing UCITS V negotiations that will promote sound remuneration practices without imposing restrictions.
My Lords, I thank the Minister for introducing these regulations and for the speed with which he read his brief. I have looked at the regulations and particularly at the impact assessment, as well as all the various issues related to the regulations, and it seems to me that they...
My Lords, I thank the Minister for introducing these regulations and for the speed with which he read his brief. I have looked at the regulations and particularly at the impact assessment, as well as all the various issues related to the regulations, and it seems to me that they...
My Lords, I am grateful to the noble Lord for his speedy response to my speedy introduction. I think that I can give him the assurance that he seeks. In terms of tax avoidance, the great advantage of the new vehicles is that, by being transparent in the country of...
My Lords, I am grateful to the noble Lord for his speedy response to my speedy introduction. I think that I can give him the assurance that he seeks. In terms of tax avoidance, the great advantage of the new vehicles is that, by being transparent in the country of...
My Lords, the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 set out the legal framework under which tax-transparent funds will be introduced to the UK. We are introducing two new vehicles, both of which will be subject to Financial Conduct Authority authorisation and which are collectively known as...
My Lords, the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 set out the legal framework under which tax-transparent funds will be introduced to the UK. We are introducing two new vehicles, both of which will be subject to Financial Conduct Authority authorisation and which are collectively known as...
Lords motion to consider. Agreed to on question.
Lords motion to consider. Agreed to on question.