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The FSA set out further progress on allowing
The new consultation paper summarizes the results of the former consultation of 2007 and initiates a further round of consultation on a number of important issues which have been raised by fund managers and other interested parties during the consultation. It confirms the policy of introducing retail-oriented Funds of Alternative Investment Funds (FAIFs) into the FSA’s regulatory regime.
"We aim to make the final adjustments to the new regime before the end of the year, including the additional areas on which we are consulting today”, Dan Waters, FSA Director Retail Policy and Themes and Asset Management Sector Leader said.
"As we have previously stated, there are a number of difficult tax issues involved in the operation of onshore FAIFs regime. Following constructive discussions with the Treasury on tax issues we welcome the publication today of their tax framework, setting out a new elective regime which aims to allow FAIFs to operate competitively within the
To avoid any regulatory regime being used to gain unintended tax advantages the FSA also propose to include a ‘genuine diversity of ownership’ condition in its rules. This condition is similar to those proposed in the Property Authorised Investment Funds discussion paper issued by the Treasury in December 2007.
Deadline for consultation is
Press release