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Non-Ucits funds could be sold throughout EU

Fund groups will be able to distribute non-Ucits (Nurs) funds to investors in European Union (EU) member states under proposals set by the European Commission.

Currently, fund managers can sell only Ucits funds to European countries, but in a draft directive for Alternative Investment Fund Managers (AIFM, new rules would apply to Nurs vehicles as well.

The Investment Management Association (IMA) has welcomed the proposals.

Jarkko Syyrilä, the director of international relations, says: “The IMA has long been calling for firms to be able to distribute hedge funds, property funds, and other non-harmonised funds cross-border to institutional investors; the proposed Directive incorporates this.

“If the Directive comes to fruition, EU authorised AIFMs will be able to distribute both EU and non-EU domiciled funds to professional investors in any Member State. These changes to the rules will offer more choice for Europe’s professional investors and further strengthen Europe’s fund management industry.

“However, waiting another three years until third country funds can be distributed in Europe is too long. European investment funds are marketed around the globe with remarkable success. We are fully convinced that open markets will be of benefit to Europe. IMA will be engaging with all the relevant authorities to discuss the draft directive in further detail.”


Sipp switch took months

Aegon Scottish Equitable has been slammed over its Sipp administration, with an adviser claiming the firm took nearly five months to allow him to change provider.

Absurdity of setting deadline without an exam

It beggars belief that neither the FSA, the Financial Services Skills Council, nor the various examination providers have any definitive idea of what exam content is actually necessary to qualify for QCA level 4 standard.

FTSE rally fizzles

The FTSE 100 opened lower today at 4,238 as some of London’s equities lost their steam following news that US bank stress tests would be delayed.


Almost nine in 10 employers admit failings with post-DRA compliance

The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.


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