Transact is closing its share option scheme to advisers from July 31 but says the action will not apply retrospectively.
The wrap says the reason for the move is primarily due to regulatory and accounting concerns.
Managing director Ian Taylor says: “Mifid has been fairly clear about the process and how it needs to be reported, where options could be construed as inducements. Also, a fair value for the shares is becoming increasingly difficult to achieve, plus there are issues over how you account for them in your financial statements.
“Those advisers already with shares will not be affected. The scheme will be closed on July 31 and they can be exchanged for up to four years later.”