Fund managers have warned the UK government that its plan to ease distributor status rules on foreig...
Fund managers have warned the UK government that its plan to ease distributor status rules on foreign funds may have been been damaged by a technicality affecting some Luxembourg vehicles.
The problem is in the wording of the rules, which may indicate that, although the most common fund type - the Sicav - is clear, any funds in an FCP (fonds common de placement) structure could be affected.
One asset manager that did not want to be named said: "Our lawyers have pointed out potential technical issues for FCPs in the distributor status legislation. andthey us to check before bringing any of the sub-funds into the UK."
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