The Financial Services Authority (FSA) has announced it will move towards a single listings regime for all UK and overseas closed-ended funds, preventing offshore investment companies from listing under lighter criteria.
The FSA made the announcement in response to the feedback received to CP06/21 - Investment Entities Listing Review, Currently overseas companies are able to list under the 'directive minimum' requirements set out in Chapter 14 of the Listing Rules. Domestic funds are required to list under the more onerous Chapter 15. Hector Sants, wholesale managing director at the FSA, said: "Throughout our consultation on this aspect of the listing rules, we have been conscious of our responsibility to protect investors while having regard to the competitiveness of the UK market. We are persuaded by the ...
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