Investment trusts avoid automatic 'complex' definition under MiFID II

In its third consultation paper on the Markets in Financial Instruments Directive II (MiFID II) the FCA said investment trusts will neither be considered automatically non-complex, nor automatically complex. The FCA said shares in investment trusts need to be assessed against the complexity criteria in the MiFID II delegated regulation, and should be approached cautiously if there is any doubt as to whether they are non-complex. Under MIFID II, a product is considered non-complex if it does not incorporate a clause, condition or trigger that could fundamentally alter the nature or ris...