The Financial Conduct Authority has published rules to ban the promotion of unregulated collective investment schemes and certain close substitutes to most retail investors in the UK: see here. The products within the ban are less extensive than originally proposed. The rules come into force on 1 January 2014 and are published in the FCA's policy statement: see here (pdf). The FCA has also stated that it intends to consult on whether to impose restrictions on the marketing of new types of security including contingent convertibles, building society deferred shares and similar instruments.
Wednesday, 5 June 2013
UK: FCA bans promotion of unregulated collective investment schemes to most retail investors
The Financial Conduct Authority has published rules to ban the promotion of unregulated collective investment schemes and certain close substitutes to most retail investors in the UK: see here. The products within the ban are less extensive than originally proposed. The rules come into force on 1 January 2014 and are published in the FCA's policy statement: see here (pdf). The FCA has also stated that it intends to consult on whether to impose restrictions on the marketing of new types of security including contingent convertibles, building society deferred shares and similar instruments.
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