Speaking at the IMA chairman’s dinner on Thursday evening, Hoban said the funds will be introduced via secondary legislation rather than primary legislation in the form of provisions in next year’s Finance Bill, as had been planned originally.
The regime will allow the UK to benefit from measures arising from Ucits IV that will allow ‘master-feeder’ structures to be marketed across Europe as an alternative to merging fund ranges.
The IMA, which campaigned on the issue over the course of 2010, said it welcomed the latest proposals.
“We welcome the use of secondary rather than primary legislation to introduce this new form of authorised fund. It will enable a more efficient consultation process with the industry on the technical details of the regime,” said Julie Patterson, director of authorised funds and tax at the IMA.
“Secondary legislation will also allow for refinements to be made to the rules should any snagging points come to light when the new funds are launched from 2012.
"Instead of an initial consultation in June on the framework and the usual debates on the draft Finance Bill, the public consultation process will now happen in the autumn and on the basis of draft rules.”
