§ Mr. Matthew BanksTo ask the Chancellor of the Exchequer what further progress has been made with proposals for open-ended investment companies which are not subject to the undertakings for collective investment in transferable securities directive. [21821]
§ Mrs. Angela KnightProposals to permit the formation of non-UCITS open ended investment companies were published in a Treasury consultation document, "Open-Ended Investment The Next Generation", in December 1996. The proposals secured a wide measure of support and the Treasury has received a number of helpful responses from the investment fund industry and other interested parties.
I regret that it has not proved possible to complete the proposed legislation in this Session. The Government remain committed to providing powers for the formation of non-UCITS open ended investment companies.