Further updates from the FCA included a decision not to apply changes in best execution rules in Mifid II to alternative investment fund managers.
The Association of Investment Companies also welcomed the regulator’s confirmation that investment trust shares should not be classed as ‘automatically complex’ which mean that all investment company shares should remain non-complex.
Ian Sayers, AIC chief executive, said: “This is positive news for investment company investors who will be able to buy investment companies as they do today, without unnecessary obstacles being put in their way. This provides much needed certainty as we approach implementation in early 2018.”
Mifid II rules come into force from 3 January 2018 and the FCA said it would “expect firms to take reasonable steps to meet this deadline”.
