On Friday 22nd November, new PRIIPs Regulations became effective, using a Statutory Instrument (SI) under the title: The Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024.

The wording of the SI is 'lawyer speak', but the accompanying explanatory notes are very helpful, amongst which are the following:

'Manufacturers, advisors and sellers of shares in a closed-ended investment company that is UK-listed will no longer be required to produce the key information document.' 

and

'Closed-ended investment companies that are UK-listed, and firms investing in them, will no longer be required to aggregate, or otherwise report, the cost of manufacturing or managing shares in closed-ended investment companies that are UK-listed in this way.'

This is now law, and the costs disclosed by UK-listed investment companies can now be reported accurately.

Then, on Monday 2nd December, Baroness Sharon Bowles's Private Members' Bill entitled Alternative Investment Fund Designation Bill took another step and passed the Committee Stage in the House of Lords.

This is the penultimate step in the Lords. The 3rd Reading takes place on 13th December and, assuming the 'contents' remain content, it will then pass to the Commons.

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