26/11/2001

Minister consults on open-ended investment companies

The Minister for Enterprise, Trade and Investment has pledged a commitment from his department to providing a modern financial services regulatory framework in Northern Ireland relevant to the needs of local investment firms and investors.

Sir Reg Empey spoke of his commitment at the launch on Monday November 26 of a consultation document containing legislative proposals to extend the range of authorised Open-ended Investment Companies (OEICs) in Northern Ireland.

He said: “The legislation will afford local investment firms with the opportunity to provide a wider range of OEICs and allow the Financial Services Authority (FSA) to act as a single point of contact for OEICs responsible for their regulation and registration in Northern Ireland.

“The proposed new arrangements represent a significant development in OEIC regulation in Northern Ireland, benefiting both investment firms and investors.

“I would invite comments from interested parties who have views on how the legislation should be developed to meet the particular needs of Northern Ireland business.”

The results of the consultation, which ends on 11 February 2002, will be reflected in a draft Bill and regulations to be considered by the NI Assembly with the new arrangements expected to be in place by 2003. (AMcE)

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