Non-Mainstream Pooled Investments

RNS Number : 2198W
NB Global Floating Rate Income Fund
23 December 2013
 



23 December 2013

NB GLOBAL FLOATING RATE INCOME FUND LIMITED

 

NON-MAINSTREAM POOLED INVESTMENTS

 

Suitability for Retail Distribution

 

The Board notes the proposed changes to the Financial Conduct Authority's ("FCA") rules relating to the restrictions on the retail distribution of unregulated collective investment schemes and close substitutes which are expected to come into effect on 1 January 2014.

 

The Board has been advised that the Company would qualify as an investment trust if it was resident in the UK, and therefore the Board believes that its shares will be excluded from the restrictions contained in the proposed new rules, as currently drafted. It is the Board's intention that the Company will make all reasonable efforts to continue to conduct its affairs in such a manner so that its shares can be recommended to ordinary retail investors in accordance with the FCA's rules relating to non-mainstream pooled investment products.

 

The Board has however been advised that no guidance on the application of the proposed rules to non-UK companies has been published by the FCA and, further, that the proposed rules may be subject to change. Any subsequent changes to the assessment of the application of the proposed rules to the Company will be communicated via an RIS announcement.

 

Enquiries:

 

BNP Paribas Securities Services S.C.A., Guernsey Branch

Sara Bourne

+44 (0)1481 750858

 

 


This information is provided by RNS
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