September 2023 update
After considering submissions, we have decided to continue the relief for a further five years. This will provide continued relief to MIS managers with funds that invest, in whole or in part, in assets that do not have an appropriate market index and instead allows managers to take alternative approaches. Relief will also be extended to allow exempt funds investing in “single assets” to use alternative indices. The current notice will be revoked on the close of 16 July 2024, and we intend to finalise a new notice to give effect to this decision before the current exemption expires.
March 2023 update
We are reviewing whether to renew an existing class exemption notice for managed investment scheme (MIS) managers for a further five years. This exemption provides relief to MIS managers with funds that invest, in whole or in part, in assets that do not have an appropriate market index and instead allows managers to take alternative approaches.
We are also considering enabling the use of additional alternative indices in respect of particular types of relevant assets, to help improve the market index returns information available to investors.