|Name of Notice||Financial Markets Conduct (Shares in Investment Companies) Designation Amendment Notice (No 2) 2018|
|Gazette Notification Date||2018-12-14|
|Date In Force||2019-01-01|
|LI Number||LI 2018/266|
|Act||Financial Markets Conduct Act 2013|
|Type||Designation amendment Notice|
This notice amends the Financial Markets Conduct (Shares in Investment Companies) Designation Notice 2017
We have made some technical amendments to the designation to clarify its application to redeemable shares – which are classed as debt securities under the Financial Markets Conduct Act 2013 – and to appointing alternate directors. The effect of the amendments is to confirm that investment companies can issue redeemable shares, and can have a power in their constitutions for directors to appoint alternate directors, without triggering the designation.
We have also updated our information sheet to include these amendments.