28 September 2022

Financial Markets Conduct (Financial Statements for Schemes Consisting Only of Separate Funds) Exemption Notice 2022

Name of Notice Financial Markets Conduct (Financial Statements for Schemes Consisting Only of Separate Funds) Exemption Notice 2022
Gazette Notification Date 2022-09-27
Date In Force 2022-09-30
LI Number N/A
SL Number SL2022/261
Act Financial Markets Conduct
Type Class Exemption
Expiry Date 2027-09-29

Financial Markets Conduct (Financial Statements for Schemes Consisting Only of Separate Funds) Exemption Notice 2022 exemption relieves managers of “notional” managed investment schemes from completing scheme financial statements. Schemes are “notional” where they consist only of separate funds: the scheme itself has no assets; all the assets and liabilities are ring-fenced in individual funds of the scheme and there are no cross-liabilities. Managers of these schemes are exempt from the requirement to complete scheme financial statements as they are not relevant to investors and may be unhelpful or misleading. Notional scheme managers are still required to complete financial statements for each of the individual funds.  This notice replaces, on substantially the same terms, the Financial Markets Conduct (Financial Statements for Schemes Consisting Only of Separate Funds) Exemption Notice 2017, which is revoked on the close of 17 December 2022.