A high level summary of what's being discussed in recent committee meetings:
- The Committee will be working with Depositary and Trustee Association (DATA) on how the FCA's Policy Statement (PS19/24) on illiquid assets and open-ended funds will affect retail property funds.
- The Committee, with DATA, is looking at whether regulation should be changed to permit indemnities for property sales.
- The Committee is continuing to monitor the impact of Brexit on daily traded PAIFs.
- The Committee is liaising with MSCI on a NAV index for the retail funds.
- The Committee is lobbying the platforms to ensure that all investors are able to benefit from the correct tax treatment of PAIF distributions.
- The Committee have been assisting AREF and the Investment Association in their lobbying of HMT & HMRC for changes to Non-residents Capital Gains Tax.
- The Committee is working closely with the Investment Association (IA) on reviewing Fund Liquidity.
Short Term Objectives
- Continue to liaise with valuers regarding the effect of Brexit on property funds.
- Engage with FCA and Bank of England on their liquidity reviews.
Long Term Objectives
- Encourage Platforms to develop their systems for PAIFs and non-daily dealing.
- Development of a retail property funds index
- Educate investors and press on the benefits of open-ended property funds.
- Widen focus to real assets
Next meeting: 25th June 2020
View more on the committee here.